ECON Unemployment: December 2010

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Nuthatch

Membership Revoked
NYTimes:

...........Mr. Bernanke did, however, emphasize the toll high unemployment was taking on families and on the share of the unemployed — more than 40 percent — who have been jobless for at least six months.

“At the pace of growth that we’re seeing now, we’re not growing fast enough to materially reduce the unemployment rate,” he said. The economy needs to grow at an annualized rate of 2 to 2.5 percent just to accommodate new workers coming into the labor force, he said. Mr. Bernanke has made this point repeatedly this year.

At 9.6 percent, the unemployment rate is about where it was when the recession officially ended in June 2009, Mr. Bernanke said, and only about a million of the 8.5 million jobs lost since the peak of the last economic expansion have been restored.........

Link: http://www.nytimes.com/2010/12/01/business/economy/01fed.html?partner=rss&emc=rss
 
N

Nuthatch

Membership Revoked
USAToday: There is a great state-by-state graphic at this article showing each state and the number losing benefits right now.

http://www.usatoday.com/money/economy/2010-12-01-unemployment01_ST_N.htm

..........The National Employment Law Project (NELP) estimates extending benefits for a year would cost about $56 billion. But economists say they provide an outsized economic lift, because the unemployed spend cash on necessities rather than socking it away.

Economist Mark Zandi of Moody's Analytics says every dollar spent on jobless aid yields a $1.60 benefit to the economy. If benefits are not restored, he says, holiday sales growth will be shaved by nearly a percentage point and fourth-quarter economic growth will be cut by 0.3 percentage point. A million jobs could be lost in the next year as a result, he says........
 
N

Nuthatch

Membership Revoked
Remembering the Unemployment Line: this is a look back at the 70's unemployment situation.

Link: http://www.huffingtonpost.com/george-wentworth/remembering-the-unemploym_b_789379.html

.....We don't make the unemployed stand in long lines anymore, but today's economy is treating U.S. workers far worse than the 1970's recession or, in fact, any recession since World War II. The national unemployment rate has been over 9 percent for 18 consecutive months. Over 14 million Americans are looking for work -- almost half of them have been jobless for more than six months, and nearly a quarter more than a year. ........
.........
Today's unemployed file their unemployment claims in anonymity by telephone or through the Internet. They worry in isolation about paying their bills, about telling their kids the college savings are gone, about losing their homes. Maybe we would treat them better if they still stood in lines. If they did, those 14 million workers would make a line from Bangor, Maine to Los Angeles and back...
 
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UncurledA

Inactive
And the jackass The Ben Bernank continues to encourage the destruction of capital by discouraging savings and instead pumping debt money into the financial system. That capital could be providing the job growth, instead of holding bank balance sheets up and allowing huge Wall Street bonuses. And we all sit still and allow he and the Congress to do it with impunity.

It just shows how darkened economically we all are that someone like Zandi could get away with this comment:

Economist Mark Zandi of Moody's Analytics says every dollar spent on jobless aid yields a $1.60 benefit to the economy. If benefits are not restored, he says, holiday sales growth will be shaved by nearly a percentage point and fourth-quarter economic growth will be cut by 0.3 percentage point. A million jobs could be lost in the next year as a result, he says........
__________________
Click to expand...

It has been shown time and again that we have crossed the point ( about 1 1/2 yr. ago ) where every additional dollar of debt added does not grow GDP, it SHRINKS it by the crowding out of real investment. That causes unemployment to increase. It is just amazing to me that, here we are in a runaway unemployment situation, and the same old Borrow and Consume Our Way to Prosperity horse manure is still getting the media play.

As such, the Mogambo has been correct all along: "We're freaking doomed !".
 
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UncurledA

Inactive
"we’re not growing fast enough to materially reduce the unemployment rate"
Click to expand...

Please, please, everyone, don't even think of accepting this nonsense as true. The way The Bernank is "growing" the economy, the unemployment rate can NEVER be reduced. He is growing it financially, and also with the spending of the very rich benefiting from his debauchery. He is destroying productive capital as fast as he can with the relentless pumping into banks' income statements. Capital is what you make stuff with. Forget all other tormented definitions. We're destroying it via neglect and shipping it overseas, both caused by banks sitting on the money to preserve their cash positions at historic low interest rates. This is the crime of the century, and the Fed is perpetrating it virtually unopposed because of the masterful disinformation/re-education campaign of the public schools, for the past 100 years.
 
N

Nuthatch

Membership Revoked
From CNN:

NEW YORK (CNNMoney.com) -- The number of Americans filing for their first week of unemployment benefits ticked up again last week, after falling to the lowest level in two years the week before.

The number of initial claims rose to 436,000 last week, up 26,000 from a revised 410,000 claims filed the week before, the Labor Department said Thursday....

Link: http://money.cnn.com/2010/12/02/news/economy/initial_claims/

This will be the beginning of a whole new chapter.....
 
U

UncurledA

Inactive
From CNN:



This will be the beginning of a whole new chapter.....


In a book with altogether too many chapters already.
 
N

Nuthatch

Membership Revoked
Bloomberg: Unemployment up to 9.8%

http://www.bloomberg.com/news/2010-...bs-in-november-unemployment-rose-to-9-8-.html

....Employers added fewer jobs than forecast in November and the unemployment rate unexpectedly increased, underscoring the Federal Reserve’s decision to pump more money into the economy to spur growth......

.....One reason why hiring isn’t gaining speed is the economy’s inability to match the recovery’s earlier pace of growth. Gross domestic product expanded at a 2.5 percent annual rate in the third quarter, half the pace in the last three months of 2009.

It’ll also take time to make up for the loss of more than 8 million jobs, a result of the worst recession since the 1930s.

In an effort to reach out to some of the nation’s largest employers, President Barack Obama met with Wal-Mart Stores Inc. Chief Executive Officer Mike Duke at the White House on Nov. 29. The meeting is one of a series of sessions aimed at soliciting the views of companies, with the goal of spurring the recovery and adding jobs.............
 
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rainfour

Deceased
People keep whining about free energy, they have had the Federal Reserve now for nearly 100 years, nothing for something.
 
Hansa44

Hansa44

Justine Case
How do they figure the unemployment percentages?

Do they count those who no longer draw unemployment benefits?

Sometimes I think they mess with the figures big time to tell the rest of the world we are doing pretty good.:sht:
 
N

Nuthatch

Membership Revoked
If you drop off the rolls of the UE you are not counted. There are various numbers for the real totals---makes me think of "wind chill factor" and weather....
 
D

Double_A

TB Fanatic
Nuthatch said:
NYTimes:

...........Mr. Bernanke did, however, emphasize the toll high unemployment was taking on families and on the share of the unemployed — more than 40 percent — who have been jobless for at least six months.

“At the pace of growth that we’re seeing now, we’re not growing fast enough to materially reduce the unemployment rate,” he said. The economy needs to grow at an annualized rate of 2 to 2.5 percent just to accommodate new workers coming into the labor force, he said. Mr. Bernanke has made this point repeatedly this year.

At 9.6 percent, the unemployment rate is about where it was when the recession officially ended in June 2009, Mr. Bernanke said, and only about a million of the 8.5 million jobs lost since the peak of the last economic expansion have been restored.........

Link: http://www.nytimes.com/2010/12/01/business/economy/01fed.html?partner=rss&emc=rss
Click to expand...


Unemployment is at 9.8% as of today
 
N

Nuthatch

Membership Revoked
....."If you've been following the news about the compromise brewing between President Obama and Republicans on extending the Bush-era tax cuts, then you know the President demanded an extension of emergency unemployment benefits. Yet, there's some misunderstanding about what this 13-month extension actually does. For those who have been collecting unemployment insurance for the maximum amount possible of time -- 99 months -- it won't help. They'll still be cut off, while the program that allows extended benefits will be renewed, with the cap remaining at 99.".....

http://www.theatlantic.com/business...ll-cuts-off-jobless-benefits-for-99ers/67708/
 
R

Richard

TB Fanatic
At 9.6 percent, the unemployment rate is about where it was when the recession officially ended in June 2009, Mr. Bernanke said,

he is a prat

the recession has not ended will you get this into your empty head
 
rafter

rafter

Since 1999
Nuthatch said:
....."If you've been following the news about the compromise brewing between President Obama and Republicans on extending the Bush-era tax cuts, then you know the President demanded an extension of emergency unemployment benefits. Yet, there's some misunderstanding about what this 13-month extension actually does. For those who have been collecting unemployment insurance for the maximum amount possible of time -- 99 months -- it won't help. They'll still be cut off, while the program that allows extended benefits will be renewed, with the cap remaining at 99.".....

http://www.theatlantic.com/business...ll-cuts-off-jobless-benefits-for-99ers/67708/
Click to expand...

4.5 million have already ran out (99ers). 4 million more will fall off in the early part of 2011. It's only going to get more interesting.
 
U

Usually Curious

Inactive
Nuthatch said:
Bloomberg: Unemployment up to 9.8%

http://www.bloomberg.com/news/2010-...bs-in-november-unemployment-rose-to-9-8-.html

....Employers added fewer jobs than forecast in November and the unemployment rate unexpectedly increased, underscoring the Federal Reserve’s decision to pump more money into the economy to spur growth......

.....One reason why hiring isn’t gaining speed is the economy’s inability to match the recovery’s earlier pace of growth. Gross domestic product expanded at a 2.5 percent annual rate in the third quarter, half the pace in the last three months of 2009.

It’ll also take time to make up for the loss of more than 8 million jobs, a result of the worst recession since the 1930s.

In an effort to reach out to some of the nation’s largest employers, President Barack Obama met with Wal-Mart Stores Inc. Chief Executive Officer Mike Duke at the White House on Nov. 29. The meeting is one of a series of sessions aimed at soliciting the views of companies, with the goal of spurring the recovery and adding jobs.............
Click to expand...

WALMART? REALLY?! We don't want Walmart jobs! We want jobs that support our families! Besides, they are partly to blame!
 
N

Nuthatch

Membership Revoked
NEW YORK (CNNMoney.com) -- The number of Americans filing for their first week of unemployment benefits fell last week, pointing to slight improvement in the job market.

The number of initial claims fell to 421,000 in the week ending Dec. 4, down 17,000 from a revised 438,000 claims filed the week before, the Labor Department said Thursday....................

link: http://money.cnn.com/2010/12/09/news/economy/initial_claims/
 
N

Nuthatch

Membership Revoked
You Don't Want to Be Unemployed in Vermont

.........That's because the unemployment rate in those states is improving so, according to federal law, the jobless there can't receive checks as long as those in harder-hit states.

Take Vermont. Only a few months ago, unemployed Vermont residents could collect up to 86 weeks of jobless benefits.

Now, they are eligible for only up to 60 weeks................

http://money.cnn.com/2010/12/09/news/economy/unemployment_benefits/
 
N

Nuthatch

Membership Revoked
About 6 Million Did Not Work At All Last Year

Nearly 6 million Americans looked for work but weren’t able to find employment at all last year, a new report shows.

The Labor Department’s report on work experience in 2009, released today, highlights the long-term unemployment problem that’s likely to linger for years. Some 5.8 million job-seekers were without work for the entire year in 2009, an increase of 2.7 million from a year earlier.........................

http://blogs.wsj.com/economics/2010/12/08/about-6-million-didnt-work-at-all-last-year/
 
N

Nuthatch

Membership Revoked
..........States with largest increases in claims:

Wisconsin: Up 7,545, due to layoffs in manufacturing

Iowa: Up 2,789, due to layoffs in construction and manufacturing

Idaho: Up 1,810, no reason given

Indiana: Up 1,667, due to layoffs in the auto and manufacturing industries

Washington: Up 1,260, no reason given.............................

ABC News: http://abcnews.go.com/Business/wireStory?id=12352850
 
N

Nuthatch

Membership Revoked
.......Senator Harry Reid announced on Thursday afternoon that legislation incorporating the elements of the agreement made between President Obama and the Republican Leadership of the Senate will be put to the vote. This bill included extensions of the Bush era tax breaks and the renewal of the four tiers of federal unemployment insurance extensions. Senator Reid indicated that the bill would probably require a vote on Saturday, December 11, so that if passed, it can be sent to the House of Representatives for immediate action..........

Interesting Comments at the article: http://www.rantrave.com/Rant/Jobless-Prepare-for-the-Worst-Unemployment-Extension-2010.aspx
 
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Nuthatch

Membership Revoked
Connecticut tries to get back over $2.5 M in UE Fraud

HARTFORD, Conn. (AP) — Connecticut officials say hundreds of people have defrauded the state by collecting $2.5 million in unemployment benefits they do not deserve.

Gov. M. Jodi Rell said state labor officials recently mailed notices to more than 800 people, giving them 60 days to repay or prove they do not owe the money.//////

http://www.bloomberg.com/news/2010-12-13/conn-hopes-to-recoup-2-5m-in-unemployment-fraud.html
 
B

Brendwynne

Member
But according to the MSM the economy is getting better right? I lost my job after 25 years just before Thanksgiving. Never had to file unemployment before in my life. It has been a real hardship and COBRA payments are $1352 a month for me, DH and DS. Unfortunately DH is self-employed so no medical through him always been from mine. Oh well rant off, back to looking for non-existent work.
Lisa
 
R

rainfour

Deceased
Last Three years Newly created firms minus closures:

2008 -25,000 companies * 16.1++ per company -402,500 jobs
2009 -150,000 companies * 16.1++ per company -2415000 jobs
2010* -100,000 companies * 16.1++ per company -1610000 jobs

Approximate total of estimated net job losses last three years -4,427,500 jobs lost



*through March 31st 2010.
++Average employees per company from 2000 census info.
 
N

Nuthatch

Membership Revoked
WSJ: http://blogs.wsj.com/economics/2010...enefits-inequality-and-finance-larry-summers/

–Unemployment Benefits: Ezra Klein posts a primer on unemployment benefits. “There are three unemployment insurance programs right now: Basic Unemployment Insurance, Emergency Unemployment Compensation and Extended Benefits. The latter two are the extension programs. And they’re mindful that we’re not seeing the same rates of joblessness all across the country. North Dakota, for instance, has a very low unemployment rate. It doesn’t make sense to have 99 weeks of unemployment benefits in a state where unemployment is 2.8 percent. That’s when unemployment benefits really do discourage work. But it does make sense to have 99 weeks in Nevada, where the unemployment rate is 13.7 percent. That’s a state where the problem is too few jobs, not too few workers willing to take jobs. And that’s basically how the three-tiered unemployment insurance system is working: States with high unemployment are getting very long extensions, while states with lower unemployment are getting less.”
 
45nut

45nut

Inactive
heck the "official" UE rate is over 20% here and that does not count those like me that are just screwed.
 
R

Richard

TB Fanatic
It doesn't matter how money is issued but how it is spent, the stimulus money has not been spent on providing normal jobs, this is unprecedented in the economy of the West, this is why the current depression will continue indefinitely

due to the NWO the money is being spent outside of the US, no jobs will happen as a result
 
Ragnarok

Ragnarok

On and On, South of Heaven
Nuthatch said:
If you drop off the rolls of the UE you are not counted. There are various numbers for the real totals---makes me think of "wind chill factor" and weather....
Click to expand...

Exactly!

With the millions losing benefits in the next few weeks, we'll soon be seeing articles proclaiming, " Unemployment decreasing; Recession is over!!! "
 
N

Nuthatch

Membership Revoked
As you know by now, the extension was signed by President Obama.

Now, Democrats have proposed help for those 99ers who exhausted their benefits.

http://www.huffingtonpost.com/2010/12/20/barbara-lee-bobby-scott-i_n_799097.html

I am unemployed (in my third month) and do not know how I feel about this 99 week + plan. That seems way too long to me. And, yes, last time I was looking for work it took 18 months to get full-time with benefits. Until then I worked lesser jobs. I expect to do that again, if need be. My first response is that I think that is too long for benefits.
 
F

fredkc

Retired Class Clown
By Jim Quinn;
Have you noticed the latest sound bites coming from the punditry in the corporate mainstream media? Here is the latest wisdom flowing from the lying mouthpieces of the ruling oligarchy (Wall Street, Washington DC, Mega-corporations):

The economy is recovering and employment is growing.

Consumers are de-leveraging, saving and using cash for purchases.

Retailers are doing fantastic as consumers increase spending.

These are the three themes being proclaimed simultaneously by the mainstream media. Every time I hear these themes proclaimed, I want to shout out like Joe Wilson --" "YOU LIE!!!"

How can consumers be deleveraging, saving and increasing spending at the same time? Let's examine the facts to see who is lying.

The fallacy that the economy is recovering and employment is growing can be put to rest by an examination of the BLS data accessed here: ftp://ftp.bls.gov/pub/suppl/empsit.cpseea1.txt.

The number of Americans employed over the last few years is as follows:
  • 2007 --" 146.0 million
  • 2008 --" 145.5 million
  • 2009 --" 139.9 million
  • 2010 --" 138.9 million

It seems there are 7.1 million less employed people than there were three years ago. Contrary to the spin from the White House, there are 1 million less people employed today than during the horrific 2009 year.

Luckily, another 6 million people left the work force, or we'd really have a problem. The truth is that if the government actually counted everyone in the country who wants a job, the unemployment rate is not 9.8%, but 23% and it continues to rise.

Charts, graphs, and much more at source.

Plain fact is, the Fed is sucking the life out of the economy.
Fred
 
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