Print
Email
The economy is growing but jobs aren't? Awesome. From the AP:
The unemployment rate has hit double digits for the first time since 1983 - and is likely to go higher.
The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. Rising unemployment also could threaten the recovery if it saps consumers' confidence and makes them more cautious about spending as the holiday season approaches.
Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended.
The unemployed rate jumped to 10.2 percent, the highest since April 1983, from 9.8 percent in September, the Labor Department said Friday. The economy shed a net total of 190,000 jobs, more than economists had expected.
The number of unemployed hit 15.7 million, up from 15.1 million. The job losses occurred across most industries, from manufacturing and construction to retail and financial. The job-loss total is based on a survey of businesses, separate from a survey of households that produces the unemployment rate.
Economists say the unemployment rate could reach 10.5 percent next year because employers remain reluctant to hire.
Get caught up on the heartwarming news from The AP here.
Worst unemployment since '83? Well...at least you have a better haircut?
Comments
That was awful. Reality really hurts. I guess the employers are really afraid to hire jobs because of the instability of the economy. It is hard for them to take the risk. In response to the rising unemployment rate, an unemployment benefits extension has been attached to the homebuyer tax credit extension bill, extending benefits to up to 20 weeks or more, for those who qualify.
Read the information provided here, I think I will enjoy frequent visits to the.
Just another lagging stat. Instead of instant gratification, it's more of a ripple effect. Look at the housing bubble and how long it took to reach folks. The economy hit a huge drop off, so you really have no choice but to wait it out.
Some stimulus- I see some of the big "O"s greasy friends getting paid off and not much else.
Hey Everyone,
Sad but true, the unemployment rate is only going to worsen in the coming months, years, etc. The reason why is due to a lack of avaikable credit for small and medium-sized companies; this lack of credit will severely harm new job hirings. And due to a Debt to Disposable Income Ratio of 123%, America's GDP rate, of which 70% is Consumer Specding, will decline DRAMATICALLY....never mind the facts that America is set for annual budget deficits of 1 trillion dollars; and the impending economic burdens of the Baby Boomer's Social Security, Medicare and other entitlement programs... face it, it's all but over. Just waiting for the "Fat Lady" to sing now.