Friday
Nov062009
Unemployment Reaches 10.2 Percent
Friday, November 6, 2009 at 11:56AM
By Leah Valencia, University of New Mexico- Talk Radio News Service
Unemployment increased to 10.2 percent in October, the highest rate since 1983, leaving Americans with 190,000 less jobs, Bureau of Labor and Statistics Commission Keith Hall told Congress in a Joint Economic Committee hearing Friday.
“The declines are much smaller and less widespread than they were last Fall and Winter,” Hall said. “Nevertheless, some industries are still experiencing notable employment decline.”
Hall told the committee that in October the heavy construction, manufacturing and retail industries have had a particularly significant decline in employment losing a combined total of 163,000 jobs.
However, he added that some industries have seen an increase in employment. Health care and help services are among the few that have added jobs, with a much smaller figure of 63,000 combined jobs.
Hall said since the recession began the number of unemployed has more than doubled to 15.7 million.
“The number of long-term unemployed remained high in October,” Hall said. “5.6 million workers have been jobless for 27 weeks or more.”
He said the increasing number of people who have become discouraged in looking for work and therefore remained unemployed have added to the problem. In October there was a reported 808,000 discouraged workers, a figure up from 484,000 last year.
“These are individuals are not currently looking for work because they believe no jobs are available for them,” Hall said.
Committee members on both side of the aisle agreed that in terms of job creation, the economy is not where it needs to be. Chairwoman Carolyn Maloney (D-N.Y.) said she believes the nation is on track to recovery, while Republicans argued that the Obama administration has not done enough to facilitate employment growth.
Unemployment increased to 10.2 percent in October, the highest rate since 1983, leaving Americans with 190,000 less jobs, Bureau of Labor and Statistics Commission Keith Hall told Congress in a Joint Economic Committee hearing Friday.
“The declines are much smaller and less widespread than they were last Fall and Winter,” Hall said. “Nevertheless, some industries are still experiencing notable employment decline.”
Hall told the committee that in October the heavy construction, manufacturing and retail industries have had a particularly significant decline in employment losing a combined total of 163,000 jobs.
However, he added that some industries have seen an increase in employment. Health care and help services are among the few that have added jobs, with a much smaller figure of 63,000 combined jobs.
Hall said since the recession began the number of unemployed has more than doubled to 15.7 million.
“The number of long-term unemployed remained high in October,” Hall said. “5.6 million workers have been jobless for 27 weeks or more.”
He said the increasing number of people who have become discouraged in looking for work and therefore remained unemployed have added to the problem. In October there was a reported 808,000 discouraged workers, a figure up from 484,000 last year.
“These are individuals are not currently looking for work because they believe no jobs are available for them,” Hall said.
Committee members on both side of the aisle agreed that in terms of job creation, the economy is not where it needs to be. Chairwoman Carolyn Maloney (D-N.Y.) said she believes the nation is on track to recovery, while Republicans argued that the Obama administration has not done enough to facilitate employment growth.
Senator Bob Casey and Chairwoman Carolyn Maloney discusses Monthly Job Report and Unemployment Rate
Senator Casey brought up figures from a new report regarding unemployment. Senator Casey described that almost 600,000 people lost their job over just one month and all States suffer from this crisis. Over three months almost 1.8 million people have lost their jobs and now is the time for action and to pass the economic recovery bill, Senator Casey said. "If their is any time for action, it is now. Not in two weeks from now, not two months from now, but now", Senator Casey stated.
Maloney argued that the report shows something all Americans already know. We are living in bad times. The job-loss has escalated over just months and every sector are affected, Maloney said. To recover from this economic crisis, the stimulus bill has to be passed.
Maloney also replied that to pass this bill successfully, the Senate need input from the House and also support from Republicans.