Posted on 07/23/2009 6:14:17 AM PDT by truthandlife
The number of newly laid-off workers seeking jobless benefits rose last week, though the government said its report again was distorted by the timing of auto plant shutdowns.
Unemployment insurance claims have declined steadily since the spring, but most private economists and the Federal Reserve expect jobs to remain scarce and the unemployment rate to top 10 percent by year-end.
The Labor Department said Thursday that its tally of initial claims for unemployment insurance rose by 30,000 to a seasonally adjusted 554,000. That was above analysts’ estimates of 550,000.
But the number of people on emergency extended state and federal programs continued to rise. Unemployment insurance recipients can receive up to 53 weeks of additional benefits from the emergency programs, on top of the 26 weeks typically provided by the states.
When the extended benefit rolls are included, more than 9.1 million people received jobless benefits for the week of July 4, the latest data available.
The recession, which started in December 2007 and is the longest since World War II, has eliminated a net total of 6.5 million jobs. The unemployment rate in June rose to 9.5 percent, a 26-year high.
More job cuts were announced this week, many by major airlines.
(Excerpt) Read more at msnbc.msn.com ...
Now wait just a minute. I’ve been reading for a week that this week’s DOW upsurge is directly tied to improving economic indicators.
Honestly, I don’t know whether to believe actual economic performance or the administration talking heads and who ever it is that creates these little upward DOW spikes.
And hey, guess what? Foreclosures continue to abound. And what about that little multitrillion dollar deficit that grows by about $1 trillion every 60-90 days under the skillfull leadership of the Dear Leader?
In 100 days The Marxist Onada managed to triple the deficit Bush oversaw in his 8-year presidency. Oh, I see. Pay no attention to the “Deficit Gorilla” behind the curtain.
Yes We Did! Obama! Yes We Did! Obama! Yes We Did! Obama!
I just heard at the top of the hour news that the Dow is up to 9,000 for the first time since January, because businesses are going to be able to make a profit now that they shed all this expense and that housing sales are up. So that’s all they are reporting.
There are 138 million Federal taxpayers. A better economic stimulus would be to tell those taxpayers that any tax owed would be lowered by the same amount that you are willing to pay in salary if you hire one of the unemployed.
Instead of paying the Feds the money and getting zip in return, you could take the money and pay it to someone to clean your house, care for children or elderly parents, etc. At least then you’d be getting something for your hard earned dollars.
WE PAID FOR IT....and WE NEED TO SEE IT!
The President said trust me. Give me 800 billion for the stimulus package and unemployment will stay below 8%. And now he wants us to trust him with another trillion or two for his health care scheme. Forgive me if I fail to put my faith in those whose track records are abysmal.
How exactly would you count these people? It's not like (I don't think) there's some kind of central registry where you sign up saying you're too discouraged to look for work.
For that matter, how do they count people who are actively looking for work?
I can see how lay-offs are counted and how new hires are counted. For the rest, does anyone know where the numbers come from?
Oh, but isn't that the dead give away that it is a lie, but don't expect so called journalists to check anything out.
You’re absolutely right: when I went to check on the U6 number (currently 15.6%), I came across this article called “The 20-Hour Workweek” (http://www.slate.com/id/2202879/) on Slate. The subhead is: “The unemployment rate seems low. That’s because it’s not counting all those underemployed workers.” They then go on to explain U6 in detail.
The date? October 22, 2008. Probably about the last time Slate or any member of the left has mentioned U6 recently.
Indeed he did. Rush has sure been pounding the snot out of The One today, hasn't he? I love it. In case you didn't hear, Rush is going to be on Greta's show tonight (I'm sure via phone link) for Part I of a 2-hour interview he did for her. It sounds like we'll get a half hour of Rush tonight and another half hour tomorrow. I expect a hard-hitting, no holds barred demolition of The One, all his lies, and the true agenda behind them. Set the Tivo for Must See TeeVee!
http://www.freerepublic.com/focus/f-news/2023821/posts
What Recession?
IBD ^ | May 30, 2008
The fact is that real GDP, viewed on a year-over-year basis, increased 2.5% in this year's first quarter — the same as in last year's fourth. (Year-over-year comparisons, not quarter-to-quarter, are most telling.)
http://www.freerepublic.com/focus/f-news/2026400/posts
Jobless claims show unexpected improvement
AP ^ | June 5, 2008
The unemployment report for May will be released on Friday. Analysts are expecting that the overall civilian jobless rate will edge up to 5.1 percent, compared to 5 percent in April, and that businesses will have cut 60,000 jobs, marking the fifth straight month of job losses.
This prolonged stretch of job cuts has many economists believing the country has fallen into a recession.
However, the overall economy as measured by the gross domestic product has managed to remain in positive territory with the GDP growing at an annual rate of 0.9 percent in the first three months of the year.
http://www.freerepublic.com/focus/f-news/2054241/posts
GDP gets stimulus checks boost
Reuters ^ | 7-31-2008
Gross Domestic Product or GDP grew at a 1.9 percent annual rate, up from a revised 0.9 percent rate in the first quarter that previously was reported as 1 percent.
Economists surveyed by Reuters had expected a 2.0 percent rise in GDP in the second quarter.
http://www.freerepublic.com/focus/f-news/2054216/posts
GDP accelerates to 1.9% pace in 2nd quarter
Marketwatch.com ^ | July 31, 2008
real growth in the U.S. economy accelerated in the second quarter to a 1.9% annual rate
http://www.freerepublic.com/focus/f-news/2090174/posts
Scaring Us to Death
Town Hall ^ | September 24, 2008 | Walter E. Williams
Recall that during President Carter's last year in office in 1980 what was called the “misery index”, which was defined as the sum of the inflation and unemployment rates, was about 22 percent: inflation averaged 14 percent; unemployment was 7.5 percent. Today's inflation just became 5 percent, having been between 1 and 3 percent for a decade, and unemployment is 6.1.
http://www.miseryindex.us/URbymonth.asp
The US Unemployment Rate
January 1948 to June 2009
http://www.miseryindex.us/indexbyPresident.asp
Misery Index = Unemployment rate + Inflation rate by president
http://www.miseryindex.us/customindexbymonth.asp
The US Misery Index by month
Wow, I am so glad the rats are in charge. Everything is going so well. The economy is just singing along and employers can barely find enough workers.
He needs to go back to Kenya, have a sit down with his family and lay out some strategy for the next 12 months.
Americans aren't buying his Kenyan crap anymore.
While often blamed by those who know no better Keynes never recommended anything such as what we see offered in his name.
He was not a socialist and did not support consistent, none-stop, deficit spending. His major work attempted to understand why the percepts of Classical Economic theory seemed to have failed in the 30s.
The most he would have accepted as reasonable fiscal policy is deficit spending during recession and lower gov. spending during booms. Monetary policy was not working during the Depression hence his famour saying:”you can’t push on a string”. Real interest rates were negative. He coined the phrase the “liquidity trap” to explain that failure.
I am not a Keynesian but must give the man his due as a brilliant and original thinker confronting a horrendous problem which conventional wisdom seemed incapable of solving.
Standard estimates for labor benefits are 30-35%. Where does the other 115% come from?
Uh, who’s gonna buy stuff in view of the PRESENT economy and in view of the health care monster that the Dear Leader is trying to foist on us? Oh, and don’t forget even The Marxist Onada and his cronies admit that unemployment will get worse before—HaHa—things get better?
What I’m saying is that Wall Street is being manipulated to create the illusion that nothing has really changed since a Marxist became president. To suspend belief sufficient to buy that load of crap one has to ignore the control the Marxist government has over the investment and housing institutions and government control over two auto companies.
One has also must ignore that our Constitution has been rendered irrelevent by the Marxists and their plans to control all media; what you eat; the kind of cars you buy; how much electricity each household may consume etc.
Nope, nothing has changed. I guess I’m seeing and hearing things that I don’t see and hear.
Just wait until next week and the week after with the minimum wage hike going into effect this week!
More job cuts were announced this week, many by major airlines.
Has Obama told executives not to travel again?
Only the Air Force One flight crew is assured of work in the next four years. You know, for all those date nights Barry needs to take the Witch on. You know, to prove he’s heterosexual. And you know, so Blackie O can show off her latest fashion attire from J Crew.
Obama lied and our economy died.
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