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U.S. Economy: Unemployment Rate Increases to 8.1% (Update1) By Bob Willis March 6 (Bloomberg) -- The U.S. unemployment rate jumped in February to 8.1 percent, the highest level in more than a quarter century, a surge likely to send more Americans into bankruptcy and force further cutbacks in consumer spending. Employers eliminated 651,000 jobs last month, the Labor Department said today in Washington. Losses have now exceeded 600,000 for three straight months, the first time that’s happened since the data began in 1939. Revisions to the previous two months lopped off an additional 161,000 positions. Today’s report indicates the economy may need additional federal measures to help stop what may become the worst recession in the postwar era. The jobless rate has now already reached the level the Obama administration projected as an average for the whole year. Read more,… http://www.bloomberg.com/apps/news?pid=20601087&sid=aeAEIkN7ROJ0&refer=home [←Link] ADDITIONAL AIP feeds; Doing the math…on Unemployment rate. http://www.aipnews.com/talk/forums/thread-view.asp?tid=2677&posts=2&start=1 [←Link] Jobs – creation scam. (Jobs, Jobs, Jobs) http://www.aipnews.com/talk/forums/thread-view.asp?tid=1515&posts=3&start=1 [←Link] a must read http://www.aipnews.com/talk/forums/thread-view.asp?tid=1318&posts=4&start=1 [←Link] Hence, comes Stimulus Package III (three)
It’s in committee
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| Posted 2009-03-06 11:48 AM (#8935) By: gcsteven
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April 3, 2009; Press release 
OPA News Release: [04/03/09]
Contact Name: Jennifer Kaplan
Phone Number: (202) 693-5052 or x4676
Release Number: 09-0364-NAT
Statement of U.S. Labor Secretary Hilda L. Solis on March 2009 employment numbers WASHINGTON — U.S. Secretary of Labor Hilda L. Solis issued the following statement on the March 2009 Employment Situation report released today: "Our economy lost another 663,000 jobs in March, bringing the total number of Americans that have lost their jobs to 5.1 million since this recession began last year. The overall unemployment rate has increased to 8.5 percent. "The Americans who have lost their jobs worry about paying the mortgage, keeping their health insurance and paying tuition. Families across our country are stressed and hurting, and they are at the center of the administration's efforts to provide real relief and opportunity for the future. "By enacting the American Recovery and Reinvestment Act, we have taken an important step to save and create jobs while making important investments for future economic growth. The administration also has taken important steps to help families struggling to make their mortgage payments, and to get credit flowing for small businesses and families. "Today's numbers show that we have more work to do. "The Labor Department continues to actively support workers during this difficult time. We have provided billions of dollars to increase the level of unemployment benefits and extend their duration. In addition, we have provided states with $7 billion in incentives to expand the reach of unemployment insurance. We also have distributed $4 billion to increase the opportunities for workers to receive training. "The magnitude of our economy's problems has touched all of us. But the president and I firmly believe that this nation has the fortitude, spirit and resources to pull ourselves out of this crisis and allow our country to emerge prosperous and even stronger than before."
# # # Actual statistics from DOl…
http://www.bls.gov/news.release/empsit.nr0.htm
The change in total nonfarm employment for January was revised from -655,000 to -741,000, while the change for February remained -651,000. Monthly revisions result from additional sample reports and the monthly recalculation of seasonal factors.
U.S. Economy: Unemployment Rate Reaches 25-Year High (Update1)
By Bob Willis and Shobhana Chandra April 3 (Bloomberg) -- The U.S. unemployment rate jumped in March to the highest level since 1983 and service industries shrank at a faster pace, indicating the economy remains trapped in what’s likely to be the longest recession since the 1930s. Federal Reserve Vice Chairman Donald Kohn said both the Obama administration and central bank must remain “flexible and open” to further measures because the economy and financial markets aren’t “out of the woods yet.” The labor-market rout will make it tougher for President Barack Obama to follow through on his pledge to save or create 3.5 million jobs. The economy lost 663,000 jobs in March, bringing losses since the slump began to about 5.1 million, the worst in the postwar era, Labor Department figures showed in Washington. The 8.5 percent jobless rate was consistent with the forecasts of 79 economists surveyed by Bloomberg News. The Institute of Supply Management’s non-manufacturing index unexpectedly dropped. “We could continue to see a few more months of really bad employment numbers before it starts to ease,” said Nariman Behravesh, chief economist at IHS Global Insight in Lexington, Massachusetts. Behravesh projected the jobless rate will peak between 10 percent and 10.5 percent in early 2010. “We aren’t there yet, but we are getting closer to a bottom,” he said. read more,.. http://www.bloomberg.com/apps/news?pid=20601087&sid=afyS1pI4ftXY&refer=home | |
| Posted 2009-04-03 1:26 PM (#10722 - in reply to #8935) By: gcsteven
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Gov’t data fatally flawed! Real jobless rate hits 19.8%!
by Martin D. Weiss, Ph.D. 04-06-09
Many years ago, when Dad and I used to look at official data and analysis, we knew they were flawed. So we developed our own.
That’s how we figured out that the capital of savings and loans was grossly overstated and that thousands of S&Ls were headed for a massive bust.
Our awareness of the flaws was also a key factor in helping us warn consumers prior to the failures of giant insurance companies during the 1990s. (See the review of our work by U.S. Government Accountability Office GAO.)
It was critical to helping us warn you of nearly every major financial failure in the debt crisis that began more than two years ago. (See my blog for our forecast track record.) Plus, it’s one of the main reasons I believe the government’s efforts to bail out Citigroup, AIG, and other financial institutions are doomed to failure: Their numbers are wrong, their theories are upside down, and they’re fighting the wrong war. (For the full exposé I presented at the National Press Club last month, see my white paper, “Dangerous Unintended Consequences: How Banking Bailouts, Buyouts and Nationalization Can Only Prolong America’s Second Great Depression and Weaken Any Subsequent Recovery.”) But we’re not the only ones finding fatal flaws in official numbers and conclusions. John Williams of ShadowStats.com has been persistently doing so with the government’s official data on inflation and unemployment, among other key measures. His latest estimate of the true March unemployment rate in the United States: 19.8 percent! Hard to believe? Then consider the facts: 
Fact #1. Fatally Flawed Official Unemployment Number The U.S. government’s Bureau of Labor Statistics (BLS) shocked the world Friday with the release of its official, headline unemployment number: A surge from 8.1 percent to 8.5 percent. But it’s really a lot worse. This number (called “U-3″), although invariably cited by the press in the headlines, is the narrowest, most sugarcoated measure of U.S. joblessness: It excludes workers seeking full-time jobs, failing to find them, and then accepting part-time work that almost invariably pays far less. It excludes discouraged workers who have given up looking for jobs because they can’t find any. And, as if that wasn’t enough to color the truth, the BLS has been consistently and grossly understating the current unemployment numbers, not revising them until months later when fewer people are paying attention. Williams points out that: “The pattern of impossible biases being built into the headline monthly payroll employment continued with March 2009 reporting. Instead of the headline jobs loss of 663,000, consistent application of seasonal-adjustment factors would have shown a more-severe monthly jobs loss of about 750,000. This upside reporting bias has been seen in 11 of the last 12 months, with a rolling 12-month total upside headline-number bias of 1,345,000.” The proof: In every single one of its six most recent monthly payroll reports, the BLS has announced massive upward revisions in prior months’ job loss numbers — with five of those even exceeding its own guidelines for the acceptable margin of error (plus or minus 5 percent). Fact #2. Government Admits Some of the Flaws The government also publishes a broader measure of unemployment (”U-6″), which corrects some — but not all — of the above flaws.
This measure includes many discouraged and part-time workers, as it should. And, lo and behold, those adjustments alone add more than seven full percentage points to the unemployment rate! Instead of 8.5 percent unemployment, suddenly we see that we have 15.6 percent unemployment, according the government’s own admission. Instead of a recession, suddenly we see that we are already in a depression. Most importantly, rather than a government that recognizes the fundamental failure of its efforts over the years to pump-prime the economy — with abundant cheap money, huge federal deficits, and financial bailouts — we have a government that continues to pursue this same folly with ever greater zeal.
It’s the epitome of self-deception, leading to misguided policy and, ultimately, causing extreme hardships for nearly everyone, including unemployed officials themselves. Fact #3. Government Still Fails to Admit ALL of the Flaws Not only has the government excluded discouraged workers from its headline number, manipulating the public’s perception … it also distorts the way it measures discouraged workers. It’s a manipulation within a manipulation, which Williams explains as follows: “During the Clinton Administration, ‘discouraged workers’ — those who had given up looking for a job because there were no jobs to be had — were redefined so as to be counted only if they had been ‘discouraged’ for less than a year. This … defined away the bulk of the discouraged workers.”
In other words, if you’ve been a discouraged worker for less than a year, you are among those counted in the broader 15.6 percent unemployment rate the government revealed on Friday. But if you’ve been discouraged for more than a year, suddenly and magically, the government says you’re not “discouraged” any more. In BLS newspeak, you’re a non-discouraged, non-unemployed non-person. You don’t exist. Or maybe you just don’t get what the real definition of “is” is. By Williams’ and any reasonable person’s definition, though, you’re still unemployed. You still need a place to live and food to eat. And for Washington to make reasoned decisions, you still need to be counted. Result: Even the government’s broadest measure of unemployment — now at 15.6 percent — is grossly understated. The real figure, Williams estimates, is 19.8 percent. Depression-Level Unemployment!
And We’re Still Far From the Bottom! The peak unemployment rate in America’s First Great Depression was 25 percent. Trouble is, it’s hard to pinpoint how the measurements back then correspond to the various measures today. My view: Although the tools of official deception may have been less developed, the real unemployment rate in the 1930s was probably higher in those days as well — with many among the unemployed falling through the cracks and simply never counted. No matter what, the inescapable conclusions for today should be evident: - We are already in a depression. Based on the government’s own admission, we have high, double-digit unemployment. That clinches it.
- The economy’s decline still has a long way to go.Yes, on the eve of the BLS release last Friday, some people were starting to talk about a “possible bottom” in the economy — “maybe.” But that talk ended abruptly as soon as economists took one look at the release and realized the utter speed of the decline. As The New York Times explained on Saturday,
“The severity and breadth of the job losses in March — which afflicted nearly every industry outside of health care — prompted economists to conclude that an agonizing plunge in employment prospects was still unfolding.”
- The Obama stimulus package is too little, too late for the economy.“When drafting plans in January to spend roughly $800 billion to stimulate the deteriorating economy,” continues The New York Times, “the Obama administration operated on the assumption that the unemployment rate would reach 8.9 percent by the end of the year — without the extra federal spending. Three months into the year, the unemployment rate has already soared to 8.5 percent, from 7.6 percent, the highest level in more than a quarter-century.”
- The Obama stimulus package is too much, too soon for the bond market. With the economy weaker than expected, you’d think bond investors, who traditionally see a falling economy as the best antidote to inflation, would rejoice. Instead, they’re doing precisely the opposite. They know that the stimulus package is driving the federal deficit to an unheard-of $2 trillion. They know the Fed cannot cut rates below zero. And so they’re using every opportunity to sell. Result: Even Friday, when the shocking jobless release hit the newswires, bond investors dumped bonds, driving prices lower and yields higher.
- Government bonds are the next big shoe to fall in this giant debt crisis. I don’t mean the government will default on its debt. What I’m referring to is the market prices of medium- and long-term government bonds. They’re already falling sharply, driving long-term rates higher. As the Treasury rushes to finance its recent bailout frenzy, expect that trend to accelerate.
My Recommendations First of all, take official information with a grain of salt … plus some hot jalapeños, horse radish, and wasabi. Don’t rely on government numbers and Wall Street ratings — let alone pronouncements from on high that “our capital is strong,” “the crisis is contained,” “the market has turned,” or “the recovery is near.” You’ve heard all that same happy talk once too often. You know what the final outcome was. You also know the dangers of believing it. Second, it’s OK to look at government data, provided you weigh it against objective, independent sources outside of the government.
If you’re serious about tracking unemployment, inflation, the money supply, and other critical numbers, subscribe to www.ShadowStats.com. John Williams and I have no business relationship, and he doesn’t even know I’m recommending him to you. But every time you get a government release on these critical numbers, you had better also get Williams’ monthly issues and flash alerts with his estimates of the real numbers. Third, don’t miss today’s deadline to register for my big event tomorrow at noon Eastern Time. In this one-hour video briefing online, I will give you the tools to help you erase your debt, secure your income, insulate your investment portfolio, sell or keep your home, and then use this crisis as an opportunity to actually build your wealth.
And due to some unusual steps I will announce then, this event will be a seminal moment in my life, in the life of my company, and, possibly, yours as well. I hope and trust you can be there with me. For more info, click here. Or to activate your free registration — before our registration page shuts down for good later today — click here. Good luck and God bless! Martin
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This investment news is brought to you by Money and Markets. Money and Markets is a free daily investment newsletter from Martin D. Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Dr. Weiss is a leader in the fields of investing, interest rates, financial safety and economic forecasting. To view archives or subscribe, visit http://www.moneyandmarkets.com.
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| Posted 2009-04-06 11:12 AM (#10876 - in reply to #10722) By: gcsteven
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June 5, 2009 How is 9.4 % Unemployment a 'Good' thing for markets? And is it realy 9.4 %?
OPA News Release: [06/05/2009]
Contact Name: Jennifer Kaplan
Phone Number: (202) 693-5052
Release Number: 09-0644-NAT Statement of U.S. Labor Secretary Hilda L. Solis on May 2009 employment numbersWASHINGTON — U.S. Secretary of Labor Hilda L. Solis issued the following statement on the May 2009 Employment Situation report released today: "This past May, our economy lost 345,000 jobs, bringing the total number of jobs lost since this recession began to 6 million. The overall unemployment rate increased to 9.4 percent. "Americans all across the country continue to face adversity during this economic downturn. Today's findings continue to illustrate and underscore the needs of working families. That struggle is the single-most important focus of this administration. "We continue to move swiftly and aggressively to protect workers who have lost their jobs, to provide new training opportunities, to assist workers in upgrading their skills and to open new employment in emerging sectors such as green jobs and health information technology. "To underscore our commitment, the Department of Labor has moved aggressively to implement the Recovery Act by providing nearly $3 billion in formula grants to states and local governments for employment and training activities directed to adults, youth and dislocated workers; $1.3 billion in unemployment insurance modernization incentive funds to 18 states and the District of Columbia; and $120 million in funds for services to low-income seniors. We have provided states with funds to pay extra weeks of unemployment benefits for an extended period of time; increased benefits checks by an extra $25 per week; and given $500 million to states to help them administer unemployment insurance benefits and re-employment services. "We are beginning to see signs of the recovery taking hold as the comprehensive plan of the Obama Administration continues to reach more and more Americans. There are signs in this report that Recovery Act programs are beginning to moderate the fall in jobs. For example, the stimulus tax cuts seem to be helping to stabilize employment in the retail and service sectors. "We continue to be concerned about the high level of unemployment, especially for those who have been out of work an extended period of time. We are working to make sure these workers continue to have access to unemployment insurance benefits and job training opportunities. These efforts underscore our top priority to rebuild the economy to get people back to work. "We are facing extraordinary challenges, but Americans are resilient and no stranger to adversity. After meeting with workers all across this country, I am even more confident that we can meet these challenges with the same resilient attitude and commitment to innovation that has characterized our country throughout its history." # # #
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| Posted 2009-06-05 8:41 AM (#15525 - in reply to #10876) By: gcsteven
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Some Happy Fathers Day!? - June 19, 2009
Unemployment of 10% Spreads, Risking U.S. Recovery (Update1) By Shobhana Chandra June 19 (Bloomberg) -- More than one-quarter of American states now have unemployment rates higher than 10 percent, and all but two saw a further job-market deterioration in May. Tennessee and Indiana joined the rank of states, now 13, that have jobless rates exceeding 10 percent, and eight states - - including California, Florida and Georgia -- reached their highest level of joblessness in May since records began in 1976, the Labor Department reported today in Washington. The figures make it likely President Barack Obama, whose home state of Illinois also passed 10 percent for the first time since 1983, was correct this week in forecasting the national unemployment rate will reach that level this year. With no region escaping the rout, consumers across the country will probably curtail their spending, preventing any boom out of the deepest recession in half a century, analysts said. “It’s tough everywhere,” said Mark Vitner, a senior economist at Wachovia Corp. in Charlotte, North Carolina. “Nobody’s really been spared.” The biggest increases in unemployment will be in states most dependent on manufacturing, construction and financial services, he said. For the country, “unless hiring magically picks up, a 10 percent unemployment rate is pretty much baked in,” Vitner said. Read more, .. http://www.bloomberg.com/apps/news?pid=20601087&sid=azM2RehwDv_c
Edited by gcsteven 2009-06-19 11:46 AM
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| Posted 2009-06-19 11:45 AM (#16606 - in reply to #15525) By: gcsteven
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News Release; September 4, 2009 - for August 09' OPA News Release: [09/04/2009]
Contact Name: Sonia Melendez
Phone Number: (202) 693-4672
Release Number: 09-1100-NAT Statement of U.S. Secretary of Labor Hilda L. Solis on August employment numbersWASHINGTON —Secretary of Labor Hilda L. Solis issued the following statement on the August 2009 Employment Situation report issued today: "This past August, the economy lost 216,000 jobs — fewer than what most experts expected. The overall unemployment rate is now 9.7 percent. Last month's jobs loss is an improvement from the average 700,000 jobs our economy was losing every month when this administration took office, but is still by no means acceptable. "These numbers are a sobering reminder that our economic conditions continue to cause pain for many Americans and that families are having a difficult time simply covering their daily necessities, much less planning for the future. "At the Department of Labor, one of our principal goals is to help those people that have lost their jobs until there is a full recovery that includes sustained job growth. With that goal in mind, we have acted quickly to protect workers by extending the number of weeks available for unemployment insurance and increasing the monthly benefit amount by an extra $25 a week. We also have strengthened our social safety net by subsidizing 65 percent of COBRA premiums so that the unemployed can more easily access health insurance. "At the same time, we are moving swiftly to provide new training opportunities for workers. We are investing nearly $4 billion in federal Recovery Act funds in training workers through the local workforce system. This includes $220 million for training and placement in high growth and emerging industry sectors like health care. It also includes $500 million for green jobs training, which will not only help jumpstart our economy, but also lay the foundation for our long-term competitiveness and reduce our dependence on foreign oil. "We are not only providing sound investments for American workers, the Recovery Act has provided much needed aid to states and has spurred work on shovel-ready projects. Yesterday marked the 200-day milestone of the Recovery Act, and Vice President Biden announced that all 10 agencies met or exceeded their commitments in our roadmap to recovery. "The results show that we are keeping and creating jobs for America's workers. The Department of Education kept more educators in our schools — meeting its goal of funding more than 135,000 education positions across the nation. The Department of Justice put more officers in our communities — funding 4,699 law enforcement officers' salaries and benefits for three years. And at the Department of Labor, we exceeded our goal and placed more than 225,000 young men and women in summer youth jobs. "The recession has done more damage than could have ever been fixed in a half a year. And as we enter the Labor Day weekend, a time to mark the contributions that American workers make to the strength, health and prosperity of our nation, we need to remember that the Recovery Act is helping to pull our economy back from the brink. We still have a long way to go until we can say that the economy is back on track and everyone has access to a good job, but I am confident that we will reach that goal. And I will make sure that the Department of Labor is standing by, supporting workers every step of the way." # # #
Edited by gcsteven 2009-09-04 9:37 AM
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| Posted 2009-09-04 9:35 AM (#21950 - in reply to #16606) By: gcsteven
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Not Enough Work to Go Around This Labor Dayby Mike Larson 09-04-09 Home prices have plunged so far that buyers are tentatively stepping back into the housing market again … And government largesse in the form of “Cash for Clunkers” giveaways has helped spur a rebound in auto sales … But one major obstacle to a truly widespread economic recovery remains: Jobs! Without gainful employment, you can be as earnest as all get out. You still aren’t going to be the catalyst for a powerful rebound. And unfortunately, all too many Americans just can’t find work. The evidence? It’s all around us … Elevated Claims … Ongoing Job Losses …
Rising Long-Term Unemployment …
All Plaguing the U.S. Economy! In the week ending August 29: 570,000 Americans filed for first-time jobless benefits. The number of Americans who had previously filed and still remain on the jobless rolls was 6.234 million. While those numbers are down somewhat from their March highs, they’re far, far above what would be considered normal. The average reading for initial claims over the past 42 years is just under 360,000.  | | Too many Americans just can’t find work. |
Then there’s this week’s report from ADP Employer Services. It showed the economy shedding another 298,000 jobs in August. While that was down from 360,000 a month earlier, it also marked the 19th straight month we’ve lost jobs as a nation. The cumulative tally: Almost 6.9 million jobs down the drain! Or how about the Federal Reserve’s own analysis? The minutes of the Federal Open Market Committee’s August 12 meeting were released this Wednesday. Officials expressed worry about job market conditions across the board, saying: “Labor market conditions remained of particular concern to meeting participants … “Job losses remained sizable … “Long-term unemployment and permanent separations continued to rise.”
And … “The unusually large fraction of those who were working part time for economic reasons and the unusually low level of the average workweek, combined with indications from business contacts that firms would resist hiring as sales and production turn up, also pointed to a period of modest job gains.”
Bottom line: All the multi-billion dollar bailouts, bank rescues, Fat Cat handouts, and other aid efforts from Washington have succeeded in buoying stocks and credit markets … But they haven’t created jobs!  | | Remember the more than 6 million out-of-work Americans the next time you hear politicians bloviate about “green shoots” in the economy. |
Or in plain English, the gains haven’t filtered down from Wall Street to Main Street. The Implications … Anyone looking for a powerful U.S. economic recovery is likely to be severely disappointed. And anyone expecting huge gains from risky assets will likely be disappointed, too. You almost have to caveat any positive sentiments you share and trends you highlight … - Yes, home sales are stabilizing. But they’re doing so at a low level and only because bargains abound.
- Yes, the acute phase of the economic crisis is behind us. But the long-term problems of dud loans, bad assets, and bank failures live on.
- Yes, you can get rallies in risky assets when the Fed and Treasury are handing out money like candy on Halloween. But true fundamental improvement is hard to come by here in the U.S., even as overseas rebounds seem more concrete.
So as we head into this Labor Day weekend, remember just how many Americans, unfortunately, still can’t find work. And keep it in mind the next time the politicians blather on about “green shoots.” Until next time, Mike
About Money and Markets For more information and archived issues, visit http://www.moneyandmarkets.com This investment news is brought to you by Money and Markets. Money and Markets is a free daily investment newsletter from Martin D. Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Dr. Weiss is a leader in the fields of investing, interest rates, financial safety and economic forecasting. To view archives or subscribe, visit http://www.moneyandmarkets.com.
Jobs, Jobs, Jobs,... vs. Ownership, Ownership, Ownership,..
America, Own or be Owned. 'Expand Capital Ownership Now'. -CESJ | |
| Posted 2009-09-04 9:48 AM (#21951 - in reply to #21950) By: gcsteven
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The problem with the idea of focusing on jobs, jobs, jobs, is that it's been done before, and has never worked. Unless a "job" results in the production of a good for service for which there exists actual demand, it is simply a convoluted way of redistributing existing wealth. If done through the tax system, "job creation" takes money from producers directly and bestows it on non-producers. If done by deficit spending, "job creation" transfers value from savers to non-savers via the "hidden tax" of inflation.
The latest "economic stimulus" bill, proposed by the Democrats, is reportedly a plan to spend nearly $1 trillion principally on "job creation." ("House Democrats propose $825 billion stimulus bill," Associated Press, 01/15/09) Assuming that the money doesn't get diverted into parties for executives of failed companies or used to purchase "toxic assets" resulting from decisions that would have gotten lesser mortals fired or jailed, the proposal would result in transferring $825 billion from the "haves" and giving it to the "have-nots," thereby reversing their roles, and justifying another program of redistribution to level things out yet again (with adequate compensation for the politicians and bureaucrats running the programs, as well as their friends, of course).
There is a much better way to turn "have-nots" into "haves," however — and without the necessity of wasting time, energy, and resources on massive redistribution programs or the injustice of stealing from some to give to others. It's called "Capital Homesteading for Every Citizen," from the book with the same title. Instead of trying to figure out ways to redistribute wealth, the legislature (both Democrats and Republicans) should be working to implement a sound program that opens up equal opportunity for everyone to participate in the economic process, as workers and owners, to say nothing of wage-earners and dividend recipients, and (most important of all), voters who elect public officials and members of the boards of directors for the companies in which they work and share ownership.
As we noted yesterday, a Capital Homestead Act has the best chance of achieving these goals that are completely unrealistic from within the current Keynesian economic paradigm. Still, even a Keynesian should be able to recognize the potential of a national economic program based on the binary growth model of Louis Kelso and Mortimer Adler, designed to lift barriers in the present financial and economic system and universalize access to the means of acquiring and possessing capital assets. A Capital Homestead Act would allow every man, woman and child to accumulate in a tax-sheltered Capital Homestead Account, a target level of assets sufficient to generate an adequate and secure income for that person without requiring the use of existing pools of savings or reductions in current levels of consumption.
If the economic principle, the means to what you strive, is flawed,… so will its end be. John Maynard Keynes is flawed. (Period)
"There is only one revolution tolerable to all men, all societies, all political systems: Revolution by design and invention." – R Buckminster Fuller “You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” —R. Buckminster Fuller | |
| Posted 2009-09-04 10:26 AM (#21952 - in reply to #21951) By: gcsteven
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Jobless rate at 9.7 pct.; 216K jobs lost in AugUnemployment rate rises to 9.7 percent in August, highest level in 26 years; 216,000 jobs lost - By Christopher S. Rugaber, AP Economics Writer
- On Friday September 4, 2009, 1:11 pm EDT
WASHINGTON (AP) -- The unemployment rate jumped almost half a point to 9.7 percent in August, the highest since 1983, reflecting a poor job market that will make it hard for the economy to begin a sustained recovery. Related Quotes| Symbol | Price | Change |
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While the jobless rate rose more than expected, the economy shed a net total of 216,000 jobs, less than July's revised 276,000 and the fewest monthly losses in a year, according to Labor Department data released Friday. Economists expected the unemployment rate to rise to 9.5 percent from July's 9.4 percent and job reductions to total 225,000. By contrast, in a healthy economy, employers need to add a net total of around 125,000 jobs a month just to keep the unemployment rate stable. "It's good to see the rate of job losses slow down," said Nigel Gault, chief U.S. economist at IHS Global Insight. But "we're still on track here to hit 10 percent (unemployment) before we're done." The rise in the jobless rate was largely due to the government finding that the number of unemployed Americans jumped by nearly 500,000 to 14.9 million, while 73,000 people joined the civilian labor force. Those figures are from a different survey than the report on total job cuts. The civilian labor force usually grows as a recession winds down and optimism about finding work grows. But as long as Americans remain anxious about their jobs, consumer spending isn't expected to rise enough to power a rebound. "There isn't the underlying fuel there for strong consumer spending growth," Gault said. Instead, most of the current rebound in the economy stems from auto companies and other manufacturers restocking inventories, which have plummeted as factories and retailers have sought to bring goods more in line with reduced sales. Few economists think that can provide the basis for a sustainable recovery. Gault forecasts the economy will grow at a 3.7 percent clip in the current July-September quarter, but expects that to fall to 2.4 percent by the fourth quarter and 2 percent in the first quarter next year. Analysts expect businesses will be reluctant to hire until they are convinced the economy is on a firm path to recovery. Many private economists, and the Federal Reserve, expect the unemployment rate to top 10 percent by the end of this year. Continue http://finance.yahoo.com/news/Jobless-rate-at-97-pct-216K-apf-25032... | |
| Posted 2009-09-04 10:45 AM (#21953 - in reply to #21952) By: marchingon
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'U-6' by: Donald Marron September 04, 2009 Today’s jobs report didn’t deliver any real surprises. The number of payroll jobs fell by 216,000 in August, slightly less than expectations, but revisions to earlier months subtracted an additional 49,000 jobs. The unemployment rate rose to 9.7%, more than expected and consistent with the consensus view that unemployment will exceed 10% in coming months. In short, we are still losing jobs, but at a much slower pace than earlier in the year. Looking further into the details, there are two things I’d highlight. First, the U-6 measure of unemployment, which includes workers who are discouraged or working part-time for economic reasons, increased even more than the regular unemployment rate, rising from 16.3% to 16.8%: 
Second, unemployment among teenagers in August was the highest ever recorded. More than 25% of teenage workers were unemployed in August, topping the previous peak of 24.1% set in late 1982: 
Teenage unemployment jumped sharply from July to August, rising from 23.8% to 25.5%, an increase of 1.7 percentage points. In comparison, unemployment among adult men increased by “only” 0.3 percentage points and among adult women by 0.1 percentage point. I predict that the econo-blogosphere will feature some healthy debate about whether the sharp increase among teenagers has anything to do with the most recent increase in the minimum wage that went into effect toward the end of July (and, therefore, after the July unemployment data were collected). As you would expect, teenagers are more likely to earn the minimum wage than are adult workers. If the latest minimum wage increase had immediate, negative effects on employment, you might therefore expect to see it among teenagers. On the other hand, the chart shows that teenage unemployment can be quite volatile from month to month; as a result, analysts should be humble about what they can infer from the changes observed during a single month. Moreover, teenage unemployment has been rising rapidly throughout the downturn, which may reflect the intensity of the economic weakness rather than a series of increases in the minimum wage. My advice: Before accepting or rejecting the idea that the recent minimum wage hike has hurt teen employment, wait to see whether any enterprising economists come up with compelling data that go beyond the month-to-month pattern. For example, it would be interesting to see comparisons among states. Some states had minimum wages above the federal level, and thus were unaffected by the recent increase. Read more and comments,.. http://seekingalpha.com/article/160019-no-surprises-unemployment-still-rising
"Labor Day" vs. "Ownership Day" "Too much capitalism does not mean too many capitalists, but too few capitalists." -- GK CHESTERTON
Edited by gcsteven 2009-09-04 11:16 AM
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| Posted 2009-09-04 11:12 AM (#21954 - in reply to #21953) By: gcsteven
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 THE EMPLOYMENT SITUATION ←Link- SEPTEMBER 2009
Nonfarm payroll employment continued to decline in September (-263,000), and
the unemployment rate (9.8 percent) continued to trend up, the U.S. Bureau of
Labor Statistics reported today. The largest job losses were in construction,
manufacturing, retail trade, and government.
Household Survey Data
Since the start of the recession in December 2007, the number of unemployed
persons has increased by 7.6 million to 15.1 million, and the unemployment
rate has doubled to 9.8 percent. (See table A-1.)
Unemployment rates for the major worker groups--adult men (10.3 percent),
adult women (7.8 percent), teenagers (25.9 percent), whites (9.0 percent),
blacks (15.4 percent), and Hispanics (12.7 percent)--showed little change
in September. The unemployment rate for Asians was 7.4 percent, not season-
ally adjusted. The rates for all major worker groups are much higher than
at the start of the recession. (See tables A-1, A-2, and A-3.)
Among the unemployed, the number of job losers and persons who completed
temporary jobs rose by 603,000 to 10.4 million in September. The number of
long-term unemployed (those jobless for 27 weeks and over) rose by 450,000
to 5.4 million. In September, 35.6 percent of unemployed persons were job-
less for 27 weeks or more. (See tables A-8 and A-9.)
The civilian labor force participation rate declined by 0.3 percentage point
in September to 65.2 percent. The employment-population ratio, at 58.8 per-
cent, also declined over the month and has decreased by 3.9 percentage points
since the recession began in December 2007. (See table A-1.)
In September, the number of persons working part time for economic reasons
(sometimes referred to as involuntary part-time workers) was little changed
at 9.2 million. The number of such workers rose sharply throughout most of
the fall and winter but has been little changed since March. (See table A-5.)
About 2.2 million persons were marginally attached to the labor force in
September, an increase of 615,000 from a year earlier. (The data are not sea-
sonally adjusted.) These individuals were not in the labor force, wanted and
were available for work, and had looked for a job sometime in the prior 12
months. They were not counted as unemployed because they had not searched for
work in the 4 weeks preceding the survey. (See table A-13.)
Among the marginally attached, there were 706,000 discouraged workers in
September, up by 239,000 from a year earlier. (The data are not seasonally
adjusted.) Discouraged workers are persons not currently looking for work
because they believe no jobs are available for them. The other 1.5 million
persons marginally attached to the labor force in September had not searched
for work in the 4 weeks preceding the survey for reasons such as school
attendance or family responsibilities.
Establishment Survey Data
Total nonfarm payroll employment declined by 263,000 in September. From May
through September, job losses averaged 307,000 per month, compared with los-
ses averaging 645,000 per month from November 2008 to April. Since the start
of the recession in December 2007, payroll employment has fallen by 7.2 mil-
lion. (See table B-1.)
In September, construction employment declined by 64,000. Monthly job los-
ses averaged 66,000 from May through September, compared with an average of
117,000 per month from November to April. September job cuts were concen-
trated in the industry's nonresidential components (-39,000) and in heavy
construction (-12,000). Since December 2007, employment in construction has
fallen by 1.5 million.
Employment in manufacturing fell by 51,000 in September. Over the past 3
months, job losses have averaged 53,000 per month, compared with an average
monthly loss of 161,000 from October to June. Employment in manufacturing
has contracted by 2.1 million since the onset of the recession.
In the service-providing sector, the number of jobs in retail trade fell by
39,000 in September. From April through September, retail employment has
fallen by an average of 29,000 per month, compared with an average monthly
loss of 68,000 for the prior 6-month period.
Government employment was down by 53,000 in September, with the largest
decline occurring in the non-education component of local government
(-24,000).
Employment in health care continued to increase in September (19,000), with
the largest gain occurring in ambulatory health care services (15,000).
Health care has added 559,000 jobs since the beginning of the recession,
although the average monthly job gain thus far in 2009 (22,000) is down from
the average monthly gain during 2008 (30,000).
Employment in transportation and warehousing continued to trend down in
September. The number of jobs in financial activities, professional and
business services, leisure and hospitality, and information showed little
or no change over the month.
In September, the average workweek for production and nonsupervisory workers
on private nonfarm payrolls edged down by 0.1 hour to 33.0 hours. Both the
manufacturing workweek and factory overtime decreased by 0.1 hour over the
month, to 39.8 and 2.8 hours, respectively. (See table B-2.)
In September, average hourly earnings of production and nonsupervisory
workers on private nonfarm payrolls edged up by 1 cent, or 0.1 percent, to
$18.67. Over the past 12 months, average hourly earnings have risen by 2.5
percent, while average weekly earnings have risen by only 0.7 percent due
to declines in the average workweek. (See table B-3.)
The change in total nonfarm payroll employment for July was revised from
-276,000 to -304,000, and the change for August was revised from -216,000
to -201,000.
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| Posted 2009-10-02 9:36 AM (#24521 - in reply to #21950) By: gcsteven
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http://www.flickr.com/photos/secret_canadian/2657017427/
Title: times + coffee By: sarah sosiak at
http://www.flickr.com/photos/secret_canadian/
Terms of Use: Attribution - Non-Commercial Generic 2.0
http://creativecommons.org/licenses/by-nc/2.0/deed.en | |
| Posted 2009-10-02 2:46 PM (#24571 - in reply to #24521) By: Savvy
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Transmission of material in this release is embargoed USDL-09-1331
until 8:30 a.m. (EST) Friday, November 6, 2009
Technical information:
Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps
Establishment data: (202) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces
Media contact: (202) 691-5902 * PressOffice@bls.gov
THE EMPLOYMENT SITUATION -- OCTOBER 2009
The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm
payroll employment continued to decline (-190,000), the U.S. Bureau of Labor
Statistics reported today. The largest job losses over the month were in con-
struction, manufacturing, and retail trade.
Household Survey Data
In October, the number of unemployed persons increased by 558,000 to 15.7
million [The meaning of one]. The unemployment rate rose by 0.4 percentage point to 10.2 percent,
the highest rate since April 1983. Since the start of the recession in
December 2007, the number of unemployed persons has risen by 8.2 million,
and the unemployment rate has grown by 5.3 percentage points. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (10.7 per-
cent) and whites (9.5 percent) rose in October. The jobless rates for adult
women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and
Hispanics (13.1 percent) were little changed over the month. The unemployment
rate for Asians was 7.5 percent, not seasonally adjusted. (See tables A-1,
A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) was
little changed over the month at 5.6 million. In October, 35.6 percent of
unemployed persons were jobless for 27 weeks or more. (See table A-9.)
The civilian labor force participation rate was little changed over the month
at 65.1 percent. The employment-population ratio continued to decline in
October, falling to 58.5 percent. (See table A-1.)
The number of persons working part time for economic reasons (sometimes refer-
red to as involuntary part-time workers) was little changed in October at 9.3
million. These individuals were working part time because their hours had been
cut back or because they were unable to find a full-time job. (See table A-5.)
About 2.4 million persons were marginally attached to the labor force in October,
reflecting an increase of 736,000 from a year earlier. (The data are not sea-
sonally adjusted.) These individuals were not in the labor force, wanted and
were available for work, and had looked for a job sometime in the prior 12 months.
They were not counted as unemployed because they had not searched for work in
the 4 weeks preceding the survey. (See table A-13.)
Among the marginally attached, there were 808,000 discouraged workers in October,
up from 484,000 a year earlier. (The data are not seasonally adjusted.) Dis-
couraged workers are persons not currently looking for work because they believe
no jobs are available for them. The other 1.6 million persons marginally attached
to the labor force in October had not searched for work in the 4 weeks preceding
the survey for reasons such as school attendance or family responsibilities. Does anyone know how I can become marginally attached (dettached) from this system of 'Destruction, built on Corruption'.. ??? I think we all need to go on an Alan Keyes diet, of moral fiber.
Also see this at AIPnews,.. Congress extends Unemployment benefits,.. | |
| Posted 2009-11-06 6:38 AM (#27462 - in reply to #24521) By: gcsteven
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