Jobless rate bolts to 14-year high of 6.5 percent

[LiberalNation]

Sucks, hope I can find a job this summer and no it's not Obamas fault. He is not even in office yet.

http://news.yahoo.com/s/ap/20081107/ap_on_bi_go_ec_fi/economy

WASHINGTON – The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, the government said Friday. It was stark proof the economy is almost certainly in a recession.

The new snapshot, released by the Labor Department, shows the crucial jobs market deteriorating at an alarmingly rapid pace.

The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September, matching the rate in March 1994. Employers have cut jobs each month this year.

Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003.

Employers got rid of 240,000 jobs in October, marking the 10th straight month of payroll reductions.

Job losses in August and September turned out to be much deeper. Employers cut 127,000 positions in August, compared with 73,000 previously reported. A whopping 284,000 jobs were axed last month, compared with the 159,000 jobs first reported.

So far this year, a staggering 1.2 million jobs have disappeared.

[theHawk]

Funny how for 6 years with a Repub congress we had record low unemployment. As soon as the Dems took over....its all gone to shit. Looks like we will definately have another Carter administration.

[LiberalNation]

I don't think it has much to do with whose in congress. It's the normal ebb and flow of an economy. You can't have the ups without the downs.

[Yurt]

its all obama's fault

[Nukeman]

Gee who was president 14 years ago????? Was that our last Dem president? I really forget.

It is funny that everyone states how we "prosper" under a Dem president but usually we have a Rep. congres and senate to balance that out, lets see what happens now that EVERYTHING is Dem...... I think it will get a WHOLE lot worse before it gats any better!!!!:coffee:

[stephanie]

I thought once THE ONE was elected all bad things would come to an end..

the Democrats lied, jobs died..

[avatar4321]

When jobs die, so to people.

[Noir]

it really it a horrid mess for Obama to walk into, as a tv show put it last night "surprise surprise, a black man has the worst job in the world"

[stephanie]

it really it a horrid mess for Obama to walk into, as a tv show put it last night "surprise surprise, a black man has the worst job in the world"



this is sickening..he hasn't even been elected a few days and we are already hearing about his color and how hard his job as President is going to be..

[Noir]

this is sickening..he hasn't even been elected a few days and we are already hearing about his color and how hard his job as President is going to be..

It's called a joke.

[stephanie]

It's called a joke.

ha ha ha

[Noir]

ha ha ha

Lawl, you remind me of lil 'uns when they first discover sarcasm, so sweet.

[stephanie]

Lawl, you remind me of lil 'uns when they first discover sarcasm, so sweet.




whateeeeevvvvvveeeeerrrr..

[crin63]

Has the stock market quit plunging yet since the results of the election Tuesday.

Didn't unemployment get worse as it looked more and more like Obama was going to win.

Shouldn't the economy have already turned around just because Obama was already bestowed POTUS status back in September.

[Hobbit]

I'd actually like to point out that 14 years ago, the last time employment was so high, was right before the conservative voter revolution took both houses of congress by storm, and that unemployment has been on a steady rise since the Democrats took over congress, primarily due to the minimum wage hike.

[Sitarro]

Sucks, hope I can find a job this summer and no it's not Obamas fault. He is not even in office yet.

http://news.yahoo.com/s/ap/20081107/ap_on_bi_go_ec_fi/economy

WASHINGTON – The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, the government said Friday. It was stark proof the economy is almost certainly in a recession.

The new snapshot, released by the Labor Department, shows the crucial jobs market deteriorating at an alarmingly rapid pace.

The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September, matching the rate in March 1994. Employers have cut jobs each month this year.

Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003.

Employers got rid of 240,000 jobs in October, marking the 10th straight month of payroll reductions.

Job losses in August and September turned out to be much deeper. Employers cut 127,000 positions in August, compared with 73,000 previously reported. A whopping 284,000 jobs were axed last month, compared with the 159,000 jobs first reported.

So far this year, a staggering 1.2 million jobs have disappeared.

Let's see, the automotive industry is going under, the airline industry has cut 100s of thousands of jobs, all because the price of fuel has doubled since the Dems took over Congress. Looks like that whole trickle down effect is real isn't it? Nothing trickles up, Osamabama, the chimp elect is wrong.

[The ClayTaurus]

I'd actually like to point out that 14 years ago, the last time employment was so high, was right before the conservative voter revolution took both houses of congress by storm, and that unemployment has been on a steady rise since the Democrats took over congress, primarily due to the minimum wage hike.Link/data?

[fj1200]

I'd actually like to point out that 14 years ago, the last time employment was so high, was right before the conservative voter revolution took both houses of congress by storm, and that unemployment has been on a steady rise since the Democrats took over congress, primarily due to the minimum wage hike.

And the virtual tax increase due to the Bush tax cuts expiring. No way that was going to get through a Dem congress.

[Kathianne]

I don't think it has much to do with whose in congress. It's the normal ebb and flow of an economy. You can't have the ups without the downs.

Yes it is. Since 2000 everything has been 'Bush's fault', welcome to the mantle.

[LiberalNation]

Oh I'll be happy to blame Obama and make everything his fault when he gets into office.

[Hobbit]

Link/data?

Give me a bit for the second part, but as for the first part, another person said that it hasn't been this high in 14 years. 14 years ago was, in fact, the conservative revolution.

As far as the unemployment rate going up, the first big rise was May of last year, and while the unemployment rate rose, the number of jobs didn't fall (at least not by much), which means that the rise was caused by an influx of new workers and a lack of hiring, rather than the presence of layoffs. It also coincided with the end of the school year, and given how much unemployment was in the 16-20 range, it's a reasonable conclusion that the lack of hiring was due to the increased cost of entry level unskilled labor.