| Jobless rate tops 10 pct. for first time since '83 | |
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| Topic Started: Nov 6 2009, 10:22 AM (99 Views) | |
| Baldo | Nov 6 2009, 10:22 AM Post #1 |
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Jobless rate tops 10 pct. for first time since '83 Unemployment rate tops 10 percent for first time since 1983; 190,000 jobs lost in October WASHINGTON (AP) -- The unemployment rate has surpassed 10 percent for the first time since 1983 -- and is likely to go higher Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended. Many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy. The Labor Department said Friday that jobless rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September. The economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September, but more than economists expected. The jump in the jobless rate reflects a sharp increase in the tally of unemployed Americans, which rose to 15.7 million from 15.1 million. The net loss of jobs occurred across most industries, from manufacturing and construction to retail and financial. That tally is based on a separate survey of businesses. Economists say the unemployment rate could climb as high as 10.5 percent next year because employers remain reluctant to hire...snipped http://finance.yahoo.com/news/Jobless-rate-tops-10-pct-for-apf-563122944.html?x=0&.v=8 Let's see how the annointed one explains this? Real numbers? Check the U-6 numbers which are not out. U-6 is the comprehensive measure of labor underutilization accounts for people who have stopped looking for work or who can’t find full-time jobs. Expect it to be close to 18% |
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| Baldo | Nov 6 2009, 10:27 AM Post #2 |
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Many California jobs 'saved' by stimulus funds weren't in jeopardy Friday, Nov. 6, 2009 - 6:29 am Up to one-fourth of the 110,000 jobs reported as saved by federal stimulus money in California probably never were in danger, a Bee review has found. California State University officials reported late last week that they saved more jobs with stimulus money than the number of jobs saved in Texas – and in 44 other states. In a required state report to the federal government, the university system said the $268.5 million it received in stimulus funding through October allowed it to retain 26,156 employees. That total represents more than half of CSU's statewide work force. However, university officials confirmed Thursday that half their workers were not going to be laid off without the stimulus dollars...snipped http://www.sacbee.com/topstories/story/2309303.html |
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| LTC8K6 | Nov 6 2009, 11:06 AM Post #3 |
Assistant to The Devil Himself
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10.2 That should be the richter number of the earthquake in the Obama admin... |
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| LTC8K6 | Nov 6 2009, 11:17 AM Post #4 |
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Assistant to The Devil Himself
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 http://michaelscomments.files.wordpress.com/2009/11/stimulus-vs-unemployment-october-dots.gif |
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| longstop | Nov 6 2009, 01:05 PM Post #5 |
longstop
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There are an awful lot of folk not on any list , just resting as they say in the acting profession ,surely it must be up around 20% ? |
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| Mason | Nov 6 2009, 01:09 PM Post #6 |
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Yep, closer to 20%. It's so bad. |
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| striker | Nov 6 2009, 01:09 PM Post #7 |
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As we all know it hit 10 per cent 6 months ago. You have to add in those who have quit looking and those who have gone to part time. It's more like 15 percent. |
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| LTC8K6 | Nov 6 2009, 02:19 PM Post #8 |
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Assistant to The Devil Himself
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http://www.bls.gov/news.release/empsit.t12.htm U6 is 17.5% U-6 Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers. |
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| Mason | Nov 6 2009, 04:12 PM Post #9 |
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This has to be a joke.... They just had a report on that Obama is considering new spending on Bridges and Roads and updating Govt buildings to make them more energy efficient as his response to the horrible unemployment numbers. Please let this be a joke disguised as news. |
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| longstop | Nov 6 2009, 04:19 PM Post #10 |
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longstop
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Great Graph. http://hotair.com/archives/2009/11/06/graph-of-the-day/ The GOP has this out as part of the “Holding Democrats Accountable” effort. I’m with Glenn Reynolds on this one; the data speak for themselves without the editorial touch of “stimulus swindle” in the chart. It’s a stylized version of the Innocent Bystanders chart, which uses Christina Romer’s original graph for her completely-repudiated forecasting of the American economy. The only information missing from this chart is the $787 billion we spent to no effect whatsoever on job losses: snip Maybe some kind person will post the graph ,Thanks? How long will it be before some of the WH crew consider abandoning the sinking Steam Ship Obama ? Edited by longstop, Nov 6 2009, 04:21 PM.
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| Baldo | Nov 6 2009, 04:37 PM Post #11 |
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| Baldo | Nov 6 2009, 04:56 PM Post #12 |
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It is a horrible graph. Obama chose his path and now we are seeing the lack of results. The Stimulus was mainly a way of passing out money to his special interests and pushing his ideology of Bigger Government and more control of the economy. It was a "Great Leap Forward!" We know how those turned out. If he had wanted to stimulate employment he would have done so in the private sector with tax cuts aimed at business and the new hiring of employees, also by removing barriers to production. It is sort of funny Obama is applying "Trickle down Govt" economics by borrowing money, then spending the money on Government who spends it on their employees and their special interest projects. Hopefully the money would trickle down to private sector. If they wanted to help then they could have by-passed much of the government at a much lower cost by not taking away as much taxes. We are in the midst of a financial crisis caused by over-leveraging and by our own govt in Freddie & Fannie shenanigans. Their solution is to over leverage more and create money out of nowhere Ideology trumped Reality Edited by Baldo, Nov 6 2009, 05:00 PM.
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| longstop | Nov 6 2009, 05:05 PM Post #13 |
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longstop
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Thank Baldo. Looks like the Cloward-Piven Strategy is working to plan for Obama ? Not a read for the faint hearted http://www.americanthinker.com/2009/02/the_clowardpiven_strategy_of_e.html snip The assumption that Obama will need the nation to prosper in order to protect the 2010 mid-term election incorrectly assumes that he esteems free market capitalism. He does not. Rather than win through superior ideas and policies, the Democrat plan for success in the mid-term elections is to win by destroying political opposition. Obama adheres to the Saul Alinksy Rules for Radicals method of politics, which teaches the dark art of destroying political adversaries. However, that text reveals only one front in the radical left's war against America. The Cloward/Piven Strategy is another method employed by the radical Left to create and manage crisis. This strategy explains Rahm Emanuel's ominous statement, "You never want a serious crisis to go to waste." snip Edited by longstop, Nov 6 2009, 05:20 PM.
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