Unemployment Above 10% For First Time Since 1983
We’ve crossed the psychological barrier and this spells bad news for Dems unless they can turn it around in the next couple months. Because this is the highest rate in more than 30 years and you’ll be hearing that time and time again in the next month.
Here’s more about those numbers:
Among the major worker groups, the unemployment rates for adult men (10.7 percent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted.
The number of long-term unemployed (those jobless for 27 weeks and over) was little changed over the month at 5.6 million. In October, 35.6 percent of unemployed persons were jobless for 27 weeks or more.
The civilian labor force participation rate was little changed over the month at 65.1 percent. The employment-population ratio continued to decline in October, falling to 58.5 percent.
Thankfully, only 190,000 non-farm jobs were lost last month. That’s lower than September’s 216,000 so the trend is in the right direction.
Also, some good news for those without work…jobless benefits are being extended:
After weeks of partisan debate, the Senate voted on Wednesday to lengthen unemployment benefits by up to 20 weeks and to extend the $8,000 homebuyer tax credit.
The closely watched legislation would extend jobless benefits in all states by 14 weeks. Those that live in states with unemployment greater than 8.5% would receive an additional six weeks. The proposal would be funded by extending a longstanding federal unemployment tax on employers through June 30, 2011.
The measure would apply to those whose benefits will run out by Dec. 31, which is nearly two million people, according to Senate estimates. Those whose checks have already stopped would be able to reapply for another round.
The vote was 98 to 0.
How’s that for bipartisan?
Here’s the question: When will we get back below the 10% mark?
(Photo: AP via Daylfe)
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Teenagers 27.6 per cent. That is not a good sign, they are the lowest paid and are usually find jobs in service area…you know that sector that was supposed to be the mainstay of the new economy. I think we are in for some trouble ahead since we exported entire industries and the major manufacturing left is under life support. Our economy has depended on the financial sector, in trouble and the government quickly running out of options.
We have designed a consumer economy that depended on taking on enormous debt and now we are paying the piper.
This is not a thirties recession because in that case we had to get projects going to get industry back up. We are lacking in the industry part. Nor can war get us out of this, not at a cost of one million per soldier. Though lots are signing up for lack of opportunities.
No. This is new. A massive spending project like building a new grid would help but Congress is now loath to spend any more, so we are doling out to States who are spending by slow drips and diverting money to other fiscal problems.
No. Democrats are going to take the hit for this with Republicans edging them toward the cliff without realizing the people may be behind them ready to send them over as well.
While we should be examining the tenets of our economy we are resurrecting and supporting the very roots of the problem. It is about the Status Quo…same thing Hoover tried to recover.