Report: Unemployment Rate in October at its Highest Since 1983
Posted by Bossip Staff
Times are still hard out there for individuals who are still looking for jobs:
Unemployment surged from 9.8 percent in September to 10.2 percent last month, its highest level since 1983. At the same time, the economy lost 190,000 more jobs. That means employers have eliminated 7.3 million positions since the recession began in December 2007.
As dreadful as they are, the headline numbers understate the severity of the problem. They also obscure an even grimmer fact: Unless there is more government support, it will take several years of robust economic growth — by no means a sure thing — to recoup the jobs that have been lost. The unemployment rate includes only jobless people who have looked for work in the past four weeks. The underemployment rate — which also includes jobless workers who have not recently looked for work and part-timers who need full-time work — reached 17.5 percent in October. And the long-term unemployment rate — the share of the unemployed population out of work for more than six months — also continues to set records. It is now 35.6 percent.
The official job-loss data also failed to take note of 2.8 million additional jobs needed to absorb new workers who have joined the labor force during the recession. When those missing jobs are added to the official total, the economy comes up short by 10.1 million jobs.
Taken together, the numbers paint this stark picture: At no time in post-World War II America, has it been more difficult to find a job, to plan for the future, or — for tens of millions of Americans — to merely get by. At a recent meeting at the White House to discuss job creation, President Obama said that “bold, innovative action,” would be needed — from the administration, Congress and the private sector — to undo the devastation in the labor market. Americans are waiting for Mr. Obama to lead the way.
This ~ish is real.
Via NYTimes
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Tough Luck……..
Recession created by greedy bankers, pointless Iraq and Afghan war, and greed company owners looking to lay of millions of staff.
Some countries are doing better than others, but the countries actually coming out of the bank made recession the fastest are those who refused to had over trillions to greedy banks and their bonuses and those who actually has an industry and dont rely on cheaply made foreign goods!
Trying to do our part….we are in hard times..people change your habbits think frugal. Urban Frugal Chic . Com serious
No where else to go but up
All I can say is be prepared to embrace the horror of 2010. *****’s gon’ be even rougher. The dollar is only worth 079 cents and by mid 2010 it’s projected to decline to 65 cents. Don’t be surprised by next summer we’ll be payin’ $6 to 7$ dollars for a carton of milk. Just last night on Tokyo Exchange, it was announced that gold was trading for $1100.00 an ounce. When gold is trading for that price, it means the value of the dollar is dwindling at an exponential rate, and I have a sneaky suspicion that this country ain’t tryin’ to save it.
@ Marquis De Sade
I watched this do*****entary on HBO this weekend called Riches to Rags abotu the fashion industry. Back in 1963 President Kennedy allowed for 4% of the clothing to be made in other countries. President Clinton said that we need to allow other countires to grow, but why is it at the expense of the American people. Well today only 5% of clothing by US companies in made in the US. Everyone keeps talking about the democrats verses the repbulicans. How can the government be for us and against us in the same breath?
Recession created by greedy bankers, pointless Iraq and Afghan war, and greed company owners looking to lay of millions of staff.
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You can’t put it all on the bankers. You have to put it on the homeowners who got houses they knew dand on well they could not afford.
Damn MDS, did you say $6-$7 for a CARTON of milk? That’s not even a gallon!!
Glad I don’t drink milk like that!
@Marquis de Sade
u aint never lie these greedy wall street brokers and economy experts are screaming we are coming out of the recession but i beg the differ. when u have such a high population of ppl without jobs then prices of things such as food at a all time high there is a huge problem. I think grocers have hiked up the prices for food in retaliation to all these unemployed individuals who are now qualifying for goverment issued foodstamps to help them in a time of need. “BUT WHAT ABOUT THE PPL WHO STILL ARE LUCKY AND UNLUCKY ENOUGH TO STILL HAVE A JOB”
@JB (Chik-Fil-A Bowl here I come!!)
Recession created by greedy bankers, pointless Iraq and Afghan war, and greed company owners looking to lay of millions of staff.
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You can’t put it all on the bankers. You have to put it on the homeowners who got houses they knew dand on well they could not afford.
I agree it baffles me when i watch house hunters and see ppl purchasing homes in Cali for 500K and more im like well damn how much do these ppl make???? But u cant blame it all on the homeowners there was lots of predatory lending going on and the banker were at fault for that. Lending ppl money for homes they knew dam well these ppl couldnt afford nor understand intrest rates payments and would most likely forclose in the property.
JB (Chik-Fil-A Bowl here I come!!)
Recession created by greedy bankers, pointless Iraq and Afghan war, and greed company owners looking to lay of millions of staff.
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You can’t put it all on the bankers. You have to put it on the homeowners who got houses they knew dand on well they could not afford.
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They are easy to blame, however, when everyone is being ripped off left, right and centre, receiving fine after fine, and interest charge after interest charge what do you think is going to happen. We all have bad months, but bad months can turn into bad years with greedy banks fining us the earth.
Lay of the extortion interest charges, pay people a decent wage, and hardworking people will pay back their loans, no one wants to lose their homes.
The trth 500k homes are excessive, but the greedy bankers give out the loans, full well knowning it wont be paid back, especially if they hit them with stinking charges.
And the greedy bankers knew that the Government will give them the money back from their loans and mortgages, via taxes!
The Government should have let the banks rot, or gave the people the money back to pay mortages immediately, or invested the trillions in jobs…in order for people to stay in work and pay their bills!
Only people who have won are the greedy bankers.
I like u ma!!! that is exaclty what i was saying “predatory lending” you see ppl on house hunters yrs ago i swore i never understood it they’re like Glenn is a Broker and Ann is a stay at home mom they’re are looking for 5bdrm 3 bath home in the exclussive area of golden hills. im like wtf tell me how much are these ppl making with nice azz cars. It was credit that was doing all of that. these banks were giving out credit like trick or treating candy.Good creidt is nice to have but CREDIT DONT PAY WHEN NO ONE IS LENDING ANYMORE IN THE CASE OF THE MARKET CRASHING AND BANKS NEEDING LOANS THIS IS THE END RESULT PPL WAKE THE FU*K UP.
I’m glad OBAMA gave out $787 BILLION in stimulus package to create new jobs…
That really helped.
No wonder the dollar is in the toilet.
Here in Georgia..22 banks have went out of business!!!!!!! NOT STORES BUT BANKS. (((((SMH)))). If banks doesnt have money, how do we suppose too?
The reason I say the people are to blame is because you know damn well you cant afford a $3500 house note when you are only make $4000. Then you get all the extra stuff in it. I mean look at the RHOA. Lisa and Ed lost a house, but didn’t care, Nene lost her house. Why do you need to livei n such an elaborate home when you know things can change at the drop of a dime. as mucha s I liked Deshawn all that mess she had was stupid. THen the hubby stopped playing and she was like oh I need to cut back. Fool learn to cook and fire the chef!!
But yeah the lenders were crazy. but if someone put a gun in your hand and said pull the trigger and it was pointing at someone wouldn’t you second guess it and ask mroe questions?
This is why more people need to think about having their own business….whether you start by doing something ‘on the side’ or whatever, few people are coming out of this unscathed, regardless of how good of an employee they are. Generate your own wealth and support American and black owned!!!
I hate it when the media tells lies!! The unemployment rate is actually MUCH HIGHER than the 10.9%. The unemployment rate in Q3 is at or over 17%!!
Soon you’re country will be for sale…. and when it does, I’ll be first in line….
it’ll be called the United States of Babylon
hahahahahahhaahahahaha….hahahahahahahahahhahaha
Why blame the people who brought homes they could not afford?? How about blaming the financial institutes that approved and designed these type of loans. How about blaming the appraisers who overpriced homes by 300%. Its only human nature for people to want to live in the home of the dreams. Sadly many brokers took advantage of home buyers by pocketing thousands of dollars worth of commissions by these poorly designed mortgage plans. You can also blame the mortgage crises on these so called “flippers”. Many of them got foreclosed on and most of them are white, but no one is talking about that they want to place the blame all on black folks.
This is very sad. I live in the 3rd poorest city in this country and yes it shows up here.
Why blame the people who brought homes they could not afford??
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Just because someone says yes you can get this house doesn’t mean that you should get it. People need to look at themselves and ask the questiosn
1) Can I afford this if we get a divorce?
2) Can I afford this if one of us loses our job?
3) if there are only 2 kids or even 3 kids why do we need more than 4 bedrooms?
It’s called greed. I can afford a $3500 mortgage. That doesn’t mean I want all of my moneyt o go there. Like i said before just because someone hands you a gun to kill someone doesn’t mena you can’t ask the why and how questions.
And it is nt just onblack people. It is on every person that got a loan like that without making sure it was the best possible thing in the long run.
I think that there are people in positions that find intricate ways to keep the less fortunate and downtrodden in that way.
Take for instance–I know a young lady that’s 24 years old and has 4 children (the oldest is 9 and the youngest is less than 3 months.) This young lady receives $953.00 a month in food stamps, (YES, I typed $953.00!!!) a cell phone provided to her via welfare, she pays NO RENT and if she decides to enroll in work first, she’ll have daycare provided to her at no cost to her.
Now, when you’re put in a position that damn near every one of your needs are met without YOU contributing, (other than having out of wedlock children) you’re mindset might be to sit back and go with the flow.
Subconsciously, that’s a way to keep you in a lower economic bracket. (Emotionally too)
We (as a country) have done something in the early nineties that is coming back to hit us hard.
OUTSOURCING!!
I work in the automotive industry. The things that were manufactured here in the US years ago have now been outsourced to places such as Indonesia, Mexico and YES China!!!!
Since it’s cheaper to manufacture products overseas and have them shipped back, that’s an automatic profit for large companies. (Wal-mart for example)
Plus–the only places that can remotely offer employment are the jobs paying minimum wage and those positions are being gobbled up by people with Master Degrees!!
So finally the rest of America has unemployment rates equal to those normally found in the ghetto… My company has gone from 35 sites to 150+ in the past 3 years in NYC alone. We have hit a bump in new accounts, but the majority of our accounts have had few if any layoffs. We continue to hire people, but the amount of over qualified people applying for entry level jobs is astonishing. We have actually started to clamp down on inconsistant employees because there are so many people out there looking for jobs that just need to work.
I hate to tell ya Bossip fam…but the unemployment numbers have been lied on for about a year now.
The unemployment rate has actually hit close to 18%.
Congress doesn’t want to send a panic throughout the states so they lie on that statistic.
@1TruDiva w/the PlatinumVocals—Pimpin, Platinum style!!! J-Hud’s concert was OFF THE MEAT RACK!!!!!!!!!
I think that there are people in positions that find intricate ways to keep the less fortunate and downtrodden in that way.
Take for instance–I know a young lady that’s 24 years old and has 4 children (the oldest is 9 and the youngest is less than 3 months.) This young lady receives $953.00 a month in food stamps, (YES, I typed $953.00!!!) a cell phone provided to her via welfare, she pays NO RENT and if she decides to enroll in work first, she’ll have daycare provided to her at no cost to her.
Now, when you’re put in a position that damn near every one of your needs are met without YOU contributing, (other than having out of wedlock children) you’re mindset might be to sit back and go with the flow.
Subconsciously, that’s a way to keep you in a lower economic bracket. (Emotionally too)
WHAT UP MA!!! I THINK EVERYONE ON THIS EARTH KNOW OF SOMEONE LIKE THIS BUT U PROB WONT GET PPL TO ADMIT TO IT ON BOSSIP CUS NOW REMEMBER EVEYONE ON THIS SHIIT IS A CEO OF A FORTUNE 500 CO SMDH.
BUT GIRL I CANT BELIEVE SHE GETTING THAT MUCH *****ISTANCE FROM THE STATE AND STILL NOT LOOK AT THIS AS A STEPPING STONE TO DO BETTER FOR HERSELF AND CHILDREN BUT THIS IS THE REALITY FOR MANY YOUNG MOTHERS. ITS CALLED MARXIST THEORY THERE HAS TO BE AN UNDER BELLY OF SOCIETY FOR US TO SURVIVE. THINK ABOUT IT IF THE STATE DOESNT KEEP SUPPORTING HER WHICH IN A WAY IS LIKE INABLEING HER. SHE GETS HER LIFE TOGETHER AND DOES JUST FINE WHAT WILL BE THE USE OF THER SOCIAL WORKER DOWN AT THE STATE??
AND IM HATIN CRAZY ON HER FOODSTAMP AMOUNT IS SHE SELLING THEM??????? WORD PPL ON THEM DAM STAMPS EAT BETTER THAN PPL WITH DECENT PAYING JOBS SHRIMP STEAKS LOBSTER THE SHI IS SO UNFAIR.
ACORN pushed hard for banks to lend money to those “less fortunate”.
We still must remember the greedy bankers, some are lying outta their skins!
Hey Diva!!
if you think the automotive industry is bad, look at Schmatta: Riches to Rags on HBO. It talks about how Kennedy started the outsourcing back in 1963, 4%. clothes made in the US today? Only 5%. One lady soldher company to Liz Claiborne. When they decided to shut that part of the “new company” down, she lost her clothing line as well as her name. So evenif she wanted to start back designing, she couldn’t. Well at least under her name
10% my *****, in that case, does STL make up 10% of the country??? Dont think so!
Real unemployment is at 22%. 2010 is going to be a TERRIBLE YEAR! You guys better start stocking up on food and water. Dont say I didnt warn you!!!!
Don’t put all your eggs in one basket, multi talent yourself and get certified. Ceritfied peole have a better chance of getting a job even if you have to relocate if possible !!
Has anyone noticed how its hard to get little jobs now, like cashiers at restaurants and malls, grocery store stockers,cooks and waitresses at chain restaurants,etc.
I’ve even read some job ads for little things like cashiers at the strip mall asking for experience!!! Its sooo annoying.
Or has anyone experienced the non-comp*****ionate manager at an interview asking why you’ve been out of work for the last 6 months or so?! I won’t to shout, its a recession!! And when I give my professional answer, they look like they don’t believe me or I’m lying!
@ The Almighty Truth
I cosign with you…I’m nervous. This is one of the worst experiences of my life, but I’m learning.
Not only will 2010 be bad, but trust me, there will be another recession probably 15-20 years from now and I will hopefully be prepared for that one. There seems to be a recession every 15-20 years or so,regardless of what level its on.
So I’m gonna try to get a secure job (via education), start saving/investing,etc after this recession.
I feel people are panicking like they did in 1999, yes I realize things are hard but this is a time when we need to reinvent ourselves. we cant rely on the old standby jobs or goverment handouts, trust me those people recieving over 900 dollars in food stamps will have a rude awakening when the goverment realizes they are throwing good money after bad and put a halt to that
This is something that is going to take steps to fix…period …there is no one step solution…it took many things to happen for this situation to occur……the President has to do his part but so do everyone else…that mean people have to put there pride aside and work jobs they think they should be above…..the rich have to except they are going to give some of that money back, and the government will have to cut out some of the welfare and food stamp….there are jobs out here….but some people just don’t want to work
*****ama owns this economy. Blaming Bush does not work any more.
How is that hopey/changey doing for ya?
*****ama owns this economy. Blaming Bush does not work any more.
How is that hopey/changey doing for ya?
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I’ts doing good for me….Any idiot (except for some people) knows it takes more than a year to get out of debt that Bush put us in… Obama is an ICON… America has a lot of stupid people with low IQ’s, and it’s difficult to explain abstract ideologies to dumbfounded people…They just don’t get it!
The unemployment rate that the news “harp” on is only getting major coverage because it’s affecting white folks… NOW, unemployment is such a big deal… I say deal with it. Sell your 300K houses, move in with your mama and family members, and support a President that’s trying to take money from the rich white folks…. face it white people it’s not about black & white anymore; it’s about rich & poor.
Don’t put all your eggs in one basket, multi talent yourself and get certified. Ceritfied peole have a better chance of getting a job even if you have to relocate if possible !!
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Very true statement…. time out for these BS (bull Sh*t) degrees that don’t have any specialties… That’s why all the other jobs that require specialties are outsourced to other countries…. This country has a bunch of lazy dumb***** people that won’t, can’t unable to learn. so we shouldn’t complain, just step up your game.
I blame this country for being in the state it’s in…(particularly white folks). They abused “capitalism”, and raped the American people, stole their savings, and had the nerve to ask the government for a bail out… Then after all that, the same white folks, who took the bailout,(socialism) accuse Obama of *socialism* because he wants to help the working cl*****/middle cl***** people receive universal healthcare. The sad part of all this is that the working cl***** white folks are so stupid they have the nerve to complain about Obama being a *socialist* for trying to help their dumb *****’…. I’m just frustrated this morning.
GREAT JOB OBAMA!
Funny how black people always got someone to blame other than themselves and their appointed representatives. OBAMA WAS SUPPOSED TO FIX ALL OF THIS RIGHT?????? Wrong.
Still blaming “white folks” but if there was a republican president or even just a white president he’d be getting all the blame. Yet Obama gets a free p*****. Laughable.