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Nearly 10% of Americans are Unemployed

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By Jason Beahm on December 06, 2010 8:59 AM

"So how's that hopey changey thing workin out for ya?" It was one of Sarah Palin's digs at President Obama's campaign messages for hope. Critics such as Steven Colbert mocked her, suggesting a campaign slogan for her based on that theme: Palin 2012: Abandon All Hope That Anything Will Ever Change.

But politics aside, one thing remains clear--the economy is still not where most people would like to see it.

A new unemployment report underscores that fact. Employment barely crept forward in November while the jobless rate hit an unexpected seven-month high. 

The unemployment rate in November hit 9.8 percent. If unemployment stays in that range, it could be a major problem for President Barack Obama in 2012. Presidents are often judged upon the economy, and regardless of whose fault it is, Obama is likely to take much of the blame.

"The U.S. economy has yet to achieve the escape velocity needed to improve the worrisome jobs picture," said Mohamed El-Erian, co-chief investment officer at Pacific Investment Management Co. in Newport Beach, California, Reuters reports.

But others believed that the concern was a bit overblown, citing that September and October showed 38,000 more jobs than previously expected. "I would have to assume that these numbers will be revised substantially upward next month," said Bernard Baumohl, managing director and chief global economist at The Economic Outlook Group, Princeton, New Jersey.

So perhaps there is room for some *hope* after all.

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