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 ...
Not to worry. BLS will find that enough people have given up looking for work, and thus no longer counted as unemployed, to more than offset the number of fired census workers. Thus the unemployment rate will decline.
You heard it here first.
You might want to start one... an online 'Obamaville'...
Screw them and their $400,000 mortgage, they should be living on the streets like the deadbeats they are!
Or maybe they could simply get a divorce and both collect. There are too many married people anyway. Wouldn't that be better?
Null, that would make a great vanity thread - How to know when the ax is going to fall...
Please consider it....
From each according to their ability, to each according to their need.
It’s in his Bible.
Stop. You're making me cry.
I keep nothing but a calender and a bag of butterscotch/Lifesavers/gum at my workplace. No pics of people or places - nothing private.
If something comes up, nothing can be kept ‘hostage’. If they want to keep a free bank calender or bag of candy - have at it.
I’m astonished that you are capable of it.
I second the motion!
Sorry. It’s not personal. We just disagree. Regards,
I remember when Bush’s unemployment was over 5% - the newspaper headlines told of ‘oh so freaked out’ journalists... Wonder why they’re not freaked out this time... Oh wait, I know - there’s a “D” by Obama’s name...
Those are good points. Gore (unlike Cheney) had not really “outed” himself ideologically at the time he was veep.
It's not getting any better out there. I've been looking for over a year. A couple of interviews that I'm still waiting to hear back from after more than a month.
Indeed we do. I expect we will do so again, interspersed with times when we do agree.
[BTW, you’re wrong]
};^P>
On paper I'm employed by a start-up, but we have never put out so much as a dime in payroll. IF we ever get funded (you think jobs are scarce??? Try rounding up a few millions!) I'll do quite well.
Meanwhile I'm doing construction, rehabbing a mobile home. It's nearly as far from sitting in a cleanroom peering through a microscope as one can get. I hope to get paid very soon. Heck, I might even turn a small profit. Steep learning curve...
Just in time. As near as I can figure today is the day I go into foreclosure.
*sigh*
Corporate America is making advance cuts because of the Obama stand. You had better mind your Pints and Quarts if your lucky enough to still be there.
Good luck to you. I got caught in the great Internet Bubble Bursting and was laid off in 2002. Was out for two years, collected unemployment for a year of that and then lived on savings. Fortunately, I had manageable debt and only myself to worry about. In my current position I’m probably safe for a while because we are down to a skeleton crew and I’m the only one there you can do my job. Now, that may change if corporate decides to merge locations and I’m odd man out. That’s why I’m looking around now.
In my case corporate was counting on certain military contracts that have either been delayed or eliminated. My location is pulling a lot of revenue for our size although our profit margin could be better. It’s fairly obvious that the military spending of the past 9 years will be reduced. In the meantime I’m doing my job, learning as much as I can to beef up my resume, and taking grad courses on the company’s dime.
Did you see the global catastrophe alert?
Good luck to you as well.
It’s easier to get a job when you have a job...
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