Unemployment hits 9.8% (Highest in over 26 years), FAR worse than expected

[briann]

17% rate including laid-off workers taking part-time work or given up.

263,000 Jobs Lost Far Worse Than Expected.

http://finance.yahoo.com/news/US-Sept-nonfarm-payrolls-rb-589941939.html?x=0&.v=1

U.S. Sept non-farm payrolls plunge 263,000


WASHINGTON (Reuters) - U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine economic recovery.
Reuters - A worker constructs a new home in Geneva, Illinois, June 23, 2009. REUTERS/Jeff Haynes ...

Reuters - A worker constructs a new home in Geneva, Illinois, June 23, 2009. REUTERS/Jeff Haynes ...

The Labor Department said the unemployment rate was the highest since June 1983 and payrolls had now dropped for 21 consecutive months.

Analysts polled by Reuters had expected non-farm payrolls to drop 180,000 in September and the unemployment rate to rise to 9.8 percent from 9.7 percent the prior month. The poll was conducted before reports, including regional manufacturing surveys, showed some deterioration in employment measures.

The government revised job losses for July and August to show 13,000 more jobs lost than previously reported. Preliminary annual benchmark revisions, released together with September's employment report showed that total non-farm payroll employment for March would have to be revised down about 824,000.

Stubbornly high unemployment is viewed as the missing link in the economy's recovery from its worst recession in 70 years. The economy is believed to have started growing in the third quarter.

Since the start of the recession in December 2007, the number of unemployed people has risen by 7.6 million to 15.1 million, the department said. While the decline in payrolls has moderated from early this year, companies are still not hiring on a wide scale, likely waiting for a signal that the economic recovery is sustainable.

Manufacturing employment fell by 51,000 in September, while construction industries payrolls dropped. The service-providing sector cut 147,000 workers in September, while goods-producing industries shed 116,000 positions.

Education and health services added a mere 3,000 jobs, while government employment fell 53,000.

[briann]

Bump

[Americanhero1]

Bump

[New Yorker]

Last time we saw this kind of economy Jimmy Carter was president, now we have a muslim Jimmy Carter with a tan. Well, Jimmy Carter created the conditions for the election of Ronald Reagan, if we're lucky, this current yuckapuck will pave the way for the next Ronald Reagan in 2012.

[briann]

Whats more significant is this;

571,000 of the unemployed dropped out of the work force last month, presumably out of frustration over the lack of jobs. That sent the participation rate, or the percentage of the population either working or looking for work, to a 23-year low.

The unemployment rate would have topped 10 percent if the labor force hadn't shrank, Fabbri said.

People have stopped looking for work, and this doesnt show up in unemployment.

[RanterMaximus]

There are no good paying jobs available where I live.  I have a job that I am not happy with, but with the state of today's job market, I am grateful to have it, seeing that so many people are without them.

[GoIsraelGo!]

Trillions after trillions being printed...yet the jobs situation is getting worse....that doesn't make any sense to me. I figure if they are spending so much, shouldn't a good portion of that go to creating new jobs?

[Confederate Kahanist]

Trillions after trillions being printed...yet the jobs situation is getting worse....that doesn't make any sense to me. I figure if they are spending so much, shouldn't a good portion of that go to creating new jobs?

Good question.

[muman613]

Yeah, where are the jobs which all this investment was supposed to subsidize? If I remember the original plan of the bailouts and buy outs it was to preserve jobs. There should be much higher employment unless there are some other issues {such as taxes} which are impeding expansion..

[Confederate Kahanist]

Yeah, where are the jobs which all this investment was supposed to subsidize? If I remember the original plan of the bailouts and buy outs it was to preserve jobs. There should be much higher employment unless there are some other issues {such as taxes} which are impeding expansion..

I think the bailouts were to help greedy corporations to help Obongo get reelected. 

[cjd]

Whats more significant is this;

571,000 of the unemployed dropped out of the work force last month, presumably out of frustration over the lack of jobs. That sent the participation rate, or the percentage of the population either working or looking for work, to a 23-year low.

The unemployment rate would have topped 10 percent if the labor force hadn't shrank, Fabbri said.

People have stopped looking for work, and this doesnt show up in unemployment.

I think that a true picture of the nations unemployment has never been accurately reported. Many people have gone off the records because their benefits have come to an end. I think that government and big business work together misreporting the actual figure because they know people will spend and even do less then they are doing now

[Irish Zionist]

I feel sorry for those effected by it. Imagine the shock of hearing you have no job and even worse having to try and support your family. This ape needs to go right now. Let him be President in an African country, oh idk Kenya springs to mind.

[cjd]

The animal is clueless as to what a president should be doing. It seems to me he is still campaigning for office. The only thing I can figure is he must be gearing up for 2012. Sometimes I really think he is trying to destabilize the country in order to force people to rear up against the government. When that happens it will give him the excuse to impose sweeping laws that he could never get put in place under normal conditions. 

[Americanhero1]

The animal is clueless as to what a president should be doing. It seems to me he is still campaigning for office. The only thing I can figure is he must be gearing up for 2012. Sometimes I really think he is trying to destabilize the country in order to force people to rear up against the government. When that happens it will give him the excuse to impose sweeping laws that he could never get put in place under normal conditions. 

He is celebrating his 17 years of marriage instead of going his job

[cjd]

The animal is clueless as to what a president should be doing. It seems to me he is still campaigning for office. The only thing I can figure is he must be gearing up for 2012. Sometimes I really think he is trying to destabilize the country in order to force people to rear up against the government. When that happens it will give him the excuse to impose sweeping laws that he could never get put in place under normal conditions. 

He is celebrating his 17 years of marriage instead of going his job

He should give himself the medal of courage having to look at that flea bitten orangutan for 17 years

[GoIsraelGo!]

Hi CJD, I do have to agree with you regarding osama trying to wreak havoc in our Country, if riots are started then osama has the excuse he needs to start putting conservatives in internment camps.



                                      Shalom - Dox

[The One and Only Mo]

I wonder what the world figures are.