PiLfan Posted September 4, 2009 Share Posted September 4, 2009 The unemployment rate rose to 9.7 percent in August, the highest since June 1983, as employers eliminated a net total of 216,000 jobs. Analysts expect businesses will be reluctant to hire until they are convinced the economy is on a firm path to recovery. Many private economists, and the Federal Reserve, expect the unemployment rate to top 10 percent by the end of this year. While the jobless rate rose more than expected, the number of job cuts is less than July's upwardly revised total of 276,000 and the lowest in a year, according to Labor Department data released Friday. Economists expected the unemployment rate to rise to 9.5 percent from July's 9.4 percent and job reductions to total 225,000. If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the so-called underemployment rate reached 16.8 percent, the highest on records dating from 1994. http://www.washingtonpost.com/wp-dyn/content/article/2009/09/04/AR2009090401344.html They were expecting about 225K jobs lost in Aug, so not as bad as expected. Still a rotten number and doesn't look like much in terms of job growth anytime soon. 9.7%...ouch Link to comment Share on other sites More sharing options...
mardi gras skin Posted September 4, 2009 Share Posted September 4, 2009 While the jobless rate rose more than expected, the number of job cuts is less than July's upwardly revised total of 276,000 and the lowest in a year, according to Labor Department data released Friday. Ok, this is what annoys me. This month job cuts are better than they were last month. But that's AFTER they revised the job cut numbers for last month. Why should I have any faith that this month's numbers are any more accurate than last month's numbers when they came out? The whole "better than" "worse than" thing is irrelevant. At this point, the data is not accurate enough to make those kinds of statements. Link to comment Share on other sites More sharing options...
December90 Posted September 4, 2009 Share Posted September 4, 2009 Just .3 to go before we hit the magic 10% number. A little more government interference should do the trick and get us to double digits in no time. Link to comment Share on other sites More sharing options...
Thiebear Posted September 4, 2009 Share Posted September 4, 2009 We've been expecting 10% for the end of the year... Looking on zillow my house lost 26,000 in August? WTF.. ... good times, good times. Link to comment Share on other sites More sharing options...
hockeysc23 Posted September 4, 2009 Share Posted September 4, 2009 We've been expecting 10% for the end of the year...Looking on zillow my house lost 26,000 in August? WTF.. ... good times, good times. Mine said it went up 20k even though the house next to me (foreclosure) sold for 140k less ... i wouldn't trust zillow for a second. Link to comment Share on other sites More sharing options...
DirtyBird Posted September 4, 2009 Share Posted September 4, 2009 My prediction is 11% by April '10. The winter months are typically the harshest. It seems like a yearly December tradition for my company to do layoffs. We haven't hired anybody state side since the summer of '08. We have however expanded our India office. I see the writing on the wall. It won't take much to get them to close up shop here completely and go overseas. Link to comment Share on other sites More sharing options...
Predicto Posted September 4, 2009 Share Posted September 4, 2009 We've been expecting 10% for the end of the year...Looking on zillow my house lost 26,000 in August? WTF.. ... good times, good times. Zillow is utterly useless for that type of thing. Don't bother. Link to comment Share on other sites More sharing options...
AsburySkinsFan Posted September 4, 2009 Share Posted September 4, 2009 Employment is a lagging indicator...slow to fire...slower to hire. Although I can't wait 'til the number hits 10%, just to see the Right Wing Nuts celebrate that number as if it were a good thing. Link to comment Share on other sites More sharing options...
mardi gras skin Posted September 4, 2009 Share Posted September 4, 2009 I can't wait 'til the number hits 10%, just to see the Right Wing Nuts celebrate... Anyone else remember when environmentalists were Left Wing Nuts? The times, they are a changin' Link to comment Share on other sites More sharing options...
twa Posted September 4, 2009 Share Posted September 4, 2009 Employment is a lagging indicator...slow to fire...slower to hire. The approx 7 million that have lost jobs since Dec 07 might disagree on that slow to fire half. Read my lips...No new jobs:silly: Link to comment Share on other sites More sharing options...
AsburySkinsFan Posted September 4, 2009 Share Posted September 4, 2009 The approx 7 million that have lost jobs since Dec 07 might disagree on that slow to fire half.Read my lips...No new jobs:silly: Just keep repeating the Dec 07 date when the Right wingers start bashing Obama, k. Link to comment Share on other sites More sharing options...
Smoot4Prez Posted September 4, 2009 Share Posted September 4, 2009 Honestly, no one really knows if the recession is done or not, or if jobs are going to come back soon or not. During the 15 years of the great depression we seemed to be coming out of it multiple times through government aid, only to have it slump back down again in 6 months. Maybe the left is correct: we are coming to the light at the end of the tunnel and jobs will catch up. Maybe the right is correct: jobs will keep falling and the recession is far from over. I do know one thing though mardi gras skins: Environmentalists will always be left wing nuts Link to comment Share on other sites More sharing options...
twa Posted September 4, 2009 Share Posted September 4, 2009 Just keep repeating the Dec 07 date when the Right wingers start bashing Obama, k. That's when it started:),unlike some I don't fear truth or try to pass off responsibility.(not directed at you) O will be accountable for his own actions,and I think I've been fairly restrained in criticism of him...so far.:evilg: Link to comment Share on other sites More sharing options...
Monte51Coleman Posted September 4, 2009 Share Posted September 4, 2009 Florida reached 10% a couple of months ago. What took the rest of you so long? Link to comment Share on other sites More sharing options...
WVUforREDSKINS Posted September 5, 2009 Share Posted September 5, 2009 Any elected official would have done the same thing Obama is doing when it comes to bailing out. If unemployment is getting that bad, I recommend moving to Morgantown. Link to comment Share on other sites More sharing options...
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