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Jobless rate tops 10 pct. for first time since ’83
TweetWASHINGTON (AP) — The unemployment rate has surpassed 10 percent for the first time since 1983 — and is likely to go higher.
Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended. The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.
But the loss of jobs last month exceeded economists’ estimates. It’s the 22nd straight month the U.S. economy has shed jobs, the longest on records dating back 70 years.
Counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.
Comments
For those who have jobs, be thankful. You may not see a reversal in this jobless trend until midway next year! Be patient, it will come.
For those of you who voted for change you will have to look elsewhere. Look to Social Security getting no raise while federal employees do get a raise. That's change I see my gov't I bonds earning
0% interest for the first time ever, that's change. I hope you are enjoying your change I'm not.
A vote for change is better than staying on a sinking ship. These problems were not created overnight and will not be solved immediately.
NOW THAT THE UNIONS HAVE BEEN BUSTED EVERYTHING IS SUNNY IN AMERICA....YOU SEE THE PRICE OF EVERYTHING COMING DOWN FROM CARS AND TRUCKS TO FOOD...YOU PEOPLE HAVE SURE BOUGHT A BILL OF GOODS FROM THE RICH AND WE NOW DESERVE EVERYTHING THE RICH DECIDES THEY WILL GIVE US..
"The two main causes for all the problems in America. DEMOCRATS AND REPUBLICANS!"
We have collectively allowed both ROTTEN, STINKING political parties to bankrupt our Country morally and financially, through various corrupt and clever Class Warfare tactics.
Once again, this was brought up when Ross Perot and Pat Buchanan were running in the 80's. No one wanted to hear about "protectionism", Perot was labeled a quack, and Buchanan was considered a Far-Right-Wing Republican because he was against same-sex marriages and he wanted to close up our borders; take care of Americans first. Packard Electric was building Plants in Mexico in 1982, so don't go around thinking that this happened overnight. Democrat or Republican, Union or Non-Union, this is what you get when you fill the halls of Congress with Attorney's that most likely never saw the inside of a courtroom. GM executives were giving away the farm to hourly employees "legacy costs", filling their executive pockets with huge bonuses, the hourly were content as long as they were getting their fair share, too. We go and bail out the same people that are building foreign plants as we speak all over the world, but only the USA American taxpayers gave them money, not China, South America, or impoverished Mexico. There is no answer to this situation, it is an unpleasant history in the making, and no one knows how this will turn out, just speculation. As far as "hope", that will get you a free dinner at a local church.
Something must be wrong
Noone has blamed Bush yet