Posted on 08/01/2010 8:31:55 AM PDT by blam
Spoiler Alert: U.S. Unemployment Is Now Rising, Not Falling
Vincent Fernando, CFA
Aug. 1, 2010, 6:44 AM
I see $2,000. Or maybe $200
Don't look surprised when U.S. unemployment is shown to have increased, later this week:
Bloomberg:
The jobless rate rose to 9.6 percent last month from 9.5 percent in June, according to the median estimate of 57 economists surveyed by Bloomberg News ahead of a Labor Department report Aug. 6. A drop in federal census workers as the population count wound down depressed payrolls by 60,000, the data may also show.
Census-related hiring, and now firing, will be a key driver of the upcoming report:
The Census Bureau said it let go about 144,000 of the people conducting the decennial population count from mid-June to mid-July. It still had about 200,000 temporary workers on staff as of July 17, indicating additional cuts to come that will keep distorting the payroll figures for months.
...
For that reason, economists say private employment, which excludes government jobs, will be a better gauge of the state of the labor market for much of 2010. Employment at companies rose by 90,000 after an 83,000 gain in June, according to the median forecast.
Thus the private employment figure will be the more relevant data point to watch. Hopefully private employment growth doesn't miss expectations.
[snip]
(Excerpt) Read more at businessinsider.com ...
“Unexpected”?
A real bummer isn’t it?
Amidst all that Mom passed away, hunting for a job, caring for Dad to transition to an assisted living complex, and closing out the final chapter in rescuing my eldest Daughter from an abusive marriage.
Clear your garden space for next year, if you haven't already planted one this year! It's gonna be a different world. I do believe! Buy a self-contained RV, if you can. Get a big propane tank or two, and lots of lead!
Yeah. Homelessness has also disappeared.
Sadly, mine is not a lay-off - it’s a corp reorg, and my position being eliminated nationwide. I got lots of notice, and have been looking for longer than I knew this was coming. The Obama economy, and job market flat out sucks.
We should start a Freeper over/under pool. How long after a dismal figure is released before the Administration calls it “unexpected”.
I want $5 on three femtoseconds.
!
I want $5 on it starting with unexpected before the numbers are released:
“Unexpected news on employment was released today...”
If they hadn’t exteneded UI benefits I’d be in a world of hell now. They better do it again in Nov and the Reps better not fight it. Stupid issue to worry about now when things are SO bad and probably going to stay this way until 2012 at least.
Unexpected and this administration are synonymous.
The republicans tell the democrats to pay for it. Thats all.
A friend of mine told me when layoffs occur at his company (a pharma company), a person gets called down to HR, process the paperwork and then are escorted out the door. Your belongings are then ‘collected’ and mailed (UPS or Fed Ex) to you. How horribly degrading. I'm wondering if this is a trend.
Liberals aren't much on even the most glaringly obvious consequences:
I've been in the habit of pulling up beside idjits with Impeach Bush bumper stickers and complementing them.
When they'd 'right on!' me I'd blandly say 'Yeah! I think Cheney'd make a fine president, too!'
In response to their horrified looks, I'd even more blandly say 'Well, if you impeach Bush, you get Cheney. Don't you liberals ever think through the consequences of any of your actions???
The Republicans didn’t “fight it.” They just said it had to be offset by cuts in the deficit elsewhere. I’m sure there a lot of bureaucrats who don’t want to be laid off either in California in elsewhere but you can’t just roll over and go ever deeper into debt every time someone’s ox is being gored.
Got called down to HR, process the paperwork and then escorted back to the work site to collect my physical and any personal electronic/data stuff.
Very true, I actually had seen a Gore sticker the other day. Good Grief.
God Bless! Thanks for the information.
It’s happening at random around our company. We have seen those with 5 years up to 30 getting let go. We are in the power consumption industry and growing. It is hard to understand. I am sorry to hear of this for you. May God find a clear path for you.
Well I suppose the liberals could have made a similar joke on you if you’d had an “Impeach Clinton” bumper sticker on your care in the late 1990s. In retrospect, I’d prefer a President Clinton over a President Gore any day of the week....but that was not necessarily true of the left.
Both parties have accepted the job sucking sound of unbalanced free trade. We have to make more of what we import regardless of who is President. When both parties continue to need hearing aids, it is time for another Third Party 'Ross Perot' whose big ears heard the job sucking sound a long time ago.
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