Unemployement spikes to 9.7%!! (Highest in 26 years)

[briann]

Unemployment Rises to 9.7%

Remember, Obama predicted in January that unless his stimulus is passed, unemployment could go as high as 8.5%!!!!

http://finance.yahoo.com/news/Unemployment-rate-rises-to-rb-1733516447.html?x=0


reuters
Unemployment rate rises to 26-year high

WASHINGTON (Reuters) - U.S. employers cut a fewer-than-expected 216,000 jobs in August, while the unemployment rate rose to a 26-year high, the government said on Friday in a report showing a still fragile labor market.

Reuters - Stephen Battaglia (L) of West Palm Beach, Florida searches for jobs on a computer at Workforce Alliance in ...

The Labor Department said the unemployment rate rose to 9.7 percent after dipping to 9.4 percent in July and the decline in payrolls was the smallest in a year. The department revised job losses for June and July to show 49,000 more jobs lost than previously reported.

Analysts had expected non-farm payrolls to drop 225,000 in August and the unemployment rate to rise to 9.5 percent.

The labor force increased by 73,000 in August, indicating the return of some jobless workers who had given up looking for work accounting for part of the rise in the unemployment rate.

Since the start of the recession in December 2007, the economy has shed 6.9 million jobs, the department said. Stubbornly high unemployment is wearing on consumer confidence and crimping domestic demand, pointing to an anemic recovery from the worst slump in 70 years. Consumer spending accounts for over two-thirds of U.S. economic activity.

However, the August report confirmed the pace of layoffs was easing from early this year, when nearly three quarters of a million jobs were lost in January.

Manufacturing employment fell by 63,000, with a total of 2 million factory jobs lost since the start of the recession. Payrolls in construction industries dropped 65,000 after falling 73,000 in July.

The service-providing sector purged 80,000 workers in August, while the goods-producing industries shed 136,000 positions.

Education and health services continued to add jobs, with payrolls increasing 52,000 in August after rising 21,000 in July. Government employment fell 18,000 after slipping 28,000 in July.

[Kahane-Was-Right BT]

Unemployment Rises to 9.7%

Remember, Obama predicted in January that unless his stimulus is passed, unemployment could go as high as 8.5%!!!!

Wow, that says it all!

[Ben Yehuda]

Obamy stimulus at work.

[syyuge]

Unemployment Rises to 9.7%:

Now they may try to resolve it by Alexanderian socialism of Karl Kautsky.   

[RanterMaximus]

Good news if you hate Obama.  But bad, bad news for the country.  The decline in jobs will continue.

[Confederate Kahanist]

Good news if you hate Obama.  But bad, bad news for the country.  The decline in jobs will continue.

Even if you hate Obongo, it's still bad news if the unemployment rate goes up.

[RanterMaximus]

Good news if you hate Obama.  But bad, bad news for the country.  The decline in jobs will continue.

Even if you hate Obongo, it's still bad news if the unemployment rate goes up.

Yes, it is.

[✡ Hindu Zionist ॐ]

Obama signed the stimulus package on the same table where Clinton stimulated his package

[Confederate Kahanist]

Obama signed the stimulus package on the same table where Clinton stimulated his package

    It was actually in another room where he did that.

[The One and Only Mo]

26 years, huh? What was so bad then?

[briann]

26 years, huh? What was so bad then?

That was in 83, after inflation was finally reigned in 80-82 after years of stagflation in the 70's.   It had to be done, or we woulda been permanently in a 70's like economy.

[The One and Only Mo]

26 years, huh? What was so bad then?

That was in 83, after inflation was finally reigned in 80-82 after years of stagflation in the 70's.   It had to be done, or we woulda been permanently in a 70's like economy.

OK thanks. So everything was like it is now, economically?

[briann]

26 years, huh? What was so bad then?

That was in 83, after inflation was finally reigned in 80-82 after years of stagflation in the 70's.   It had to be done, or we woulda been permanently in a 70's like economy.

OK thanks. So everything was like it is now, economically?

No, that was actually the tail end of a REALLY long slump... one in which we never atoned for until 80-82, and had its beginning in the early 70s. And afterwards, we started to an unprecedented period of growth.

We are in a very different situation, which will in all likelyhood be the beginning of a long period of stagnation, with very little growth, and historically high inflation (Excluding WWI, WWII).  At some point in time we HAVE to institute anti-inflationary policies (Increase Interest Rates/ tighten Money supply) but no one will want to, since it will cause another dip, but the longer we wait, the larger the dip will be.  Were really painted into a corner.  The fed says that it would increase Interest rates when they see job creation, but mark my words, they wont.  There will be too much pressure for them NOT to do the right thing.

[cjd]

26 years, huh? What was so bad then?

That was in 83, after inflation was finally reigned in 80-82 after years of stagflation in the 70's.   It had to be done, or we woulda been permanently in a 70's like economy.

OK thanks. So everything was like it is now, economically?

No, that was actually the tail end of a REALLY long slump... one in which we never atoned for until 80-82, and had its beginning in the early 70s. And afterwards, we started to an unprecedented period of growth.

People had just become use to the situation.  The nightly news would report the numbers and people accepted the fact that at some level inflation was there to stay. If it didn't climb much during one quarter or another people were overjoyed. During the Carter years and the second gas shortage prices really started to climb, money became expensive and people started loosing their jobs. Home loan rates were over 18%. It was a very bad time for people that lived on credit.

[muman613]

I did very well in the late 80s and early 90s... Luckily I got in with several defense contractor jobs, then a steady job at a small software development company through till the mid 90s... Then I got in on the video boom {dvds and home entertainment systems}...

I know my story is not the average... But I am thankful for Reagans ability to recover the economy by investing in the defense companies... I worked at some of the major American defense companies including Hughes aircraft, Northrup, and ISC...

[cjd]

I did very well in the late 80s and early 90s... Luckily I got in with several defense contractor jobs, then a steady job at a small software development company through till the mid 90s... Then I got in on the video boom {dvds and home entertainment systems}...

I know my story is not the average... But I am thankful for Reagans ability to recover the economy by investing in the defense companies... I worked at some of the major American defense companies including Hughes aircraft, Northrup, and ISC...

I had a friend who went into in the computer business in the late 70's and early 80's over in Silicon Valley. At 45 years of age he  retired and spends his days going from Island to Island in the Caribbean on his yacht. I think it was just a good time to go into that sort of business. That industry defied the norm of the times. Many people became rich and were able to retire very early and live well.

[briann]

26 years, huh? What was so bad then?

That was in 83, after inflation was finally reigned in 80-82 after years of stagflation in the 70's.   It had to be done, or we woulda been permanently in a 70's like economy.

OK thanks. So everything was like it is now, economically?

No, that was actually the tail end of a REALLY long slump... one in which we never atoned for until 80-82, and had its beginning in the early 70s. And afterwards, we started to an unprecedented period of growth.

People had just become use to the situation.  The nightly news would report the numbers and people accepted the fact that at some level inflation was there to stay. If it didn't climb much during one quarter or another people were overjoyed. During the Carter years and the second gas shortage prices really started to climb, money became expensive and people started loosing their jobs. Home loan rates were over 18%. It was a very bad time for people that lived on credit.

This is really sad.  Many people didnt understand that inflation is entirely controllable, its not some uncontrollable economic phenomenon.   Something that made me angry, was that many 'economists' (I use that term liberally) were partially at fault.  Many maintained that the inflation was 'out of their control' and was due to nonsence keynsian pseudoeconoimcs.

This is from Wikipedia

Keynesian economic theory proposes that changes in money supply do not directly affect prices, and that visible inflation is the result of pressures in the economy expressing themselves in prices.

There is some nonsence formulas that go with this, but you get the idea.

As with the 1930's, and with our current situation, Keynsian nonsence helped destroy our economy.  Its amazing how dangerous one idiot can be, if people are dumb enough to follow him.

[cjd]

26 years, huh? What was so bad then?

That was in 83, after inflation was finally reigned in 80-82 after years of stagflation in the 70's.   It had to be done, or we woulda been permanently in a 70's like economy.

OK thanks. So everything was like it is now, economically?

No, that was actually the tail end of a REALLY long slump... one in which we never atoned for until 80-82, and had its beginning in the early 70s. And afterwards, we started to an unprecedented period of growth.

People had just become use to the situation.  The nightly news would report the numbers and people accepted the fact that at some level inflation was there to stay. If it didn't climb much during one quarter or another people were overjoyed. During the Carter years and the second gas shortage prices really started to climb, money became expensive and people started loosing their jobs. Home loan rates were over 18%. It was a very bad time for people that lived on credit.

This is really sad.  Many people didnt understand that inflation is entirely controllable, its not some uncontrollable economic phenomenon.   Something that made me angry, was that many 'economists' (I use that term liberally) were partially at fault.  Many maintained that the inflation was 'out of their control' and was due to nonsence keynsian pseudoeconoimcs.

This is from Wikipedia

Keynesian economic theory proposes that changes in money supply do not directly affect prices, and that visible inflation is the result of pressures in the economy expressing themselves in prices.

There is some nonsence formulas that go with this, but you get the idea.

As with the 1930's, and with our current situation, Keynsian nonsence helped destroy our economy.  Its amazing how dangerous one idiot can be, if people are dumb enough to follow him.

The people are indeed dumb enough or thumbed down enough to follow bad information. The problem also  is that the publics memory is short and they fall into the same trap time and time again.

[The One and Only Mo]

So are we in a depression or a recession? What was it in the time you speak about? What's the difference between the two?

[cjd]

In my opinion we are in a recession not a depression.... yet anyway. Back in the late 70's and early 80's I would call the situation  stagflation.

[briann]

So are we in a depression or a recession? What was it in the time you speak about? What's the difference between the two?

Who knows.... Id say a 1 and 4 chance of a depression.   I think 2011 will be the key year.  People often forget that everyone believed that the slump was long-gone by 1936 (there was 3 1/2 straight years of strong growth from 33-36).

We still have a lot of major issues to deal with, most importantly, the foreclosure crisis.

[The One and Only Mo]

So are we in a depression or a recession? What was it in the time you speak about? What's the difference between the two?

Who knows.... Id say a 1 and 4 chance of a depression.   I think 2011 will be the key year.  People often forget that everyone believed that the slump was long-gone by 1936 (there was 3 1/2 straight years of strong growth from 33-36).

We still have a lot of major issues to deal with, most importantly, the foreclosure crisis.

foreclosure, eh?