Report: Unemployment Rate in October at its Highest Since 1983

- 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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Comments

  • dsgsgg

    Tough Luck……..

  • Tracey

    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!

  • http://urbanfrugalchic.com Cynthia

    Trying to do our part….we are in hard times..people change your habbits think frugal. Urban Frugal Chic . Com serious

  • http://urbanfrugalchic.com Khristal

    No where else to go but up

  • Marquis de Sade

    All I can say is be prepared to embrace the horror of 2010. Sh!t’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.

  • 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.
    __________________________________________________

    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.

  • Angee

    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!

  • THE TRUTH _ Pretty brown eyes

    @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”

  • Tracey

    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.
    __________________________________________________

    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.
    ___________________________________________________

    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.

  • Tracey

    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.

  • Tracey

    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.

  • THE TRUTH _ Pretty brown eyes

    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.

  • chuuuch

    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.

  • Lisa Vee

    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?

  • JB (Chik-Fil-A Bowl here I come!!)

    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?

  • Ummmmmm....

    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!!!

  • Well Alright.......

    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%!!

  • Bun Babylon

    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

  • Lanae

    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.

  • I'm Just Me: Keeping It Real Since 1983. BOSSIP DOESN'T LIKE WHEN US BLOGGERS KEEP IT REAL

    This is very sad. I live in the 3rd poorest city in this country and yes it shows up here.

  • JB (Chik-Fil-A Bowl here I come!!)

    Why blame the people who brought homes they could not afford??
    ___________________________________________________

    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.

  • 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)

  • 1TruDiva w/the PlatinumVocals---Pimpin, Platinum style!!! J-Hud's concert was OFF THE MEAT RACK!!!!!!!!!

    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!!!!

  • 1TruDiva w/the PlatinumVocals---Pimpin, Platinum style!!! J-Hud's concert was OFF THE MEAT RACK!!!!!!!!!

    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!!

  • Soul Ese

    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.

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