The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983, threatening the emerging economic recovery and giving President Barack Obama and Democrats a bigger hurdle to overcome before next year’s Congressional elections. Full Story »
Posted by Derek Hawkins - via Google News (Business)
Homan provides a good core set of statistics that show rising unemployment and increasing layoffs. While providing a good short picture of perhaps the most important symptom of economic trouble, he refrains from any attempted look at the economic and political causes for all the loss of jobs.
Trade and immigration laws encourage giant international corporations to build abroad to use cheap non-union foreign labor, and to use immigration work visas to import cheap non-union indentured servants. These corporate trade laws have eroded the buying power of everyone but the super rich. No buying, no jobs.
Factory payrolls dropped by the most in four months, and the average workweek held at a record low. More »
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