Unemployment heading to 11% worst in 26 years, thank you Mr. President

WASHINGTON – Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.

The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.

President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.

Economists had not expected the 10 percent mark to come so quickly and immediately darkened their forecasts. Mark Zandi, chief economist at Moody's Economy.com , and Joshua Shapiro, chief U.S. economist at MFR Inc., predicted the rate will peak at 11 percent by mid-2010. They earlier had projected 10.5 percent.

Unemployment at 11 percent would be a post-World War II record. Only once since then has joblessness hit double digits in the United States — from September 1982 to July 1983, topping out at 10.8 percent.

"It's not a good report," said Dan Greenhaus, chief economic strategist for New York-based investment firm Miller Tabak & Co. "What we're seeing is a validation of the idea that a jobless recovery is perfectly on track."

The Labor Department, using a survey of company payrolls, said the economy shed 190,000 jobs in October. A separate survey of households found 558,000 more people were unemployed last month than in September. Some 15.7 million Americans are out of work.

The survey of companies doesn't count the self-employed and undercounts employees of small businesses. So the economic picture could be even more dire.

One struggling small business, homebuilder Miller and Smith Inc. of McLean, Va., has trimmed its work force to about 100 from 350 at the height of the housing market in 2005. The company has been hurt by a slowdown in building and surging health care costs.

Troubles for small businesses could have a disproportionate effect on the economy, because they account for about 60 percent of the nation's jobs. They tend to rely on credit cards and home equity lines — both of which banks have tightened — for cash flow.

I heard it was around 19% counting everyone out of work, not just jobless claims

It is even Worse than the GREAT DEPRESSION, since we are in a state of a spiraling downward dollar. Next you will see consumer goods go through the ROOF as P-BO continues to trash our great nation. Goods will cost reatail 4 times todays prices. GOLD is rocketing to never before levels. They will trash gold once enough world wide buyers dump their wealth into gold. Silver will rise slowly at first to 8 times its current value. The Poor saps that look at their retirement funds being depleted.

Che Reagan Dope wrote:

It is even Worse than the GREAT DEPRESSION, since we are in a state of a spiraling downward dollar. Next you will see consumer goods go through the ROOF as P-BO continues to trash our great nation. Goods will cost reatail 4 times todays prices. GOLD is rocketing to never before levels. They will trash gold once enough world wide buyers dump their wealth into gold. Silver will rise slowly at first to 8 times its current value. The Poor saps that look at their retirement funds being depleted.

The ignorance you spew is beyond sad.

If you were educated beyond the most basic level this joke of a country provides for free, you'd understand the decline of America was inevitable and no different than any other society that has prospered and led the world for a time.

It's not to say we haven't done things that have hastened our decline and made it worse but it's certainly not the fault of the current regime.

Ignorance like yours makes my head hurt. You happy?

680 Billion defense budget signed by Obama goes thru without even a blink of the eye.

90 Billion for Healthcare is crazed Socialism and will be the death of the USA.......

seig heil wrote:

680 Billion defense budget signed by Obama goes thru without even a blink of the eye.
90 Billion for Healthcare is crazed Socialism and will be the death of the USA.......

Its 1.2 TRILLION dollars Phukhead

Allahu akbar you Infidels wrote:

<quoted text>
The ignorance you spew is beyond sad.
If you were educated beyond the most basic level this joke of a country provides for free, you'd understand the decline of America was inevitable and no different than any other society that has prospered and led the world for a time.
It's not to say we haven't done things that have hastened our decline and made it worse but it's certainly not the fault of the current regime.
Ignorance like yours makes my head hurt. You happy?

Okay RU Dopephuck? nice cover name you liberal piece of cow sh-it

The health care bill - I wonder if anyone has stopped to think that the idea of "insurance" for all is in fact the problem, not the solution? Look at insurance buildings. BC/BS for example. Insurance is the problem, not the solution. It is health care itself that needs reform. Think back 30 years ago when a doctor's office visit was around $20. Or less. It's insurance that has driven the cost/profit of the healthcare business up, up, up. Think about this: What would happen if we all,(all Americans) suddenly STOPPED paying insurance premiums. Stopped paying health care premiums, auto insurance premiums, home owners premiums. What, exactly, would happen??? We'd have a heck of a lot more money in our pockets for one thing. And what repercussions would the economy suffer? I often wonder.

Alluha Dope wrote:

<quoted text>
Okay RU Dopephuck? nice cover name you liberal piece of cow sh-it

You don't seem very happy. And all this time I thought ignorance was bliss.

Tough titties you right wing hemorrhoidal heathen.

Allahu akbar you Infidels wrote:

<quoted text>
You don't seem very happy. And all this time I thought ignorance was bliss.
Tough titties you right wing hemorrhoidal heathen.

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Over 10 years, you freaking moron.

Alluha Dope wrote:

<quoted text>
Its 1.2 TRILLION dollars Phukhead

WEll Now. He did stop the second great Depression that Bush had us going into. With soup lines and all the banks going under. Thats were we were heading JUST before he took office. Now u think all thats going to change in a year? U must be a complete idiot if thats what u think.

sistarMay yew berry bright. Bush berry bad person. also speeking of depression that Tyreesan person come to spa yesterday. i call police, they arrest him for impersonating a admiral plus defective muffler.

Well, now that we have all you "Fongs" located in Warren - I'm safe in West, By-God, Virginnie!
People Watch Out! if you go to the Eastwood Mall!

Not what it seems wrote:

I heard it was around 19% counting everyone out of work, not just jobless claims

That seems to be pretty close to reality.

Published estimates lean toward 1 job for every 6 people looking for work (the key word there is "looking"). That estimate in itself is about 17%.

Little Tyree wrote:

Well, now that we have all you "Fongs" located in Warren - I'm safe in West, By-God, Virginnie!
People Watch Out! if you go to the Eastwood Mall!

we now have kisok at mall. bizness berry good.

AprilFong wrote:

<quoted text> we now have kisok at mall. bizness berry good.

Yeah...Yeah...Eastwood Mall will never be the same! How about I give you a little something ....to fill up your rice bowl?

@FloridaMom2: You better hope that you don't get sick, get in a car accident, or your house doesn't burn down. Because if any of the above occur you'll lose far more than the insurance premiums you're paying right now.

Certainly, insurance is expesnive if you never use it, but cheap if you need to.

Little Tyree wrote:

<quoted text>
Yeah...Yeah...Eastwood Mall will never be the same! How about I give you a little something ....to fill up your rice bowl?

Talking about your wiener again huh? Little something... LOL The truth comes out again.

This story has repeated itself over and over across the country. The "jobs created" numbers coming from O-Bumma are totally phony.

"The Greenville Housing Authority “saved or created” 118 jobs by use of federal stimulus money, according to the Obama administration.
Not bad for an agency that has 35 employees."

http://www.greenvilleonline.com/article/20091...