Unemployment claims at 500,000

http://www.cnbc.com/ ^

[Red in Blue PA]

Santelli on the floor of the exchange.

[TomGuy]

So the Summer of Recovery continues to un-recover.

Not to worry, Obama is heading for a 10-day vacation in Martha's Vineyard.



==

 

U1-U6 is ...

U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force

U-2 Job losers and persons who completed temporary jobs, as a percent of the civilian labor force

U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate)

U-4 Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers

U-5 Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force

U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force

NOTE: Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule. Updated population controls are introduced annually with the release of January data.

Source: Bureau of Labor Statistics

[Red in Blue PA]

The amazing thing is that the past few weeks have had horrible unemployment reports, yet the news at the top of the hour barely covers it.

Perhaps today they will have to as it is past a round number.

[Bean Counter]

The Summer of (No) Recovery Show continues.

Stock futures are already heading toward the basement and gold is already up over $4.

It’s gonna be a bumpy ride...

[RaceBannon]

I just renewed for the very first time

I been unemployed before, used to find temp jobs to take up the slack, work anything as long as it paid more than unemployment

nowadays, they just arent hiring AS degreed people for design jobs or drafting. Hardly any drafting jobs anyways around here.

I just got a NEW A.S. degree in Electronic Engineering, too. It aint helping.

[Red in Blue PA]

FWIW, U6 is what one would need to use to do an apples to apples comparison with the Great Depression.

[Daisyjane69]

The job he should have applied for is the Queen of England.

Mostly ceremonial. No real work. Maybe carry a purse.

[Darkwolf377]

I recall Nancy Pelosi asking "Where are the jobs, Mr. President?" when Bush was in office.

The economy has lost nearly 3 million jobs under President Bush -- the first President to lose jobs since Herbert Hoover. Clearly, it is time for President Bush to get serious about creating jobs.

"For American workers, the real proof of an improving economy is whether they, their family, and their neighbors can find jobs, afford health care and achieve financial security. Democrats have a plan that would create more than one million jobs without adding one penny to the deficit.

"The President and Congress must act now to ensure that economic growth continues and that jobs are created for the nine million people still looking for work. We should pass the bipartisan manufacturing bill that creates jobs here at home, not overseas. We should expand the child tax credit for working families and extend unemployment benefits. And, we should pass a highway bill that creates jobs." January 2004

http://www.house.gov/pelosi/press/releases/Jan04/BushJobs010904.html

During the entire Bush administration, which I define as February 2001 though January 2009, the economy added a net of 1 million jobs. In the first six months of 2010, the economy added 882,000 jobs, and so she's assuming it will surpass the Bush mark by the end of August.

However, her claim falters on several levels. First, we don't have actual jobs data through August. Second, a lot of the job gains during the first half of this year were temporary Census jobs.

Finally, by starting her analysis this year, she ignores the nearly 4 million jobs that were lost from February 2009 through December 2009. Pelosi would probably argue that Obama inherited a mess from Bush, so 2009 numbers shouldn't count. But Bush inherited a slowing economy, too. There were 1.7 million job losses in 2001. Thus, if we were to give Bush the same pass for job losses during his first year in office, then the economy would have added 2.7 million jobs in his final 7 years -- far more than Obama could hope to add in the next few months.

http://spectator.org/blog/2010/07/24/pelosi-distorts-jobs-data-at-n

[screaminsunshine]

The market is going up now on bad news. What does this mean? It has become unrelated to USA economics? Globalism has destroyed us. The worse it gets here the better for huge international companies?

[Daisyjane69]

Sure....the more people not drawing a paycheck, the more profitable.

Yep, it’s backwards.

[Arrowhead1952]

We need to infiltrate the White House Press Corps!

We need to infiltrate the White House Press corpse! They have been dead since before zero became the dim candidate.

[Red in Blue PA]

I had 6 interviews this year, 3 being very close....but in the end, I still have no job. Very frustrating.

People who are not out in this job market searching for a job simply have no idea how bad it is right now. One simply needs to keep faith, stay active (both mentally and physically), find projects to remain productive (painting around house etc), and have confidence in themselves.

And to those here who claim I am living off govt teat, I reply that I am recouping some of the Soc Security I paid into which I will never receive.

[Mouton]

and don’t forget, it is off a much smaller employment base to begin with.

The summer of recovery rolls on.

[screaminsunshine]

The more profit overseas. The giant sucking sound? We have aborted the USA economy.

[Loyal Buckeye]

Horrible news.

The scale of this is staggering.

Could not agree more. Obama has turned a bad situation into a disaster.

[quesera]

Kudlow is a statist demagogue. That “cash on the sidelines” came from issuing debt.

Please explain the last statement for the not so bright. Thank you.

[ZX12R]

The market is going up now on bad news.

You mean this morning, or in general lately?

I just took a look at premarket, and the stocks I usually track for trend, and it looks like the market will open down.

[ladyvet]

Timing is ironic...no?

[screaminsunshine]

He sees the disconnect of the Stock Market from the American economy. Very bad sign. Stocks no longer are based on the USA economy. It is based on the ‘Global’ economy. Job losses here are job gains elsewhere at lower cost.

[Alberta's Child]

$2 trillion is a lot of money, but I can tell you here about my miniscule contribution to it.

I run a small company that deals in real estate development and financing as a second "career," and I've really scaled back on the number of projects I'm willing to get involved in. Over the last six months I've sold off a number of assets and am now sitting on a lot of cash just waiting to see how things unfold in the next year or two.

[winodog]

Untill they decide to crash it