02/06/2009 10:15 am

Sheconomics

Unemployment Surges Past Expectations

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We hate to say it, but this recession will only get worse.

The Labor Department released their unemployment numbers this morning, and they’re pretty grim. An estimated 598,000 Americans received pink slips last month, far more than the 524,000 economists predicted. These latest numbers are the largest since 1974 and bring the nation’s unemployment rate up to 7.6%, a level unseen since 1992. The figures will no doubt put more pressure on President Barack Obama and his team to save the economy.

More startling than these numbers, Huffington Post reports that 3.6 million people have lost their jobs since the recession began in December of 2007. There are an estimated 11.6 million unemployed people in the States to date.

Here’s a brief breakdown of the industries hit hardest: 

Factories slashed 207,000 jobs in January, the largest one-month drop since October 1982, partly reflecting heavy losses at plants making autos and related parts. Construction companies got rid of 111,000 jobs. Professional and business services chopped 121,000 positions. Retailers eliminated 45,000 jobs. Leisure and hospitality axed 28,000 slots.

Those reductions swamped employment gains in education and health services, as well as in the government.

…

Over the past 12 months, the number of unemployed has increased by 4.1 million, and the unemployment rate has risen by 2.7 percentage points.

Job hunters also are facing longer searches for work.

The average time it took for an unemployed person to find any job — full- or part-time — rose to 19.8 weeks in January, compared with 17.5 weeks a year ago, underscoring the increasing difficulty the out-of-work are having in finding a new job.

Unfortunately for all of us, things are expected to get worse before they get better.

344 Reader Comments (so far…) Sign In or Register to comment

fp1
Yep and it’s only going to get worse. 11.2% at the height of the Great Depression when our population was close to half the size it is now—we’re surely inching there.
By fp1 on 02/06/2009 10:22 am
LibraLady
Unemployment rising…stocks declining…obama is doing such a great job getting the people to trust him….
By LibraLady on 02/06/2009 10:41 am
DianaT
Libra, I sense that you can’t wait to see this adminstration fall on its face so you can have your big laugh. That’s what Limbaugh wants, too. So….what do you think ought to be done to help us out of this crisis that really started back in the Reagan administration, and was exacerbated by the Bush administration? I’m serious, what is your solution?
By DianaT on 02/06/2009 11:05 am
fp1
She doesn’t have one Di and never will—all she can do is repeat what others have told her because she doesn’t have the equipment to think for herself.
By fp1 on 02/06/2009 11:09 am
LibraLady
Diana…I don’t want our country to fail…and heading towards “socialism” is what will fail our country…that’s why many of us are speaking out…we do not have blinders on….we will fight to keep our country from going down this path…enough said!
By LibraLady on 02/06/2009 11:20 am
fp1
Explain is you are able the socialism to the rich of BushCo—the socialism of giving CEO’s billions in kick-backs, the socialism of of agribusiness. YOu really have no idea what socialism really is. When it comes time for you o sign=up for medicare and get your social security check, make sure you don’t do it. Stand up for what you think you believe in.
By fp1 on 02/06/2009 11:52 am
rockyrocky
Personally, I’ve not known one Republican (or anti-Democrat — whatever) to ever refuse their social security check. So anti socialism even Sen McCain makes sure he gets his. When i question those I know, the answer always seems to boil down to: “You want me to refuse free money?” Or “I paid for it!” Not one seems to be able to connect the dots.
By rockyrocky on 02/06/2009 12:12 pm
LibraLady
fp….Current Administration!!!!!!!!
By LibraLady on 02/06/2009 12:23 pm
fp1
The problem is that the past administration left everything is such a disaster the 10 days are not enough time to fix things. One can’t possibly makes sense of anything without the past and BushCo’sdebacle.
By fp1 on 02/06/2009 1:12 pm
LibraLady
fp /and the democrats controlling the house…and barney, todd, walters, rengel…on and on and on
By LibraLady on 02/06/2009 3:09 pm
RushL
That’s only because the American voter is stupid.
By RushL on 02/07/2009 8:30 pm
fp1
Of course they are: look how many listen to you, Mr ASian Sex Tourist.
By fp1 on 02/09/2009 8:16 am
albertmiller
You are so correct. Is it any wonder no administration wants to do anything to stimulate the ability for the masses to think? Maybe in fact, such a thing is not possible, until we start teaching babies right after birth. Newborns are all unbelievably intelligent. Imagine, learning the meaning of sounds! This is probably the separating point between our society and advanced civilizations.They start out by teaching only truth to their children. We start out teaching fantasy to our babies. This precious learning time is lost in our society, and can’t be recaptured later on. We could have a society of what is now called genius, if babies were taught truth from birth. The top 2 percent of our society know this. They would fight any changes resulting in an intelligent populace. It’s pretty easy to control the serfs. Ralph Nader or some other third party (non corporate owned) person would be president, if the American people ,at large, had any brains,or could pay attention for any length of time. Meanwhile, the suckers are there………use them! Some people are so uninformed that they believe no legislation can be perfect. When it’s all perfect for those on top.
By albertmiller on 02/12/2009 6:31 pm
JoePlummer
You tell them. Every body knows that we’ve been in economic decline for the last eight years because the democrats had a technical majority the last two. If any one tries to talk “Logic” to you, you just cover your ears and scream until they go away. Works for me…
By JoePlummer on 02/09/2009 11:06 am
DianaT
The problem Libra with us, the citizens, is that we are too focused with our differences. That is what bothers me so much about some of the posts I see on wow. And, I don’t mean we are supposed to be marching in lockstep together. I think that, instead of our differences, we need to first and foremost focus on the opinions we share, the thoughts we agree on. That is what happened during WW2. Roosevelt did not have 100% support when he set up the plans for the WPA to help the Depression, or when he decided to finally get involved in the war. But, after we did get involved in WW2, we as a nation set aside our differences, got behind our president, and worked like hell to succeed. We put away the silly, petty sniping at one another and rolled our sleeves up and got to work. Women took the place of the men in the factories. We rationed everything we wore and ate. I remember the neighborhood victory gardens, and my parents only being able to buy me (by law!) 2 pairs of shoes a year because I was a growing little person. We recycled, we supported the women in the neighborhood who had spouses/sons fighting, and cried with them when they died. We supported Roosevelt’s war laws of ration stamps, limited gasoline, not being able to by autos when we felt like it, buying war bonds, and paying more taxes. So…again, I wonder what it’s going to take to get us on the same page. Because, every article I read from every credible economist and expert points to the way of disaster for all of us if this bickering doesn’t stop and our “leaders” don’t buckle down and start Working Together.
By DianaT on 02/06/2009 12:24 pm
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