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SUNDAY, NOVEMBER 22, 2009
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28

Unemployment Jumps to 10.2%

Companies cut 190,000 jobs last month

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(Newser) – Unemployment cracked the 10% barrier last month, as 190,000 workers lost their jobs, according to Labor Department figures released today. The bigger-than-expected losses bring the rate to 10.2%, a 26-year high. And the underemployment rate, which includes would-be full-timers working part time and those who've given up looking for work, hit a record high of 17.5%. “It is no surprise that consumer confidence is backpedaling, and the outlook for consumer spending is poor,” one economist tells Bloomberg.

In this Nov. 4, 2009 photo, Sonja Jackson, of Detroit, holds a Employment Guide standing in line while attending a job fair in Livonia, Mich.
In this Nov. 4, 2009 photo, Sonja Jackson, of Detroit, holds a Employment Guide standing in line while attending a job fair in Livonia, Mich.   (AP Photo/Paul Sancya)
In this Nov. 4, 2009 photo, job seekers hand resumes while trying to get information at a job fair in Livonia, Mich.
In this Nov. 4, 2009 photo, job seekers hand resumes while trying to get information at a job fair in Livonia, Mich.   (AP Photo/Paul Sancya)
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28 comments
VIEWING:
 
kirby
Nov 6, 09 7:59 AM CST
"We have to pass the stimulus so unemployment won't exceed 8%. WTF??? More lies... Reply
Vote up! Vote down!
+8
IN RESPONSE:
Reader65069154
Nov 6, 09 8:00 AM CST
Now we should pass a 2nd stimulus, since the first one worked so well.
Vote up! Vote down!
+4
IN RESPONSE:
RockyPneumonia
Nov 6, 09 8:12 AM CST
Listen to you guys. You're angry because President Obama, who you opposed, could not immediately repair the massive damage caused by the guy you supported. If it hadn't been for the stimulus, unemployment would be 13-15% by now.
Vote up! Vote down!
-6
IN RESPONSE:
DDiggler
Nov 6, 09 8:19 AM CST
Actually, Rocky, according to Obama, the unemployment rate would have peaked at about 9.3% if we hadnt had the stimulus package. So by his standards, we are worse off with the package.
Vote up! Vote down!
+10
IN RESPONSE:
godawgs
Nov 6, 09 8:20 AM CST
@rocky the unemployment rate is not all the President's fault, just like the recovery won't all be to his credit. The blame for this belongs to the one constant that we have in Washington and that is the career politicians from both parties. The congress is the one pulling the strings on these massive spending bills and approving them. In the case of the stimulus they wrote that piece of crap legislation along with the TARP. Also with the amount of stimulus money spent there is no proof that unemployment would be any worse since we still haven't spent over 20% of the money.
Vote up! Vote down!
+6

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