Official Unemployment Rate Hits 10.2%–15,700,000 Unemployed American Citizens–Real Unemployment Rate Hits 17.5%– 26,950,000 Americans Seeking Full Time Jobs–Obama Depression Worse Than Great Depression
Great Depression Billboard
Brother, Can You Spare A Dime?
“Courage is the greatest of all virtues, because if you haven’t courage, you may not have an opportunity to use any of the others. ”
~Samuel Johnson
“…Among the major worker groups, the unemployment rates for adult men (10.7 per-cent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted. …”
~Bureau of Labor Statistics, News Release, November 6, 2009
“It is not capitalism which is responsible for the evils of permanent mass unemployment, but the policy which paralyses its working.”
~Ludwig von Mises
Double-digit unemployment
Glenn Beck Show – Nov 6, 2009 – Pt 2 of 6 – John Stossel & Peter Schiff
Harris Calls Jobs Data `Backward Step’ for U.S. Economy: Video
http://www.youtube.com/watch?v=pOufvDvfZeQ
Unemployment in U.S. Jumps to 10.2% as Payrolls Fall: Video
http://www.youtube.com/watch?v=ldSUfGLqfyU
Dollar Volatile as U.S. Payrolls Fall More Than Forecast: Video
http://www.youtube.com/watch?v=LQNOME4cQKY
Unemployment Rate ‘disappointments’ White House
November 6, 2009 FTV Morning Report
Economic Expectations – Unemployment Rate May Reach 15% – Bloomberg–July 2, 2009
Why You’ve Never Heard of the Great Depression of 1920
Is Limited Government an Oxymoron?
The Obama Depression is real and worsening with the number of unemployed Americans over 15,700,000, while the number of Americans seeking a full time job is over 26,500,000 Americans.
During 1933, the worse year of the Great Depression, the number of unemployed Americans was about 13,000,000.
The Obama Depression has more than double the number of Americans seeking full time jobs than the Great Depression.
The Great Depression lasted at least another eight years until the start of World War II, but actually lasted until 1946.
The question is how long will the Obama Depression last?
As long as President Obama follows the failed Keynesian economic policies of more government stimulus spending at least another three years when he will be voted out of office.
The unemployment rate is expected to exceed 10% for at least another six months and peak at about 13% in July.
If a Health Care Reform, Cap and Trade Energy Tax, or Comprehensive Immgiration Reform bill is passed and signed into law, it will be worse.
The unemployment rate would remain in double digits until 2012.
When will the unemployment rate again achieve full-employment rates of 2% to 3% levels?
It will take another five years minimum to reach these levels provided pro-growth economic policies are implemented such as the FairTax and real cuts in Federal Government spending of at least 50%.
Not very likely with the Progressive Radical Socialist Democratic Party led by President Obama favoring massive government spending increases, huge tax increases and wealth redistribution instead of wealth and job creation economic policies.
President Obama economic policies are pro-government, anti-growth and anti-small business.
The only sector that is growing is the Federal Government.
President Obama’s economic policies of massive bailouts, stimulus-spending, deficits, wage and price controls and subsidies and funding for big corporations, unions and community organizations are political payoffs for campaign contribution and support.
Obama’s policies are generating much uncertainty among both business owners and consumers.
Business and consumer confidence needs to be restore before an economic recovery with job creation begins.
Until confidence is restored higher unemployment rates combined with increasing inflation will result in stagflation or an inflationary depression–the Obama Depression.
Do not be surprised when President Obama announces wage and price controls once inflation start in earnest in 2011.
President Obama is destroying jobs, wrecking the economy and killing the American dream.
Expect massive Democratic defeats in the elections of 2010 with 50 House seats lost and with the Republicans gaining control of the House of Representatives and may be picking up two to four Senate seats. The Democrats will most likely continue to control the Senate.
Expect this massive Democratic defeat to continue into the 2012 as high rates of unemployment continue and inflation ramps up. The Democrats will lose another 25 House seats and eight Senate seats. The Republican Party will most likely gain control of the Senate in 2012 or 2014.
President Obama will be challenged in 2012 for the nomination and will lose to Hillary Clinton.
The Republicans will most likely win the Presidency in 2012 provided the Republican Party nominates a principled conservative/libertarian candidate with experience, integrity, and a record of fiscal responsibility. Possible leading candidates include Senator Coburn, Congressman Pence, former House Speaker Newt Gingrich and former Governor Sarah Palin.
There is a distinct possibility of another third political party being formed consisting of conservatives, libertarians, independents, and Reagan Democrats and Republicans, who have given up on the fiscal irresponsibility of the Democratic and Republican parties. The core of this party will come from Americans attending the tea party rallies.
The top policitical issues will be all be the economy (high unemployment and inflation), Federal government spending and taxation, illegal immigration, energy independence, and national defense, the Iran and terrorist nuclear threats.
The party is definitely over for Obama and the progressive radical socialist Democratic Party.
The American people are wide awake and ready to throw these bums out.
Doris Day sings The Party’s Over
The American people will lead the way.
The Law Of Attraction
“What lies behind us and what lies before us are tiny matters compared to what lies within us.”
~Ralph Waldo Emerson
“Keynes did not add any new idea to the body of inflationist fallacies, a thousand times refuted by economists… He merely knew how to cloak the plea for inflation and credit expansion in the sophisticated terminology of mathematical economics.”
~Ludwig von Mises
Background Articles and Videos
Transmission of material in this release is embargoed USDL-09-1331
until 8:30 a.m. (EST) Friday, November 6, 2009
Technical information:
Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps
Establishment data: (202) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces
Media contact: (202) 691-5902 * PressOffice@bls.gov
THE EMPLOYMENT SITUATION — OCTOBER 2009
The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm payroll employment continued to decline (-190,000), the U.S. Bureau of Labor Statistics reported today. The largest job losses over the month were in con-struction, manufacturing, and retail trade.
Household Survey Data
In October, the number of unemployed persons increased by 558,000 to 15.7 million. The unemployment rate rose by 0.4 percentage point to 10.2 percent, the highest rate since April 1983. Since the start of the recession in December 2007, the number of unemployed persons has risen by 8.2 million, and the unemployment rate has grown by 5.3 percentage points. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (10.7 per-cent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted. (See tables A-1,
A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) was
little changed over the month at 5.6 million. In October, 35.6 percent of
unemployed persons were jobless for 27 weeks or more. (See table A-9.)
The civilian labor force participation rate was little changed over the month
at 65.1 percent. The employment-population ratio continued to decline in
October, falling to 58.5 percent. (See table A-1.)
The number of persons working part time for economic reasons (sometimes refer-
red to as involuntary part-time workers) was little changed in October at 9.3
million. These individuals were working part time because their hours had been
cut back or because they were unable to find a full-time job. (See table A-5.)
About 2.4 million persons were marginally attached to the labor force in October,
reflecting an increase of 736,000 from a year earlier. (The data are not sea-
sonally adjusted.) These individuals were not in the labor force, wanted and
were available for work, and had looked for a job sometime in the prior 12 months.
They were not counted as unemployed because they had not searched for work in
the 4 weeks preceding the survey. (See table A-13.)
Among the marginally attached, there were 808,000 discouraged workers in October,
up from 484,000 a year earlier. (The data are not seasonally adjusted.) Dis-
couraged workers are persons not currently looking for work because they believe
no jobs are available for them. The other 1.6 million persons marginally attached
to the labor force in October had not searched for work in the 4 weeks preceding
the survey for reasons such as school attendance or family responsibilities.
Establishment Survey Data
Total nonfarm payroll employment declined by 190,000 in October. In the most re-
cent 3 months, job losses have averaged 188,000 per month, compared with losses
averaging 357,000 during the prior 3 months. In contrast, losses averaged 645,000
per month from November 2008 to April 2009. Since December 2007, payroll employment
has fallen by 7.3 million. (See table B-1.)
Construction employment decreased by 62,000 in October. Monthly job losses have
averaged 67,000 during the most recent 6 months, compared with an average decline
of 117,000 during the prior 6 months. October job losses were concentrated in
nonresidential specialty trade contractors (-30,000) and in heavy construction
(-14,000). Since December 2007, employment in construction has fallen by 1.6 mil-
lion.
Manufacturing continued to shed jobs (-61,000) in October, with losses in both
durable and nondurable goods production. Over the past 4 months, job losses in
manufacturing have averaged 51,000 per month, compared with an average monthly
loss of 161,000 from October 2008 through June 2009. Manufacturing employment has
fallen by 2.1 million since December 2007.
Retail trade lost 40,000 jobs in October. Employment declines were concentrated
in sporting goods, hobby, book, and music stores (-16,000) and in department
stores (-11,000). Employment in transportation and warehousing decreased by 18,000
in October.
Health care employment continued to increase in October (29,000). Since the start
of the recession, health care has added 597,000 jobs.
Temporary help services has added 44,000 jobs since July, including 34,000 in
October. From January 2008 through July 2009, temporary help services had lost
an average of 44,000 jobs per month.
The average workweek for production and nonsupervisory workers on private nonfarm
payrolls was unchanged at 33.0 hours in October. The manufacturing workweek rose
by 0.1 hour to 40.0 hours, and factory overtime increased by 0.2 hour over the
month. (See table B-2.)
In October, average hourly earnings of production and nonsupervisory workers on
private nonfarm payrolls rose by 5 cents, or 0.3 percent, to $18.72. Over the past
12 months, average hourly earnings have risen by 2.4 percent, while average weekly
earnings have risen by only 0.9 percent due to declines in the average workweek.
(See table B-3.)
The change in total nonfarm payroll employment for August was revised from -201,000
to -154,000, and the change for September was revised from -263,000 to -219,000.
_____________
The Employment Situation for November is scheduled to be released on Friday,
December 4, 2009, at 8:30 a.m. (EST).
http://www.bls.gov/news.release/empsit.nr0.htm
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999 | 4.3 | 4.4 | 4.2 | 4.3 | 4.2 | 4.3 | 4.3 | 4.2 | 4.2 | 4.1 | 4.1 | 4.0 | |
| 2000 | 4.0 | 4.1 | 4.0 | 3.8 | 4.0 | 4.0 | 4.0 | 4.1 | 3.9 | 3.9 | 3.9 | 3.9 | |
| 2001 | 4.2 | 4.2 | 4.3 | 4.4 | 4.3 | 4.5 | 4.6 | 4.9 | 5.0 | 5.3 | 5.5 | 5.7 | |
| 2002 | 5.7 | 5.7 | 5.7 | 5.9 | 5.8 | 5.8 | 5.8 | 5.7 | 5.7 | 5.7 | 5.9 | 6.0 | |
| 2003 | 5.8 | 5.9 | 5.9 | 6.0 | 6.1 | 6.3 | 6.2 | 6.1 | 6.1 | 6.0 | 5.8 | 5.7 | |
| 2004 | 5.7 | 5.6 | 5.8 | 5.6 | 5.6 | 5.6 | 5.5 | 5.4 | 5.4 | 5.5 | 5.4 | 5.4 | |
| 2005 | 5.2 | 5.4 | 5.2 | 5.2 | 5.1 | 5.1 | 5.0 | 4.9 | 5.0 | 5.0 | 5.0 | 4.8 | |
| 2006 | 4.7 | 4.8 | 4.7 | 4.7 | 4.7 | 4.6 | 4.7 | 4.7 | 4.5 | 4.4 | 4.5 | 4.4 | |
| 2007 | 4.6 | 4.5 | 4.4 | 4.5 | 4.5 | 4.6 | 4.7 | 4.7 | 4.7 | 4.8 | 4.7 | 4.9 | |
| 2008 | 4.9 | 4.8 | 5.1 | 5.0 | 5.5 | 5.6 | 5.8 | 6.2 | 6.2 | 6.6 | 6.8 | 7.2 | |
| 2009 | 7.6 | 8.1 | 8.5 | 8.9 | 9.4 | 9.5 | 9.4 | 9.7 | 9.8 | 10.2 |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999 | 5976 | 6111 | 5783 | 6004 | 5796 | 5951 | 6025 | 5838 | 5915 | 5778 | 5716 | 5653 | |
| 2000 | 5708 | 5858 | 5733 | 5481 | 5758 | 5651 | 5747 | 5853 | 5625 | 5534 | 5639 | 5634 | |
| 2001 | 6023 | 6089 | 6141 | 6271 | 6226 | 6484 | 6583 | 7042 | 7142 | 7694 | 8003 | 8258 | |
| 2002 | 8182 | 8215 | 8304 | 8599 | 8399 | 8393 | 8390 | 8304 | 8251 | 8307 | 8520 | 8640 | |
| 2003 | 8520 | 8618 | 8588 | 8842 | 8957 | 9266 | 9011 | 8896 | 8921 | 8732 | 8576 | 8317 | |
| 2004 | 8370 | 8167 | 8491 | 8170 | 8212 | 8286 | 8136 | 7990 | 7927 | 8061 | 7932 | 7934 | |
| 2005 | 7759 | 7972 | 7740 | 7683 | 7672 | 7551 | 7415 | 7360 | 7570 | 7457 | 7541 | 7219 | |
| 2006 | 7020 | 7176 | 7080 | 7142 | 7028 | 7039 | 7167 | 7118 | 6874 | 6738 | 6837 | 6688 | |
| 2007 | 7029 | 6887 | 6737 | 6874 | 6844 | 7028 | 7128 | 7123 | 7221 | 7295 | 7212 | 7541 | |
| 2008 | 7555 | 7423 | 7820 | 7675 | 8536 | 8662 | 8910 | 9550 | 9592 | 10221 | 10476 | 11108 | |
| 2009 | 11616 | 12467 | 13161 | 13724 | 14511 | 14729 | 14462 | 14928 | 15142 | 15700 |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999 | 7.7 | 7.7 | 7.6 | 7.6 | 7.4 | 7.5 | 7.5 | 7.3 | 7.4 | 7.2 | 7.1 | 7.1 | |
| 2000 | 7.1 | 7.2 | 7.1 | 6.9 | 7.1 | 7.0 | 7.0 | 7.1 | 7.0 | 6.8 | 7.1 | 6.9 | |
| 2001 | 7.3 | 7.4 | 7.3 | 7.4 | 7.5 | 7.9 | 7.8 | 8.1 | 8.7 | 9.3 | 9.4 | 9.6 | |
| 2002 | 9.5 | 9.5 | 9.4 | 9.7 | 9.5 | 9.5 | 9.6 | 9.6 | 9.6 | 9.6 | 9.7 | 9.8 | |
| 2003 | 10.0 | 10.2 | 10.0 | 10.2 | 10.1 | 10.3 | 10.3 | 10.1 | 10.4 | 10.2 | 10.0 | 9.8 | |
| 2004 | 9.9 | 9.7 | 10.0 | 9.6 | 9.6 | 9.5 | 9.5 | 9.4 | 9.4 | 9.7 | 9.4 | 9.2 | |
| 2005 | 9.3 | 9.3 | 9.2 | 9.0 | 8.9 | 9.0 | 8.8 | 8.9 | 9.0 | 8.7 | 8.7 | 8.5 | |
| 2006 | 8.4 | 8.5 | 8.2 | 8.1 | 8.2 | 8.4 | 8.5 | 8.4 | 8.0 | 8.2 | 8.0 | 7.9 | |
| 2007 | 8.3 | 8.1 | 8.0 | 8.2 | 8.3 | 8.3 | 8.3 | 8.5 | 8.4 | 8.5 | 8.4 | 8.7 | |
| 2008 | 9.0 | 9.0 | 9.1 | 9.2 | 9.8 | 10.1 | 10.4 | 10.9 | 11.2 | 12.0 | 12.6 | 13.5 | |
| 2009 | 13.9 | 14.8 | 15.6 | 15.8 | 16.4 | 16.5 | 16.3 | 16.8 | 17.0 | 17.5 |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999 | 139003 | 138967 | 138730 | 138959 | 139107 | 139329 | 139439 | 139430 | 139622 | 139771 | 140025 | 140177 | |
| 2000 | 142267(1) | 142456 | 142434 | 142751 | 142388 | 142591 | 142278 | 142514 | 142518 | 142622 | 142962 | 143248 | |
| 2001 | 143800 | 143701 | 143924 | 143569 | 143318 | 143357 | 143654 | 143284 | 143989 | 144086 | 144240 | 144305 | |
| 2002 | 143883 | 144653 | 144481 | 144725 | 144938 | 144808 | 144803 | 145009 | 145552 | 145314 | 145041 | 145066 | |
| 2003 | 145937(1) | 146100 | 146022 | 146474 | 146500 | 147056 | 146485 | 146445 | 146530 | 146716 | 147000 | 146729 | |
| 2004 | 146842(1) | 146709 | 146944 | 146850 | 147065 | 147460 | 147692 | 147564 | 147415 | 147793 | 148162 | 148059 | |
| 2005 | 148005(1) | 148349 | 148366 | 148926 | 149273 | 149262 | 149445 | 149794 | 149977 | 150007 | 150095 | 150002 | |
| 2006 | 150148(1) | 150600 | 150793 | 150906 | 151120 | 151398 | 151414 | 151762 | 151680 | 152027 | 152425 | 152677 | |
| 2007 | 153012(1) | 152879 | 153004 | 152522 | 152759 | 153085 | 153101 | 152855 | 153424 | 153162 | 153877 | 153836 | |
| 2008 | 153873(1) | 153498 | 153843 | 153932 | 154510 | 154400 | 154506 | 154823 | 154621 | 154878 | 154620 | 154447 | |
| 2009 | 153716(1) | 154214 | 154048 | 154731 | 155081 | 154926 | 154504 | 154577 | 154006 | 153975 |
Unemployment Rate Actually Near 14% in July is Now 17.5%
11/3/09 Part 1/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally
11/3/09 Part 2/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally
11/3/09 Part 3/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally
11/3/09 Part 4/4 Jim Rogers with Lindsay Whipp of the Financial Times: Brief Dollar Rally
