{"id":2960,"date":"2009-11-06T15:50:48","date_gmt":"2009-11-06T20:50:48","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=2960"},"modified":"2013-10-25T17:04:03","modified_gmt":"2013-10-25T21:04:03","slug":"ouch-unemployment-climbs-to-10-2","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/11\/06\/ouch-unemployment-climbs-to-10-2\/","title":{"rendered":"Ouch: Unemployment Climbs to 10.2%"},"content":{"rendered":"

Ouch, unemployment climbed to a 26 year high<\/a> in October as as more than 558,000 Americans lost their jobs in October:<\/p>\n

In another sign that workers are being left out of the budding economic recovery, the U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years.<\/p>\n

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, the Labor Department reported Friday. It was the 22nd straight monthly decline in payrolls.<\/p>\n

Large losses were seen in manufacturing, construction and retai employment. Health care and temporary-help agencies added jobs. Read the full government report.<\/p>\n

The October jobs report shows a growing disconnect between a recovery in economic output and continued job losses. The economy grew at a 3.2% annual rate in the third quarter, with productivity rising at a 9.5% rate.<\/p>\n

“The grinding pace of progress in labor markets likely flags a tepid economic recovery,” wrote Sal Guatieri, an economist for BMO Capital Markets.<\/p>\n

With unemployment remaining elevated and no sign of job growth, the Federal Reserve could be expected to keep its interest rate target at virtually zero, economists said. Read commentary on the Fed and jobs.<\/p>\n

The jobs 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. An upward revision to August and September payrolls cushioned some of the disappointment, however.<\/p><\/blockquote>\n

The current 10.2 percent unemployment rate is the highest since April 1993.<\/p>\n

According to the Bureau of Labor Statistics 15.7 million Americans are unemployed, of those, 5.6 million, or 35.6% of the unemployed, have been out of work for more than six months… Representing another grim record. When you add in laid-off workers who have settled for part-time work or who have given up looking for work, the unemployment rate is 17.5 percent<\/a>.<\/p>\n

Regular readers know I’m a pessimist about the economy and I don’t see anything in this month’s jobs report<\/a> to change that… Job losses accelerated in manufacturing,\u00a0 the average losses in the previous four months were 51,000 per month, but in October they climbed to 61,000 jobs lost.\u00a0 Construction improved slightly loosing 62,000 jobs in October, down slightly from the 4-month average of 67,000. Finally, the retail sector lost 40,000 jobs last month – an indication that retailers are anticipating a weak a holiday season.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ouch, unemployment climbed to a 26 year high in October as as more than 558,000 Americans lost their jobs in October: In another sign that workers are being left out of the budding economic recovery, the U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[26,7],"tags":[1363,27,706],"class_list":["post-2960","post","type-post","status-publish","format-standard","category-economy","category-politics","tag-economy","tag-recession","tag-unemployment","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-LK","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3156,"url":"https:\/\/www.jasetaro.com\/blog\/2010\/01\/08\/december-unemployment-holds-steady-at-10-percent\/","url_meta":{"origin":2960,"position":0},"title":"December Unemployment Holds Steady at 10 Percent","author":"Jeff","date":"January 8, 2010","format":false,"excerpt":"I'm looking for good news in the December Jobs Report, but I can't find any... From Reuters: U.S. employers cut 85,000 jobs in December, confounding expectations the labor market was finally stabilizing and piling pressure on President Barack Obama to spur job growth. Unemployment, which held steady at 10 percent,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2813,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/10\/02\/unemployment-climbs-to-9-8\/","url_meta":{"origin":2960,"position":1},"title":"Unemployment Climbs to 9.8%","author":"Jeff","date":"October 2, 2009","format":false,"excerpt":"If there's a silver lining in the September Jobs report I can't find it: U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine economic recovery. The Labor\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2452,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/07\/02\/unemployment-climbs-to-9-5-percent\/","url_meta":{"origin":2960,"position":2},"title":"Unemployment Climbs to 9.5 Percent","author":"Jeff","date":"July 2, 2009","format":false,"excerpt":"Unemployment climbed to its highest level in 26 years rising to 9.5 percent in June. All told, 14.7 million people were unemployed in June: WASHINGTON (Reuters) - U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in nearly 26 years,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2976,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/11\/07\/ap-what-recovery\/","url_meta":{"origin":2960,"position":3},"title":"AP: What Recovery?","author":"Jeff","date":"November 7, 2009","format":false,"excerpt":"The Associated press has been one of the President's biggest cheerleaders but with unemployment now topping ten percent even they're asking What recover? 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\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4503,"url":"https:\/\/www.jasetaro.com\/blog\/2012\/07\/06\/awful-unemployment-remains-at-8-2-in-june-just-80000-jobs-added\/","url_meta":{"origin":2960,"position":4},"title":"Awful: Unemployment Remains At 8.2% in June; Just 80,000 Jobs Added","author":"Jeff","date":"July 6, 2012","format":false,"excerpt":"From MarketWatch: The U.S. created just 80,000 jobs in June as hiring slowed dramatically in the second quarter, confirming that the economy has hit another rough patch. The unemployment rate was unchanged at 8.2%, the Labor Department said Friday. The disappointing employment report adds to fresh worries about the U.S.\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4617,"url":"https:\/\/www.jasetaro.com\/blog\/2012\/09\/07\/awful-u-s-added-96000-jobs-in-august-unemployment-rate-fell-to-8-1\/","url_meta":{"origin":2960,"position":5},"title":"Awful: U.S. Added 96,000 Jobs in August; Unemployment Rate Fell to 8.1%","author":"Jeff","date":"September 7, 2012","format":false,"excerpt":"From MarketWatch: Nonfarm payrolls grew by a seasonally adjusted 96,000 in August, well below estimates and down from a respectable 141,000 jobs in July. The payrolls growth came in weaker than the 125,000 increase expected by economists surveyed by MarketWatch. The nation\u2019s unemployment rate fell to a seasonally adjusted 8.1%,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=2960"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2960\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=2960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=2960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=2960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}