US: Over a quarter million jobs lost in September

[Hannah Bell]

The US unemployment rate reached 9.8 percent and the economy lost 263,000 jobs in September, according to figures released Friday by the Labor Department. The latest figures undermine claims of an imminent economic recovery and point to the likelihood that the US economy will remain mired in recession for the foreseeable future.

The job losses were far higher than predicted. Economists surveyed by Dow Jones newswires expected an average decrease of 175,000 jobs, while the most pessimistic expected no more than 250,000. The job losses for August were revised downward to 201,000. With the new figures, the number of job losses increased by 31 percent from the previous month.



The unemployment rate, which is calculated using separate data, grew by 0.1 percent in September to reach 9.2 percent, up from 6.2 percent in September 2008.

Since the recession started less than two years ago, the ranks of unemployed have swelled from 7.6 million to 15.1 million, while the unemployment rate has doubled.

http://www.wsws.org/articles/2009/oct2009/jobs-o03.shtml

[anonymous171]

1. I thought the recession was over!?

:shrug:

[Hannah Bell]

3. only for stockbrokers to the rich.

[Selatius]

4. And savvy daytraders who are good at riding waves.

I know a couple of traders who made a killing when Bear Stearns and Lehman Brothers went through the basement floor. They started short-selling bank stocks once the rumors started flying that trouble was ahead. They must've made a fortune off picking the carcass clean, but then the SEC stepped in and banned short-selling for a period of time precisely to stop this.

I feel sorry for the people who lost big when the banks failed. Not all people who invest do it for short-term reasons as opposed to life-long investments for retirement. Having said that, I cannot feel too bad that the couple I knew made a profit at the expense of equally greedy bankers who were reckless and foolhardy with money.

[emilyg]

2. I see a lot of that where I live. Sad.

[Hannah Bell]

5. kick

[blindpig]

6. People are hurting bad..

but to hear the talking heads and administration the crisis is over. Tell that to the unemployed, assholes. This administration could have done what was done in the 30's and create millions of jobs, but no, that's socialism. So millions suffer that the Golden Calf of the market not be offended. Priorities.......