Obamanomics: Unemployment over 10%
WASHINGTON – The unemployment rate has surpassed 10 percent for the first time since 1983 — and is likely to go higher.
Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended. The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.
Counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.The jobless rate rose from 9.8 percent in September.
Friday’s report is the first since the government said last week that the economy grew at a 3.5 percent annual rate in the July-September quarter, the strongest signal yet that the economy is rebounding. But that isn’t fast enough to spur rapid hiring, raising the specter of a jobless recovery.
The third quarter 2009 increase in GDP was driven by government spending and won’t carry into other quarters. The 2nd quarter 2008 was pretty good as well, but that was because of the Bush stimulus checks. While the money was appreciated (we bought a new washer and dryer) it didn’t do anything really to turn the tide against the liberal mismanagement of the housing industry.
Update: I’ve been reading around the net that unemployment rose higher than the “experts” expected. If they’re always wrong, why do they call them experts?
