The nation’s unemployment rate rose above 10% for the first time since 1983 in October, a much worse jump than expected as employers continued to trim jobs from payrolls.
The reading, reported by the government Friday, is a sign of the continued weakness in the labor market even though the economy grew in the third quarter following the longest and deepest downturn since the Great Depression.
The government reported that the unemployment rate spiked to 10.2%, up from 9.8% in September. It is the highest that this rate has been since April 1983. Economists had forecast an increase to 9.9%.
There was also a net loss of 190,000 jobs in October, according to the Labor Department, an improvement from a revised estimate of 219,000 job losses in September. However, economists surveyed by Briefing.com had forecast a loss of only 175,000 jobs in October. This was the 22nd straight month of job losses.
Remember the good old days of the press screeching and moaning over the 5% unemployment rate under George Bush? More than a quarter of teens are now unemployed. More than 7 million jobs have been lost just since January 1st of this year.
And into this disaster, Nancy Pelosi is so gung ho for adding even more spending that she’s keeping the House working over the weekend on more spend and tax legislation to ruin health care once and for all in this country.
How’s that hopey-changey thing working out for you, Obama voters?
What’s the old line from Shakespeare? the Greeks? “Who the gods will destroy they first make mad”. Fits Nancy to a tee.
Do these people have ANY reports that do not have “unexpected” results?
Pelosi failed to include funding in the healthcare bill for all the new Federal prisons they’re going to have to build to incarcerate the people who are non-compliant.
Why can’t I just pay for my own healthcare, since I’m already paying for somebody elses healthcare?