Posted on 03/05/2010 12:22:20 AM PST by bruinbirdman
When the Labor Department releases February’s unemployment numbers Friday morning, don’t expect the news to be so good. Do expect there to be plenty of hot air in Washington over how the numbers should be interpreted.
The unemployment situation last month contains an anomaly, dubbed by many on the East Coast as the “Snowpocalypse.” Twin blizzards struck the Mid-Atlantic early in the month and the New York area got walloped with a snowstorm in the final days of February. Bad weather that shutters businesses and halts hiring can obscure jobs data.
In a research note Thursday, Ian Shepherdson, chief U.S. economist at High Frequency Economics, predicts a 9.9% unemployment rate for February, up from 9.7% in January. Hiring for the 2010 Census will create about 50,000 jobs, he says, but this number will be more than offset by a drop in payrolls of about 150,000, in part due to the blizzards.
According to Peter Morici, a business professor at the University of Maryland, the consensus forecast is for fewer job losses--about 50,000--but he still estimates unemployment will trend upward, to 9.8%. Adding in discouraged workers and part-timers who want full-time work, that number is about 16.5%, Morici says.
Bad weather or not, it doesn’t take a market expert to figure out that the employment situation in the United States is in a rut. And that’s bad news for lawmakers on Capitol Hill. Look for Democrats to blame the most recent numbers on the weather. Republicans might concede that snowstorms may have been a factor in the February numbers, but they’ll also blame Democrats for not doing enough to lower the unemployment rate.
Members of Congress--particularly Democrats--are keenly aware that if they don’t do something to lower unemployment, they, too, might be out of a job by November, after mid-term elections
(Excerpt) Read more at blogs.forbes.com ...
Calif Govt: 10 pct unemployment.
Calif Truth: 20 pct unemployment.
Who you going to believe, your Govt? Or your lying eyes?
I don't see any help wanted signs.
I see empty buildings, the one industry that you would think is recession proof Grocery Stores are complaining that people on shop for specials. Recovery my ass.
I ain’t never seen so many poor beggars in my life, I do believe we are going 3rd World status, THanks Democrats!...
The sheeple will believe this without a problem, after all, they believe that government can “create jobs”.
They are really going to blame the bad job numbers on snowstorms??? ROTFLMAO!
America once was unique in all the history of the world. Its essence was having an abundance of something rarely found in other countries: freedom from government.
This was the key to our prosperity.
The real shame is that at one time an American citizen could produce from their home: garden surplus, home bakery goods, different items for sale.
Now with zoning and so many laws both state and federal in place, you can’t. Try making goods in your kitchen for sale and see how far you get.
Strawboss: Awright, youze guys. It’s snowing out, dangit! I’ll need to throw 20 of youze guys out on da streets. I might rehire youze guys in summer, unless da sun is out and it’s too sunny.
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