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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.
The employment-population ratio fell to 58.5% from 58.8%. The employment-participation rate fell to 65.1% from 65.2%.
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.
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)
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.
Originally posted by MegaCurious
If he isn't the right man for the job, then by all means, please enlighten us with who is.
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.