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Jobless Report Is Far Worse Than Expected; Rate Rises to 9.8%

Submitted by Jim Brown on Fri, 10/02/2009 - 08:10
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The American economy lost 263,000 jobs in September and the unemployment rate rose to 9.8 percent, the government reported on Friday, dimming the prospect of any meaningful job growth by the end of the year.

The Labor Department’s monthly snapshot of unemployment dashed hopes that the pace of job losses would continue to slow as the economy clawed its way back from a deep recession. Economists had been hoping for 175,000 monthly job losses.

In one bright spot, fewer jobs were lost in August than originally reported — with 201,000 positions gone instead of earlier figures of 216,000.

But overall, the report offered little good news for the 15.1 million unemployed people in the United States. The number of hours worked stagnated. Overtime hours slipped in many industries. And temporary help companies — typically, among the first to rebound after a recession — shed 1,700 jobs.

http://www.nytimes.com/2009/10/03/business/economy/03jobs.html

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They need to raise their expectations

Submitted by showmeron on Fri, 10/02/2009 - 08:59.

because it's only getting worse.

Once again...

Submitted by usndoc1964 on Fri, 10/02/2009 - 08:17.

if the government is reporting unemployment to be 9.8% then the real unemployment is upwards of 19 to 20%. They must keep this number suppressed for as long as possible. The next report on this by the government will be...."unemployment is now 9.9%" and they will try and hold onto single digits tooth and nail.

"The federal government is in the full time business of lying, it's unfortunate but most of the state governments have jumped on the lying bandwagon as well"

Officially a depression

Submitted by almfree on Fri, 10/02/2009 - 08:56.

The average unemployement during the Great Depression was 17% (by using the U-6 calculation). And our U-6 calculation today is 17%. (of course THIS depression started when we were at the minimum 11% U6 Great Depression measurement). So it's official- Welcome to the Greatest Depression.

To be fair- U-6 during the first depression was measured from age 14- but today U-6 is measured from age 16.

Real unemployment is U6

Submitted by JBPT on Fri, 10/02/2009 - 08:42.

Real unemployment is U6 minus the birth/death ratio. Bob Chapman puts it at 21%.