Posted on 02/04/2011 10:24:33 AM PST by mojito
Probably the last chart to bury any doubt about just how truly horrible today's employment data was, comes from a little observed data metric: that showing the number of people who are not in the labor force, but who want a job now. The number just hit 6,643K, a jump of 431K from December, and the highest number in history. These are people that would send the unemployment rate to about 12.8% if they were in the labor force (and, as indicated, looking for a job). Nothing else needs to be said.
As they say...
When your neighbor is laid-off it is a recession
When YOU are laid-off it is a depression.
REAL Unemployment number is 17.3%
Labor Force Participation Plunges To Fresh 26 Year Low
Submitted by Tyler Durden on 02/04/2011 08:57 -0500
http://www.zerohedge.com/
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NFP +36,000, Huge Miss To +146,000 Expectations, 9% Unemployment, Not Seasonally Adjusted U-6 Surges From 16.6% to 17.3%
Submitted by Tyler Durden on 02/04/2011 08:30 -0500
http://www.zerohedge.com/
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Santelli Slams CNBC Panelists for Spinning Jobs Report
http://www.mrc.org/bmi/articles/2011/Santelli_Slams_CNBC_Panelists_for_Spinning_Jobs_Report.html
CNBC’s floor reporter criticizes ‘kool-aid drinkers’ for trying to find good news in the ‘disappointing.’
By Julia A. Seymour
Friday, February 04, 2011 10:16 AM EST
Jobs are heading up and down at the same time. The Bureau of Labor Statistics announced the morning of Feb. 4 that only 36,000 jobs were added in the month of January, but the unemployment rate dropped from 9.4 percent to 9.0 percent.
The mainstream news media will likely latch on to the dropping unemployment rate, despite job gains that were less than one-fourth of the consensus estimate of 148,000 jobs added. One of the CNBC panelists noted that the increase was “way below consensus.”
CNBC’s Rick Santelli even lashed out at some of the CNBC “Squawk Box” panel that were discussing the latest jobs report.
“[W]e have overwhelming evidence the jobs market is disappointing, and all of you are trying to look for that one half of spaghetti in a 50 lb. spaghetti bowl. This is not great data,” Santelli claimed. “We know that the U6 probably gives you a better indication of the true unemployment rate …”
CNBC’s Steve Liesman interjected: “It went down, Rick. It went down - “
“Yeah, what is it?” asked Santelli.
“It went down Rick, to 16.1 [percent],” Liesman said.
“Oh boy, guys! 16.1 [percent] is probably the unemployment rate. That’s cause celebre,” Rick sarcastically shouted on the trading floor of the Chicago mercantile exchange.
“But it fell from 16.7,” Liesman insisted.
Santelli continued to criticize the spin: “You know what Steve? You and I both know that the unemployment rate, the labor force moving in and out, those giving up, is really probably your best statistical reason for the drop to 9.0 (percent). And in terms of jobs, you, Mr. Steve Liesman, said if you work just one day. If you stay home but you get paid you’re counted in the data …”
“Right - it shouldn’t be weather,” Liesman acknowledged. Some of the panelists including Moody’s economist Mark Zandi had blamed weather for drops in construction and other sectors.
“So this is probably less distorted,” Santelli concluded.
But the fact that the two different economic surveys conducted by the BLS were moving in different directions was baffling to many. Even the liberal Economic Policy Institute noted on its blog that the picture was “muddled.”
“Given the confounding nature of this report, we will have to wait at least another month to see if the labor market is rebounding strongly,” Heidi Shierholz wrote for EPI.
Yeah, I have heard similar observations. This is what happens when our political leaders on either side of the aisle sell their votes to those who want this nation broke.
Unemployment was my Christmas present for 2 weeks short of 30 years service. You will be amazed at how the job search process has changed since the roaring ‘80’s. I wish you well.
WOuld make a good conservative movie...?
Axe the H1B program for starters; fence off the border and vigorously patrol; cut back on Government regulation and cut business taxes in half.
Be careful what you wish for.
These United States don't need another strongman (or strongwoman), Democrat, Republican, or otherwise.
What they need is for their government to start acting like a servant, not a master, and for Americans (that includes liberals *and* conservatives, as probably everyone is suckling at the government teat, directly or indirectly) to wake up from their delusion that the government can solve all their problems.
Every man (and woman), politician, citizen, or otherwise, has his (or her) price.
...to those who want this nation broke.
I wouldn't go that far, but I would say that many of them are willing to sacrifice the good of your family for their own interests and agendas.
And to you too. fingers crossed.
“Tip - you can expect one interview for every one hundred resumes you send out.”
/////////////////////////////////////////////////////////////
And an offer of “employment” for every ten straight commission jobs you apply for.
On CBS News at the top of the hour, the reporter said “economists’ heads are spinning”, trying to reconcile the numbers released today. The gist of the report was that the numbers don’t add up. I was amazed to hear a MSM outlet discussing it in these terms.
The jobs are out there!
You’re just lazy racists!
/sarc
woman across the road has been out for over two years, she is nearly retirement and now given up looking and just looking for retirement.
One guy took early retirement , another went back to school even though they have a masters.
Here is what a man in HR told me.
Getting rid of the H1B would not open those jobs up to Americans, it would move them overseas.
face it our boy king has no clothes!
I can’t help myself I LOVE this video clip by MintSoftware showing how the reported rate actually excludes millions of jobless Americans.
http://www.youtube.com/watch?v=Ulu3SCAmeBA&feature=player_embedded
I liked it so much that I added it to the schools ‘filter safe’ video site for the economics class.
Video Details
Category: Social Studies
Tags: economic downturn, mint.com, official, recession , unemployment rate
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