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FRIDAY, NOVEMBER 20, 2009
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 MEGAN MCARDLE 
30

Expect Unemployment to Keep Rising

Companies still aren't sold on a long-term recovery

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(Newser) – Anyone hoping that today's worse-than-expected news of 10.2% unemployment means we've hit rock bottom is going to be disappointed, writes Megan McArdle. "This figure is likely to get worse before it gets better." Companies need more proof of a long-term recovery before committing to new hires. In the meantime, they're more likely to give existing employees more assignments and hours than to hire new workers.

"To me, unemployment is a far more important indicator than GDP," McArdle blogs for the Atlantic. "Given how rich America is, the misery from losing a job far outweighs a few percentage points of variation in incomes." Upcoming stats may declare the recession over, "but the mental recession will be going on for quite some time." Think 2010 is going to be about health care? Think again. "It's going to be about the jobs number."

A Detroit woman holds an Employment Guide at a job fair.
A Detroit woman holds an Employment Guide at a job fair.   (AP Photo/Paul Sancya)
Job seekers hand in resumes at a job fair in Livonia, Mich., earlier this month.
Job seekers hand in resumes at a job fair in Livonia, Mich., earlier this month.   (AP Photo/Paul Sancya)
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30 comments
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tomodachi
Nov 6, 09 11:44 AM CST
Duh... Major elections are always about the economy... when the economy sucks. Just ask Daddy Bush. What matters THIS time... is who the US voting population thinks is best equipped to make things better going forward... and not worse. That's why the republicans are working so diligently to make people think it wasn't THEM who screwed the US economic pooch. Personally... i say we get rid of both parties... and start over. But by all means... Please God... no more "Fiscal Conservative" Republicans in the white house. Reply
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Jayster999
Nov 6, 09 11:53 AM CST
You are wrong on so many levels. Bush was not a conservative, fiscal o r otherwise. The problem with the republican party is that they have lost their way by embracing centrist/neo-con principles and abandoning their conservative roots.
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+1
IN RESPONSE:
tomodachi
Nov 6, 09 1:11 PM CST
Is it me... or are the right wring postings getting more aggressive... and more numerous. One thing you have to admit about the right wing... they're highly organized at groping their agenda.
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Jayster999
Nov 6, 09 11:48 AM CST
Until our government cuts taxes, we will continue to slide. Government does not create wealth--it stifles it. We need to take a nationalist economic approach which encourages American industry and penalizes companies who offshore our jobs. Reply
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tomodachi
Nov 6, 09 1:28 PM CST
So Jayster who was the most recent Fiscal Conservative president... in your opinion.
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