October unemployment rate inched up to 9.6%. It is the 14th consecutive month with unemployment hovering around 9.5%. 95,000 jobs were lost. There are 65,000 created for the month. The Job losses are attributed to Census layoffs. AP via Google News:
The die is cast, and it’s grim news for the Democrats. There’s nothing now that Congress or President Barack Obama can do to before the November midterm elections to jolt the nation’s stagnant economy.
Friday’s government report — the last major economic news before the midterm elections — showed the nation continued to lose jobs last month, reinforcing the bleak reality that it probably will be years — not months — before employment returns to pre-recession levels below 6 percent.
That tightens the pressure on Democrats ahead of the Nov. 2 elections. And it also casts a dark shadow well into the 2012 election season and beyond.
“We won’t see under 6 percent for five years,” David Wyss, chief economist at Standard & Poor’s in New York, said Friday after the Labor Department reported that 95,000 more jobs were lost in September and the unemployment rate held at 9.6 percent. “It’s going to be a slow recovery.”
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