What recovery? Unemployment shoots past 10 percent Joblessness at 10 percent for 2nd time since WWII; millions of unemployed feel no recovery

WASHINGTON (AP) -- Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.

The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.

President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and extended a tax credit for first-time homebuyers

More…

<link>

Jobs lag a recovery. If anyone has any doubt that Reaganomics is a total failure, they are not paying attention. It's a damn shame this President walked into this mess.

Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead."

And the challenge is undoubtedly much greater when the president is a f***ing idiot.

Jack

Things are getting awesomer. By the month.

projected increase in the debt from 1.8 trillion to ~ 1.4 trillion.

Gotta admit that is big time debt reduction in just one year.

Skeptical.

This post was originally dated 11/07/08.

When 700,000 jobs a month were being being lost earlier in the year it was widely expected that the unemployment rate would go over 10 percent. Now that the monthly number has decreased to 180,000 the number breaks the 10 percent barrier. I would say that the surprise is that we didn't cross this about 2 months ago.

Let there be no mistake, this recovery has challenges that mean it will be weak. But it is under way. Contrast all of this with the talk last December about heading toward another depression. It didn't happen.