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Breaking: 263,000 Jobs Lost in September; Unemployment Increases to 9.8%

We knew the economy would continue to deteriorate, but it is still difficult to read numbers like this:

U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine economic recovery.

The Labor Department said the unemployment rate was the highest since June 1983 and payrolls had now dropped for 21 consecutive months.

Analysts polled by Reuters had expected non-farm payrolls to drop 180,000 in September and the unemployment rate to rise to 9.8 percent from 9.7 percent the prior month. The poll was conducted before reports, including regional manufacturing surveys, showed some deterioration in employment measures.

The government revised job losses for July and August to show 13,000 more jobs lost than previously reported. Preliminary annual benchmark revisions, released together with September's employment report showed that total non-farm payroll employment for March would have to be revised down about 824,000.

Reading all this terrible news makes Joe Biden look like he's living in some alternate universe when he said this about the stimulus bill: "In my wildest dreams, I never thought it would work this well." This is working well? The 9.8% unemployment rate isn't the real number because it does not include those who have just thrown up their hands out of frustration and stopped looking for employment or who have taken part time jobs. That rate is at a whopping 17%.

And it is the real unemployment rate that the American people have to live with every day, which drives how they feel about this economy and the administration's handling of it. Even Obama's most ardent supporters must be feeling a pretty strong sense of cognitive dissonance as they try to buoy his economic policies and stimulus bill in the face of undeniable reality: Obama's economic polices are not working. In fact, they are making our economic outlook even bleaker. Add to this awful economic news the president's and Democrats' push for a government takeover of health care and cap & trade plan and the tax increases that will inevitably follow, and, viola, you have the perfect economic storm that will wreak havoc on the American people for a long time.


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Comments (17)

Watch CNN MSNBC et al try t... (Below threshold)
Stan25:

Watch CNN MSNBC et al try to spin this in a favorable light. They want to make "Walks On Water" the best president ever. Well that is not gonna happen. Oh yeah, they will even blame George Bush for this mess even though he has been out of office for almost a year We all know that this freefall started when the Dems forced the raise in minimum wages onto the American employers.

Did everyone see the graph ... (Below threshold)
JustRuss:

Did everyone see the graph up yesterday that showed that even with the Iraq and Afghanistan wars the Bush Administration brought down the deficit up until 2008 when we started this insane bailout/stimulus bull? And that those numbers were in the billions until The One took office?

Now the ten year plan shows a possible multi-trillion dollar deficit if we keep going the way we are. The democrats needs to wake up and face facts.

Keynsian Economics DONT WORK!

Cut the taxes on the Rich and they will hire people and invest in the market again creating even more jobs by spreading the wealth around. Cutting taxes is the only PROVEN method of stimulating the economy. Plus revenue increases when you cut taxes because you have more people paying in to the system rather than drawing on social programs.

EPIC FAIL!

Don't worry. Compassionate ... (Below threshold)
Jeff Blogworthy:

Don't worry. Compassionate liberals everywhere are standing in the gap for minnows.

So how many millions has Mi... (Below threshold)
GarandFan:

So how many millions has Mikey Moore given to the poor people of Flint?

and now Chicago goes down i... (Below threshold)

and now Chicago goes down in a stunning first round upset...not a good day for the Teleprompted Won

(of course the unemployment figures aren't good news for any of us, the latter not so much)

Thank goodness the Won coul... (Below threshold)
Grace:

Thank goodness the Won couldn't convince the olympic committee to let Chicago be the host. That would have just added more debt to each and every taxpayer in the country.

The olympics are a wonderful thing, but traditionally not a money maker (unless you leave out lots and lots of the costs - which would have happened in the corrupt Chicago politics).

The usual suspects are stra... (Below threshold)
GarandFan:

The usual suspects are strangely absent this morning.

Unemployment is up again?</... (Below threshold)
Ashley Todd:

Unemployment is up again?

Yay!!

Where was all this new foun... (Below threshold)
Paul Hooson:

Where was all this new found concern for the economy and unemployment when conditions grew terrible during the Bush Administration years?

Do I need to remind folks of so many featured posts arguing that conditions weren't all that bad posted here defending the Bush Administration's economic performance not very long ago? By contrast, my consistent view has always been that high unemployment, during any administration, regardless of party, is always a serious human tragedy. People need jobs to be able to buy things to keep businessmen like me in business.

Paul - not fair. The econom... (Below threshold)
Jeff Blogworthy:

Paul - not fair. The economy has gotten drastically worse since winter of last year. It was triggered by the housing market collapse which was caused in turn by leftists treating mortgages as entitlements.

It would tend to lift spirits were there some glint of light but there is none. At least Bush tried to stimulate the economy through tax cuts - which Dems rallied against and shackled with an expiration date. As things stand we only have higher taxes and stifling regulation to look forward to. Obama and the Democrats refuse to even consider a free market economy solution. We are cursed with statists.

"Where was all this new fou... (Below threshold)
GarandFan:

"Where was all this new found concern for the economy and unemployment when conditions grew terrible during the Bush Administration years?"

Paul "Selective Memory" Hooson once again 'rewrites' history.

Bush 'inherited' Billy Bob's recession. Then 9/11 hit the economy.

High "unemployment" during the Bush years? The unemployment rate was 5%! It was LOWER than during the Clinton years. But the MSM kept screaming about it.

Get your 'facts' straight.

I can clearly recall Democr... (Below threshold)
bobdog:

I can clearly recall Democrats doing their J'Acuse! antics when "Bush lost a million jobs on his watch!"

We've lost 7 million jobs THIS year, AFTER the Stimulus Bill to End All Stimulus Bills.

263,000 more reasons to pro... (Below threshold)
914:

263,000 more reasons to proclaim him the worst president ever!

No offense Jimah.

Whats He gonna do for an en... (Below threshold)
914:

Whats He gonna do for an encore? Try to get the Special Olympics to take place in Chithugo?

I think the "early adoption... (Below threshold)
hsr0601:

I think the "early adoption" of 21st energy and health care reform is capable of putting the job market on a solid ground.

As a major driver, IT industry stalled and stranded in a game industry for the lack of 21st energy policy over the stretch of two wars needs to evolve into the all but indefinite energy, medical, and academic industry where the investors are eagerly waiting for policy-makers to act now, which I guess is why the far-reaching and long overdue health care and 21st energy bill have come into focus.

hrs0601 -That made... (Below threshold)
JLawson:

hrs0601 -

That made no sense.

"As a major driver, IT i... (Below threshold)
914:

"As a major driver, IT industry stalled and stranded in a game industry for the lack of 21st energy policy over the stretch of two wars needs to evolve into the all but indefinite energy, medical, and academic industry where the investors are eagerly waiting for policy-makers to act now, which I guess is why the far-reaching and long overdue health care and 21st energy bill have come into focus"

Huh??




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