Posted on 08/04/2010 6:52:44 AM PDT by SeekAndFind
WOW!
42K jobs added.
That means we’re only 12 million jobs in the hole.......
Still losing ground big time. An average of 100,000 newly graduated high school and college graduates workers enter the job market each month.
Here’s what’s happening:
During the past two years, many housekeeping spouses and young adult children have been entering or re-entering the labor force They are taking jobs at low wages which, together with extended unemployment benefits, are enabling families to eke by.
Net job creation, today, may be a wash or slightly negative or positive. But, this is in combination with pay rates staying flat or actually declining. This combination does not indicate strength in the economy. Rather, it indicates continued weakness.
It depends on how many are counted as looking for work and unable to find it.
That’s why when you read or hear about “discouraged workers” - if they were counted in, which they are not - who are not looking for work because they gave up at least for the time being, you will be told that the real unemployment rate is more than DOUBLE the official rate.
Unemployment rate = size of workforce (number actively seeking work) over the number of people actually working in jobs. Example: 15,000,000/100,000,000 would equal an UR of 15%.
Oh joy joy! 42,000 jobs. Big whoop. I remember under Bush when from 250,000 to 500,000 jobs were added and the media downplayed it.
Compared to 475,000 LOST jobs. But of course, Al Reuters will not tell you that.
42,000 added in July.
19,000 added in June.
That about 61,000 in TWO MONTHS.
Yet, the WEEKLY new jobless claims have exceeded 400,000 during those months (and other months).
At that rate, we see 61,000 new jobs but over 3,200,000 job losses in the same period.
That should be considered EPIC FAIL.
Just want to understand -— Jobs are created and destroyed all the time.
I understand that first time jobless claims have hardly gone below 450,000 every week since the great recession... the question is -— how many new jobless claims a week were being filed during the Bush years ? ( say 2003 to 2006 ) ?
Posted to quickly:
“The number of planned layoffs at U.S. firms rose 6 percent in July, marking the third straight month of increased layoffs.
Employers announced 41,676 planned job cuts last month, up from 39,358 in June, according to the report from global outplacement consultancy Challenger, Gray & Christmas, Inc.
Job losses have increased every month since falling to a seven-year low of 38,326 in April. “
What was the unemployment rate each year during the Bush years?
New claim filings ALONE does not tell the story. People can file claims then quickly find other employment. Whereas today many millions have been unemployed for many months and in cases, several years...
But I’m sure you know that...
You can only view this as a disaster.
The economy has to add a minimum of 150,000 a month just tread water and get back to a level we had before 2007.
We really need a minimum of 250,000 for the next 5 years to recover from 2000 and tech bust and that would mean a GDP of at least 8% a year to do that.
Obama and his policies are a complete failure and the outlook is worse not better.
The “Pumpers” on MSNBC and others are making this look like it’s something but it Ain’t!!!!!!!!!!!!!
Wait till all those with the new extended unemployment benefits are counted again, the rate will go past 9.5 and hit 10%, add to that the new unemployment from the Gulf and we are on our way to 11%.
RE: The economy has to add a minimum of 150,000 a month just tread water and get back to a level we had before 2007
I told exactly the same thing to my liberal friends. Their response : “Unemployment is a LAGGING INDICTOR. Give it time and be patient. Good things don’t just happen overnight”.
2 million homes in forclosure!
90,000 homes approved for modification!!
4.5% decrease in foclosures!!!!!
(please ignore facts to the contrary)
Bush inherited a recession from Clinton and then 9-11 hit.
Check out the UR after Bush had been in office for 18 mos. just like Obama has been in office for 18 mos.
It was 5.7%.
Oh, for those good ol’ days...
And Zippy drove the magnificent Volt 10 whole feet. I guess that’s a start, too.
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