Posted on 01/11/2010 8:55:23 PM PST by TigerLikesRooster
Get Ready For 11% Unemployment In January
David Kotok | Jan. 11, 2010, 3:11 PM
To be blunt: in our view the jobs data were plainly miserable and disappointing.
Like many of our readers, I listened to the debate on CNBC and read numerous analyses. We will set aside the perennial optimists who find positive outcomes in any data set. Simply put: a 10% unemployment rate and a 17.3% underemployment rate are two extremely serious numbers.
They help explain the market’s immediate reaction, which was a Treasury bond price rally and a drop in the 2-year note yield to an intraday low of 0.936%.
/snip
Let’s dig a little deeper into the jobs situation. We expect the January report is going to be a startling one when it is released in early February. It will be the first time we will see the full results of the annual revisions of the benchmarks used by the Bureau of Labor Statistics. The revisions will show that there was a net job loss in the United States for the entire decade. We guess the net loss will be about 1 million.
Furthermore, the number of discouraged workers who have left the labor force and the true size of the labor force will be better estimated once the revisions are public. Also, the differences between the two survey methods used to determine these statistics may become clear. They will show that if the labor force figure included those who would be genuinely seeking jobs were they not discouraged. We believe the revised figures will indicate the true unemployment rate might be closer to 11% than 10%.
Some of the details in the report show how severe things are. The unemployment rate for college graduates hit a new all-time high of 5%.
(Excerpt) Read more at businessinsider.com ...
Ping!
Sounds like another “worse than expected”, DemocRAT moment.
It'll be ugly.
The number will not increase so long as people keep dropping out of the work force.
This means, of course, that we must expand the H1-B program and extend amnesty to “undocumented” workers. All in the name of competitiveness.
Last month the Administration’s journalist cheerleaders were claiming that unemployment was shrinking in December, but the actual numbers didn’t pan out that way. The spending ourselves out of recession strategy is not working. Seems like we’re getting close to a time when even moderate citizens start clamoring for impeachment.
Where are all those ever-promised “green” jobs, nobama???? the only kind of green anyone wants is the folding kind. you, your angry, unattractive wife and privileged, arrogant children need to leave washington in disgrace. as you all wanted to, you are destroying America. you shameless incompetent socialist fascists.
I am one of those uncounted. Left a part time job several months ago; my body is just getting too old to unload trucks. Doc said enough, so I just left. Been looking for another-there are really not too many to be had. When I do find one, I am not “qualified” because I was a stay at home mom for almost 20 years. The recent administration experience plus 3 years running hubbys company are not enough to get me in the door so I stay home.
That said, I am an optimist, and I see a silver lining here. As more and more folks have to get by on less and less, and survival becomes an issue (in a real sense, like finding food and shelter for your children) I see a definate return to that which matters most- God fearing family.
I spend my days at peace with my life, even though I am on the fast track to financial destruction without a job. I pray more, especially while kneading dough for homemade bread, among other things I am reaquainting myself with for when the time comes. I am hunkering down to prepare my family for whatever comes all the while watching Gods providence over my family. He IS in control. We have gotten too far from His will, and like the loving father of a spoiled, willful child, He is not sparing us the rod of correction. It will all be OK, but it will not be pleasant.
11% is gonna freak peeps out BIGTIME
Anyone who believes it is only 10% is thick enough to believe that 0bama is not a dangerous communist.
Ever thought of selling your bread or catering meals for business meetings or even to office workers? That is how Paula Deen started out.
If the bottom tax bracket reverts to 15% at the end of 2010 many ‘’taxpayers’’ will see a 40-50% increase in their taxes,,,0’b won’t help them either.
For the past couple of years, many have propagandized for our complacency and pride, saying that Chinese consumerism would not rise.
China Ends U.S.’s Reign as Largest Auto Market (Update2)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aE.x_r_l9NZE
[It’s from Bloomberg, so don’t post any content from it here.]
We should not have been complacent or prideful. We should have been doing real work with more than ourselves in mind.
They really mean 18%.The recent college grads voted overwelmingly for the marxist and cant find jobs.Well,well,well I’m all broke up over that.
After Christmas layoffs?
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