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Unemployment 5.7%

SSSnail

SSSnail

Lifer
I guess they can't really hide this shits for much longer eh? I don't think this is factoring in the people that have been out of work for a while and are not even registering on the system anymore.

Unemployment 4-year high
The Labor Department reported a net loss of 51,000 jobs in the month. Economists surveyed by Briefing.com had been forecasting a loss of 75,000 jobs in the latest report.

The latest report brought job losses this year to 463,000. The June job loss number was revised to 51,000.

The unemployment rate rose to 5.7% from a 5.5% reading in June. It was the worst reading since March 2004, and slightly worse than economists' forecast of a 5.6% rate.
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The company i work for just had the first layoffs since 1999. sucks, but I survived the first cut.
 
Luckily I work in the collections industry. So as everybody else loses their job, mine thrives. I feel bad but I know I have a secure future.
 
Originally posted by: SpunkyJones
We've been going through cuts for quite a while. Morale is high.
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Are you being facetious?

This "growing" economy, to actual companies in real life, the one I live in, is not really that great. Manufacturing companies are being hurt. One would think the weak dollar may hurt, but inflation is already hitting raw goods costs. A friend's local company just did a round of layoffs and he missed it and we're getting direction to cut costs in various ways, too.

THe official message from the government's silly numbers and reality is somewhat like the contrast between Iraq being bombed and Baghdad Bob saying everything is ok.

 
link

Over the month, the unemployment rates for adult men (5.3 percent) and whites (5.1 percent) edged up while the rates for adult women (4.6 percent), blacks (9.7 percent), and Hispanics (7.4 percent) were little changed. The jobless rate for teenagers increased to 20.3 percent in July. The unemployment rate for Asians was 4.0 percent in July, not seasonally adjusted.
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Unemployment among teens rose 2% since June and 6% since the same time last year. What change in the market could have prompted this? Increased minimum wage which directly affects unskilled teen workers. Throw in the increased energy costs and it is no wonder that the teen unemployment rate has seen the biggest jump.
 
While it may sound bad .........
Carter ended with a high rate of unemployment of 7.6 percent, and averaged 6.7 percent for his administration.
Now that is painful!
 
Originally posted by: Queasy
link

Over the month, the unemployment rates for adult men (5.3 percent) and whites (5.1 percent) edged up while the rates for adult women (4.6 percent), blacks (9.7 percent), and Hispanics (7.4 percent) were little changed. The jobless rate for teenagers increased to 20.3 percent in July. The unemployment rate for Asians was 4.0 percent in July, not seasonally adjusted.
Click to expand...

Unemployment among teens rose 2% since June and 6% since the same time last year. What change in the market could have prompted this? Increased minimum wage which directly affects unskilled teen workers. Throw in the increased energy costs and it is no wonder that the teen unemployment rate has seen the biggest jump.
Click to expand...

Analyze it however you wish, that doesn't change the fact that it is really hard for a lot of adults to find a job right now who previously could be picked up in under 2 weeks without breaking a sweat. There is a reason for that and part of it is because there are a lot more unemployed adults on the street in many places in the US than there used to be and not enough jobs around to employ them. I told you about my wife. There is a reason why she never found a job and had to go back to the old place who didn't even need to hire her again but did it anyways because they new she was very valuable. You remember that story? Her story is not uncommon by any means either.
 
Originally posted by: Xavier434
Originally posted by: Queasy
link

Over the month, the unemployment rates for adult men (5.3 percent) and whites (5.1 percent) edged up while the rates for adult women (4.6 percent), blacks (9.7 percent), and Hispanics (7.4 percent) were little changed. The jobless rate for teenagers increased to 20.3 percent in July. The unemployment rate for Asians was 4.0 percent in July, not seasonally adjusted.
Click to expand...

Unemployment among teens rose 2% since June and 6% since the same time last year. What change in the market could have prompted this? Increased minimum wage which directly affects unskilled teen workers. Throw in the increased energy costs and it is no wonder that the teen unemployment rate has seen the biggest jump.
Click to expand...

Analyze it however you wish, that doesn't change the fact that it is really hard for a lot of adults to find a job right now who previously could be picked up in under 2 weeks without breaking a sweat. There is a reason for that and part of it is because there are a lot more unemployed adults on the street in many places in the US than there used to be and not enough jobs around to employ them. I told you about my wife. There is a reason why she never found a job and had to go back to the old place who didn't even need to hire her again but did it anyways because they new she was very valuable. You remember that story? Her story is not uncommon by any means either.
Click to expand...

We've had this conversation before. I'm not saying it isn't hard to find a job because the economy obviously has slowed down due higher energy costs and the credit crunch. I'm just pointing out a peculiarity with the unemployment statistics.
 
Originally posted by: herm0016
Originally posted by: Atreus21
The target unemployment rate is around 5% anyway.
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this^

I only see overinflated wages and standards of living being taken care of.
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Really? Are the 'overinflated wages and standards of living' of the top 0.01% being taken care of? Not in the way you meant the phrase - they're skyrocketing from others' loss.
 
Apparently government, education, and healthcare are booming.

So I guess I hit the trifecta jackpot of job security as an anesthesiology professor at a public university.

 
Originally posted by: Queasy
Originally posted by: Xavier434

Analyze it however you wish, that doesn't change the fact that it is really hard for a lot of adults to find a job right now who previously could be picked up in under 2 weeks without breaking a sweat. There is a reason for that and part of it is because there are a lot more unemployed adults on the street in many places in the US than there used to be and not enough jobs around to employ them. I told you about my wife. There is a reason why she never found a job and had to go back to the old place who didn't even need to hire her again but did it anyways because they new she was very valuable. You remember that story? Her story is not uncommon by any means either.
Click to expand...

We've had this conversation before. I'm not saying it isn't hard to find a job because the economy obviously has slowed down due higher energy costs and the credit crunch. I'm just pointing out a peculiarity with the unemployment statistics.
Click to expand...

Ya, I know. Finding a job and remaining employed is what really counts in the end though regardless of any statistics which it sounds like we are on the same page about.
 
One thing I find interesting. When the rate started to get crazy low they were adding a hundred thousands jobs a month but seeing a .1% drop. They have a 51K drop and it goes up .2%?

463,000 jobs out of 106 million eligibile workers is a drop in the hat yet the rate has jumped about 1.5% in the past 8-10 months? The numbers dont seem to be adding up to me.

/shrug
 
Originally posted by: Genx87
One thing I find interesting. When the rate started to get crazy low they were adding a hundred thousands jobs a month but seeing a .1% drop. They have a 51K drop and it goes up .2%?

463,000 jobs out of 106 million eligibile workers is a drop in the hat yet the rate has jumped about 1.5% in the past 8-10 months? The numbers dont seem to be adding up to me.

/shrug
Click to expand...

A large number of new people enter the workforce every month. According to what I've read we need to add about 100,000 jobs a month to the economy just to break even with population growth. So, when you have +150,000 jobs you're only really getting 50,000 new ones to reduce unemployment. When you lose 50,000, it's actually 150,000 new people unemployed. That's why the numbers are different like that. (in a very general sense)
 
Originally posted by: Genx87
One thing I find interesting. When the rate started to get crazy low they were adding a hundred thousands jobs a month but seeing a .1% drop. They have a 51K drop and it goes up .2%?

463,000 jobs out of 106 million eligibile workers is a drop in the hat yet the rate has jumped about 1.5% in the past 8-10 months? The numbers dont seem to be adding up to me.

/shrug
Click to expand...

This conversation was had in reverse when the unemployment numbers were falling. Seems the supply of workers, per CNBC, increased for whatever reason. Maybe more people had to start looking for work and aren't eligable for unemployement insurance. I don't think the weekly/monthly unemployement filings = total unemployement (which is via survey IIRC??? (anyone))?
 
Originally posted by: Engineer
Originally posted by: Genx87
One thing I find interesting. When the rate started to get crazy low they were adding a hundred thousands jobs a month but seeing a .1% drop. They have a 51K drop and it goes up .2%?

463,000 jobs out of 106 million eligibile workers is a drop in the hat yet the rate has jumped about 1.5% in the past 8-10 months? The numbers dont seem to be adding up to me.

/shrug
Click to expand...

This conversation was had in reverse when the unemployment numbers were falling. Seems the supply of workers, per CNBC, increased for whatever reason. Maybe more people had to start looking for work and aren't eligable for unemployement insurance. I don't think the weekly/monthly unemployement filings = total unemployement (which is via survey IIRC??? (anyone))?
Click to expand...

My guess is you are correct that the labor pool is growing more than the amount of people are being fired.
 
We have to retrain or continue to fall backwards. There is a never ending shortage of health care workers and it only takes 18-24 months to get a 2 year degree (just an example, I know not everyone is inclined to work in a hospital). Sometimes we have to bite the bullet and go back and get more/different degrees if went want to remain employed. It took me till age 38 before I realized that sometimes you can't make money doing what you want to do. You have to do whatever pays the bills and keeps food on the table, and if that means taking care of sick people, then so be it. I just hope we haven't gotten so lazy and entitled in this country to rebound from this slump.
 
Almost one half-million jobs lost so far this year.

No wonder the country wants change so badly.
 
Highest in >>>>> 4 <<<<<< years oh noez! We all know we never mnade it through last time. Millions died, kids went homeless, shit were screwed.
 
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