Posted on 08/06/2010 6:24:56 AM PDT by Upstate NY Guy
Edited on 08/06/2010 6:32:53 AM PDT by Admin Moderator. [history]
WASHINGTON -- The U.S. economy shed more jobs than expected in July while the unemployment rate held steady at 9.5%, a further sign the economic recovery may be losing momentum. Nonfarm payrolls fell by 131,000 last month as the rise in private-sector employment was not enough to make up for the government jobs lost, the U.S. Labor Department said Friday. Only 71,000 private-sector jobs were added last month while 143,000 temporary workers on the 2010 census were let go.
(Excerpt) Read more at online.wsj.com ...
Thanks for your kind words.
Another hidden stat on the job market has been the formerly working 62 to 65 year old workers.
They lost their jobs and stopped trying to find a full time job and applied for early social security.
This is a double time bomb. First, there are more people going on early on the SS rolls, and those going on early are no longer contributing to the program.
My wife, an office based RN, saw this trend a couple of years ago in the family practice she has worked at for 3 decades. Most of these people wanted to work full time or heavy on the part time until the Pelosi/Reid job killers hit America.
Continued shedding will result in a Democrat bloodbath this November. I’m sorry for the suffering of the people who want jobs and can’t find them, but I owe you all a debt of gratitude for your role in purging the Socialist Democrats from the House and Senate this November.
Thank you all very much. Your pain was not in vain.
I can only hope that many of them voted for Obama and are lifelong Democrats - perhaps their conversion to Conservatism is beginning.
No, I don't think that someone is cooking the books. I believe the answer lies in the way the BLS compiles the data. You see, once a worker becomes discouraged and quits looking for work, he is no longer a part of the population surveyed for unemployment purposes. So, if a large group of workers stops looking, they are not counted. That would explain why the unemployment number stays the same in this instance.
Now, I think the media should report the unemployment percentage (collected by the BLS) which would show the true unemployment number to be maybe twice the official number.
At my company in the past 15 months there have been two layoffs, one voluntary separation program (completed today) and a few people who left for other jobs. We are now at a skeleton crew, having gone from 80 employees to just under 60, and corporate will probably order another layoff in a couple of weeks. I’ve been looking over a year for a new position with no offers. There are simply very few jobs out there.
“At my company in the past 15 months there have been two layoffs, one voluntary separation program (completed today) and a few people who left for other jobs. We are now at a skeleton crew, having gone from 80 employees to just under 60, and corporate will probably order another layoff in a couple of weeks. I’ve been looking over a year for a new position with no offers. There are simply very few jobs out there.”
Sorry to hear about your situation.
Unfortunately, there are millions like you with no real job security because private enterprise in America may be on its death bed thanks to Lord OHaHa and the tax and spend rats in charge of most goverment in America from city to county to state and federal.
“By the way, my findings, by way of business contacts, match yours.”
Your comment is similiar to what the people I talked to re their situation of not hiring, they said that everyone they knew in their industries was in the same situation.
My mom works as office manager for a HVAC/plumbing contractor. At the height of employment, the office had 18 workers, including the boss/owner. They are now down to 7 (also including the boss). They only work M-Th. Although business has picked up due to the heat this summer (this is in Indianapolis), he is only hiring one more field tech at this time. The future is just too uncertain for more hires.
My stepdad owns a 32 unit apartment complex, and he has said that it’s amazing how many people who don’t have a job expect him to go ahead and give them a place to live. Fortunately he’s got 30 of the units rented (plus a few houses he owns), so obviously there are still some people with paying jobs out there.
Your Mother’s situation probably sounds like most job situations across America at this time. With over than 50% of the workers gone and really no hiring being done even during the summer heat.
Has your stepdad had to lower his rents?
Out here in Californicator land, rents this year versus 3 years ago in many areas are running 30 to 50+% below the 3 year period.
A friend and co-worker got laid off from my place almost a year ago. It was totally unexpected for him; they just escorted him out one Thursday. He wasn't a bad worker or lacking work, it was just that corporate decided to cut a million dollars from its budget. Last I heard he was still unemployed, his wife wasn't working because of health problems, and he was losing his house. All in all, I'm not doing too badly.
You sound like you are the type of worker and person, companies will keep through the hard times.
Your story about your friend reminds me of many people who stayed with my long time employer after they refused an offer of a great early out package.
I took the package and never looked back. A few months later that year, some friends in the home office were given a Kinko box to pack with their personal stuff in. Security thugs took the box and escorted the people out into the parking lot where mobile offices/trailers were parked in a controlled portable high fenced area.
They signed their papers and were escorted out of those gates into another gated area with a portable covered stand like a bus stop. Then, their cars were driven up to them by valets with their Kinko boxes on the front right floor. Security personnel were very noticeable around this area. There was one way out for the discharged, and that put them on the streets.
George 76 and I have had a gallows humor re the Kinko boxes for years. We first started the Kinko Box stuff when Dan Blather and Mary Mapes were fired for getting caught lying about GW.
Likely, more than twenty percent are looking for a full-time job.
The repeated enemedia claims of nine percent is just more garbage.
No, he hasn’t, but he bought the apartments just under a year ago. He got them from foreclosure for about $400K. After paying his mortgage, the manager, and other expenses, he’s making about $70/unit, which according to his fellow real estate buddies, is about what he should be making. He’s been in the rental business since the 80s, but these are the first apartments he’s owned. He’s looking to dump the houses and just own apartments.
He’s looking at an 89 unit place right now. It’s got a much bigger price tag, but I believe it’s in a more affluent area of Indianapolis. The current apartments are in small town outside Indy.
Him and Mom live about 30 miles outside of Indianapolis, and they bought the 57 acres they live on for $18K in 1987, when I was starting high school (on which they now have a large house and barn). Today, the land around them is going for anywhere in the $3-$5K/acre. They’re not looking to move anytime soon, however.
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