Unemployment Hits 10.2%

[silversurfer1]

Economic Report
Nov. 6, 2009, 8:41 a.m. EST
Unemployment rate hits 10.2% in October

Payrolls fall by 190,000, 22nd straight decline


By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) - The U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years, the Labor Department reported Friday.

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. It was the 22nd straight decline in payrolls. Large losses were seen in manufacturing, construction and retail. Health care and temporary-help agencies added jobs. Read the full government report.

The 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. See Economic Calendar.

The seasonally adjusted unemployment rate of 10.2% was the highest since April 1983.

Unemployment rose by 558,000 to 15.7 million, the government said. Of those, 5.6 million had been out of work longer than six months, representing a record 35.6% of the unemployed.

The employment-population ratio fell to 58.5% from 58.8%. The employment-participation rate fell to 65.1% from 65.2%.
An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17.5%, the highest on record dating to 1995.

Total hours worked in the economy fell 0.2%. The average workweek was steady at a record-low 33 hours. Average hourly earnings rose 5 cents or 0.3%, to $18.72. Average hourly earnings are up 2.4% in the past year.
In September, payrolls fell by a revised 219,000, compared with the previous estimate of a 263,000 loss. The unemployment rate was 9.8% in September.

Payrolls in August and September were revised higher by a total of 91,000.

In its survey of 400,000 business establishments, the government found that private-sector employment fell by 190,000 to 130.8 million in October. Government employment was unchanged.

Employment in the goods-producing sector fell by 129,000, including 62,000 in construction and 61,000 in manufacturing. The average workweek in manufacturing rose to 40 hours from 39.9, the highest in 11 months.

Service-producing jobs fell by 61,000, including 40,000 in retail.
The only major sectors adding jobs were health care and education (up 45,000) and professional and business services (up 18,000). Temp-help agencies - a key leading indicator - added 34,000 jobs, the first significant increase since the recession began 22 months ago.

Of 271 industries, 33.8% were hiring in October, down from 37.5% in September.

In its survey of 60,000 households, the government found that employment fell by 589,000. The jobless rate for men rose to 10.7%, and it rose to 8.1% for adult women. The jobless rate for blacks rose to 15.7%, compared with 9.5% for whites and 13.1% for Hispanics.

The jobless rate for those with a college degree fell to 4.7% from 4.9%. For those without a high school diploma, the jobless rate rose to 15.5% from 15%. For those with a high school degree, but no college, the rate rose to 11.2%.

[Jake]

Originally Posted by silversurfer1

Economic Report
Nov. 6, 2009, 8:41 a.m. EST
Unemployment rate hits 10.2% in October

Payrolls fall by 190,000, 22nd straight decline


By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) - The U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years, the Labor Department reported Friday.

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. It was the 22nd straight decline in payrolls. Large losses were seen in manufacturing, construction and retail. Health care and temporary-help agencies added jobs. Read the full government report.

The 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. See Economic Calendar.

The seasonally adjusted unemployment rate of 10.2% was the highest since April 1983.

Unemployment rose by 558,000 to 15.7 million, the government said. Of those, 5.6 million had been out of work longer than six months, representing a record 35.6% of the unemployed.

The employment-population ratio fell to 58.5% from 58.8%. The employment-participation rate fell to 65.1% from 65.2%.
An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17.5%, the highest on record dating to 1995.

Total hours worked in the economy fell 0.2%. The average workweek was steady at a record-low 33 hours. Average hourly earnings rose 5 cents or 0.3%, to $18.72. Average hourly earnings are up 2.4% in the past year.
In September, payrolls fell by a revised 219,000, compared with the previous estimate of a 263,000 loss. The unemployment rate was 9.8% in September.

Payrolls in August and September were revised higher by a total of 91,000.

In its survey of 400,000 business establishments, the government found that private-sector employment fell by 190,000 to 130.8 million in October. Government employment was unchanged.

Employment in the goods-producing sector fell by 129,000, including 62,000 in construction and 61,000 in manufacturing. The average workweek in manufacturing rose to 40 hours from 39.9, the highest in 11 months.

Service-producing jobs fell by 61,000, including 40,000 in retail.
The only major sectors adding jobs were health care and education (up 45,000) and professional and business services (up 18,000). Temp-help agencies - a key leading indicator - added 34,000 jobs, the first significant increase since the recession began 22 months ago.

Of 271 industries, 33.8% were hiring in October, down from 37.5% in September.

In its survey of 60,000 households, the government found that employment fell by 589,000. The jobless rate for men rose to 10.7%, and it rose to 8.1% for adult women. The jobless rate for blacks rose to 15.7%, compared with 9.5% for whites and 13.1% for Hispanics.

The jobless rate for those with a college degree fell to 4.7% from 4.9%. For those without a high school diploma, the jobless rate rose to 15.5% from 15%. For those with a high school degree, but no college, the rate rose to 11.2%.

The Headline on this Report is Mis-labeled
This should be the REAL headline:
Unemployment Hits 17.5%
An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17.5%, the highest on record dating to 1995

[What is Truth?]

Originally Posted by Jake

The Headline on this Report is Mis-labeled
This should be the REAL headline:
Unemployment Hits 17.5%
An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17.5%, the highest on record dating to 1995

So how do they gauge that, opinion polls? What's a discouraged worker, one living off of welfare and complaning about it?

[Jake]

Originally Posted by What is Truth?

So how do they gauge that, opinion polls? What's a discouraged worker, one living off of welfare and complaning about it?

This has been discussed here before.
The Labor Dept, used to report unemployed as including those who had not found work but who had given up, those who had finished their unemployment benefits and still hadn't found work, those who actually found work, but had not replaced their job with full-time employment, those who decided to go to school instead of trying to find work, those women/men who decided to become housewives/husbands, etc...

Those people, now are not included in the headline number so that the number looks better...this was actually done during "Dubya's" administration.

This is the main argument amoung those like Peter Schiff who want these statistics reported.

Comprehensive unemployment rate is 17.5%
Posted by Edward Harrison on 6 November 2009 at 10:33 am
http://www.creditwritedowns.com/2009...e-is-17-5.html

The employment market is pretty grim. We’re talking a double digit unemployment rate – and that’s just the base rate. The comprehensive unemployment rate is now 17.5% in the US. This is a fact not lost on our politicians. Today, Barack Obama signed a bill that extends unemployment benefits and home buyer tax credits. But,, let’s parse the data to get a real read of what’s happening.

The household survey
The unemployment rate is based on a household survey. Basically, the Bureau of Labor Statistics (BLS) asks a bunch of people, “do you have a job? No? Are you looking? By asking enough different people these questions, the BLS can produce a statistic to represent the nationwide unemployment rate. That number is currently 10.2% – or 15.7 million of a labor force of 154.0 million in a population of 236.6 working age folks.

The two things to note are the rate 10.2% and the participation rate, now 65.1%, the lowest in 23 years. What this is telling us is that the actual toll of joblessness is much higher than 10.2% because a lot of people have given up looking for jobs.

The numbers above are all seasonally-adjusted. So, the true picture could be somewhat better because without adjustments the number of unemployed is actually 14.5 million, 9.5% of the active labor force and down from 15.2 million in August. Either way, it’s still a grim picture.

I actually like to watch year-on-year data as an indicator of directionality. On this front, the report is looking much better. The increase in the number of unemployed is down from a peak of 6.0 million (6.2 million unadjusted) to 5.5 million (5.1 million unadjusted). So the year-on-year rate increase is now 3.6%, down from 3.9% in June. Again, these numbers are grim (the peak y-o-y change was 1.8% in 2001, for example). But the direction of change is now down.

The establishment survey
This is where the BLS gets non-farm payrolls (NFPs), the number of job losses per month. Non-Farm Payrolls (130.8 million) are now at their lowest level since March 2004 (also 130.8 million). And if one goes back to the period before the previous recession, NFPs were 132.5 million in February 2001. That means we have lost 1.7 million jobs over a nine-year time frame. This is an ugly data point.

The silver lining here is that both unadjusted data and y-o-y changes are better. NFPs are now 132.0 million unadjusted and that is up 1 million from 2 months ago. year-on-year changes are now falling. Translation: the labor market is still grim, but the worst is over.

My read of the data is this: There were no big surprises. I expected losses of 200,000 based on the ADP number and the jobless claims numbers. Yes, there was a jump in the unemployment rate, but jump was misleading because of a falloff in the labor participation rate. On the whole, the employment market is weak, but it is not deteriorating. Can we sustain a recovery even so? Probably.

[ccjoe]

Originally Posted by What is Truth?

So how do they gauge that, opinion polls? What's a discouraged worker, one living off of welfare and complaning about it?

http://www.bls.gov/news.release/empsit.t12.htm This is how!
Why doesn't the government stop lying and just post 17.5% so the sheople will get the truth as I just posted on another site.
It's 17.5%%%%%%%%%%%%%
Thanks Jake for bringing some sanity to the real figure.

[Katwoman]

"I won't let up until the Americans who want to find work can find work, and until all Americans can earn enough to raise their families and keep their businesses open," the president declared Friday.

That's a hopeful promise but not very realistic. And it shows that, for the time being, action to tackle record budget deficits will simply have to wait."

Needless to say bigger budget deficits are not something this country can afford right now. Why not lower taxes and curtail government spending? Of course more money in my pocket would only make me buy more silver but the sheople would surely spend more and when they did the economy would come roaring back to life. Of course socialists and communists don't really want a strong private sector economy because that would negate their entire raison d'etre.....come to think of it, I could live with that outcome:lol:


http://news.yahoo.com/s/ap/us_obama_jobs_analysis

[ccjoe]

Originally Posted by Katwoman

"I won't let up until the Americans who want to find work can find work, and until all Americans can earn enough to raise their families and keep their businesses open," the president declared Friday.

That's a hopeful promise but not very realistic. And it shows that, for the time being, action to tackle record budget deficits will simply have to wait."

Needless to say bigger budget deficits are not something this country can afford right now. Why not lower taxes and curtail government spending? Of course more money in my pocket would only make me buy more silver but the sheople would surely spend more and when they did the economy would come roaring back to life. Of course socialists and communists don't really want a strong private sector economy because that would negate their entire raison d'etre.....come to think of it, I could live with that outcome:lol:


http://news.yahoo.com/s/ap/us_obama_jobs_analysis

I'm starting to really hate that man> God forgive me.
Even my demure wife was fuming when at the press conference he had people laughing for quite a while with his political sh...t before FINALLY breaking the news about the massacre.
He has a real disconnect in his brain.
Another Harvard grad gone bad> we have them all over our neighborhood.

[Mighty_Men_of_Baltimore]

Obama is all talk and no action. I think he's in over his head. Dumbass.

[Argyria]

Originally Posted by Mighty_Men_of_Baltimore

Obama is all talk and no action. I think he's in over his head. Dumbass.

Welcome to the Obamanation!

[Mighty_Men_of_Baltimore]

I'm beginning to think Carter was better. The good news, these idiots are going to ride this country and it's economy like a missile straight into the ground. Only those holding gold and silver will be left standing, if not in fact wealthy.