Wasting Time With Alex

And the beat goes on…

The Bureau of Labor Sstatistics has this report out there showing that the unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm payroll employment continued to decline to the tune of some 190,000. Even of more concern is the fact that the largets of these losses occured in construction, manufacturing, and retail trade. For a recovering economy, that’s some seriously contradictory news. And here are some more goodies:

The number of long-term unemployed (those jobless for 27 weeks and over) was little changed over the month at 5.6 million. In October, 35.6 percent of unemployed persons were jobless for 27 weeks or more. (See table A-9.)

The number of persons working part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in October at 9.3 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-5.)

Among the marginally attached, there were 808,000 discouraged workers in October, up from 484,000 a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.

Add those two bottom numbers into the total and the unemployment rate goers much higher. The response from the people in charge has been to push for policies that cause employers to encur even more costs, leadign to the shedding of more jobs, and to give those hit by the job cuts measly handouts. Not to make changes that would spur economic activity and hiring. This is like tackling starvation by rationing the food instead of finding ways to get or make more food.