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In Last Big Jobs Report Before Midterms, Unemployment Rate Holds at 9.6 Percent

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Friday, October 08, 2010 at 9:04 am

The government shed 77,000 census workers in September. (ZUMA Press)

This morning, the Labor Department announced that the U.S. unemployment rate remained at 9.6 percent in September, reflecting a continued stall-out in the recovery. This is the last major jobs report before the November midterm elections. The unemployment rate has held between 9.5 and 9.7 percent since April. And it has remained at or above 9.5 percent for 14 months, the longest spell in more than 70 years.

[Economy1] The numbers reflect both employers’ unwillingness to hire and job losses in government. Overall, the economy had 95,000 fewer jobs in September than in August. The government shed workers — including 77,000 from the census and 76,000 from local governments, many of whom were teachers and school staff.

Private employers added 64,000 workers — a good number, but not nearly enough to put a dent in the unemployment rate or even to absorb new workers into the economy due to population growth. In August, private employers added 67,000 new jobs. The economy normally needs to add about 125,000 jobs a month to put new entrants to the labor market to work. To return to full employment in five years, the economy needs to add 300,000 a month, every month. Since December 2009, the private sector has added 827,000 jobs — an average of 91,900 per month.

The total number of unemployed persons declined slightly, and not meaningfully, from 14.9 million to 14.8 million. The number out of a job for more than six months fell from 6.2 million to 6.1 million — 41.7 percent of workers. The number of long-term unemployed workers has fallen 640,000 since it hit a high of 6.8 million in May. Economists fear that most of those workers have left the labor market rather than finding work.

The statistics speak to prolonged difficulties in the labor market, to say the least. Though they do not show the labor market deteriorating, there are scarce signs of improvement. Americans worked the same workweek, for the same wages, at approximately the same level of employment in September as in August. The report speaks to a worrying status quo.

Democrats, campaigning for the midterms, have acknowledged Americans’ frustrations with jobs. Speaking at a rally in Maryland yesterday, President Obama stressed again — as he has for months in his major economic speeches — that the economy is growing and that the private sector is creating jobs. But the pace of growth is too slow for anybody’s comfort, and particularly not the comfort of the middle class.

“Of course people are frustrated. People are impatient with the pace of change. They want things to move a little quicker. I understand that. I’m impatient too,” Obama said. “But the other side, they don’t have an answer. All they have decided to do is to ride that frustration and that anger all the way to the ballot box.”

And that is what they are doing. Sen. Mitch McConnell (R-Ky.), the minority leader, has lambasted Democrats and their stimulus policies for failing to add jobs. “Virtually every single piece of major legislation Democrat leaders in Washington have proposed over the past 19 months has made it either harder for businesses to hire new workers or retain the workers they already have,” he said last week. “And now they want to make it even worse.”

Fewer than 50 percent of Americans approve of the way Obama is handling the economy.

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22 Comments

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In Last Big Jobs Report Before Midterms, Jobless Rate Holds at 9.6 Percent |
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“Unemployment steady at 9.6%, 95,000 jobs lost in September” and related posts | Quick Hot News
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[...] In Last Big Jobs Report Before Midterms, Jobless Rate Holds during 9.6 Percent - The Washington Independent [...]


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[...] In Last Big Jobs Report Before Midterms, Jobless Rate Holds during 9.6 Percent - The Washington Independent [...]


haljett
Comment posted October 8, 2010 @ 8:06 pm

Check out the revision and tally that for the year. I don't think you will find things all that great and that it shows estimates by the gov are rather off the mark.


Gpshark
Comment posted October 8, 2010 @ 9:19 pm

funny thing about all this is that recession I guess ended about a year ago and when I look around I just don't quite see it yet


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Hercule_Savinien
Comment posted October 11, 2010 @ 7:20 pm

BOWING TO JAPANESE ECONOMIC MIGHT

[Creating snap up products]

Now, we are by no means any economic genius, and fact is we are far, Far, FAR, from it but we can read between the lines if give a reasonable article about what is going on and to date we have been reading quite a few of them concerning just how much the debt of the American-Israeli Military Industrial Complex is affecting its foreign and domestic policies, two articles which caught our eye were on (http://www.japantimes.co.jp) , the (1st) first [No [G7] intervention fallout], and the [2nd] second [IMF fails to resolve row over currency]. For those of us who have no clue just what the [G7] is it’s Britain, Canada, France, Germany, Italy, Japan and the American-Israeli Military Industrial Complex, the [IMF] International Monetary Fund is a more sinister group, which is outlined in the section [IMF] International Monetary Fund. But the whole point of this is when a country what’s to sell to another country, it needs to be able too sell its products at a price that the people of the country being sold to will snap those products up which means jobs and employment in the selling country those products at the cost of the one purchasing those products.

[Japan covers its base]

So, what Japan did was to sell a lot of it’s currency, the [JPN] Japanese Yen on the open market, in an effort to make it less valuable, keeping its value against the Complex Dollar low, making its products cheaper to purchase in the good old [USA] The United States of American, not the industrial town of USA in Japan, and due to the fact that the good old [USA] is in debt up to its ears to Japan [2nd] second only to China, with Israeli in [3rd] third, so we not only know who’s on [1st] first we know who’s on all the bases. And, today if you want to trade a Dollar American for a [JPY] Japanese Yen, you get about [85 JPN], more Yen for the buck, when it was about [81 JPN], less Yen for the buck last month, so do you get the point more Yen for the Buck means more sales in the good old [USA] more car sales, for China it would mean Wally World prices are low and sales are great, and for Israeli more political clout. But back to Japan, with the [SOS] Secretary of State to the Military Industrial Complex, Hillary Diane Rodham-Clinton [Hillary summons Maehara to Hawaii], on the [27th] of October, is summoning the Japanese Foreign Minister Seiji Maehara of Japan to Hawaii to twist his arm about the Japanese [Extortion Budget] and the forcing down the throat of a signed treaty deal made in [2006] to not only maintain but relocate the Futenma air station, on the southern Japanese island of Okinawa, Hillary demanding that the base and the American-Israeli Military Industrial Complex troops of occupation remain on Okinawa forever paid for by the peoples of Japan under the current Japanese [Extortion Budget], along with interference in the Senkaku Islands Affair, under article [5] of a bilateral security agreement which the American-Israeli Military Industrial Complex to defend Japan in the event of an armed attack of territories under the administration of Japan, using it as a means of political interference, you just can’t yes much to Japan when your in hock up to your eye ball’s to them, you just bow to Japans economic might.

[The economic war to come]

Now, again after [NAFTA] the North Atlantic Free Trade Agreement was put into place American Workers heard the sound of American Jobs being sucked out of the country, and companies moving to countries were profits could be made with cheaper labor and with the ability to undercut the dollar with the currency of the country of manufacture, how sweet it is. And, this is not even to mention that the American-Israeli Military Industrial Complex has put itself into a position where they can do nothing economically, or politically let alone militarily, against it, the top [3] three China, Japan, and Israel, hold all the cards, with the only option being compliance or war, simply put no jobs in the good old [USA], the rich get richer and the poor get poorer, while more jobs are shipped overseas, or a tariff war begins in which countries start adding a value added tax to imported products to their state treasuries, it like when Henry VII took over with the Church of England from the Church of Rome, windfall profit. The other alternative is to tax the life out of his own citizens such as the [55%] Fifty-five percent inheritance tax, you can’t leave anything behind for your kids if you wanted to the more kids the less they get, while the government gets the lions share, you earned it but the government needs it to support the Military Industrial Base, and it isn’t going to the infra-structure, health care, aide to those such as the elderly or young, but the building of its missile wall around China and Russia, and endless Wars of Economic Stimulus. Something has got to give!

[IMF] International Monetary Fund

The American-Israeli Empire directly appoints the heads of the [IMF], which is basically the loan sharking department of the Empire. The [IMF] in concert with the World Bank give’s huge high risk, loose term, loans to countries to cope with crisis situations, putting them in the back pocket of the [IMF], who in turn request [Services in Return], the [IMF] is the Landlord and the loaner country becomes the provided service renter, if you get the drift. The best thing for any country is to avoid dealing with the [IMF] because they do attach strings and conditions that do more good for the [IMF] at the cost of the country taking out the loan, forcing many countries to build up huge currency reserves, rather than deal with the [IMF]. The [IMF] basically provides the Empire policy-makers with advice as how to put other countries under their economic thumbs. If a country has a sick economy going to the [IMF] is the same as cutting your own throat, plus the [IMF] can be counted upon to miss the boat when it comes to providing early warnings of impending crises, your better off seeing a Clinical Physiologist/ Medium/ Mentalist/Physic/Witch/, or just flip a coin.

HERCULE TRIATHLON SAVINIEN


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Zhukov
Comment posted October 25, 2010 @ 11:08 pm

“absorb new workers into the economy due to population growth”

Why don't you just say what it is – immigration. Each month 75,000 immigrants arrive legally. Reduce legal immigration and unemployment will drop.


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