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Jobless rate goes up as labor pool increases
The Detroit Free Press | June 17, 2004 | JOHN GALLAGHER

Posted on 06/17/2004 5:49:55 AM PDT by wmichgrad

Improving economy encourages more people to look for work

Jobless rate goes up as labor pool increases


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: Michigan
KEYWORDS: economy; hiring; jobless; jobs; recovery; unemployment
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To: q_an_a
>>two and one half hours @ 27.50X-- time and a half over 40 hours times-- << equals $68.75 times 4.5 equals $309.37

Nationwide the average wage in the US is $16.17 per hour. X 1.5= $24.25 X 2.5= $60.62 X 4.5 = $278.81

$500 minus $278= $222 error amount. Roughly, that is a 43% error.

Yes, I do work with numbers part of my day. The employee would love it but the paymaster would get hung from the flag pole by the boss.

(Me)

21 posted on 06/17/2004 9:14:29 AM PDT by B4Ranch ( GET READY!!..-> http://www.ready.gov/get_a_kit.html)
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To: Piquaboy
John Kerry is going to create 10 million new jobs.

Out of thin air, I reckon...

22 posted on 06/17/2004 9:17:28 AM PDT by THX 1138
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To: B4Ranch

you are using a national average and I said in both posts that I used the 27.50 number. try your math again, i'm off but who cares? the guy with 250 a month more is still happier than the guy crying about the bad deals life has given them.


23 posted on 06/17/2004 9:45:05 AM PDT by q_an_a
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To: q_an_a
>>Average weekly earnings in manufacturing stayed nearly the same in May as the month before, but were up $27.59<<

Doesn't reflect an hourly wage.

However, if the weekly wage is $914.03 divided by 40.2, the hourly wage is 22.73 approximately. $22.73 times 1.5 (pay for overtime) is 34.10 times (hours increased 2.3) equals $78.43 (weekly increase) times 4.3 weeks (monthly) equals $337.24 gross.

Now you see why I hire people to do the payrolls and taxes.

To me the most important sentences are : Although total payroll jobs rose in May, marking the third consecutive monthly increase, the state has lost 30,000 payroll jobs, or 0.7 percent, since May 2003 and

The state has lost 18,000 manufacturing jobs during the past year, but most of those losses came in mid-2003.

So roughly, the state has lost 18,000 times $900 which equals $16,200,000 per week. 16.2 times 52 equals $604.02 million dollars since last year. Those are not what I would call good numbers.

The correction would come from regaining the 18,000 jobs if they were at a wage scale at least above $22 per hour. The state needs the 604 million bucks and where is it going to get if from? Out of your pocket is the answer.

Divide the 604 million by the number of homeowners in Michigan and you'll get a very rough approximate of the property tax increase expected.

24 posted on 06/17/2004 9:48:46 AM PDT by B4Ranch ( GET READY!!..-> http://www.ready.gov/get_a_kit.html)
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