U.S. jobless rate climbs to 10.2 percent

[Chris Ryser]

U.S. jobless rate climbs to 10.2 percent

Fri Nov 6, 2009 8:46am EST

WASHINGTON (Reuters) - U.S. employers cut a deeper-than-expected 190,000 jobs in October, government data showed on Friday, driving the unemployment rate to 10.2 percent, the highest in 26-1/2 years.

The Labor Department said the unemployment rate was the highest since April 1983. It revised job losses for August and September to show 91,000 fewer jobs lost than previously reported.

Analysts polled by Reuters had expected payrolls to drop by 175,000 and the jobless rate to edge up to 9.9 percent from 9.8 percent in September.
The labor market is being watched for signs whether the economic recovery that started in the third quarter can be sustained without government support. The economy grew at a 3.5 percent annualized rate in the July-September period, probably ending the most painful U.S. recession in 70 years.

Payrolls have declined for 22 consecutive months now, throwing 7.3 million people out of work since December 2007, when the recession started.....................

Continue at: http://www.reuters.com/article/newsO...091106?sp=true

continue:

[Jacqui]

Funny, it's only 2.9% here.

[Chris Ryser]

Funny, it's only 2.9% here.

How big is Frostbite Falls ? .............and what is the main industry ?.................all Costcos and WalMarts ?

[Jacqui]

This from Sympatico http://news.sympatico.ctv.ca/abc/hom...jobless_091106

[Chris Ryser]

I heard that on the news and their telling us we are better off than the US at over 10%, you still did not answer my question about Frostbite Falls MN at 2%.

[DragonLensmanWV]

We're 8.1%.

[Jacqui]

How big is Frostbite Falls ? .............and what is the main industry ?

This is a VERY small town with an almost strictly agricultural base. The only industries that aren't farm related are the lab and a small software start-up. Over in North Dakota the big cities (Fargo and Grand Forks) are reporting 3.5% unemployment. To be fair to the NoDaks, there have been three large businesses that had to close because they could not find enough employees. At one time 2 - 3 years ago the states employment commision was reporting that there were more jobs than people to fill them. But who in their right mind wants to move to the Red River Valley??

I should also add that the quoted unemployment rate is from actual numbers seen here, not from a bureaucrat in St Paul.

[braheem24]

My area 11.2%

http://www.melissadata.com/lookups/b...submit1=Submit

[bob_f_aboc]

8.1% Austin

3.4% Round Rock

[scriptfiller]

10.5% here in Jacksonville, 11% state-wide.

127,000 people are on food stamps in Jax. (WJXT 11/07/2009 morning broadcast)

The numbers here in Jax. and in Fla. have been steady over the past two quarters, it is concerning to see the rest of the nation "catching up".

[Johns]

Yeah, but look how many jobs have been saved!:cheers:

How about all those folks that made the "Reinvesting in America" signs for the pork projects. Of course, they're out of work again, until the next bailout comes. Hopefully, they'll give it a new name, so they can employ people to make new signs.

Yeah, things are rolling along now!:cheers::cheers:

[Uncle Fester]

The news last night was saying unemployment is higher because those who have stopped looking for work are not counted.

Also China was over the recession because proportionally to the U.S. even more money was used in their stimulus package and banks were forced to loan it. Maybe there's something to a Politburo. I'd be all for it as long as I can be a member of it.:)

[Chris Ryser]

Most of October's employment decline came from retail and wholesale trade, "other services" and natural resources. These losses were partially offset by gains in transportation and warehousing.

Since October 2008, employment has fallen in most industries, with the steepest declines in manufacturing (-11.0%), natural resources (-11.0%), construction (-5.8%) and transportation and warehousing (-5.8%). At the same time, there were increases in information, culture and recreation (+4.8%) as well as in finance, insurance, real estate and leasing (+4.4%).

[cocoisland58]

Statistics say 15-18 percent around Detroit but our local news say's around 20%. It's very sad. If there have been any jobs created I'd like to know where. I hear of more layoffs everyday and this comes from people I actually talk to not the media.

[Johns]

Statistics say 15-18 percent around Detroit but our local news say's around 20%. It's very sad. If there have been any jobs created I'd like to know where. I hear of more layoffs everyday and this comes from people I actually talk to not the media.

Not created...saved.

The media? The media I see is gushing over the "rebounding economy", and seems to preoccupied to mention the tanking unemployment numbers. They are saying things like "a slower rebound", but calling it an improvement, nonetheless.

[gemstone]

With the us government expanding their ever expanding tax footprint, who gives a spit. No need to work. They will just keep printing up money and doiling it out.

[Quantrill]

The Labor Department said the unemployment rate was the highest since April 1983. It revised job losses for August and September to show 91,000 fewer jobs lost than previously reported.

Wait. So 91,000 jobs just disappeared? Or the Labor Dept. is admitting that they lied about the unemployment for Aug. and Sep.?

How do you miscalculate the number of jobs by ninety one thousand? With a population approaching 300 million I could understand being off by maybe 3-10k but being off by almost a hundred thousand?!?!




P.S. - Maybe when the Prez said 95% of the people would not pay an increase in taxes it was because he thought 95% of the people would be collecting unemployment...

[Chris Ryser]

......and the saga continues with the housing sector going into more problems...........which is the result of more jobless people

Freddie Mac posts $5 billion loss

By Al Yoon
NEW YORK (Reuters) - Freddie Mac, the second largest provider of U.S. residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing.

Increases in the value of securities Freddie Mac held over the period helped buoy its net worth, however, erasing its need to tap government funds for a second straight quarter to stay solvent while continuing to buy and guarantee home loans.

Including a $1.3 billion dividend payment on senior preferred stock bought by the Treasury in previous quarters, Freddie Mac's third-quarter loss increases to $6.3 billion.

The home funding company's loss comes amid a rise in provisions for credit losses to $7.6 billion in the quarter, up 46 percent compared with the previous quarter, as delinquencies worsened on loans it guarantees. Provisions will remain high this quarter, it added.

"I would say we are just beginning to see the impact of the chargeoffs on their guarantee book," said Janaki Rao, vice president of mortgage research at Morgan Stanley in New York.

Its larger rival Fannie Mae on Thursday said it would need $15 billion from the U.S. Treasury after a whopping $18.9 billion third-quarter loss.
Results at Freddie Mac and Fannie Mae are widely watched as a barometer of the U.S. housing market since they own or back nearly half of outstanding mortgages.

The losses have presented a dilemma to Congress as it wants to protect taxpayers' money but is also counting on the companies to undertake foreclosure prevention efforts which are significantly adding to expenses.
In order to ease the terms of loans under the Obama administration's Making Home Affordable refinancing program, the companies must buy the mortgages out of securities, and write down their value. Seeking alternatives to foreclosures also means bad loans sit on their books longer.
Despite signs of recovery in home sales and prices, rising delinquencies and unemployment levels mean the housing market is still fragile, Freddie said. High unemployment, foreclosures and excess inventory will impede the recovery "for some time" and push house prices lower, the company said.

This means that Freddie Mac's survival will continue to depend on support from the government, which forced the company and Fannie Mae into conservatorship in September 2008.

Freddie Mac has taken $51.7 billion since then while Fannie Mae's draw will rise to $60.9 billion.

Continue : http://www.reuters.com/article/ousiv...091107?sp=true

[cocoisland58]

[QUOTE=Johns;318311]Not created...saved. [QUOTE]


How does one determine a job "saved" I wonder?

[Johns]

[QUOTE=cocoisland58;318332]

Not created...saved. [QUOTE]


How does one determine a job "saved" I wonder?

If you still have it, it was "saved"?

[FVCCHRIS]

We are at 11.5% and rising. Last month our office was off 30% from the same month last year. Getting creepy.

[Chris Ryser]

We are at 11.5% and rising. Last month our office was off 30% from the same month last year. Getting creepy.

Every business is down with some exceptions that flourish in bad times and some that are always steady like funeral homes..

However the dental and optical industries are somewhat recession proof because when the tooth hurts or you can't see you still have to see the professional.

A lot of people will be stalling a new purchase while the ones that can not stall will look for alternatives at lower price ranges.

Best way to get customers in during periods like this is to advertise service................which means do repair work without trying to sell new stuff word of mouth goes around fast.
Dont push high end stuff, sell from bottom up and stop suggesting better when consumers budget is reached.

[Quantrill]

Dont push high end stuff, sell from bottom up and stop suggesting better when consumers budget is reached.

There is something to be said for offering lower-tier products when the economy is not doing well. However, I don't feel it's right to ever assume what the customer's budget is (some people come in wanting new lenses in an existing pair and they end up buying 2 more complete pairs).

I still think it's best to make recommendations based on the customer's needs/lifestyle and then 'downgrade' based on what they feel they can afford. I'd much rather someone switch to a cheaper frame rather than cheaper lenses when $$ is the issue.

[For-Life]

Chris, you have been telling us to sell low for years now. You have been pushing it hard throughout this recession. So what about those businesses that are doing the opposite and doing well during this recession.

Keep in mind that many people will not make the decision to buy cheap, but instead not buy at all. If the glasses are not broken or the prescription has not changed substantially, they will hold off. That means less people in the market.

What is scary about that is if you go low price, then you have to do higher volumes in sales. That means that to break even you have to do more sales. But if there are less people in the market, there are less people to sell to, that means that by going low end, you will not only lose profit per volume, but you will lose volume too. Double whammy and a sure fire way to put yourself out of business.

[Uncle Fester]

Chris, you have been telling us to sell low for years now. You have been pushing it hard throughout this recession. So what about those businesses that are doing the opposite and doing well during this recession.

Frankly I'm surprised Chris hasn't started a thread on being prepared and positioned for the recovery by now.

Chris- Do you think I should ration my just opened second sack of coffee beans?:D