Got jobs?
The breaking news on the economic front this morning is the latest, and still frightening, unemployment situation:
- Jobless rate tops 10 pct. for first time since '83 - AP/The Buffalo News
The unemployment rate has hit double digits for the first time since 1983 - and is likely to go higher.
The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. Rising unemployment also could threaten the recovery if it saps consumers' confidence and makes them more cautious about spending as the holiday season approaches.
- U.S. Unemployment Rate Hits 10.2%, Highest in 26 Years - The New York Times
For Americans who wake up each morning thinking about their job hunt, Friday’s unemployment report offered little reassurance that their search would soon pay off, even as the broader economy showed signs of strengthening.
Or, as the ever droll Economist.com puts it:
The American labour market has opted not to keep us all in suspense, wondering whether and when the unemployment rate might crest the 10% level. As of the month of October, the unemployment stood at 10.2%—only the second time in America's postwar history that has happened.
[DOL press release. Statement of sympathy from Secretary of Labor - who has a job, as does the White House economics guru, who says this.]
This was not really a surprise. High joblessness is usually the dark side of the numbers that came out yesterday on productivity:
- Gains dim hopes for hiring of jobless - AP/Buffalo News
Companies across the economy are finding ways to do more with fewer workers, dimming hopes that hiring will take off anytime soon. ...
Still, some economists were encouraged by the productivity report. They say that eventually, employers won’t be able to squeeze more from their staffs. They then will have to ramp up hiring — which could happen next year, even though the jobless rate is expected to hit double digits.
[DOL report. Slightly easier-to-read press release.]
One local bright spot in all the gloom, especially if you want to make an omlet:
- Robinson increases jobs, sales after Oneida licensing deal - Matt Glynn/The Buffalo News
Robinson Home Products is going through a growth spurt in Cheektowaga, thanks to its licensing agreement with Oneida Ltd.
Robinson, a kitchen tool and gadget distributor, has a 30-year deal to make and sell Oneida-brand flatware and dinnerware for all consumer markets in the United States. It plans to add 88 jobs and has already filled 28 of those positions.
-- George Pyle/The Buffalo News
