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Thread: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

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    Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    ARTICLE: http://www.nytimes.com/2009/10/03/bu...my/03jobs.html

    By JACK HEALY
    Published: October 2, 2009


    The American economy lost 263,000 jobs in September and the unemployment rate rose to 9.8 percent, the government reported on Friday, dimming the prospect of any meaningful job growth by the end of the year.



    The Labor Department’s monthly snapshot of unemployment dashed hopes that the pace of job losses would continue to slow as the economy clawed its way back from a deep recession. Economists had been hoping for 175,000 monthly job losses.

    . . .

    To economists, that suggests that unemployment could remain at historically high levels through next year, if not longer.
    I'm minded of how it must feel for people riding buses on mountain roads in the fog when they just begin to realize that the motor coach has gone off the road.



    BONUS ARTICLE:
    Bad news: Jobs market getting worse
    Quod scripsi, scripsi

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    Re: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    This is approximately what I expected. There's still a long, long way to go.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    FYI--the way these statistics are measured was changed Under Bush I and then also under Clinton. If you go back to the way unemployment was measured when those statistics were first being tracked, the real rate is close to 20%.

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    Re: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    ROFLOL

    {Oftencold Bows}

    I was about to give you grief, because in the first few words I got the mistaken impression that you were about to say that there were fewer people unemployed, not more.
    Quod scripsi, scripsi

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    Re: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    Good thing we've got that good ol' stimulus workin' for us.

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    Re: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    Oh yes,the same "stimulus" that was going to save 2-4 million jobs
    "The problem in defense is how far you can go without destroying from within what you are trying to defend from without."

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    Re: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    Quote Originally Posted by Strucky View Post
    Oh yes,the same "stimulus" that was going to save 2-4 million jobs
    Yes, the same Stimulus that is a 2-year plan that has just begun to be rolled out.

    But you know, the GOP seems to expect immediate results and all, or else it is a failure.

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    Re: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    Quote Originally Posted by ScottD View Post
    Yes, the same Stimulus that is a 2-year plan that has just begun to be rolled out.

    But you know, the GOP seems to expect immediate results and all, or else it is a failure.
    The fear mongering surrounding passing the stimulus is more to blame.

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    Re: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    Quote Originally Posted by ashurbanipal View Post
    FYI--the way these statistics are measured was changed Under Bush I and then also under Clinton. If you go back to the way unemployment was measured when those statistics were first being tracked, the real rate is close to 20%.
    Can you document this? I have heard as recently as a couple months ago that some are pushing for changes in the way the rate is figured, but that it is not happening because it would make historical comparisons seem inaccurate. I know that when I separated from the navy in 1993 we were told that unemployment does not include underemployed and people who are too discouraged to look for work, among other things, which is the situation now.

    A google search has turned up nothing to indicate any change to how the way unemployment is figured, so maybe you can point me to a link to back up your claim.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham
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    Re: Jobless Report Is Worse Than Expected; Rate Rises to 9.8%

    Quote Originally Posted by Redress View Post
    Can you document this? I have heard as recently as a couple months ago that some are pushing for changes in the way the rate is figured, but that it is not happening because it would make historical comparisons seem inaccurate.
    There was insignificant changes (there always is) I believe. Cant remember exactly what was changed.

    I know that when I separated from the navy in 1993 we were told that unemployment does not include underemployed and people who are too discouraged to look for work, among other things, which is the situation now.
    Correct, hence the unemployment number in the US is highly inaccurate and always has been. The real unemployment number is up around 18%.
    PeteEU

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