What a 9.7 Percent Unemployment Rate Means

February 5, 2010 RSS Feed Print

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This week the National Employment Law Project reported nearly 1.2 million unemployed will become ineligible for federal jobless benefits in March, and by June, 5 million would become ineligible. "The continued high rate of long term unemployment reflected in January's jobs report underscores the urgent need for action from Congress to maintain the lifeline of jobless benefits for millions of unemployed workers caught in the undertow of this recession," says Christine Owens, executive director of NELP.

Will the job market keep improving? No one knows what this recovery will look like, although most economists believe that jobs will take some time to recover. The Labor Department revised its earlier job loss and gain figures to show that 64,000 jobs were added in November, rather than the 4,000 originally reported. While that gain sounds pretty good, the figures for December were revised to show 150,000 jobs were slashed from payrolls, instead of the 85,000 job cuts first reported. Nobody expects a smooth trend, but these numbers make it very difficult to know what future months will hold.

Morgan Stanley's Wieseman and Greenlaw said they are getting "closer to calling the peak in the unemployment rate." Still, the unemployment rate could bounce higher again if workers who dropped out of the job hunt are encouraged enough to jump back in. In the meantime, expect the Senate to move forward with a jobs bill aimed at small businesses, infrastructure investment, and green energy. "While today's report shows positive signs that the economy is moving in the right direction, the numbers underscore that we still have work to do to get Americans back to work," Labor Secretary Hilda Solis said in a statement. "The president has made it clear that job creation is our number one focus in 2010."

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there's a great new opportunity out here in Iowa.
$7.25 per hour to go back to work as a "trainee".
Open only to 55 yrs or older.
Of course, there are tax incentives for the employers in this program.
NOW we begin to see just what is going on.
20 hrs per week maximum.
We will be allowed to work the same job for min. wage, while fatso gets fatter on our sweat.
I am not playing.
If you are smart, you won't, either.
Make your own job, keep your own money.

Mark Van Auken of IA 11:58AM May 14, 2010

I am another one of the jobless unable to find work because of my age and health. I have a bad back and am considered a health risk and that doesn't include the fact that I am in my upper 50's. I have many years of experience and would stay at a job longer than a few months or a year.The companies that are hiring are not interested in my skills. They think I will retire soon and leave then or are afraid something will happen to my back and then I would sue them. Give me a break! I am not able to get help from Welfare because I am single and no children in my home. What a rip that is. I can pay for all the people scamming the system but not able to get ligitimate help when I need it.
I am looking at the fact I may be joining the rank of forclosure folks. This stinks because I have worked hard paying my mortage and the upkeep on the home. Now I am faced with loosing it all because I am not able to find a job.
BAIL OUT THE PEOPLE NOT THE GREEDY MONEY GRUBER BANKS that put us in this position in the first place. They are crooks who are scamming us all and our Government is helping them. Without the people paying their way they won't survive. With no job how am I going to pay the taxes that are being used to pay the Crooks? Land of the Free maybe but should be Land of the POOR and getting poorer. Sure glad I am going to be able to face my maker with a clean slate.

Jane Doe of KS 8:39AM May 03, 2010

What happens is that the goverment doesn't want to open their eyes to the reality.They created 162,000 jobs,but who will take those jobs,?are all those jobs only federal jobs? and all those jobs are full time or part time jobs?
Also include in those jobs are the temporary workers for the Census,so as soon that the census is over,they will back to the unemployment records,so what is the recovery that they are talking about? I'm 60 yrs old and I became unemployed in 2007 since then i coudn't get a job,because of my age and health history of cancer,so like me there are millions of persons looking for job and for sure we will never get one.So we are under EDD FED-ED extensions and the congress didn't make any move toward the next Tier V for unemployment.Can you imagine how many people will be without any money after 4/12/10 when the Tier 4 end.

tony of CA 8:33PM April 03, 2010