Meanwhile Economy Still Tanking

2 10 2009

will-work-for-food

As Barry and Michelle burnt up jet fuel flying to and back from their failed “sacrifice” to woo the International Olympics Committee in Copenhagen,  the much ballyhooed economic recovery back home is nowhere in sight.

The Labor Dept released the latest unemployment numbers:

  • 263,000 jobs became toast in September.
  • The official unemployment rate is now 9.8%, the highest since June 1983.
  • If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the real unemployment rate is actually 17%.
  • The largest job losses were in construction, manufacturing, retail trade, and…even government, the perennial growth industry, where employment fell 53,000.
  • Unemployment rates for the major worker groups–adult men (10.3%), adult women (7.8%), teenagers (25.9%), whites (9%), blacks (15.4%), Hispanics (12.7%), and Asians (7.4%). The rates for all major worker groups are much higher than at the start of the recession.
  • Job losses for July and August were revised to show 13,000 more jobs lost than previously reported.
  • Since the start of the recession in December 2007, the number of unemployed people has risen by 7.6 million to 15.1 million.

~Eowyn

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3 responses

2 10 2009
DCG

hopeandchangeyoucanbelievein.

Don’t worry, Biden has a three letter word up his sleeve: j o b s

2 10 2009
Dave

Yep, I’d say Obama’s plan is rolling right along, just as intended.

Any American who thinks this is happening by accident deserves to have their voter registration card revoked.

-Dave

3 10 2009
dscott

Uhmm, I believe a bait and switch has occurred here, please read the statement carefully:

Total nonfarm payroll employment declined by 263,000 in September.

However far more than 263,000 jobs were lost on a seasonably adjusted bases, the number of those employed dropped by 785,000, almost 3x what is being foisted.

Civilian Labor Force DROPPED by a whopping 574,000 people in one month. The 9.8% stat is skewed to the downside, we are actually well over 10% for unemployment.

If we look at table A1, http://www.bls.gov/news.release/empsit.t01.htm
As of September we seeing the following important numbers that reflect the real unemployment rate.

5,922,000 Persons who currently want a job (broken out from the NOT in Labor Force #)
15,142,000 Unemployed (for less than 12 months)
———-
21,064,000 Total Seeking Employment
———–
154,006,000 Civilian labor force

13.67% Actual Unemployment Which by the way is in line with my earlier estimates (actually over my estimates), had the stats been realistically reported.

785,000 people lost their jobs just LAST month. This was a blood bath in terms of the employment #. Just to let you guys know how whopping that 785,000 reduction in the employment is, it’s a record. Not since 1948 per the BLS data has the economy EVER lost that many jobs. NOT EVER.

http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS12000000&output_view=net_1mth

(change the date to the earliest year possible, 1948)

The really big news here is the Not In Labor Force #. A whopping 807,000 dropped off the unemployment rolls into long term intractable unemployment. Remember, to be counted on the unemployment statistic you must unemployed for LESS than a year. This is not simply terrible, it’s earth shattering as it says structural unemployment is accelerating – cutting out the legs from any possible short term recovery. This is why SS and Medicare are floundering in the cash flow area, all these people are no longer contributing to the funds via the payroll taxes they used to pay when they were employed.

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