Friday, October 8, 2010

Unemployed Worker's lament, " “I put in for jobs, no one calls, I put in for more, no one calls.”

To quote POTUS, " Things could be worse..." - In response, all I can say is " HOW?? How could it be worse??"

The Idiot-in-charge hasn't got a clue and is hell-bent on pursuing his personal agenda to the ruin of our nation....POTUS' actions make the Bush and his Administration appear to be MENSA candidates.....This is like watching a train wreck in slow motion and knowing it could have been prevented.....if only people had used their heads when they voted in, we allowed our country to be placed in the hands of a Chicago Huckster.....

To quote my Brother Blogger Lex, " We are in the very best of hands "

October 8, 2010
Cuts in Government Led U.S. Economy to Lose 95,000 Jobs

The economy shed 95,000 nonfarm jobs in September, the Labor Department reported Friday.....The steep drop was far worse than economists had been predicting. Most estimates expected a loss of only a few thousand jobs.

While total government jobs fell by 159,000, private sector companies added 64,000 jobs last month. The unemployment rate, which measures the percentage of workers who are actively looking for but unable to find jobs, stayed flat at 9.6 percent.

A broader measure of unemployment, which includes people who are working part-time because they cannot find full-time jobs and people who have given up looking for work, rose to 17.1 percent from 16.7 percent in August.

The recovery that officially began in June 2009 has slowed considerably in recent months, raising concerns about the long slog the country will have to endure before the economy finally starts to feel healthy again. Private payrolls have been growing throughout 2009, but at a rate too sluggish to make much of a dent in unemployment. The outlook for the rest of the year is equally discouraging, economists say.

“We’re looking for companies to get more confident in the pace of recovery and start to hire around 150,000 jobs a month, which is what we need just to keep the unemployment rate flat,” said John Ryding, chief economist at RDQ Economics. “But I just don’t see that happening between now and the end of the year.”

Critics have been calling for government officials to use some of the arrows remaining in their quiver to try to speed up job growth. Congress is stuck in a partisan stalemate ahead of the November elections, but Federal Reserve officials seem to be tentatively hinting that they take more unconventional monetary policy measures to try to encourage hiring and ward of deflation. Many expect the Fed to act at its next meeting in early November.

“Another weak private payroll employment number seems like it would intensify calls for the Fed to act,” said Nigel Gault, chief United States economist at IHS Global Insight. “We’d really need a big upside surprise to justify the case for not doing anything.”

Meanwhile, the average duration of unemployment continues to hover around record highs, leading America’s 14.8 million unemployed to feel more and more desperate. In September, the typical unemployed worker had been searching for a job for 33.3 weeks.

“I have been unemployed for almost two years,” said Mary Carter, 38, of Coolidge Ariz. She used to work for a fencing contractor, before the housing market collapsed. “I put in for jobs, no one calls, I put in for more, no one calls.”

Her partner, Antonio Garcia, who has an electrician’s degree, recently found a part-time job in a market, after eight months of unemployment. He’s making minimum wage for 20 hours per week. “I was making $14 and now I’m making $7 an hour,” he says, holding a plastic bag of cans from a local food pantry. “They’ve just stopped building.

No comments: