JUST RELEASED: Unemployment Rate Hits 10.2%- Payrolls Fall, 22nd Straight Decline

[Orwellian_Ghost]

Unemployment rate hits 10.2% in October
Payrolls fall by 190,000, 22nd straight decline


By Rex Nutting, MarketWatch

WASHINGTON (MarketWatch) - 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 a seasonally adjusted 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. Read the full government report.

The report was worse than expected. Economists surveyed by MarketWatch were forecasting a rise in the unemployment rate to 10%, with 150,000 lost payroll jobs. See Economic Calendar.

The seasonally adjusted unemployment rate of 10.2% was the highest since April 1983.

...

http://www.marketwatch.com/story/unemployment-rate-hits-102-in-october-2009-11-06-83100

And of course we know the real unemployment rate is quite a bit higher than the figures released by the government :

[Shagbark Hickory]

1. Now would be a great time for some socialist programs.

We'd put a lot of people to work by building some high speed rail lines, bringing broadband to areas currently not serviced and building hospitals and health IT.

One can dream.

[doc03]

14. That should have been in the first Stimulus Program.

What was the infrastructure spending something like 10% or 15% of it? The American people won't support another massive spending program when first one has been perceived a failure.
I figure the Cash for Clunkers program kind of mucked up the numbers for last couple months. All the cash for clunkers accomplished was moving several months car sales ahead of schedule, the car dealers sales have really went in the dumper since C4C. The analysts on CNBC don't seem to be that concerned about it, they say unemployment is always a lagging indicator. I have been seeing lots of help wanted signs around this area the last month. The coal mines have been hiring anyone that completes the safety training or has prior experience, those are $60-$100,000 with benefits, you have to work and get your hands dirty though.

[Shagbark Hickory]

18. And I'd imagine that a coal mine is a lovely place to work.

I found C4C to be very upsetting. I acutally thought the Bush checks were a better idea than C4C. Reports are now showing that something like 70% of new vehicles were trucks. This was a gift to the auto makers and it may have cleared out some inventory but in no way shape or form was that going to provide long term good jobs that pay well. For that we need a real infrastructure investment.

[CBGLuthier]

2. I was laid off just a a little over 26 years ago.

That one was that sumbitch Reagan's fault. Trickle down my ass it did.

[Xenotime]

4. 26 years and still without work. I feel so sorry for you.

[HughMoran]

3. You must be pleased

:hi:

[Orwellian_Ghost]

5. You must be kidding

People suffer because of this. Your glib comment is disgusting.

Maybe it's okay from where you sit. Maybe you actually anticipated change as you have all along avoided the reality. Those of us who warned of this were called naysayers but on virtually every account things have come to pass as was easily predicted if you would've looked at the situation without those fake rose-colored glasses.

So what now Hugh? Where are those shovels? People are hurting.

[blindpig]

It's the voice of mindless partisanship projecting...

As you say, disgusting.

k&r

[Name removed]

10. Deleted message

Message removed by moderator. Click here to review the message board rules.

[blindpig]

8. It's the voice of mindless partisanship projecting...

As you say, disgusting.

k&r

[HughMoran]

9. You're eager to search the web and find bad news to post here

Don't pretend you don't get off on this - you do it every day.

Oh, and the rate exceeding 10% has been predicted for a LONG time, for you to act like this is a "surprise" is highly disingenuous.

[Orwellian_Ghost]

13. Is it false?

Take it on Hugh. Quit cowering.

Is the story true or false? Well it may be a little bit false in that the figures are actually worse than reported by MarketWatch.

I'll leave the "feel-good" pablum for you to cite.

[HughMoran]

15. No feel-good here

There is never anything feel good about the pablum you post. Just because it's a "fact", doesn't mean you have to gloat about the bad news - which is all you ever do here.

[Orwellian_Ghost]

17. Wrong again

No one is gloating. That's some false narrative you have created in your head to serve your very selfish purposes. You simply don't wish to challenge your assumptions about the nature of the problem and the total complicity and corruption of our entire political system.

[Name removed]

19. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Orwellian_Ghost]

20. Speak about the article

You simply make stuff up to avoid and distract from the issue. Be mature about this and discuss the issue. There's another thread on this in LBN. Go tell everyone in that thread how "negative" they are about this or perhaps you could put a positive spin on the matter. Maybe you can be the one to find that "silver lining" Hugh.

Meanwhile people are struggling and many are going under and you keep humming the same tune.

[HughMoran]

24. Everything you post is just a repost of articles stating the obvious

There's never anything new in what you post - just a perspective that you promote.

I'm on my 3rd job this year with lower pay and $40k/year insurance that I can't afford to buy - don't you dare imply that I'm not in touch with what's going on. Doesn't mean I'm enjoying it as much as you - you're hoping for a revolution - you've said as much in the past. Heck, I also want sweeping change and if revolution is the only way then I'm all for it - but I'm not actively promoting that idea as you clearly seem to be...

[Orwellian_Ghost]

26. You're rather confused on the matter

Even within your post here the disconnect is staggering.

If you are going to imply your illusory narrative upon others perceived intentions your desires to avoid the same are not only baseless but are hypocritical. Can't have it both ways Hugh.

Do remember as you may be sincere in your wish for "change", perhaps the level of change you and I seek are quite different, that trying the same thing which has failed over and over is the definition of insanity. If you wish to point me to the good news I'm all ears.

[HughMoran]

30. OK, so we agree

that our differences mainly lie in how to get there & the extent of change we each seek over a given period of time. Lets agree to disagree at this point - I'm moving on...

[TheCML]

33. yawn.

you dont have to search very hard, a good chunk of us are experiencing this first hand. sorry its not all sunshine and rainbows when your looking under the sofa for change to make rent.

[Junkdrawer]

22. I've heard of cheerleading, but now "posting the truth" = "wishing people ill"....

:eyes:

[HughMoran]

23. It's true

His history speaks for itself...

[Junkdrawer]

29. That finger points both ways.. n/t

[Name removed]

32. Deleted message

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[peace frog]

6. 2010 looking bleaker all the time

Do our elected leaders care that your constituents are unemployed? Not unless their corporate masters signal their approval.

[SammyWinstonJack]

7. +1 nt

[BadgerKid]

11. Is 30 years since Reagan, to retirement, the plan?

I wonder how many high corporate types are planning to make a figurative (or literal?) run for it after extracting the last bit of life out of the country. They are being let by everyone to get away with it thus far.

[HamdenRice]

12. Misery is entertaining as long as pepperoni hot pockets keep arriving at revolution headquarters !

I wonder what unemployment would have been without the stimulus bill, the bailout of the auto industry and if the banking system had collapsed to the extent that one could not even cash a check?

[blindpig]

35. It's all still on the way

So where are the jobs?

What good has the bank bailout done on Main St?

The country needed FDR and got Silent Cal instead.

Your presumption about the OP's motivation is as rancid as your stale one-liners.

[Orwellian_Ghost]

36. Shovel-ready?

[mucifer]

16. What about the promise of green jobs?

[DemReadingDU]

21. Are people with extended benefit counted in U3 or U6 rate?

If people have dropped out of the 'official' 10.2% unemployment rate, but when they start receiving the extension UE benefit, then wouldn't the official U3 rate grow higher?

Or would these people receiving the extension be counted in the U6 rate?

[showpan]

25. we know what is wrong

bad trade agreements must be repealed and large tariffs imposed. Consumer spending has already collapsed, so higher prices on imports shouldn't be much of a problem. Those companies that have left have no intentions of coming back. More jobs are leaving. Obama has reversed his campaign promise to renegotiate NAFTA and we should be mad as hell. The time for negotiation is over, only a complete repeal will do. What will it take to get America to stop being distracted by issues that do not effect employment. The U-6 is actually approaching 30%. This should be the only priority at this time. Where are the millions that should be camping out on the White house lawn? Where is the outrage?

[bdamomma]

31. I would rather camp out in front of the Congress they are the ones

who are "dithering".

[Tierra_y_Libertad]

27. Not to worry. Eventually, someday, the jobs will trickle down from the corporate bailout. k&r

It's all part of the chess game. Guess who the pawns are?

[redqueen]

28. That's a ridiculously huge graphic

for something so simple and already-known (around here).

I like how it implies that we're about to experience a crash far worse than the Great Depression, though.

[Orwellian_Ghost]

34. Whether we believe the forecasts or not

Pollyanna Creep

If the theory has a chief architect, it is John Williams, a semi-retired grandfather of five living in Oakland, Calif. The son of a chainsaw importer, Williams sold the family business in the 1970s and began consulting for corporations, recalculating government economic data to arrive at what he says were more reliable measures, and with them, truer forecasts. Today Williams runs Shadow Government Statistics (ShadowStats.com) from his home. For $175 a year subscribers get economic data and analysis adjusted to back out the accumulated effects of what Williams has dubbed the Pollyanna Creep -- Pollyanna being the orphan protagonist of the 1913 children’s book who learns to play the “glad game” to find cheery perspectives on life’s sorrows. In other words, he provides figures he feels are properly miserable, to offset government ones he says are too prettied-up.

If Williams is right, unemployment is over 20%, gross domestic product is shrinking by 8% and consumer prices are jumping by nearly 7%. His forecasts border on apocalyptic. The government is creating so much new money, he says, that the all but inevitable result is hyperinflation, where “your highest denomination, the $100 bill, becomes worth more as toilet paper than money.” Buy physical gold, he advises.

Whether we believe the forecasts or not, the possibility of a Pollyanna Creep has serious implications. Social Security payments are just one benefit adjusted each year for increases in the cost of living. If the figures hadn’t been corrupted, says Williams, checks might be close to double what they are.

Williams has managed to attract plenty of press. A year ago, Harper’s magazine featured a cover drawing of a grinning Uncle Sam fondling numeral-shaped party balloons, with the headline, “Numbers Racket: Why the Economy is Worse Than We Know.” The story centered on Williams’ data. The San Francisco Chronicle followed with “Government Economic Data Misleading, He Says.” Last fall in the London Times: “Forget Short-Sellers and Manipulators, Pollyanna Creep Could Be the Culprit.”

...

http://www.smartmoney.com/investing/stocks/true-or-false-u-s-economic-stats-lie/?page=all&hpadref=1

[Orwellian_Ghost]

37. Reality bump