Posted on 07/14/2009 6:38:17 PM PDT by reaganaut1
In California and a handful of other states, one out of every five people who would like to be working full time is not now doing so.
It is a startling sign of the pain that the Great Recession is inflicting, and it is largely missed by the official, oft-repeated statistics on unemployment. The national unemployment rate has risen to 9.5 percent, the highest level in more than a quarter-century. Yet it still excludes all those who have given up looking for a job and those part-time workers who want to be working full time.
Include them — as the Labor Department does when calculating its broadest measure of the job market — and the rate reached 23.5 percent in Oregon this spring, according to a New York Times analysis of state-by-state data. It was 21.5 percent in both Michigan and Rhode Island and 20.3 percent in California. In Tennessee, Nevada and several other states that have relied heavily on manufacturing or housing, the rate was just under 20 percent this spring and may have since surpassed it.
Almost nobody believes that unemployment has finished rising, either. On Tuesday, President Obama said he expected it to “tick up for several months.”
It’s fair to say, then, that the downturn is moving into a new stage. It has already been through three: the prologue, when credit markets began to quiver in 2007; the big shock, when the collapse of Lehman Brothers, in September 2008, led into almost six months of terrible economic news; and the stabilization, when the news became more mixed.
(Excerpt) Read more at nytimes.com ...
The U6 is over 16% unemployed.
You can dicker over whether “underemployed” (reduced hours and/or reduced wages or being laid off from a professional career and taking a job stocking shelves to make ends meet) is really unemployed. But regardless of where you stand on that, “underemployment” is NOT a sign of good economic times.
Also, google on the household survey and the payroll survey.
They try to compare the unemployment now to Reagan's term, but Reagan's unemployment stats were the more difficult of the two (tended toward the higher unemployment stats), while Obammie the Commie uses the method that makes everything look “koolaid-rosy!!”
We're screwed folks. And it isn't seduction. It's rape.
Stock up on the essentials because the dollar's going down.
I expect it’s gloomy partly bec. this writer will later push for the Dem healthcare plan, as he has done in the past. The irony is that w/ insurance tied to jobs, for the most part, it’s a goofy position to take.
Also wondering if furloughs are included. My job here just issued one-week furloughs, with more planned next year. My part-time job (I work 2 jobs) will end on July 31st.
The “U6” is the number used by the media to state the unemployment figure during the great depression. The same media uses the “U3” number to state the unemployment figure for the 2009 recession. Then the media dishonestly compares the two numbers as if they represented the same figure ... in the process making it look like unemployment now is much lower than that of the great depression.
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Here’s a link with the exact figures from our own Government!
http://www.bls.gov/news.release/empsit.t12.htm
Yes. I should have mentioned that.
The BLS stats are pretty good, but those numbers are slightly cooked, too.
Thanks, my FRiend, for posting the link for the edification of all FReepers. Very important info.
Yes, yes, I get the point, underemployment, the headline is stupid anyway.
vaudine
Yes. The market numbers (the ONLY economic indicator that has any sort of lie-worthy bounce) is irrelevant if the payout is in worthless dollars. I don’t care if it goes back to 14K if the dollar is only worth 30 or 40% what it was worth the last time it hit 14K, it means nothing.
Obama’s assault is two-pronged. Kill faith in capital investments (everything down to 401K contributions) so that only the government can promise anything close to a 1-2% return, while destroying the dollar so that all those nations that haver invested in our debt and who we owe are defaulted on or paid back in worthless dollars.
This will force the world to dump the dollar as the global reserve currency, ruin its value, rob all of us of whatever wealth we have been able to put aside, and force Americans to demand that we sign on to a global currency administered by a global, central bank (global economic ministry).
You know, 10 years this was fringe-lunatic talk. Now it is being openly posited as “the” solution to the global fiscal “crisis.”
Make sure your survival stock has non-hybrid seeds (survival seed bank, one-acre survival garden for app. $149). With the global cooling trends combined with the very likely higher cost of producing and delivering food, there is going to be a food shortage in the coming years. Parts of the midwest and of the western provinces have already written off large parts of this year’s crops and have appealed for “crop relief.”
Hybrid seed (99% of what you buy at the store) do not reproduce. Non-hybrids do and are therefore self perpetuating.
western provinces = “of Canada” It’s been a long, long day.
I wasn't sure if you were asking a question but forgot the mark or making a comment, but I thought that I would provide a response for those less knowledgeable.
The Gov't has no way of tracking unemployment numbers for those who are 1) unemployed and not receiving benefits (ie: unemployment ran out, not eligible for unemployment, etc.); and 2) those who are self-employed.
To compensate for that, they fudge the numbers to approximate those numbers they cannot count, but, in reality, they cannot provide an actual count to use in their calculations.
For that matter, no one can! They are too dynamic to track.
right - I knew the US didn’t have any provinces, east or west ;)
I would bet they fudge the guesstimations on the low side to look good.
vaudine
Whatever makes them look like they are actually succeeding is what they will “calculate”.
The unusual cold over all areas and dryness in some areas has damaged a lot of crops, mainly in Canada at this point. We’ll have to see what the rest of the summer does to the US crops.
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