Saturday, November 8, 2008

When will the media hold Gov. Strickland accountable?

Not one mention of Strickland in this story. If we had a Republican Governor, his name would have been in the headline.

Jobless rate highest in 14 years
Saturday, November 8, 2008 3:25 AM
By Dan Gearino
THE COLUMBUS DISPATCH
President-elect Obama's first news conference grabs the attention of a trader at the New York Stock Exchange. The market briefly dipped in response." src="http://www.dispatch.com/wwwexportcontent/sites/dispatch/images/nov/1108_WALL_STREET_OBAMA_a1_11-08-08_A1_1MBR1A0.jpg" border=0>
Richard Drew Associated Press
President-elect Obama's first news conference grabs the attention of a trader at the New York Stock Exchange. The market briefly dipped in response.

U.S. employers cut 240,000 jobs last month, continuing a free fall for an economy that has yet to hit bottom.
The job market has sunk further and faster than many economists were expecting. A staggering 1.2 million jobs have disappeared this year, with more to come, experts say.
"We really got clobbered," said George Vredeveld, director of the Economics Center for Education & Research at the University of Cincinnati.
The news from the U.S. Labor Department showed that the national jobless rate zoomed from 6.1 percent in September to 6.5 percent in October, matching the rate in March 1994.
Unemployment has now surpassed the high reached after the 2001 recession. The jobless rate peaked at 6.3 percent in June 2003.
October's decline marked the 10th straight month of payroll reductions, and government revisions showed that job losses in August and September turned out to be much deeper. Employers cut 127,000 positions in August, compared with the 73,000 previously reported. A whopping 284,000 jobs were axed in September, compared with the initial report of 159,000.
More than half of the 1.2 million jobs lost this year occurred in the past three months.
And the figures don't include the auto workers who will be losing their jobs during the next couple of months. Yesterday, GM said it will eliminate 5,500 more white-collar and factory workers and Ford will shed more than 2,000 white-collar workers, as both reported quarterly losses.
That's on top of the 1,166 jobs GM is cutting at the Moraine plant, and the 819 Chrysler is laying off in Toledo. The cuts, part of the closing of both plants, are expected to be completed by December.
News from the automakers and the national employment numbers are an uneasy prelude to the state jobless figures, which will be issued in two weeks. In September, the state's jobless rate was about a percentage point higher than the nation's. Ohio's job losses have been proportionally greater than the country's, so state officials are preparing for more bad news.
Columbus has dodged the brunt of job losses, but the city is headed for a rough fourth quarter, said Bill
LaFayette, vice president for economic analysis at the Columbus Chamber.
"As of now, we're doing OK, but don't expect that to continue," he said.
The job losses nationwide are occurring alongside a rapid increase in the number of unemployed, which grew by 603,000 in October to reach 10.1 million. In a separate report this week, the Labor Department said that 3.8 million Americans are drawing unemployment benefits, the highest level since 1983. Not all unemployed people draw benefits.
"In the broadest terms, we're in recession, and it remains to be seen how severe it will be in the end," said Richard J. DeKaser, senior vice president and chief economist at National City Corp. in Cleveland.
Ohio posted a jobless rate of 7.2 percent in September. The state has lost 80,400 nonfarm jobs through the first nine months of the year. The number would be much higher except for a gain of 17,200 jobs in September, which officials said was likely a fluke.
Amid the turmoil that has gripped the rest of the state, Columbus employment has remained stable. The metro area gained 1,300 jobs through the first nine months of the year.
LaFayette said the gains have come largely from sectors that might be hit hard by a weak holiday shopping season, such as retail, transportation and warehousing.
"I'm expecting the fourth quarter to be much, much weaker for us," he said.
The recent job cuts by the Big Three automakers likely won't show up in state unemployment reports until early next year, said Brian Harter, spokesman for the Ohio Department of Job and Family Services.
"That would be a realistic statement to say that the end of this year or the first quarter of next year is when we should 'hit rock bottom,' " he said.
Vredeveld is less certain, and more pessimistic.
"I don't know where the bottom is," he said. "But I wouldn't be surprised if nine to 12 months from today, we're not back to our normal state."
Information from the Associated Press was included in this story.
dgearino@dispatch.com

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