CHESSNOID

Today, it is official that 1 out of every 10 people looking for work in the United States can not get a job. I just got this email breaking news alert of the government reporting unemployment rate surged to 10.2% in October!!  How can that be if we just created 650,000 jobs and all the economists surveyed said it might only inch up to 9.9%.  I don’t think the Obama administration is telling us the whole truth.

On top of that all these companies reported profits and some even record profits.  Are they laying off people to cut expenses just so they can show a profit during earnings season.

MSNBC:

WASHINGTON – U.S. employers cut a deeper-than-expected 190,000 jobs in October, government data showed on Friday, driving the unemployment rate to 10.2 percent, the highest in 26-1/2 years.

The Labor Department said the unemployment rate was the highest since April 1983 and October’s non-farm payrolls loss was the smallest since August last year. It revised job losses for August and September to show 91,000 fewer jobs lost than previously reported.

Analysts polled by Reuters had expected payrolls to drop by 175,000 and the jobless rate to edge up to 9.9 percent from 9.8 percent in September.

It seems like unemployment rate is an inconvenient truth that contradicts the recent stories coming out lately.

Economy grows at best pace in 2 years

New jobless claims drop slightly

Service sector grows for 2nd straight month

WASHINGTON – President Barack Obama’s economic recovery program saved 935 jobs at the Southwest Georgia Community Action Council, an impressive success story for the stimulus plan. Trouble is, only 508 people work there.

The Bergen County Community Action Program in Hackensack, N.J., noted the nearly $213,000 it received went to cover raises for existing staff only, but it also reported saving 85 jobs.

At Southwest Georgia Community Action Council in Moultrie, Ga., director Myrtis Mulkey-Ndawula said she followed the guidelines the Obama administration provided. She said she multiplied the 508 employees by 1.84 — the percentage pay raise they received — and came up with 935 jobs saved.