Gallup: Unemployment Increases to 10.1%

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Of late, there are several pieces of dismal news on the economy about which I felt in a quandary: Do I post them here and risk being alarmist, or should I sit on them until I’m sure?
Now I’ve decided to post those news because they are confirmed by this morning’s jobless numbers of 9.6%: “The U.S. economy unexpectedly shed jobs in September for a fourth straight month as government payrolls fell and private hiring was less than expected.”
According to Gallup, however, even those figures understate what’s really going on.
Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September — up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month — the unemployment rate was 9.4% in mid-September — and therefore is unlikely to be picked up in the government’s unemployment report on Friday.
Gallup's U.S. Unemployment Rate, 30-Day Averages, January-September 2010
Certain groups continue to fare worse than the national average. For example, 15.8% of Americans aged 18 to 29 and 13.9% of those with no college education were unemployed in September.
America’s underemployment (those who are employed part-time but want a full-time job) also increased to 18.8% in September from 18.6% in August and 18.4% in July.
Gallup concludes that “the sharp increase in the unemployment rate during late September does not bode well for the economy during the fourth quarter, or for holiday sales. In this regard, it is essential that the Federal Reserve and other policymakers not be misled by Friday’s jobs numbers. The jobs picture could be deteriorating more rapidly than the government’s job release suggests.”
~Eowyn

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0 responses to “Gallup: Unemployment Increases to 10.1%

  1. But… they said the recession ended in June ’09!

     
  2. “unexpectedly” – libs new favorite word.
    Recovery Summer was a total sham…you know the real numbers are going to be much worse than the Labor Dept puts out. Bad news for D’s coming November…!!

     
  3. Just wait until the tax increases kick in come January.
    -Dave

     

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