Oh snap! Unemployment just went up .5% in a single month.

[StageLeft]

Ummm

Also, Oil has gone up something like $6-9 in the last day ($6 yesterday, it's up $3 today) even though very little has actually happened. I still maintain it's a bubble, a big nasty one, but the unemployment numbers are troubling.

A recession was easy to predict a few months ago and now is inevitable. The small increase in GDP from Q1 was nothing but a facade.

 

[umbrella39]

If the rest of the country catches up with the shithole that Michigan has been in for a couple of years now, watch out. These numbers are disturbing to say the least. I predict there will be few jobs for the high school kids this summer as the competition for these low paying jobs will be fierce if the UE numbers keep going north.

 

[TheSlamma]

I'm prepared again, not like this is our first capitolism coaster ride

 

[Mursilis]

Originally posted by: umbrella39
If the rest of the country catches up with the shithole that Michigan has been in for a couple of years now, watch out. These numbers are disturbing to say the least. I predict there will be few jobs for the high school kids this summer as the competition for these low paying jobs will be fierce if the UE numbers keep going north.

I'm not sure we're talking about the same labor pool here. Sure, a few people looking for permanent FT work may accept low-paying seasonal work, but how many? I read an article a few days back which stated a much smaller number of seasonal workers from Eastern Europe/Russia will be coming to the U.S. this year for summer jobs due to the dollar's free-fall - it's just not worth it to them anymore. U.S. teens might find it easier to get summer employment after all.

 

[dahunan]

No oil bubble... unless criminal charges are put somewhere against speculators who work for oil companies

UNemployment numbers have been artificially deflated for a long time... Barak will inherit a Full Throttle Recession

 

[StageLeft]

Originally posted by: Mursilis

Originally posted by: umbrella39
If the rest of the country catches up with the shithole that Michigan has been in for a couple of years now, watch out. These numbers are disturbing to say the least. I predict there will be few jobs for the high school kids this summer as the competition for these low paying jobs will be fierce if the UE numbers keep going north.

I'm not sure we're talking about the same labor pool here. Sure, a few people looking for permanent FT work may accept low-paying seasonal work, but how many? I read an article a few days back which stated a much smaller number of seasonal workers from Eastern Europe/Russia will be coming to the U.S. this year for summer jobs due to the dollar's free-fall - it's just not worth it to them anymore. U.S. teens might find it easier to get summer employment after all.

Also, the government has been playing dragass with their visas, so many seasonal workers are not able to come here for that reason.

Still, they are merely straws in a bail of hay. What amounts to a 10% increase in unemployed people in a single month portends a poor outlook.

 

[GTaudiophile]

Finally...an article that relates the oil problem to the dollar problem...THEY are the same problem.

When will people realize...fix the weak dollar and you will fix oil prices to an extent. It is not a critical supply and demand issue...yet.

 

[RightIsWrong]

If the (D)s follow through with their stated goal of closing the "Enron loopholes" that allow energy futures trading to legally manipulate the market....you will see a massive sell off about 1-2 weeks prior to the new rules/laws taking effect causing a drastic drop in oil (my prediction would be to ~$90/barrel & hopefully less) .

Oil is causing the dollars' weakening and not the other way around IMO.

 

[jman19]

Originally posted by: GTaudiophile
Finally...an article that relates the oil problem to the dollar problem...THEY are the same problem.

When will people realize...fix the weak dollar and you will fix oil prices to an extent. It is not a critical supply and demand issue...yet.

It is true that they are linked, but it isn't the only problem. Speculation is a major contributor.

 

[StageLeft]

Originally posted by: GTaudiophile
Finally...an article that relates the oil problem to the dollar problem...THEY are the same problem.

When will people realize...fix the weak dollar and you will fix oil prices to an extent. It is not a critical supply and demand issue...yet.

Weak dollar is only a portion of oil costs. They're up across the planet. A great deal of this is mere sepculation/bubble activity.

 

[Cuda1447]

I'm with Skoorb on the bubble, although I am very uninformed.... Skoorb, you may not want to be in the same boat as me

 

[JS80]

don't worry, as soon as Obama is elected unemployment will go to -5%!

 

[LegendKiller]

Originally posted by: GTaudiophile
Finally...an article that relates the oil problem to the dollar problem...THEY are the same problem.

When will people realize...fix the weak dollar and you will fix oil prices to an extent. It is not a critical supply and demand issue...yet.

Oil has increased 600% in a little under 7 years. THe dollar has fallen 35% in the same period.

You do the math.

 

[Xavier434]

Originally posted by: JS80
don't worry, as soon as Obama is elected unemployment will go to -5%!

Sigh...you really do have too much hate in you. I don't really care who you support or why. Just don't let your hatred towards any candidate or political party cloud your judgment. Bashing any candidate far too much or using words like "liberals" too often are signs of such things. Electing a president and solving these issues is very important. To let something as trivial as hatred cloud your mind is very counter productive when it comes to that sort of decision making.

 

[Queasy]

Meant to post this here. Link

The government reported the U.S. lost 49,000 jobs in May as the unemployment rate rose by the largest amount since February 1986.

The Labor Department reported the fifth consecutive month of declines in nonfarm payrolls. The decline was better-than-expected however, as economists had been expecting a 60,000 job decline for last month.

Only 49,000 jobs lost. Then how did we get a .5 jump in unemployment in one month?

The unemployment rate, which is calculated separately by a survey of households, soared to 5.5% in May. Wall Street had only been expecting a slight rise to 5.1%. It?s the highest the rate has been since October 2004.

The government reported that the number of people classified as unemployed jumped by 861,000 last month to 8.5 million. According to the Bureau for Labor Statistics, the increase in unemployed people is a reflection of job cuts as well as new and returning job seekers. It also said the unemployment uptick was ?disproportionately large? among 16 to 24-year olds.

So high school and college students got out of school in May and are looking for jobs plus other individuals are putting themselves back on the job market. The number of job cuts reflects only 49,000 out of the 861,000 increase in the number of of unemployed people.

 

[Genx87]

I am surprised seasonal jobs are considered in the unemployment rate. Thanks for the information though. I didnt compute how a loss of 49,000 jobs reflected a half a point in unemployment rate. That makes more sense.

 

[Xavier434]

Even so, it is so hard to find a job right now.

 

[Pliablemoose]

Looks like the gov will be passing some more stimulus packages, and helicopter Ben will be busy

 

[Bowfinger]

Originally posted by: Genx87
I am surprised seasonal jobs are considered in the unemployment rate. Thanks for the information though. I didnt compute how a loss of 49,000 jobs reflected a half a point in unemployment rate. That makes more sense.

They aren't. The stats are adjusted for seasonal variations. What the article suggests is that there has been a much greater jump than normal in graduates and other younger people seeking jobs.

I suspect the big jump in Unemployment corroborates something that has been pointed out here several times before, namely that the official figures understate actual unemployment. There are many people who want to work who are not counted as "Unemployed" because they've given up actively looking, at least as defined by the BLS. My speculation is many of these people are turning up the heat on their job hunting again, maybe due to rising prices like gas, maybe due to recession fears, whatever.

 

[Queasy]

Originally posted by: Bowfinger
I suspect the big jump in Unemployment corroborates something that has been pointed out here several times before, namely that the official figures understate actual unemployment. There are many people who want to work who are not counted as "Unemployed" because they've given up actively looking, at least as defined by the BLS. My speculation is many of these people are turning up the heat on their job hunting again, maybe due to rising prices like gas, maybe due to recession fears, whatever.

That is mentioned in the article in I linked above along with the fact that the number of 16-24 year olds looking for jobs is ?disproportionately large?.

 

[Queasy]

Originally posted by: Xavier434
Even so, it is so hard to find a job right now.

Believe me, I know. My wife has been looking but hasn't been able to find anything that would do little more than cover day care for the kids. We're trying to make her Embroidery & Apparel business work in the mean time.

However, it also depends on what you are looking for and where you are looking. Every local economy is different. For example, my wife is looking for jobs in the realm of property management and is having a hard time. Meanwhile, I'm at my current job not even really looking and I potentially have something better/more interesting upcoming.

 

[Bowfinger]

Originally posted by: Queasy

Originally posted by: Bowfinger
I suspect the big jump in Unemployment corroborates something that has been pointed out here several times before, namely that the official figures understate actual unemployment. There are many people who want to work who are not counted as "Unemployed" because they've given up actively looking, at least as defined by the BLS. My speculation is many of these people are turning up the heat on their job hunting again, maybe due to rising prices like gas, maybe due to recession fears, whatever.

That is mentioned in the article in I linked above along with the fact that the number of 16-24 year olds looking for jobs is ?disproportionately large?.

Yes, that's what I'm referring to.

 

[JS80]

Originally posted by: Xavier434
Even so, it is so hard to find a job right now.

I get 1-2 job offers per month. You're probably just a loser.

 

[Red Dawn]

Originally posted by: JS80

Originally posted by: Xavier434
Even so, it is so hard to find a job right now.

I get 1-2 job offers per month.

Obviously there's a big demand for Fluffers.

 

[fskimospy]

Originally posted by: JS80

Originally posted by: Xavier434
Even so, it is so hard to find a job right now.

I get 1-2 job offers per month. You're probably just a loser.

What is wrong with you?