Jobless rate reaches 9.8% in September

Discussion in 'Current Events' started by Baba gounj, Oct 2, 2009.

  1. Baba gounj

    Baba gounj pensioner

    US jobless rate reaches 9.8 percent in September

    US unemployment rate rises to 9.8 percent in September, as employers cut 263,000 jobs



    • By Christopher S. Rugaber, AP Economics Writer
    • On Friday October 2, 2009, 9:06 am EDT
    WASHINGTON (AP) -- The U.S. unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected. The report is evidence that the worst recession since the 1930s is still inflicting widespread pain.
    Persistently high unemployment could weaken the recovery as consumers, concerned about their jobs and incomes, restrain spending. Consumer spending accounts for about 70 percent of the U.S. economy.
    The Labor Department said Friday that the economy lost a net total of 263,000 jobs last month, from a downwardly revised 201,000 in August. That's worse than Wall Street economists' expectations of 180,000 job losses, according to a survey by Thomson Reuters.
    The unemployment rate rose from 9.7 percent in August, matching expectations.
    If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.
    More than a half-million unemployed Americans gave up looking for work last month. Had they continued searching, the official jobless rate would have been higher.
    All told, 15.1 million Americans are now out of work, the department said. And more than 7.2 million jobs have been eliminated since the recession began in December 2007.
    Many analysts expect the economy grew at a healthy clip in the July-September quarter, technically ending the recession, but few think the recovery will be strong enough to lower the jobless rate. Most economists expect the rate to top 10 percent and keep climbing.
    The economy has received a boost from the Cash for Clunkers auto rebate program and other government stimulus efforts, but many economists believe that growth will slow in the current quarter and early next year as the impact of those programs fade.
    Federal Reserve Chairman Ben Bernanke said Thursday that even if the economy were to grow at a 3 percent pace in the coming quarters, it would not be enough to quickly drive down the unemployment rate. Bernanke said the rate is likely to remain above 9 percent through the end of 2010.
    Hourly earnings rose by a penny last month, while weekly wages fell $1.54 to $616.11, according to the government data.
    The average hourly work week fell back to a record low of 33 in September. That figure is important because economists are looking for companies to add more hours for current workers before they hire new ones.
    The uncertainty that surrounds the recovery has made employers reluctant to hire. The Business Roundtable, a group of chief executives from large corporations, said earlier this week that only 13 percent of its members expect to increase hiring over the next six months.
    While job losses have slowed since the first quarter of this year when they averaged 691,000 a month, the cuts actually worsened last month in many sectors compared with August.
    Construction jobs fell by 64,000, more than the 60,000 eliminated in August. And service sector companies cut 147,000 jobs, more than double the 69,000 in the previous month. Retailers lost 38,500 jobs, compared to less than 9,000 in August.
    Temporary help agencies eliminated 1,700 jobs, down from the previous month, but still a sign of labor market weakness. Economists see temporary jobs as a leading indicator, as employers are likely to hire temp workers before permanent ones.
     
  2. 1989

    1989 Well-Known Member


    We are awfullly close to that 10% mark so lets raise taxes on the people who can use that capital to create growth. How about if we stop proping up certain markets like housing and auto. And help all markets by eliminating the capital gains tax.
     
  3. The Other Side

    The Other Side Well-Known Troll Troll

    How about "we" bring back the 5 million jobs BUSH and his republican led congress allowed to leave our shores from 2000 thru 2008?

    How about "we" put our people first, instead of protecting the wall street investors?

    The republicans did everything they could to transfer jobs to third world countries in order to increase profits by using "slave labor" tactics.

    The big sell was Profits and the "stockholders".

    Make a decision, either you want to protect a companies ability to increase profits for its investors by using slave labor which makes the unemployment rate soar in the united states, or decide that you want americans to have a job?

    You cant on one hand, complain about the unemployment rate which is a direct reflection of the BUSH policies for 8 years coming to fruition, and then say you would protect wall street and its players.

    The phoney housing bubble that BUSH created provided avenues for the "manufacturing" sector people who were losing their jobs by the thousands each month when BUSH took office and when the bubble burst, they too were again out of jobs.

    The rate of unemployment under BUSH began to skyrocket in his last year leading into 2009. Like a runaway train, there was no stopping it.

    Our current President has at least, stopped the bleeding to a manageable level. There is a light at the end of the tunnel.

    Despite all the misinformation provided by FAUX news and the talking heads on right wing radio, there are tons of projects that are employing americans. If you ever visit Yosemite in California. A 300 mile stretch of highway is being worked on with the stimulus funds. This project alone is emplying thousands of workers and companies.

    I rode my harley thru Yosemite and have seen the many improvements to the road, guardrails and roadside facilities.

    There are projects like this all over this country, none of them covered by FAUX news though.

    This country was doomed for a few years of hardship thanks to the leadership of the republicans and that idiot BUSH.

    He sealed "our" fates with his wreckless policies and bad advice from his republican collegues.

    I can see the light at the end of the tunnel. I suggest you do the same.

    I suggest you research how many jobs and sectors BUSH wiped out in 8 years and how that translates into todays job losses.

    Its amazing how many of you believe that when BUSH left office, his problems were all resolved, and this young president has created this mess himself.

    This is the power of rhetoric and the use of repetitious garbage by right wing radio.

    I am willing to sell "clues" to you all who still believe the nonsense.

    :peaceful:
     
  4. brett636

    brett636 Well-Known Member

    Hope and change....
     
  5. klein

    klein Für Meno :)

    And again, I'm thinking those numbers have a very bright side to them.
    Makes about 500.000 less people seeking doctors.
    And the US healthcare system even more Superior, with less waiting times.
     
  6. brett636

    brett636 Well-Known Member


    The only problem with what you say is we never had a waiting issue to begin with. In a free market system supply and demand are in balance meaning there are enough doctors(for now) to supply the needs of the people. Unlike in the Canadian system where people have to sign up for lotteries in order to get on the town doctor's patient list.
     
  7. klein

    klein Für Meno :)

    There must be a town , maybe even a few like that here.
    What can you do, if you live in the artic circle !?

    The rural areas do have a problem, and they are giving physicians insentives for moving to them (free housing etc).

    Our system is by no means perfect. It's always in debate, and overhauls are ongoing.
    But, it's in place, and we can't start spending the money (more then twice as much like America), to make it better.
    Money, is not always the answer.

    But, back to the topic.
    Unemployment is getting scary, but as for short selling stocks. I wouldn't count on it.
    Less workforce means more profit !
    And what a stupid idea to elimate capital tax gains.
    That would mean, anyone that cashes out stocks, would earn an addtional 30% on gains (no taxes).
    That would get the market into a good freefall !
    (kinda take it while it lasts), and if they ever implemented captial gains tax again...= same thing, cash out before it's too late. FREEFALL.
     
  8. JimJimmyJames

    JimJimmyJames Big Time Feeder Driver

    While I agree with you on many points, one cannot forget that Clinton is to blame for our current mess also. Since NAFTA started under his administration, the "free" traders have worked to destroy American jobs.

    Clinton, Bush, Obama....they all seem to fundamentally agree that it is in our best interest to lower our trade barriers. And if an industry cannot be moved overseas, to bring in both legal and illegal workers to drive down labor costs.

    At least under the Democrats, sometimes labor gets thrown a token bone. But since organized labor is but a shadow of it's former self, Democrats will listen more to big corporate donors than respond to the relative pittance labor can contribute to them anymore.
     
  9. tieguy

    tieguy Banned

     
  10. tieguy

    tieguy Banned

    The stories we have previously posted involved people that did not live rural or in the artic circle. Unless the artic circle comes all the way down to the US border.
     
  11. tieguy

    tieguy Banned

    I could make the arguement that Labors lobbying efforts is anything but a pittance.

    I also think that when you take a good hard look at all the government regulatory agencies that UPS answers to that corporate influence has its limits.
     
  12. 1989

    1989 Well-Known Member


    I like Larrys argument for eliminating catital gains.

    http://www.cnbc.com/id/33104981
     
  13. klein

    klein Für Meno :)

    It only makes the richer, richer.

    People like Bill Gates, or Warren Buffett, that have billions in the stockmarket.

    You really want to make them richer, and all the CEO's that get free shares ?

    Nope, leave it as is.
    Tax on income, is tax on income.
    Whats next ?
    Because you work, you want it tax free , too ?
     
  14. brett636

    brett636 Well-Known Member


    If you earned it you should get to keep it. It doesn't matter how much money you are paid. And an elimination of capital gains tax would benefit millions of people including myself. I could sell some of my UPS stock and not have to worry about paying taxes on it which would make it more beneficial for me to do so.
     
  15. klein

    klein Für Meno :)

    Yes, Brett, you and a million others, to make UPS shares worthless.
     
  16. 1989

    1989 Well-Known Member


    Klein, stocks are only taxed when you sell. Bill Gates and Warren Buffett that have billions in the market that arn't being taxed. (just dividends, which is a double tax)
    Maybe you are right. I'm probably being too greedy. I could have saved about 20,000 in taxes last year that I could have donated and reinvested. Or my wife could have used it on many, many things maybe even on a new car. Investment is the core to business and without business we would have 100% unemployment.
     
  17. 1989

    1989 Well-Known Member


    Wrong, there would be a level at which institutions would buy the shares hand over fist.
     
  18. klein

    klein Für Meno :)

    Oh gee, you could have saved every penny on taxes, if you didn't have an income.
    Am I missing something here ?
    If I invest $100.000 and get $300.000 in return ($200.000) is profit, and you want it not to be considerd income ?

    But if I have my own business, and earn $200.000, that is income ?
    Because I decided to run it, instead of just investing into it.

    Got to find a dummy, to even manage and run a company then.
     
  19. 1989

    1989 Well-Known Member


    When you sell that business for 1,000,000 that's your capital gain.
     
  20. klein

    klein Für Meno :)

    Nope, wrong ! You pay taxes all yr round.
    As it's income.
    I did own one before.

    And yes, you pay again, once you sell (additional income) it sucks... but it's income (that is taxable).

    Unless, ofcourse, you sell the business for less, or it goes BK. They can't tax you on NOT having an income. LOL