Unemployment has now entered the double digits.
From The New York Times:
The United States economy shed 190,000 jobs in October, and the unemployment rate reached a 26-year high of 10.2 percent, up from 9.8 percent in September, the Department of Labor said Friday in its monthly economic appraisal.
Of course no New York Times article would be complete without trying to put a happy face on this abysmal number.
While the pace of job losses has slowed significantly since the peak of the recession last winter, the unemployment rate, which measures the number of people actively seeking work, continues to climb, and economists do not foresee relief until well into next year.
“There’s no doubt that the slashing and burning of jobs has abated quite a lot,” said Allen L. Sinai, the founder of Decision Economics, a research firm. “The economy is recovering, but it is a very soft recovery.”
Yeah, tell that to some brother or sister whose unemployment just ran out and still can’t find a job. The New York Times does reveal something that make one wonder if that stimulus is really working [emphasis added mine]
The biggest losses came in the construction, manufacturing and retailing sectors. Health care companies added 29,000 jobs to their payrolls, and the number of temporary workers grew by 34,000 — a significant gain that could indicate employers are beginning to expand their businesses again.
Hold on there a minute New York Times, what about all those shovel ready projects we sunk $800 billion into? How can it be that construction jobs are showing losses? Perhaps rather than putting a happy face on these bad numbers, the New York Times actually do some reporting.
I suspect any minute now, the administration will shove old Joe Biden out there to do his best Baghdad Bob impersonation to tell us the stimulus is working and there are all these mystical and magical “saved jobs” floating about.
Time to knock off the crap, I call BS on Hope and Change!
Via: The New York Times