Unemployment rate jumps to 10.2 percent
Filed under: Economy
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.
The jobless rate rose from 9.8 percent in September.
Friday's report is the first since the government said last week that the economy grew at a 3.5 percent annual rate in the July-September quarter, the strongest signal yet that the economy is rebounding. But that isn't fast enough to spur rapid hiring, raising the specter of a jobless recovery.
In addition, many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.
One sign of how hard it still is to find a job: the number of Americans who have been out of work for six months or longer rose to 5.6 million, a record. They comprise 35.6 percent of the unemployed population, matching a record set last month.
Congress sought to address the impact of long-term unemployment this week by approving legislation extending jobless benefits for the fourth time since the recession began. The bill would add 14 to 20 extra weeks of aid and is intended to prevent almost 2 million recipients from running out of unemployment insurance during the upcoming holiday season. President Barack Obama is expected to quickly sign the legislation.
The employment report showed that job losses remain widespread across many industries. Manufacturers eliminated a net total of 61,000 jobs, the most in four months. Construction shed 62,000 jobs, down slightly from the previous month.
Retailers, the financial sector and leisure and hospitality companies all continued to reduce payrolls.
But temporary employment grew by 33,700 jobs, after losing positions for months. That's a positive sign because employers are likely to add temporary workers before hiring permanent ones.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
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.
The jobless rate rose from 9.8 percent in September.
Friday's report is the first since the government said last week that the economy grew at a 3.5 percent annual rate in the July-September quarter, the strongest signal yet that the economy is rebounding. But that isn't fast enough to spur rapid hiring, raising the specter of a jobless recovery.
In addition, many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.
One sign of how hard it still is to find a job: the number of Americans who have been out of work for six months or longer rose to 5.6 million, a record. They comprise 35.6 percent of the unemployed population, matching a record set last month.
Congress sought to address the impact of long-term unemployment this week by approving legislation extending jobless benefits for the fourth time since the recession began. The bill would add 14 to 20 extra weeks of aid and is intended to prevent almost 2 million recipients from running out of unemployment insurance during the upcoming holiday season. President Barack Obama is expected to quickly sign the legislation.
The employment report showed that job losses remain widespread across many industries. Manufacturers eliminated a net total of 61,000 jobs, the most in four months. Construction shed 62,000 jobs, down slightly from the previous month.
Retailers, the financial sector and leisure and hospitality companies all continued to reduce payrolls.
But temporary employment grew by 33,700 jobs, after losing positions for months. That's a positive sign because employers are likely to add temporary workers before hiring permanent ones.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
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Reader Comments (Page 1 of 39)
11-06-2009 @ 8:35AM
brent ryder said...
quit blaming bush unemployment highest in 20 + years all while Obama is saving everything yea right get rid of the unqualified idiot who lied his way to the white house..
Reply
11-06-2009 @ 10:41AM
jackisbackprt4 said...
brent ryder said...quit blaming bush unemployment highest in 20 + years all while Obama is saving everything yea right get rid of the unqualified idiot who lied his way to the white house.."====Well it was your darling Bush and his puke administration that got the ball rolling on this unemployment situation upon the end of that puke administration.
11-06-2009 @ 10:59AM
All Star Caps said...
This administration (Obama) as well as all past administrations have bold faced LIED to the American People! Most everything they hand to us is sugar coated, and glazed over to make eating sh*t sandwiches palatable - after all, isn't that what you feed Mushrooms???...Keep'em in the dark and feed them Sh*t!!!! Just look at the poll numbers of this very poll on this very article...LOOK AT IT!!! The Administration and all it's minions LIE!!!
What is your current employment status?
Employed, full-time 938 (30.0%)
Employed, part-time 180 (5.7%)
Self-employed 424 (13.5%)
Unemployed 1017 (32.5%) "unemployed"
Retired 572 (18.3%)
11-06-2009 @ 11:21AM
Swingstater said...
We'll stop blaming Bush when it stops being his fault. Many experts point to the $4.00/gallon gas time as a reason that many businesses which depended on discretionary income failed. The Bush administration did nothing to stop that. In fact, he and his family are very close to the oil companies and let us not forget that Exxon, Chevron and the like even paid for Bush's inauguration. The Bush administration decided to ruin our economy by spending about a trillion dollars on Iraq for no valid reason. Under the Bush administration, there was massive fraud in the banking and mortgage industries, etc.
Now, to clean up those king-sized messes in a year after a change of management really would require a "messiah", which Obama is not. However, he does promise to be a good manager which is probably the next best thing.
11-06-2009 @ 11:10AM
zpainter said...
Lets look to Joe Biden. Hes so smart! He says we saved jobs. Phew Imagine what the numbers would be if we didn't have good 'ole Joe to comfort us
11-06-2009 @ 11:42AM
maxfly1 said...
I agree, blaming someone else in your own screw ups is easy, fix it instead of bitching. Obama knew what he was getting himself into. Don't feel sorry for him!!!
11-06-2009 @ 12:19PM
Patricia said...
You are so right, Brent. That no-account lied his way into the White House, and now, has all but wrecked this country, he, and those half-wits in Congress. I am a retired widow, and sat back, and saw this coming. I talked to everyone I know, including family members, telling them, this is what is going to happen, and to vote the Republican ticket, but, Obama got in, anyway. With a Congress full of Democrats, this was already in the making. Blaming Pres. Bush is the easy way, and they (democrazies) have blamed the Bush Administration, from day ONE. The people got what they asked for. Maybe next time, they will know. Virginia, for the first time in years put a Republican Governor in Richmond, as did New Jersey. Maryland took a Republican governor out of Annapolis, and put in a Democrat. Now, Maryland's coffers are empty. The state workers, for which I was one, get no raises, just pink slips, or furloughs. Maybe they will learn their lesson, next election.
11-06-2009 @ 2:05PM
Michael said...
yea brent, your buddy george bush stole every penny he could possibly steal from this country, and put all the blue collar workers out of work. don't forget asshole it's guys and gals like myself that built this country. and now you have every white collar pencil pushing asshole like your self trying to get more money than the already have. so yea i blame BUSH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
11-06-2009 @ 1:27PM
Master Shake said...
Gotta love how the right wingnuts want to blame Obama, who has been in office for 10 months, for a about a 1.5% increase in unemployment left over from 8 years of Bush.
11-06-2009 @ 1:32PM
TRMR said...
Come on all star, most of these polls are jaded because most of the people that are working full time and/or self employeed are either working their a** off or are out having fun. Not spending their time sitting in their moms basement being neg and ripping everyone for having different political beliefs. Have a great day.
11-06-2009 @ 1:35PM
Snook said...
Youy idiot. This government has been off shoring jobs for the last 15 years! I know three people that have had their jobs offshored and they dont ecven work for my company who is offshoring everything also. Wake up! The rich run the government and the middle class is suffering. The unemployemnt rate is much higher than is reported. Also, we dont make anything here any more and we dont service it either. I'm sick of calling india and the philipines for some question a monkey could answer! They dont pay taxes here and send all of their money home. I want to see more billionaires floating in the bottomn of their pool! Our government just stinks. Who cares about friggin health care when you cant find a job!
11-06-2009 @ 2:46PM
ray said...
im not blaming bush....this is the 2nd month in a row jobs have been lost...and how long has obama been president?? 9 months?? hhmmm
11-06-2009 @ 2:52PM
bil aton said...
If Obama cared about making the economy better he would lower taxes, cut government expansion and spending, and reduce government restrictions on private buisness and individuals. He is doing just the opposit in every case because he does not care. He is a Socialist. Not name calling just simple observation. Do you get it now? If not, your intelect is the only thing in question....
11-06-2009 @ 3:40PM
Brian said...
Everything I learned in Economics and ways to grow the economy is exactly opposite of what The President is doing.
Taxes are costs.
Higher taxes = higher costs
Higher costs = lower demands
Lower damands = lower Profits and Production.
Lower porduction = lower employment
Lower employment = lower wages.
11-06-2009 @ 3:42PM
James said...
Nah, you idiots have it all wrong! Obama and the gang said unemployment figures are DOWN and the recession is OVER. We're all doing just great now. That's what they said. So, it's true right? Bush is the only liar, right? I mean, even though 530 metric tons of yellowcake uranium was found in Iraq, he still lied about WMDs, right? Obama wouldn't lie. I can still keep the healthcare of my choosing , right? At least until 2013, when it becomes illegal not to buy government healthcare per Pelosi's newest modification. It's all good.
11-06-2009 @ 5:46PM
Mrbugs01 said...
Its time for Oblabla to step up to the plate and take responsibility and accountability for the mess he's gotten us into. He's too busy running around appearing on Letterman, Leno and lobbying for the Olympics in Denmark to make the real decisions required of a president - like listening to the people instead of forcing his views on us. If people had any doubt about this man before they should have even more doubts now that its out in the open that he supports Muslims, has a brother who is a US citizen who chooses to live and work in communist China and is dilly dallying around making a decision that will save lives in Afghanistan. Clearly this man should go back to his Acorn roots, we all know about Acorn too. He is not qualified to be president of anything let alone our great country.
11-06-2009 @ 3:52PM
Jdl said...
The democrats took control of all policies when they took control of Congress on Jan. 3, 2007. That's when things began to go to hell. Obama was the nail in the coffin.
11-06-2009 @ 4:00PM
John said...
God only knows Bush never told a LIE . Yeah its thanks to Bush we are in this mess now
11-06-2009 @ 4:01PM
hardrocknox said...
You liberals are not only blind but stupid , for one , the democraps and their home loans started this mess , where were you in 2003 when bush tryed to get bill thru to stop it , and again 2005 uh ? In 2007 Barwny Frwanks stands up and say's nothing is wrong with the home loans ? huh and know obama spends a trillion ON NOTHING !!! you liberals are nothing but bottom feeding IDIOTS !
11-06-2009 @ 4:37PM
maximum joe said...
Hey you libtards! Stop blaming Bush for this. If you would pull out your calendar you would see that the rise of unemployed did not start until the Democrats took the house..