Skip to comments.June Payrolls +195K Much Higher Than Expected (7.6%); Underemployment Rate Soars To 14.3%
Posted on 07/05/2013 5:36:41 AM PDT by Perdogg
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“Yup...some of that is what this is, the full-time job splits from business coping with 0bamacare.”
Exactly. We’re hanging on by our fingertips at my company. No one, aside from the few full time people, is allowed more than 29 hours of work per week.
Scheduling is a total PITA and part time personnel are mad as hell.
Obama will be gone soon. Let’s call it what it really is:
DemCare or DemocratCare
Obama didn’t write this or pass it on his own. The entire Democratic Party was waiting for this, blew it at HilaryCare and it was reborn as Obamacare.
What do those two and the Senators and Congressmen who passed the ACA all have in common?
422,000 jobs were “estimated” into existence in June via the Birth/Death Model.
Today, businesses are not replacing people who die or retire. They’re cutting back instead. These jobs do not exist.
This is how they come up with the numbers. They assume the number of people that “should” be hired in a booming economy and add that to the numbers, rather than count the real number actually hired.
These numbers mean nothing. Take away all the fictitious numbers, add those grossly underemployed or unemployed, and this country is in big, BIG trouble.
I think you have that exactly right. certainly where I work the pattern for years has been not to replace retirees. I work for a large defense contractor with so many people there are retirements everyday.
the problem is, in this Orwellian country we live in, the government and the media will be misrepresenting the actual facts, so it will seem to you few people have jobs, but they’ll keep reporting 7.6.
Would have liked to see participation rate on the graph. Nonfarm employment is distorted without inputs to labor.
Yes, estimates vary from about 125K to just over 250K.
"During the 41 months from January 2010 to May 2013, there were 19 months where the unemployment rate declined. On average, 179,000 jobs were created in those months. The median job creation during those months was 166,000."
Initial hopes that the number of furlough days could be reduced have largely been dashed. Instead, talk is focused more on how to slash spending in 2014. The department can only force workers to take 22 furlough days per year, thus the need for possible layoffs.
Iowahawk on this:
“Unemployment report in a nutshell: the Taco Bell that had 30 40 hour workers now has 40 30 hour workers.”
Well played. It’s only labeled 45-grams. It’s hollow.
You can see the participation rate in the chart I posted in 41. I can add it to the FactSet chart you replied to but it won’t be until late next week when I get back to my office.
From the chart in 41 we have round tripped participation rate to where it was in the early 80’s. a lot of the decline is demographics but a lot is structural weakness. I think I posted here a tweet from AEI economist who sai using the Goldman Sachs participation model accounting for demographics that the unemployment rate is really 9.1%.
Everyone that is anyone knows America's in trouble. Am I better off than I wuz 5 years ago? Hell no.
I hope they dont count Federal, State, and local government employees as employed. A) They produce nothing, B) They consume what others produce. Every such employee should count twice as unemployed.
But, but...WHO WILL BUILD THE ROADS? *SMIRK* :)
How about some numbers that get reported but don’t usually make the news, social security contributions. I know they are reported and I would think these numbers would say a lot about the level being reported this last quarter vs quarters in the past. Even taking into consideration pay raises, I bet the number is lower now than Bush years.
They called these part-time jobs “summer jobs” when I was young. This economy is in a downward spiral because employment opportunities which were plentiful only 5-6 years ago are disappearing today.
People today cling to their jobs (if they are lucky enough to have a job) for dear life. That is unless you happen to work in Washington, DC; then, you are living in a boom-town with the taxpayers’ money as an unlimited financial resource. That is why our Federal government is the largest single employer in the world.
The Soviet Union had 100% employment because you belonged to and therefore worked for the state whether you wanted to or not.
We’re good. Obama can do his campaign thing around the world now. No worries.
What scared me to learn was what happen to the mainframe people after y2k..
I’m afraid you are right...
Yes and they almost always revise downward.
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