Jobless Rate Hits 5 Percent, 2-Year High

[Amerigo Vespucci]

Source: Associated Press

WASHINGTON (AP) — Hiring practically stalled in December, driving the nation's unemployment rate up to a two-year high of 5 percent and fanning fears of a recession.

Employers last month added the fewest new jobs to their payrolls in more than four years, according to the employment report released Friday by the Labor Department. The report showed that employment conditions are deteriorating, strained by a housing slump and credit crunch that are sapping economic strength.

"The economy is getting hit by some body blows. The big question is whether the economy can withstand it or will it take a fall," said Ken Mayland, president of ClearView Economics.

The unemployment rate jumped from 4.7 percent in November to 5 percent in December, the highest since November 2005 after the Gulf Coast hurricanes dealt the country a mighty blow. Total payrolls — both private employers and government — grew by just 18,000 last month, the worst showing since August 2003, when the economy suffered job losses as it struggled to recover from the 2001 recession.

Read more: http://ap.google.com/article/ALeqM5jsanM66tszKz1zFq0LOG...

[Demeter]

1. The Officially Admitted Rate

The real rate hasn't been calculated since Clinton.

[Up2Late]

4. Exactly, the real rate is closer to 9+%

These numbers don't track the people (like me) who's Unemployment benefits have run out. Georgia stops tracking you after 6 months.

[Acadia Blue]

5. Yes! Perhaps 10%. We stop counting after benefits run out, so

they can hide the real rate. I suspect we have always been about 4 or 5 percent above their lieing statistics.

[humus]

8. lean and idle machine

..and doesn't include the self-employed
check out N.Y. Craigslist "Jobs/"Skilled Trade" (Jobs offered)
and compare to "Services/Skilled Trade" (contractor/people looking for work)
quite an imbalance
http://newyork.craigslist.org/

[Phred42]

2. 5% is a Phoney NUmber

The Bush administration has not told the truth about this number in the past 7 years - Why would you quote it now?

It's like the M3. They haven't reported that in years either, and without knowing that number we really don't know how far down the rabbit hole we have fallen. Probably MUCH farther than we know

[Benhurst]

13. The truth about unemployment hasn't ever been told in this country.

Posts #4 and #5 are correct. This has been going on as long as I can remember, not just under the Bush Crime Family.

[AnneD]

15. Amen....

I believed the unemployment numbers until I was unemployed in 1987. That is when I learned how they gin the numbers to soothe the population. They have refined it to an art. I estimate the the real numbers to be double to three times what they say. And in some truly depressed areas it can be higher.

[FreakinDJ]

3. Its only just begun

As the US economy disolves we will look back and think managed decline would have been so much better rather then to be bought up by Asian countries and ushered quickly into 3rd world status

[Acadia Blue]

6. Manufacturing is down. LOL What USA manufacturing. Its in China

and that insulates those who live off dividends and trades while the avg. wage earner here is umemployed. Reagan invented NAFAT, BushI put it to the Congress, and the TRAITOR TO HIS CORE, CLINTON LOBBIED THE DEMS FOR IT. AND HE KNEW WHAT IT WOULD DO AND HE DID NOT GIVE A DAMN AND HILL IS A CORPORATIST JUST LIKE HIM. SHE WILL NOT HAVE CHANGE, BUT SHE WILL LICK THE CORPORATE BOOTS AND FURTHER THE AGENDA OF REAGAN, BUSHI AND BUSH II AND BILL.

[hack89]

18. Manufactured goods are two thirds of US exports

to the tune of 900 billion dollars. It is by far the largest portion of our exports.


http://nam.org/s_nam/bin.asp?CID=5&DID=238986&DOC=FILE....

Facts About Modern Manufacturing

http://www.nam.org/s_nam/sec.asp?CID=201507&DID=229891

[girl gone mad]

12. ding, ding, ding. n/t

[Robbien]

7. Note that this small job increase is all due to defense/gov't jobs

The private sector actually lost jobs last month, 12,000 jobs I believe.

A sign of the times.

[lovuian]

9. This is going to be very ugly

and the house of cards are falling step by step

[OhioChick]

10. But......The Decider

Just said that the economy is "strong."

[lib2DaBone]

11. CNBC sez....

Ah yes, the Decider and his Lamestream Media. Larry Kudlow said, "there is no such thing as inflation, this is a buy opportunity!" rofl (have to find more suckers to unload their worthless stocks so the Bushies can get out before it collapses) Lying egg-sucking dogs......

[Xenotime]

14. And depressions sets in when?

[tom_paine]

16. 5%? LOL. Unemployment numbers have been massaged in the past, but under the Bushies they are now

Soviet-level 100% lies.

5% means at least 10% in reality.

[demigoddess]

17. wars often keep the unemployment numbers low. Why do you think that

all those people are in iraq?