October surprise: Gallup reports unemployment at 10.1 percent

[I AM NOT THAT GUY 5,715]

The Department of Labor’s official numbers will be in tomorrow, but the unemployment numbers just released by Gallup are looking brutal:

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.

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.

The increase in the unemployment rate component of

Gallup’s underemployment measure

is partially offset by fewer part-time workers, 8.7%, now wanting full-time work, down from 9.3% in August and 9.5% at the end of July.

Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/october-surprise-gallup-reports-unemployment-at-101-percent-104503209.html#ixzz11hh1jeYm

Edited October 7, 2010 by ##########

[Gary and Alla 3,694]

Obama cannot even pull of a "surprise" for an "October surprise"

i also want to know WHO is doing these "predictions" Fire those bums! It is always "larger than expected" or "smaller than anticiapted" #######????? Can ANYONE do their job?

[Heracles 417]

US corporations are sitting on over $1.7 trillion in cash, yet trying to save a dime here and there.

Do you think that has anything to do with it?

[I AM NOT THAT GUY 5,715]

US corporations are sitting on over $1.7 trillion in cash, yet trying to save a dime here and there.

Do you think that has anything to do with it?

Why do you think they are sitting on all that cash? Hmmmm? Perchance all they see is storm clouds on the horizon, and don't want to take a bath. The one thing the government has not learned how to tax yet is cash on hand.

ETA: And 10% cash reserves is not excessive, especially in lean times.

Edited October 8, 2010 by ##########

[Gary and Alla 3,694]

I am wondering if Steven will do one of his "press releases" with this information. I would guess...NO.

[Gary and Alla 3,694]

US corporations are sitting on over $1.7 trillion in cash, yet trying to save a dime here and there.

Do you think that has anything to do with it?

No. It is good business practice. Good business practices result in jobs and prosperity. Foolish ones result in economic disaster. For example, when CLINTON signed the law loosening the qualifications for the guarantee of home loans on July 12, 1999, THAT was a foolish business practice. It allowed DiTech for example to give 125% loans to people without qualification over the phone, collect the profit on the interest and stick the loss up the federal government's @ss. Great deal. NOW some would suggest allowing the government to "fix" the problem.

The governemnt operates at a deficit we will all have to pay, I wsh they would sit on some money for a change.

If they keep their hands off, eliminate taxes on corporations (ALL taxes) we will have jobs out the ears, the government will have lots of revenue ...but no control Dammit. Can't have everything.

[Heracles 417]

So liberteapartians claim the private sector has all the answers, yet when asked why the private sector is hording money, you pull a Soviet - divert attention - and run off on the typical Garyesque anti-government rants. No matter what the scenario presented, you will turn it into the government is to blame.

This hoarding is the exact reason why other first world countries demand their citizens are paid a decent wage and do not provide corporations rights. More money in the hands of the people, more money to go around for the economy. Notice any difference between them and the Soviet Union like to use as example?

Eliminate taxes on corporations rants illustrates to me you have zero business acumen or knowledge of wealth creation. It's utter bullcrap that they will start hiring people and expanding their business because of tax breaks. Ironically what does work overseas is higher taxes, with tax breaks for those businesses or people that invest [spend] their money.