The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm payroll employment continued to decline (-190,000), the U.S. Bureau of Labor Statistics reported today. The largest job losses over the month were in construction, manufacturing, and retail trade.I think this jump from September's 9.8 is not a good sign. Women do continue to do better than men. The September rate for women was 7.8 and the October rate was 8.1. While the rate for women went up, it didn't go up as fast as for men. Further, Black women did much better than Black men. And young people took a big hit.
We are not in a Depression, but this recession is hitting hard. The question is, do we do another stimulus package? And, if we whistle one up, do we have the money to pay for it? And then we have to ask if it will work or if we will end up like Japan, which experienced a lot of infrastructure projects, but no change in their unemployment problem for a long period.
Regards — Cliff
I think we need to re-think our definition of "Depression". Our elected officials, both red and blue, and their joint bureaucratic minions, have seen fit to bail out the financial robber barons at the expense of workers, and this "jobless" recovery is, indeed, a depression for those workers by any other name.
ReplyDeleteIn '29, the stock market had bottomed out within a few months, but unemployment continued to rise for FOUR YEARS, until it peaked at around 25%. The rates of increase in unemployment eerily paralleled what is going on today, 80 years later.
I think we need to call a spade a spade, and come to grips with the reality that a literally criminal redistribution of wealth has occurred here, with the full aid and abetment of our government, and the working poor are once again a serious economic, political and personal issue.