WASHINGTON (MarketWatch) - The U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years, the Labor Department reported Friday.

Nonfarm payrolls dropped by a seasonally adjusted 190,000 in October, bringing to total number of jobs lost in the recession to 7.3 million. It was the 22nd straight decline in payrolls. Large losses were seen in manufacturing, construction and retail. Health care and temporary-help agencies added jobs. Read the full government report.

The report was worse than expected.

http://www.marketwatch.com/story/unemployment-rate-hits-102-in-october-2009-11-06-83100

digusting. these people should be ashamed of themselves. I am so so sick.

and the busisness establishment data is BS. this is very, very sad. but the market may be happy, because it means more free money.

"The employment-population ratio fell to 58.5% from 58.8%. The employment-participation rate fell to 65.1% from 65.2%"

Those are very low numbers.

Banks Thwarting Feinberg Pay Model by Changing Bonus Formulas

http://www.bloomberg.com/apps/news?pid=20601109&sid=aqhohvfXkB_w&pos=10

It's great when you make millions doing absolutely nothing for anyone. I have more respect for illegal bookies and numbers runners than I do for Wall Street scum.

The so-called underemployment rate -- which includes part- time workers who’d prefer a full-time position and people who want work but have given up looking -- reached a record 17.5 percent from 17 percent in September.

Steve - A question for you off-topic...do you know anyone who does French translations?

waverly - no I don't, sorry.

Melissa Grodhaus, 42, a laid-off cemetery worker from Winona, Ohio, said she had filled out 150 applications since she lost her job nearly two years ago. She struggles to keep up with mortgage payments and utility bills, and she must also take care of her three children.

“There’s nothing here,” she said. “I can’t see anything worse than it is right now.”

Ms. Grodhaus has started selling old clothes on eBay, and she has told her children she cannot afford to pay the fees for school sports this year. Every two weeks, when the local church brings out food baskets, she rushes to pick up her share. Within minutes, she said, they are gone.

http://www.nytimes.com/2009/11/07/business/economy/07jobs.html?hp

I THINK I DESERVE A $10 MILLION BONUS. WHAT ABOUT YOU? WHAT DO YOU DESERVE?

No worries...appreciate the thought.

Our firm may have some things coming up for Spanish translators. I will let you know in case you might have some interest in a few projects.

Sure, no problemo. Doing a Puerto Rico lawsuit right now. Also Portuguese!

Tell your children:

"The jobless rate for those with a college degree fell to 4.7% from 4.9%. For those without a high school diploma, the jobless rate rose to 15.5% from 15%. For those with a high school degree, but no college, the rate rose to 11.2%."

http://www.marketwatch.com/story/unemployment-rate-hits-102-in-october-2009-11-06-83100

waverly, I've done some French translation in the past - what kind of documents are you looking to translate?

Hmmmmmmm. Didn't someone with 67th in their handle predict 10% a year ago? We are headed to 11%, sorry but tis true.

Obviously, they DESERVE their bonuses:

Government Backed $4.3 Trillion in Assets Last Year

http://www.cnbc.com/id/33711867

http://blogs.reuters.com/felix-salmon/2009/11/06/a-global-problem-with-no-solution/

So far I’ve heard nothing out of Washington which says to me that the White House has a plan for addressing long-term structural problems in terms of unemployment, capital flows, and interest rates. A lot of these problems have been around for many years, and most of them have been diagnosed sharply at one point or another by Larry Summers. So it’s not like Washington is oblivious to what’s going on. But we’re at the limits of what monetary policy is able to achieve, and the nation cannot afford to repeat the monster hit to the US fisc which we’ve seen over the past couple of years.

Maybe, then, there simply isn’t a solution: the problem is just too big, too complex, and too intractable. It’s a depressing conclusion, but also a pretty compelling one.

aboutready, are you counted in the unemployment numbers?

it's pretty simple. People who can't afford their monthly nut, need to downsize. This in turn will make assets cheaper. Greed takes over, people start new businesses, buy cheaper stuff....oh yeah 75% of people in RE find a different source of income... REALLY very simple.

Just a ho hum recession kicked up a notch by RE Bubble.

hfs... come on shrimpie... come on colonelklink... what a douche.. go play w/ yourself...

President Obama from the White House just seconds ago: "I'm confident that our economy will recover."

Labor Department: 10.2% is only the U-2 stat. The full unemployment measure, the U-6, is at 17.5%.

http://www.bls.gov/news.release/empsit.t12.htm

interesting thread until...hfscomm1
Got anything to add that might be interesting?

w67th, not so simple. but i hope that you are correct.

Ar, hate to disagree. But IMHO. It really is that simple. Our full economy is nothing more than an aggregate of our own little households. Seems o me too much consumption based on debt and no income. Eject the debt, consume less and bingo-> healthy economy.

Rock me amadeus!

Forgot to ask you personally. How'd ya come up with falcogold1?

i don't hate to disagree at all, despite the implications my disagreement has. i see no impetus for those who may have the greed, and the inclination at some point to act on that greed, to invest in america. why build new technologies here? at some point our laborers may become as cheap as those found overseas, but until that day, greed dictates investment elsewhere, and installation, sales and service here.

http://www.calculatedriskblog.com/2009/11/unemployment-stress-tests-unemployed.html

"The blue line is the number of workers unemployed for 27 weeks or more. The red line is the same data as a percent of the civilian workforce.

According to the BLS, there are a record 5.6 million workers who have been unemployed for more than 26 weeks (and still want a job). This is a record 3.6% of the civilian workforce. (note: records started in 1948)"

that 3.6 percent is not that much less than what "normal" structural unemployment rates would be. everyone downsizing and the brokers losing their jobs may be just great for our housing psyche, and may tickle you pink, but it's not exactly a driver of job creation. it must happen, the asset prices are unsustainable in the long term, and should be in the short to medium term as well, but it's not a painless or simple process to create something workable out of this mess.

interestingly enough, even with all the restrictions, and the non-cash, and all that, we're still talking about the "rosy" projections being a good $8 billion off peak.

Stevejhx - you should organize a March on Washington against Bonuses by all the unemployed. Hey, what else are they doing?

I'm actually semi-serious. I guarantee (no pun...) that the turnout would be spectacular.

Here's what I mean:

British Bankers Defend Their Pay and Bonuses

LONDON %u2014 %u201CProfit is not satanic,%u201D John Varley, the chief executive of Barclays, told an audience at St. Martin-in-the-Fields church here this week.

http://www.nytimes.com/2009/11/07/business/global/07greed.html?_r=1&hp

Sure it's not - unless your backstop is the government, who insures you against counterparty risk, guarantees your obligations, and sells you rivals' operations at a huge discount, assuming the credit risk.

Ask Goldman, JPMorgan Chase, Bank of America, Merrill Lynch, Morgan Stanley, Wells Fargo: it's a sweet, sweet deal!

American Bankers are seeing huge huge returns on the stock they were issued in January/February this year. So the stock is turning out better than the cash!