Reuters is reporting that the unofficial gauge of human misery in the United States rose last month to a 28-year high as Americans struggled with rising inflation, high unemployment and oppressive government mismanagement.
The misery index — which is simply the sum of the country’s inflation and unemployment rates — rose to 13.0, pushed up by higher price data the government reported on Wednesday.
The data underscores the extent that Americans continue to suffer even two years after a deep recession ended, with a weak economic recovery imperiling President Barack Obama’s hopes of winning reelection next year. Click here for more.
In related news, Oklahoma’s jobless rate rose to 5.9 percent in September the U.S. Bureau of Labor Statistics and Oklahoma Employment Security Commission reported on Friday. While Oklahoma’s jobless rate was the seventh lowest in the nation, based on what some economists refer to as a "business establishment" survey, a smaller household survey shows the state’s labor force including people working and looking for work also rose last month.
According to newsok.com, both employment and unemployment rose in Oklahoma last month, which could be an indication that discouraged workers are making their way back to the job market, said John Carpenter, commission spokesman. Employment rose by about 3,000 workers (0.2 percent) between August and September, and unemployment increased by 4,600 (or 4.8 percent) during the same period.
“When they move back into the job market, that usually means the job market is getting better and they see opportunity,” Carpenter said.
Four of the 11 industries in the report posted job gains in September: construction, mining and logging, manufacturing and information. The largest monthly loss came in the leisure and hospitality industry, which was down 1,600 jobs.