Grim Holiday Jobs Report: Unemployment Rate Climbs to 9.8%
December 3, 2010
(ChattahBox Business News)— The monthly jobs report is out for the month of November and it’s ugly. If only we could hibernate like the bears and sleep through the next few months, until the unemployment situation improves, but that’s not to be. Experts had been expecting a rosier jobs outlook, encouraged by the uptick in home and car sales and robust holiday shopping, but surprise, the unemployment rate climbed higher and job growth remains stagnant. The official unemployment rate is now 9.8 percent, after remaining at 9.6 percent for three-months, while nonfarm payroll employment increased only by 39,000 jobs.
The Employment Situation Summary released this morning has little to celebrate.
“The unemployment rate edged up to 9.8 percent in November, and nonfarm payroll employment was little changed (+39,000), the U.S. Bureau of Labor Statistics reported today. Temporary help services and health care continued to add jobs over the month, while employment fell in retail trade. Employment in most major industries changed little in November.”
The number of unemployed persons now stands at 15.1 million.
When you look at the breakdowns in the jobless rate by category, you see a grim picture of the real suffering out there. Unless you are white and have a college degree, the unemployment rate falls in the high double-digits.
“Among the major worker groups, the unemployment rates for adult men (10.0 percent), adult women (8.4 percent), whites (8.9 percent), and Hispanics (13.2 per-cent) edged up in November. The jobless rate for blacks (16.0 percent) showed little change over the month, while the rate for teenagers declined to 24.6 per-cent. The jobless rate for Asians was 7.6 percent, not seasonally adjusted.”
Adding to this misery, is the Republicans’ refusal to extend unemployment benefits for the long-term unemployed, which will not only send desperate Americans to food pantries and homeless shelters, but will also depress the economy further.
The jobs outlook is certainly depressing news as we approach the holiday season.
Photo Source: Wikimedia/Guillaume Paumier/Alternative Press Expo 2010, Comic-Con International, San Francisco, California/Creative Commons Attribution-Share Alike 3.0 Unported.