Manchy
11-06-2009, 09:27 AM
I will be interested to see how this is spun by the federal government and Wall Street. The real rate is more like 17% including people who have exhausted their benefits, those who are self-employed, and those who can't find a job because they just graduated from college or high school. Welcome to the new normal because it will never change.
Something to remember. Thousands are dropping off the official unemployment rate every day, even with extensions of benefits. So to see this number go up this way should tell you real economy is much worse then you are led to believe.
http://www.marketwatch.com/story/unemployment-rate-hits-102-in-october-2009-11-06-83100
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.
Unemployment rose by 558,000 to 15.7 million, the government said. Of those, 5.6 million had been out of work longer than six months, representing a record 35.6% of the unemployed.
Something to remember. Thousands are dropping off the official unemployment rate every day, even with extensions of benefits. So to see this number go up this way should tell you real economy is much worse then you are led to believe.
http://www.marketwatch.com/story/unemployment-rate-hits-102-in-october-2009-11-06-83100
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.
Unemployment rose by 558,000 to 15.7 million, the government said. Of those, 5.6 million had been out of work longer than six months, representing a record 35.6% of the unemployed.