Unemployment Figures Cloud Recovery Hopes

(CBS)  More than 15 million Americans are out of work- the highest number in 26 years. It's a sign that while some companies are starting to make money again, they're not hiring.

President Obama told Americans Saturday this will turn around.

"We knew that employment is often the last thing to come back after a recession," Mr. Obama said. "Our task is to do everything we possibly can to accelerate that process."

The White House is considering extending unemployment insurance and health benefits, reports CBS News correspondent Kimberly Dozier. It's also considering extending the $8,000 tax credit for first-time homebuyers that's set to expire at the end of November. Both ideas are also working their way through Congress to keep consumers consuming.

In all, the job market lost 263,000 jobs last month.

Mr. Obama points out it's better than when he took office, when the economy was shedding 700,000-plus jobs a month.

But critics counter the September unemployment rate would have been much higher if half-a-million people hadn't stopped looking for work - so they're no longer counted.

"If all of the people who were working part time and wanted to work fulltime are counted and all of the people who have left the labor force are counted, the unemployment rate is 17 percent," said Peter Morici, with the University of Maryland.

One big problem - people aren't buying American products, here or abroad. So factory orders are down, and supplies are piling up. Until that changes, economists predict employers will keep cutting jobs into the middle of next year.

"The economy is not performing as it should," Morici said.

The GOP calls it proof the stimulus package, meant to get Americans buying and back to work, isn't working. Republicans are pushing a plan that includes tax cuts for small businesses.

"Our plan is based on the belief that fast-acting tax relief is the most effective way to put our economy back on track," said Rep. Candice Miller, R-Mich.

The president says he's considering other unspecified options to get Americans back to work.

[smithmarie1231]

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[MPHgrad]

Anyone with half a working brain knows that employment is a lagging indicator.

[strangeworld]

Here's a clue folks...if you keep buying foreign made goods, you won't have a job here in the US. Big-business and their republican puppets have pulled one over on you, telling you that you would be better off buying foreign products - and you believed them...lol. Now get in your toyota and go to the unemployment office to get your benefits from the remaining taxpayers...maybe fidget with a couple of chinese-made gadgets on the way. Buying foreign is like playing musical chairs,,,eventually the music stops and you're the one without a chair.

[hungry1968-16]

You can't buy anything "American" these days, because most product manufacturers rely on foreign parts for their products.

That and anti-American practices like closing plants in America, and re-opening them in third world countries, leaves many Americans thinking that they are buying American, when they really aren't.

[johnwayne932]

beckybest- go soak your head in the money you got from OBAMA you dirpolocy (you will need to look that up) since OBAMA does beleif in Websters Dictionary.

[bobo6688]

It was democrat Bill Clinton who signed massive guest worker visa increases into the hundreds of thousands PER YEAR in 1998 and 2000. American Competitiveness Act. Go look it up. In 1998 I watched as millions of uneducated 3rd world workers flooded tinto Silicon Valley from India, China, and every other 3rd world country. Just two years later we had a huge economic collapse. The fed responded by pumping nearly unlimited credit into the financial markets to compensate. Now the chickens have come home to roost. Even today we continue to import ONE MILLION foreign guest workers per year into the U.S. These guest workers HATE American and they will not hire Americans. They are now in management deliberately denying jobs to brilliant Americans. Why does CA have the highest immigrant population at 25% and also have the worst economy and unemployment numbers in the U.S. The guest workers cleaned out Silicon Valley in 2000, then they moved on to Wall St, then Detroit. And which sectors of the economy had the biggest collapses. The American economy will never recover until all TEMPORARY foreign guest workers are DEPORTED and the jobs given back to AMERICANS. Which kind of economy would you rather have? One with consuming, mortgage-paying Americans, or one with job-hungry, remittance-sending foreign guest workers who are only here for the money. The choice is yours. Report and deport now to fix America's economy.

[EricSmith000]

Employers still import over 40,000 white collar "janitors
and cleaners" on H-1B visas this years, because they can't find the locals who can do the jobs.

http://spedr.com/3i2sj

[jeff-fla]

get rid of the 12 million illegals and problem solved.

[ubrew12]

preventing immigration is a trade barrier, which is protectionist. Apparently, you aren't a globalist. You don't believe people should be able to migrate outside the law for work, nor I guess do you believe people should be able to invest outside the country unlawfully.

In essence, you are a protectionist. You are a Democrat. You are willing to hurt corporations, businesses and businessmen, like farmers, to protect American jobs. I am also a protectionist, and a Democrat. Welcome to the fold.

[ubrew12]

According to the Economist Magazine, 75% of the money made from the Bush tax cuts went to the wealthiest 1% of Americans. And they invested it overseas...

Bye bye

[kenhamlett]

The increase in unemployment is to be expected. In addition to the unique problems we now face, everyone seems to be forgetting that we are moving into the normal season for winter layoffs. That is currently not being mentioned and probably because it is so normal it slips the minds of the pundits.
In regard to the major fiasco, we have a ready work force, plenty of raw materials and now we can be sure there is plenty of money on the sidelines.
Unfortunately what we also have is fear and a lack of motivation. The fear is from the belief that if the manufacturing upswing starts too soon they will lose more money but they fail to consider that the first to expand is likely to be the biggest winner. I suggest that we patronize those with the courage to create jobs and ignore those that sit on the sidelines waiting for a sure thing.
The lack of motivation on the whole can be attributed to the fact that we were robbed and no one is being prosecuted. Why try to achieve when our gains are stolen without penalty. The FBI and SEC are dead weight on society because they will not do their jobs. The blame starts at the top in this aspect.
In all things are progressing as I would expect. There was no miracle recovery possible and those that predicted it were overly optimistic, at the least. Things are stable and predictable but only courage will start the recovery.

[reveal5]

The economy has stabilized and economic growth is projected for the 4th quarter.