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

[jklmt]

Those unemloyment number usaully refere to unedcuacted workers. If you read the fine print, workers with higher education(college) have lowest uneployment and it's usually higher for workers w/ just high school diploma or dropouts.

 

[Xavier434]

Originally posted by: 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.

That's the thing. We live in South Florida and all she is looking for is a Staff Accountant position or something along those lines in the area of accounting. Those jobs are normally available by the bucket loads. She has plenty of experience even acting as an Assistant Controller and is incredible when it comes to people skills. I have never met anyone in my life that can make so many different kinds of people like them and trust them so quickly. In the past, she has never been without a job for more than 2 weeks for that reason. Yet, she has been unemployed for 5 weeks now and she hasn't even gotten any nibbles in the past 2 weeks straight. She is applying to everything that is available and is working with 2 employment agencies. It's just so unbelievable that things have gotten that bad.

 

[StageLeft]

Originally posted by: jklmt
Those unemloyment number usaully refere to unedcuacted workers. If you read the fine print, workers with higher education(college) have lowest uneployment and it's usually higher for workers w/ just high school diploma or dropouts.

It still affects everybody. If you're educated you may find it still takes longer to get work.

 

[Queasy]

Originally posted by: Skoorb

Originally posted by: jklmt
Those unemloyment number usaully refere to unedcuacted workers. If you read the fine print, workers with higher education(college) have lowest uneployment and it's usually higher for workers w/ just high school diploma or dropouts.

It still affects everybody. If you're educated you may find it still takes longer to get work.

I'm going to throw a monkey in the wrench and wonder what impact the increase in the minimum wage is having with 16-24 year olds finding jobs. It was raised to $5.85 last year and will jump to $6.55 in July. This has to impact the the hiring practices of employers for high school students/college students seeking minimum wage jobs.

 

[CptObvious]

Originally posted by: Xavier434
That's the thing. We live in South Florida and all she is looking for is a Staff Accountant position or something along those lines in the area of accounting. Those jobs are normally available by the bucket loads. She has plenty of experience even acting as an Assistant Controller and is incredible when it comes to people skills. I have never met anyone in my life that can make so many different kinds of people like them and trust them so quickly. In the past, she has never been without a job for more than 2 weeks for that reason. Yet, she has been unemployed for 5 weeks now and she hasn't even gotten any nibbles in the past 2 weeks straight. She is applying to everything that is available and is working with 2 employment agencies. It's just so unbelievable that things have gotten that bad.

I hear ya. I live in the Orlando area and have been unemployed for 3 months. I have 1.5 years of small firm commercial lit experience but it's rough when you're interviewing against candidates with 5+ years experience trying to start over in a new practice. Florida plans to cut almost 300 jobs from the state court system soon also due to a lack of budget.

I'm weighing my options at the moment - taking the foreign service office exam next month, and thinking about going back to school (to study...accounting)

 

[Queasy]

Originally posted by: Xavier434

Originally posted by: 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.

That's the thing. We live in South Florida and all she is looking for is a Staff Accountant position or something along those lines in the area of accounting. Those jobs are normally available by the bucket loads. She has plenty of experience even acting as an Assistant Controller and is incredible when it comes to people skills. I have never met anyone in my life that can make so many different kinds of people like them and trust them so quickly. In the past, she has never been without a job for more than 2 weeks for that reason. Yet, she has been unemployed for 5 weeks now and she hasn't even gotten any nibbles in the past 2 weeks straight. She is applying to everything that is available and is working with 2 employment agencies. It's just so unbelievable that things have gotten that bad.

Only 5 weeks? That's not too bad. When things were really bad in 2002 I was at the week when I was going to start to collect an unemployment check from the government (3 full months) before I found a job. And that was with me applying for everything under the sun doing those three full months.

If you're anywhere near Deerfield Beach, FL, have her check out JM Family. They are a privately owned company that is consistently in the top 100 of Fortune's companies to work for and they are headquartered there. They also have a JM Lexus office in Margate. That is my company's parent company and I've really not had any complaints and they are very stable.

 

[Xavier434]

Originally posted by: Queasy

Originally posted by: Skoorb

Originally posted by: jklmt
Those unemloyment number usaully refere to unedcuacted workers. If you read the fine print, workers with higher education(college) have lowest uneployment and it's usually higher for workers w/ just high school diploma or dropouts.

It still affects everybody. If you're educated you may find it still takes longer to get work.

I'm going to throw a monkey in the wrench and wonder what impact the increase in the minimum wage is having with 16-24 year olds finding jobs. It was raised to $5.85 last year and will jump to $6.55 in July. This has to impact the the hiring practices of employers for high school students/college students seeking minimum wage jobs.

Considering the times, this may be correct. However, most employers who hire employees at minimum wage are used to it being increased. The usual response is to raise prices rather than minimize labor costs since most of them are trying to keep labor at a minimum already and cannot afford to cut any more people.

 

[Xavier434]

Originally posted by: Queasy

Only 5 weeks? That's not too bad. When things were really bad in 2002 I was at the week when I was going to start to collect an unemployment check from the government (3 full months) before I found a job. And that was with me applying for everything under the sun doing those three full months.

If you're anywhere near Deerfield Beach, FL, have her check out JM Family. They are a privately owned company that is consistently in the top 100 of Fortune's companies to work for and they are headquartered there. They also have a JM Lexus office in Margate. That is my company's parent company and I've really not had any complaints and they are very stable.

It's not terrible generally speaking, but it is really bad considering what she is applying for and her history. In any case, we are getting by and staying strong. I really appreciate you recommending JM Family. I would send her an e-mail about this right away but unfortunately their offices are too far north.

This sort of problem can change at the drop of a hat with that one phone call though so I am trying to remain optimistic.

 

[CADsortaGUY]

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.

OR.... the increased cost of employing these short-term or no/low skilled workers has gone up due to the minimum wage hike put in place by you Ds.

 

[Queasy]

More interesting reading on this

The major headline from today?s report will be the spike in the unemployment rate to 5.5% in May from 5% last month. This is the largest increase in any month since 1986. There was also a 0.4 point increase in April 1995. However, it is important to note that we were not in recession in 1986 or 1995 and both spikes represented mid-cycle peaks for the unemployment rate. Some analysts will point out that the jobless rate is up 0.8 percentage points in the past six months, which has never before happened except in recessions. However, the unemployment rate is up 2.4 points among workers age 16-24 and only 0.4 points among workers age 25+. An increase of 0.4 points for those 25+ is consistent with sluggish growth, not recession. Most of the increase in the jobless rate in May itself was due to workers age 16-24, suggesting the government misjudged the seasonal adjustments needed at graduation time. Other data in the employment report paints a mixed picture of the labor market. Payrolls fell 49,000 in May and total hours worked declined 0.1%. However, the median duration of unemployment fell to 8.3 weeks from 9.3 last month while the labor force participation rate (the share of working-age people who are either working or looking for work) increased to 66.2% from 66.0%

 

[WHAMPOM]

Originally posted by: Skoorb
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.

Can you say, "Republican passed speculator loopholes"?

 

[umbrella39]

Originally posted by: CADsortaGUY

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.

OR.... the increased cost of employing these short-term or no/low skilled workers has gone up due to the minimum wage hike put in place by you Ds.

If MW were returned to $3.35 an hour, we'd still be right where we are today with these numbers imo.

 

[CADsortaGUY]

Originally posted by: umbrella39

Originally posted by: CADsortaGUY

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.

OR.... the increased cost of employing these short-term or no/low skilled workers has gone up due to the minimum wage hike put in place by you Ds.

If MW were returned to $3.35 an hour, we'd still be right where we are today with these numbers imo.

No, the premise isn't that lowering = good, raising = bad. Keeping it where it was is a decent option and IMO the best one. NOW we see the unskilled/new worker having a hard time finding a job and you can bet atleast part of that is due to the increased payroll cost for these MW jobs.

 

[Red Dawn]

Originally posted by: CADsortaGUY

Originally posted by: umbrella39

Originally posted by: CADsortaGUY

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.

OR.... the increased cost of employing these short-term or no/low skilled workers has gone up due to the minimum wage hike put in place by you Ds.

If MW were returned to $3.35 an hour, we'd still be right where we are today with these numbers imo.

No, the premise isn't that lowering = good, raising = bad. Keeping it where it was is a decent option and IMO the best one. NOW we see the unskilled/new worker having a hard time finding a job and you can bet atleast part of that is due to the increased payroll cost for these MW jobs.

You don't think it's because they work mostly in the Service Industry and because of the fucked up economy most Americans are spending less on those services ?

 

[Jessica69]

Liscio Report puts all those teens as representing less than 5% of the total workforce and contributed to 0.2 of one point of the increase in unemployment. Of course, never mind that every month the previous month's job loss gets revised up.....as in April's job loss, which was reported at 20K initially but revised upward to 28K today, too. That 49K will probably go higher next month as it's revised upward, too, but no one will mention that, either. Report low, fix when no one looks........

 

[Pliablemoose]

Originally posted by: Jessica69
Liscio Report puts all those teens as representing less than 5% of the total workforce and contributed to 0.2 of one point of the increase in unemployment. Of course, never mind that every month the previous month's job loss gets revised up.....as in April's job loss, which was reported at 20K initially but revised upward to 28K today, too. That 49K will probably go higher next month as it's revised upward, too, but no one will mention that, either. Report low, fix when no one looks........

Yep, when no one believed the inflation numbers recently released, I bought gold stocks.

I couldn't find a single analyst that agreed with the inflation data recently released, figured it was time to go into crisis mode investing...

Monday's going to be brutal

 

[Slew Foot]

What's on Monday?

 

[StageLeft]

Originally posted by: Slew Foot
What's on Monday?

Who knows? $145 barrel oil? Maybe instead Monday is the day oil gets its bubble popped and drops $15 in a day and we see sub $100 by the end of the month. Maybe the Dow will fall to 8k or maybe it will go up. If Pliablemoose bought gold before the last day or two he's done well because it bumped up pretty nicely today, at least.

 

[Pliablemoose]

Originally posted by: Skoorb

Originally posted by: Slew Foot
What's on Monday?

Who knows? $145 barrel oil? Maybe instead Monday is the day oil gets its bubble popped and drops $15 in a day and we see sub $100 by the end of the month. Maybe the Dow will fall to 8k or maybe it will go up. If Pliablemoose bought gold before the last day or two he's done well because it bumped up pretty nicely today, at least.

It's going to be more of the same, the market & investors have been fooling themselves, this is the perfect financial storm.

We're not seeing enough demand destruction for energy because our infrastructure won't tolerate it, and the demand from the developing countries is ramping up.

IMHO the drop isn't enough for a technical bounce, we'll be looking for a bottom.

 

[charrison]

Originally posted by: Pliablemoose

Originally posted by: Skoorb

Originally posted by: Slew Foot
What's on Monday?

Who knows? $145 barrel oil? Maybe instead Monday is the day oil gets its bubble popped and drops $15 in a day and we see sub $100 by the end of the month. Maybe the Dow will fall to 8k or maybe it will go up. If Pliablemoose bought gold before the last day or two he's done well because it bumped up pretty nicely today, at least.

It's going to be more of the same, the market & investors have been fooling themselves, this is the perfect financial storm.

We're not seeing enough demand destruction for energy because our infrastructure won't tolerate it, and the demand from the developing countries is ramping up.

IMHO the drop isn't enough for a technical bounce, we'll be looking for a bottom.

All I have to say is be careful as I dont think you are making a good investment. When the commodity bubble pops you could be left holding the bag. And there is going to be a sole selling gold that is not going to say they believe the inflation numbers.

OIL supply is going up and demand is going down, it is only amatter time before the oil market crashes. Our economy can take far more demand destruction than you think.

 

[Engineer]

Originally posted by: charrison
.

OIL supply is going up and demand is going down, it is only amatter time before the oil market crashes.

Not according to Bodman...

 

[Pliablemoose]

I think the US is in for a rude awakening, one of the issues that hasn't hit yet is commercial real estate, they used the same creative financing as residential, and the energy prices haven't rippled through the economy yet.

Stagflation anyone?