U.S. Jobless Rate Shocking: 15.7 Million Workers Unemployed
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Stunningly bad news on the nation’s jobless rate today: Unemployment worsened in October to 10.2 percent, a huge jump from 9.8 percent in September. That’s 15.7 million jobless workers, according to the U.S. Bureau of Labor Statistics.
Worse, the unemployment and underemployment rate is a shocking 17.5 percent—more than 27 million American workers without full-time jobs.
The construction, manufacturing and retail industries had the biggest losses, with 62,000 construction jobs lost in October, 61,000 in manufacturing and 40,000 in retail. Health care and temporary employment were the only bright spots, with health care jobs increasing by 29,000 and temp jobs by 44,000.
‘Economy Track’ Tells Story Behind the Numbers
The nonprofit Economic Policy Institute (EPI) has launched an interactive tool for anyone interested in looking beneath current economic data to find out what’s really happening with jobs and the economy. The new online feature, “Economy Track,” offers easy-to-understand charts built on government statistics and enhanced with exclusive EPI data.
For example, Economy Track illustrates how unemployment is higher for African Americans and Hispanics than for whites, higher for men than for women, and much higher for blue-collar workers than for those with white-collar jobs.
Users can focus on unemployment and underemployment trends by state, race/ethnic group, gender, occupation and education level.
Shuler to IBEW: Let’s Fight for Jobs
At this week’s Electrical Workers (IBEW) conference, AFL-CIO Secretary-Treasurer Liz Shuler said we must focus on creating jobs and building a strong, sustainable and fair economy for the future.
Shuler, who rose to leadership as an IBEW organizer, congratulated the union’s members on their efforts in mobilizing and contacting members of Congress on behalf of health care reform and other key issues.
We still have a long way to go before we can truly have economic recovery, Shuler said, noting that as she travels around the country, the word she hears most often is “jobs.” The AFL-CIO worked hard for the economic recovery package passed by Congress, but the union movement still has much to do to address the massive unemployment and underemployment around the nation, she said. The AFL-CIO is pushing for more stimulus dollars to invest in energy, transportation, communications and school construction—for investment in green jobs and for more aid to state and local governments that have been slammed by biggest budget hits in decades. Most critically, Shuler said, if the union movement doesn’t push to make this happen, no one will.
Shuler said extending unemployment benefits was an urgent priority that will prevent further damage to our economy. With 26 million people looking for work, or discouraged entirely from the job market, and long-term unemployment at its highest level in more than 25 years, it’s critical to give some relief, she said.
Green jobs and a new energy economy have the potential to revitalize the country, Shuler said, but only if those jobs are good jobs, with fair wages and benefits. We can protect the environment and build a more prosperous future, she said, by getting a headstart on new technologies and increasing energy efficiency.
Shuler also laid out her vision for the policies we need to build a stronger economy—including health care reform, the Employee Free Choice Act and financial reform.
Showdown in Chicago: Thousands Protest Bankers
UPDATE: Check out photos and a video from today’s rally.
More than 5,000 people are packing the streets of downtown Chicago this morning, chanting, marching and rallying against Big Bankers and financial institutions that have taken taxpayer money and are using it to give big bonuses to CEOs and to lobby against financial reforms that would ensure they don’t go back on the public dole.
The crowd is marching to the Sheraton Chicago Hotel & Towers, site of the American Bankers Association meeting, to protest the banking industry’s greed and irresponsibility that crippled our economy, leaving millions of workers behind.
After the house of cards they built collapsed, bankers and the financial industry took $700 billion in taxpayer funds for a bailout. But rather than reform their failed practices, they want to go back to business as usual—with the chance of again precipitating another financial collapse and need for taxpayer bailout in coming years.
AFL-CIO President Richard Trumka, who is joining union members and allies at today’s events, has a clear message to bankers: You work for us.
Let’s Foment a Green Industrial Revolution
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Leo Gerard, president of the United Steelworkers, is among several key speakers at the Building the New Economy conference Oct. 29 in Washington, D.C. AFL-CIO President Richard Trumka also is among the keynote speakers. Here Gerard describes why we need a 21st century green manufacturing revolution.
We need to foment a new American industrial revolution—specifically, a 21st century burgeoning of green manufacturing in the United States.
Americans going green—manufacturing windmills and solar cells—would benefit both the economy and the environment. As the Wall Street debacle that pushed this country into the Great Recession last year showed, the United States cannot depend on trading in obscure financial products to support its economy. To survive, America must be able to manufacture products of intrinsic value that can be traded here and internationally.
Showdown in Chicago
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I’m in Chicago for the American Bankers Association meeting. Oddly, I haven’t been invited to the Roaring ’20s dance party I hear they’re having.
Why wouldn’t they celebrate the era of wild money and hot times (which slid into the Great Depression)? After all, the bankers are doing well these days.
They’re doing well because after financial institutions caused the global economic crisis, we bailed them out, to the tune of some $700 billion.
Now they’re in good enough shape to pay the suits $7 billion in bonuses for driving working families and our economy to our knees—to the verge of a second full-fledged depression.
Things might be turning around for the bankers, but for the rest of us, unemployment heads toward 10 percent and home foreclosures continue to devastate families and communities. Working families have lost health care, pensions and savings—and in exchange we’ve gotten predatory lending, outrageous overdraft fees and sky-high credit card interest rates.
Dancing with Jay and Daisy
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When you’re a member of the American Bankers Association (ABA) meeting in Chicago amid the worst U.S. jobless crisis and most disastrous economy since the 1930s Depression, what’s the logical move to make?
Dress up in a Roaring ’20s costume and party like it’s 1929.
Proving yet again that not only do taxpayer-bailed-out CEOs have no shame, word has it that they plan to flaunt their taxpayer-fueled wealth in our faces, the ABA is sponsoring its Roaring ’20s party in conjunction with its Oct. 27–29 meeting.
AFL-CIO President Richard Trumka will lead thousands of mad-as-hell Americans in a rally outside the ABA meeting on Oct. 27, demanding financial reform and re-regulation that will allow us to rebuild our communities, our lives and our economy.
(If you’re in Chicago, join us Oct. 27 at 10:30 a.m. CST. The march departs from the corner of East Wacker Drive and Stetson Avenue. After about a 15-minute march, the rally will be outside the Sheraton Chicago Hotel & Towers at 301 E. North Water St.)
Because when they’re not stocking up on Jay and Daisy attire, Big Bankers and financial institutions are using the $700 billion in taxpayer bailout money to attack proposals like the Consumer Financial Protection Agency that would actually help working people while decreasing the chance of another Big Bank-fueled financial meltdown. Of course, they’re not using all of our money to fight reform. Some of it—about $7 billion—is going to bonuses for top CEOs.
State-by-State Unemployment Data Show Economy Still Hurting
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The latest state-by-state jobs and unemployment numbers are out, and as the experts at the Economic Policy Institute (EPI) note we have a long way to go before we can say this recession is over.
Nationally, the economy lost 5.2 percent of all jobs since December 2007. In many states, the story is even more grim: Arizona has lost 10 percent of its jobs, Michigan has lost 9.8 percent and Nevada has lost 8.5 percent.
The official unemployment rate is at a 26-year high, at 9.8 percent, with states like Michigan, California and South Carolina even more severely affected. And the official unemployment rate doesn’t take into account the workers who have been discouraged due to long-term absence from the job market; it’s estimated that counting these discouraged, some 26 million people are out of work.
This is no time to play political games with unemployment insurance, as Republican Sens. Jon Kyl (Ariz.) and Orrin Hatch (Utah) are doing. Unemployment insurance must be extended so the U.S. economy isn’t further weakened. As Sen. Kirsten Gillibrand (D-N.Y.) noted in Huffington Post, the failure to provide unemployment insurance in this devastating recession doesn’t just hurt the unemployed, it hurts families, small businesses and communities:
Without an extension…about a million of our long-term unemployed nationwide will lose benefits by the end of the year. We must not allow this to happen, especially as the holidays approach. As our economic recovery continues to take shape, it’s crucial that we not forget about those families who are hurting the most, still struggling to find work in a very difficult job market.
Wall Street to Main Street: Lick My Versaces
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Given the raging jobless rate in this country, it’s no surprise that only 10 percent of Americans say now is a “good time” to find a quality job, reflecting no improvement since February, and less than the 33 percent who held similar views as the recession began in January 2008, according to a Gallup poll out this week. The poll concludes:
Job-market conditions across the U.S. are a little better than they were six months ago, but remain far worse than they were during the first year of the recession. Another jobless recovery—no matter its overall shape—is the last thing Americans need after the worst recession since the Great Depression.
It’s bad enough America’s workers can’t find jobs. But even those with jobs are experiencing such a decline in wages that the United States has seen a dramatic increase in economic inequality. According to a new paper by the Center for Economic Policy Research:
While the United States has long been among the most unequal of the world’s rich economies, the economic and social upheaval that began in the 1970s was a striking departure from the movement toward greater equality that…was a central feature of the first 30 years of the postwar period. This is…the direct result of a set of policies designed first and foremost to increase inequality.
14 Senators Urge Unemployment Extension
More than 1 million people hurt by the bad economy are at risk of losing their unemployment insurance by the end of the year. During the toughest economic crisis in more than a generation, 7,000 people every day are seeing their UI expiring—and it’s due to the petty obstructionism of two senators who are blocking the needed extension of UI benefits.
This afternoon, 14 senators from across the country joined together to urge swift passage of a UI extension, to give workers access to the system they’ve paid into and to keep families and communities economically secure. With unemployment officially at 9.8 percent and an estimated 26 million out of work or discouraged, we can’t wait any longer to extend UI.
