Thank you Mr. Empty Suit

[Norm Deplume]

Unemployment rate tops 10 percent for first time since 1983; 190,000 jobs lost in October

By Christopher S. Rugaber, AP Economics Writer
On 11:41 am EST, Friday November 6, 2009
WASHINGTON (AP)-- The unemployment rate has hit double digits for the first time since 1983 -- and is likely to go higher.

The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. Rising unemployment also could threaten the recovery if it saps consumers' confidence and makes them more cautious about spending as the holiday season approaches.

Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended.

The unemployed rate jumped to 10.2 percent, the highest since April 1983, from 9.8 percent in September, the Labor Department said Friday. The economy shed a net total of 190,000 jobs, more than economists had expected.

The number of unemployed hit 15.7 million, up from 15.1 million. The job losses occurred across most industries, from manufacturing and construction to retail and financial. The job-loss total is based on a survey of businesses, separate from a survey of households that produces the unemployment rate.

Economists say the unemployment rate could reach 10.5 percent next year because employers remain reluctant to hire.

The unemployment rate highest since the economic recovery in 1983, when President Reagan saved the economy from the devastating years of the Peanut Carter years, 16% interest rates, 20% inflation

[Ronald Reagan]

Norm Deplume wrote:

Unemployment rate tops 10 percent for first time since 1983; 190,000 jobs lost in October
By Christopher S. Rugaber, AP Economics Writer
On 11:41 am EST, Friday November 6, 2009
WASHINGTON (AP)-- The unemployment rate has hit double digits for the first time since 1983 -- and is likely to go higher.
The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. Rising unemployment also could threaten the recovery if it saps consumers' confidence and makes them more cautious about spending as the holiday season approaches.
Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended.
The unemployed rate jumped to 10.2 percent, the highest since April 1983, from 9.8 percent in September, the Labor Department said Friday. The economy shed a net total of 190,000 jobs, more than economists had expected.
The number of unemployed hit 15.7 million, up from 15.1 million. The job losses occurred across most industries, from manufacturing and construction to retail and financial. The job-loss total is based on a survey of businesses, separate from a survey of households that produces the unemployment rate.
Economists say the unemployment rate could reach 10.5 percent next year because employers remain reluctant to hire.
The unemployment rate highest since the economic recovery in 1983, when President Reagan saved the economy from the devastating years of the Peanut Carter years, 16% interest rates, 20% inflation

Nobody with half a clue can blame Barry and company for the economic problems currently in play. This train wreck started years ago and the demorats, republican'ts and WE THE PEOPLE are to blame.

While I don't agree with everything he's come up with, I think the guy is doing pretty well considering what he inherited. He's doing far better than I ever expected.