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Friday, December 3, 2010

Unemployment rate jumps to 9.8%; while GOP continue to block extensions

Bureau of Labor Statistics logo RGB colors.Image via Wikipedia
November 2010 Bureau of Labor
Statistics report delivers discouraging
news on job creation and

As Senate Republicans continue to block any movement on extending unemployment benefits for job seekers, the latest numbers from the Bureau of Labor Statistics (BLS) show that job creation, will continue to be an issue for the nations' economy for some time to come.

The nation's unemployment increased by 0.2 percentage points, from 9.6 percent in October to 9.8 percent November 2010. Worse for the long-term aspect of joblessness in the United States, is that by the unemployment rate staying over 9.0 percent, last month figures mark the longest point of lack of employment opportunities, since the early 1980. 

Other negative figures in the December 3rd report included that job growth slows to a haul, improving by only 39,000.

Temporary employment opportunities appear to be on the decline, as the number of former workers who completed temporary jobs, rose by 390,000 to 9.5 million in November. 

The daunting figures are probably set to become worse after the holiday season; with companies eliminating temporary employment jobs, no long required with the completion of the Christmas buying season.

Long-term unemployed (those jobless for 27 weeks and over) did not change, in the BLS report from October 2010, as 6.3 million American job seekers, accounted for a shocking 41.9 percent of the unemployed. With the number of jobless very close to the 50 percent level, the passing of one of the two extension bills to provide supplemental income to the unemployed –HR-6419 or S.3981, take even more urgency for the nations’ jobless.

Another piece of legislation, S.3706-“The Americans Want to Work Act –specifically targeted for exhausted claimants that received 73-99 weeks of benefits- take on a new earnestness in light of November’s 9.8 percent unemployment rate. The bill, sponsored by Senator Debbie Stabenow (D-MI),would allow for 20 additional weeks of payments and, provide a $2000 tax credit incentive for employers to hire the longest-term job seekers.

Other information included in the BLS report is that there were 1.3 million discouraged workers for the month of November, which was an increase by 421,000. The Bureau of Labor Statistics defines discouraged workers are persons not currently looking for work because they believe no jobs are available for them.

What are your thoughts on this article? Do you believe this report will finally give President Obama or the Congress the proof needed to pass a one year extension of all the current unemployment measures? Will tax cuts for the very wealthy continue to be first on the Republican agenda, while the nation suffers high unemployment? Feel free to comment on this story, below!
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1 comment :

Anonymous said...

Congress needs to stop acting like children!!! No bill will pass unless the tax cuts are given to their wealthy friends...the UI extension, $250 to seniors and funding to operate the government!!! Spoiled, rich, greedy bastards!
I don't care what it takes but the UI extension MUST be passed and INCLUDE the 99ers!!! 5 million Americans who have not found work since exhausting their benefits starting in March!!!

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