Unemployment rate hits 10.2% in October

Unemployment rate hits 10.2% in October

www.marketwatch.com

The U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years, the Labor Department reported Friday.

Nonfarm payrolls dropped by 190,000 in October, bringing to total number of jobs lost in the recession to 7.3 million. It was the 22nd straight decline in payrolls.

Large losses were seen in manufacturing, construction and retail. Health care and temporary-help agencies added jobs.

(visit the link for the full news article)

How long will the US citizens let themselves be fooled by the bogus numbers on "Jobs saved or created" that the White House produces on recovery.gov. What does that mean anyway? A saved job?

The employment-population ratio fell to 58.5% from 58.8%. The employment-participation rate fell to 65.1% from 65.2%.

According to Wiki: The employment-population ratio is used to evaluate the ability of the economy to create jobs.

For the US that use to be >70%. Now it's less than 60%?

How can the White House claim to be saving and vreating jobs, while the indicators show the opposite?

An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17.5%, the highest on record dating to 1995.

How can Obama claim the economy is recovering? Rising unemployment will lead to lower spending. Unless export is growing, the economy can't recover with lower spending.


www.marketwatch.com
(visit the link for the full news article)

I'll just go ahead and awnser one of my own questions

From recovery.gov

Q: How are recipients calculating the number of jobs created and saved?

A: Recipients calculate the number of jobs created or saved by taking the total number of Recovery Act funded hours worked in a quarter, and dividing it by the number of hours of a full-time schedule in a quarter as defined by the Recipient.

For example, if three of the recipient’s employees worked on Recovery funded projects for a total of 1300 hours in a given quarter, and the recipient defines a full time schedule as 520 hours per quarter (40 hours per week for 13 weeks), the Recipient would report that the “full-time equivalent” (FTE) of 2.5 jobs has been created or retained. (1300/520 = 2.5)

What's wrong with the above calculation is the assumption that if a employee would not have worked on a Recovery funded project, he/she would have been unemployed. But there is a very good change that person would have worked on a different project, for a real client, that would help that client improve business. The term 'saved or created' really only means 'sponsered'.

WOW! Thank God the Democrats rammed through that $787 Billion dollar stimulus package early last year. Can you imagine where we would be if we had allowed all of those "Too big to fail" companies fall down? I'll tell you where's we be... in RECOVERY!!! This country is bleeding red ink all over the place because we are propping up companies that have no business being in business. When a "Leader" in an industry fails, a new company emerges and takes its place. Why? Because the new company has a better business plan, better business practices and probably better products and services. This is what happens in a HEALTHY economy!

Instead, we limp along doing all of the same things we've been doing that got us into this mess in the first place - you know, the whole deifinition of insanity. It was apparent to me over a year ago that Obama was NOT the man for the job. Too bad this country is filled will millions of mouth-breathing dolts who believe anything they hear. I certainly hope they're prepared to watch this situation - the one THEY created by electing this clown - get much worse.

reply to post by FreezeM


The really dangerous indicator that came out this week is that productivity is increasing rapidly. Before someone thinks that sounds good, that means that businesses are getting more out of the workers they already have and will be less likely to hire moving forward.

This was looking very much like a jobless recovery, but if unemployment keeps rising at this rate, the prospect of any 'recovery' itself is in serious jeopardy.

WSJ,
BY LUCA DI LEO AND JEFF BATER
WASHINGTON -- U.S. unemployment rose by more than expected in October to hit its highest level in more than 26 years and employers cut more jobs than forecast, a sign the labor market continues to struggle as the economy emerges from its deep recession.

Do they truley think the People are idiots?? We've been emerging from this "recession" for since it started accordijg to the "experts".


Watch the markets fly hgh on this great news. Everything is backwards these days.

BY PAUL HANNON
LONDON -- There are increasingly strong signals that the world economy is in recovery, with a number of leading developed economies and China clearly in a growth phase, according to figures released Friday by the Organization for Economic Cooperation and Development.


UHMMM?? O.K. Yeah for China. ;-(


BY JON HILSENRATH AND LUCA DI LEO
The productivity of U.S. workers surged in the third quarter, as the economy resumed growing even as employers pushed forward with layoffs and cuts in working hours across a wide range of industries.

The Labor Department said the output per hour of nonfarm workers rose at an annual rate of 9.5% in the quarter, more than four times the average productivity growth rate of the past quarter-century. When taken together with the second quarter's 6.9% rise, it was the strongest productivity growth rate over a six-month period since 1961.


For those still working, You will work harder, faster, stronger. Now I have to get back to work or else!

It won't be long and we will hit at least 60 million without work.
That should be a real wake up call for people to stop this Govt and the direction they are heading.

U 6 number is 17.5% / 307 million = 53,725,000 unemployed

I got hit early a year ago when Congress thought it was a great idea to complain about private jets. That was 10's of thousand of job out the door.
I was on the top end of the pay scale, first one to go, last one to come back.

Here are the real numbers. This will accelarate until at least spring, and hope we don't get caught up in a death spiral.

www.bls.gov...

reply to post by FreezeM


S and F

U 6 is not an alternative number, it is the real number that is what historical numbers are based, ie the great depression and the late 70's early 80's. People need to let the real number sink in.
That is over 53 million. More than several states put together. More than most small countries.
The International Bankers are winning and if we don't do something about it soon, this WILL be the last stand.

news.bbc.co.uk...

its as confusing as the swine flu situation

here's the scary part.

as the number of people out of work climbs, the number of people filing claims for unemployment benefits has dropped.

www.bloomberg.com...

the gov't is going to extend benefits. if we were in a recovery and people were going to be finding work again, why would they need to extend benefits?

because the economic recover is not as real as they'd like us to believe.

sure, the stock market has been doing rather well. companies are reporting good to great earnings. things must be better, right?
sure, unless you consider the decrease in expenses these companies have thanks to all those laid off workers. smaller salaries, smaller benefits, profits rise.

the drop in benefits and the rise in actual out of work people is a bad mix.

Originally posted by kozmo
...It was apparent to me over a year ago that Obama was NOT the man for the job. Too bad this country is filled will millions of mouth-breathing dolts who believe anything they hear. I certainly hope they're prepared to watch this situation - the one THEY created by electing this clown - get much worse.

If he isn't the right man for the job, then by all means, please enlighten us with who is.

As far as I know, there is only one other choice you could possibly make... And if that's your idea of the "right man for the job", then let us backtrack so that you get your way and we suffer a worse fate.

The only reason the lesser of the two evils won the "election", is because you couldn't stomach the alternative.. you're not "man" enough.

Here's an interesting observation im seeing..it seems like businesses and corporations literally got rid of all thier hi payed employees, pushed em out the door via pink slip* It seems to me, college is a waste of money, if his is what is to be expected down the road in our lifetimes..$100,000 in fees for college and loans, just so yuo can make $40,000 a year or less, spend the next 30 years paying it all off, end up broke with little saved in yuor savings, and all that time and education, even with jobs you wanted to do with yuor life, are all gone now. in the name of saving and whording massive profits.
man is the system screwed up big time, let alone greedy. I remember back in pre school middle school, high school...what do you wanna do with your life, be when you grow up. Seiously, they should start teaching kids at such a young age, yuor dream job is jsut a dream*
The only answer, by majority, is to constantly keep re educating yuorself., via college or trade shcool then. Work 20 to 30 years in one place, get laid off, gotta do something * ya know. Seems like sacam or scandal that been goin on for quite some time*

reply to post by alienesque


hmm.... OECD is reporting Leading indicators. Leading indicators are indicators in economics and finance used to predict the future. So it's not recovery that has taken place. It is recovery that is expected based on collection of indicators.

What indicators are indexed differs per country. The component series for each country are selected based on various criteria such as economic significance; cyclical behaviour; data quality; timeliness and availability. You can find a list on the OECD site.

One of the indicator for the US is "Net new orders for durable goods". You remember the "cash for appliances" program? You think that made the new orders for durable goods rise?

Another indicator: NYSE Share prices

How about this one: Spread of interest rates !!!

So yes, the US economy is expected to grow because net orders for durable goods went up, stock prices went up and the spread of interest rates was huge. Don't you feel happy now? What was that? You're not a Wall street banker? Oh, I'm sorry... your economy actually is failing. And the cash for appliances program ended....

Obama will probably say in his press conference today. "Everything is working and we've got a long road to recovery. There's ups and downs but we can get through this." Like he always says and everyone will forget. I still don't think this is enough to get the people off of their tails. You take away the TV or Internet and I guarantee you people will flip out.... That or Health care.

Originally posted by MegaCurious
If he isn't the right man for the job, then by all means, please enlighten us with who is.

That is the big problem --- I haven't seen a true leader offered up by either major party in the last few years. I supported McCain because I thought he would be at least "better" than Obama because he had military experience. I wasn't really all that trilled with him to be honest.

As for the current economy right now - we are in "Deep S**T". It's pretty clear the government is trying to minimize the bad news but that isn't helping the real problem. I hope I am wrong, but I am not convinced the "recession" is over. We could just be enjoying an upward "bump" in a longer downward trend - but I don't know for sure, I'm not an economist.

I wish all of the politicians could get past the name calling, finger pointing and trying to pin blame on each other. Blaming George Bush doesn't fix the problems. Let's try to fix the problems now and let the historians fix blame at a later date.

this is indeed worrisome as we hit the 10% target number several months early...

See the reason those so-called experts said we wouldn't reach a U-3 of 10% until next year was this is the time of year companies take on seasonal employees to help out with the holidays... looks like that's not going to happen...

The other worry is with the same models still in place and this new data rather than expecting a 10.2 by spring of 2010 we might just see 11% or higher???

For those who dont know... why a U-3 of 10.2 % in deeply troubling is only reflects the unemployed collecting benefits...roughly half of all job seekers... 10.2% U-3 is like saying... one quarter (25%) of Working age Americans are now unemployed...

[edit on 6-11-2009 by DaddyBare]

When they started heavily taxing the Upper Class, which we still can't define who is considered RICH in this country. The Upper class are taking it as being punished for doing well. They've went through a lot to get to that success in life. And will do anything possible to save themselves.

Who typically are the Upper Class (Occupations)?

The ones who own large businesses or corporations.

Which they employ the middle and lower class for whatever business or corporation they run.

The Upper, financially are not being able to sustain like they use to. Which leads to downsizing of their industry, which of course leads to unemployment!

Which leads to the middle class not being able to sustain the debt and loans from which they use to be able to account for.

The Upper now, are out to save as much money as they possibly can.

And it beings the ripple effect through every aspect of Economics!


[edit on 6-11-2009 by OpenYourHead]

reply to post by Crakeur


Tell me about it, the reports on CNBC that they government is going to create 3 million jobs on temporary work with the economic stimulus doesn't make sense when the figures point out that we are to lose another 8 million jobs.

To tell you the truth we are in deep dodo, the government knows, but they keep bringing up the shady numbers of GDP, companies doing better than expected and nobody wants to point out that is incredible amounts of liquidity that were pumped into the markets in the last year.

The markets can not longer show the overall well being of the nation and the population, it only shows the disparity on the working class and those on the top.

My opinion and is just that, a nation that can not bring back its wealth builders is a nation that is doom to fail economically.

But it seems that doom is the desirable out come for some global agendas of the few.

But hey I am just a conspiracy believer nothing more.

Originally posted by OpenYourHead
Obama will probably say in his press conference today. "Everything is working and we've got a long road to recovery. There's ups and downs but we can get through this." Like he always says and everyone will forget. I still don't think this is enough to get the people off of their tails. You take away the TV or Internet and I guarantee you people will flip out.... That or Health care.

What is he supposed to do? If you are in charge of a group of kids and you know they are in a large amount of danger what is the first thing most people say. "Everything is going to be all right". If a kid falls and gets hurt" You are going to be fie".

It's what people want to hear and we are trained to say. If he said, ummm guys the world is probably going to end next week because I'm going to be shot according to an year old in mexico and the webbots say we will all die in an earthquake then I don't think many would listen after it didnt happen. And if people did listen the world would just fall into chaos and be worse then it is now.