The Labor Department reports the unemployment rate rose to 9.8 percent in September, from 9.7 percent in August.
Employers cut 263,000 jobs in September, more than expected. The job losses were widespread -- 64,000 in construction, 51,000 in manufacturing and 53,000 in government.
According to the Wall Street Journal, a more comprehensive measure of joblessness that includes people who have given up looking for a job out of frustration and who are working part time but want a full-time job, hit 17% in September. That is up from 16.8 percent in August.
Market Watch reports more than a half a million people dropped out of the labor force, and the employment participation rate fell to 65.2%, the lowest in 23 years. The average duration of unemployment rose to 26.2 weeks, a record high.
The jobless recovery is an indication that President Obama's boondoggle stimulus bill was not properly targeted.
Comments
Sure - it's a big giant economic meltdown that Obama inherited from Bush.
But Obama is making it worse. I watched "The Obama Deception" on the internet and I learned that Obama's inner circle and cabinet is all the same Wall Street banksters, and Fed insiders, who created the mess in the first place.
It was very insightful.
America is bankrupt from all the wars, and will be in decline for 100 years. Asia and Europe will be the new superpowers.
It's too bad Ron Paul is not President.
Peace from Canada
PS: things are better up here because our Canadian Central Bank ("Fed") is not owned by secretive anonymous globalists.
The Great Obama is now saying his health care reform plan will generat new jobs. BS! I work for a non for profit healthcare facility and we just layed of 29 more people because of Medicare cuts. We are way beyound triming the fat and are now cutting services!
I wish Ron Paul or Mike Huckaby had won the presidency. They have common sense! And they are not lawyers.
My suggestion to Obama and Axelrod: Punt! You're backed up, It's the end of the first quarter, you are out matched, out coached, the cheer leaders are leaving, and you have a bad game plan. Punt the ball away and hope the problems get injured because you are beating yourself! I am sad that at a time when we needed a real leader, this country got duped into a clueless, rock star, super model. Instead of being the answer to race, economy, national security, and international relations he is rubbing salt into all of those wounds, infecting them and telling us it will help. If anyone can tell me how I am wrong (real examples) please set me strait.
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