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December 3, 2010 / J. Shaw

Unemploymt Now 9.8%, WAKE UP Obama!

Per this am’s Associated Press, the nation’s unemployment jumped to 9.8%. Everone knows the real unemployment is double that , probably near 20%…… Thats adding in the unemployed who weren’t reported, the unemployed who have given up looking for work and the millions of UNDER-employed and those millions who work TWO jobs and are holding down the unemployment published figure.

WAKE UP President Obama! The November “shellacking” you took was about JOBS FIRST. The election was not about making stimulus tax agreements. Your policies’ crushing defeat in Novemeber didnt mean, “well, I’ll move a little on jobs if you ok my START treaty.” The election message was get Americans jobs NOW. The message also said Pay attention to the American people and give them their Bush Tax Breaks.

Obama, if there is no job imporvement and no Bush tax breaks the people will be in the streets. Riots going on in Europe can be here tomarrow. SHAW


The AP Article:

In a surprising setback, the nation’s unemployment rate climbed to 9.8 percent in November, a seven-month high, as hiring slowed across the economy.

The report was a reminder that the economic recovery is proceeding more slowly and fitfully than many economists had expected. It is likely to push lawmakers before year’s end to pass an extension of long-term unemployment benefits, which expired this week.

Employers added a net total of only 39,000 jobs last month, a sharp decline from the 172,000 created in October, the Labor Department said Friday. The weakness was widespread. Retailers, factories, construction companies, financial firms and the government all cut jobs.

The disappointing figures caught economists off guard. They had predicted the addition of 150,000 jobs, based on a raft of positive reports that showed busier factories, rising auto sales and a good start to the holiday shopping season in November. Yet all that failed to translate into mass hiring.

Contributing to the surprisingly scant job gains in Friday’s report was the difficulty the government had in adjusting for seasonal factors, economists said.(SHAW comment-This is pure bullshit by AP.The seasonal factors are the same every year and well known.) The government’s seasonal adjustments considered the previous two Novembers when calculating last month’s employment numbers. Hiring during the past two Novembers was highly volatile, which made the task harder than usual.

Joel Naroff, president of Naroff Economic Advisors, said December’s employment figures would probably show a rebound.

“We shouldn’t panic,” Naroff said. “In any recovery, it is not smooth sailing.” SHAW-What Recovery? We have made ZERO progress!

Investors on Wall Street seemed unrattled by the job figures. The Dow Jones industrial average fell about 30 points in early trading, after two days of strong gains.

Private companies — the backbone of the economy — created only 50,000 jobs. That was down significantly from the 160,000 private-sector jobs created in October and was the smallest gain since January.

With hiring so weak, the unemployment rate rose from 9.6 percent to 9.8 percent. The jobless rate has now topped 9 percent for 19 straight months, the longest stretch on record. The rate could hit 10 percent next year.

“November’s U.S. employment report is a painful reality check for those hoping that a meaningful acceleration in economic activity was under way,” said Paul Dales, U.S. economist for Capital Economics. “The truth is that the economy is going nowhere at a time when companies are not willing to boost hiring.”



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