primitives discuss unemployment

[franksolich]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6680927

Oh my.

dkf  (1000+ posts)        Fri Oct-02-09 12:00 PM
Original message
 
National unemployment reaches 9.8 percent in September

WASHINGTON — The unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected.

The report is evidence that the worst recession since the 1930s is still inflicting widespread pain and underscores one of the biggest threats to the nascent economic recovery: that consumers, worried about job losses and stagnant wages, will restrain spending. Consumer spending accounts for about 70 percent of the nation's economy.

The Labor Department said today that the economy lost a net total of 263,000 jobs last month, from a downwardly revised 201,000 in August. That's worse than Wall Street economists' expectations of 180,000 job losses, according to a survey by Thomson Reuters.

The unemployment rate rose from 9.7 percent in August, matching expectations.

If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.

http://www.honoluluadvertiser.com/article/20091002/BREA...

This is why losing the Olympic bid really is a tragedy. Obama is spending all his political capital on health care when he should have been spending it on energy which will create jobs. I'm just as riled as anyone over the shenanigans of health insurers, but it pales in relation to my anxiety over the economy. Obama needs to step it up or we are going to lose big.

Uh-huh.

lib2DaBone  (1000+ posts)      Fri Oct-02-09 12:05 PM
Response to Original message
 
1. Everyone knows they are cooking the books on unemployment...

..It would not be a stretch to guess that the actual unemployment number is over 20%...

Oregone  (1000+ posts)      Fri Oct-02-09 12:12 PM
Response to Original message
 
2. Is this the "Obama Recovery" everyone is going apeshit about?

Of course a couple indicators have slingshotted back (namely the stock market), but as long as we are in a deflationary cycle and there are no jobs, then everyone is SOL.

Ive got a bad feeling that we haven't seen the worst of this all.

I thought this all was supposed to change on January 20, 2009.

January 20, 2009 was a long time ago now.

One wonders what's up with that.

[The Village Idiot]

Its probably over 20%. In California and Michigan its probably over 30%

[jukin]

Drugs, mental illness, and unemployment are about the only subjects the DUmp has any cred with me on.