Unemployment Discussion

[WhatMoney]

Mission accomplished!

Obama has my vote in 2012!!!

I knew you would eventually come around if I just kept working at it.

[banca rotta]

Mission accomplished!

Obama has my vote in 2012!!!

[WhatMoney]

who got those jobs??? that's my question.....and of course this type of reports help enforce the stoppage of the UI extension....where's the jobs???????

And your point is? Do you really think no one in the country has found a new job yet this year?

You could right a nice letter to the BLS asking for the names, addresses, and telephone numbers of all the people that found a job this year. That would be a list of around 1 million people. Then, since you have plenty of time on your hands, you could call each one and confirm they found a job and what kind of job it is. Then, you could post on each new finding right here. Just think tobee - that would be another 1 million posts for you on the BK forum. I say - go for it!


And why does this report have anything to do with UI extensions? If 15 million people are out of work and only 1 million have found new jobs this year, I'd say that little fact overrides any weak unemployment report. You would prefer that the UI report always reports only job losses so the UI extensions will continue? That sounds like welfare forever to me. I didn't know you were a flaming liberal.

[tobee43]

October 2010 unemployment numbers were just released. U-3 is steady at 9.6%. U-6 is at 17.0%, nearly unchanged from September.

http://www.bls.gov/news.release/empsit.t15.htm

The Labor Department said Friday its survey of employers showed a net gain of 151,000 jobs last month, the first increase since May. Private employers hired 159,000 workers, the best since April.

Economists welcomed the report, which showed much stronger job gains than Wall Street analysts had expected.

"This is not a gangbusters report but it is very important," said Carl Riccadonna, an economist at Deutsche Bank. "It shows us that the momentum in employment is building."

Employers also extended the average work week to 34.3 hours, up by one-tenth. The additional jobs and longer work week should boost Americans' incomes and provide fuel for more consumer spending, which drives about 70 percent of the economy.

The additional income, combined with the Federal Reserve's decision Wednesday to pump more cash into the economy and the potential extension of the Bush tax cuts, could "jump start a virtuous cycle," Riccadonna said. More income may encourage more spending, leading to more hiring by healthier companies, he added.

The department also revised August and September's payroll figures higher. The private sector added 103,000 more jobs in those two months than previously estimated.

So far this year, the economy has added 874,000 jobs and over a million in the private sector. But that comes after the nation lost more than 8 million jobs in 2008 and 2009.

http://finance.yahoo.com/news/Employ...&asset=&ccode=

who got those jobs??? that's my question.....and of course this type of reports help enforce the stoppage of the UI extension....where's the jobs???????

[WhatMoney]

October 2010 unemployment numbers were just released. U-3 is steady at 9.6%. U-6 is at 17.0%, nearly unchanged from September.

http://www.bls.gov/news.release/empsit.t15.htm

The Labor Department said Friday its survey of employers showed a net gain of 151,000 jobs last month, the first increase since May. Private employers hired 159,000 workers, the best since April.

Economists welcomed the report, which showed much stronger job gains than Wall Street analysts had expected.

"This is not a gangbusters report but it is very important," said Carl Riccadonna, an economist at Deutsche Bank. "It shows us that the momentum in employment is building."

Employers also extended the average work week to 34.3 hours, up by one-tenth. The additional jobs and longer work week should boost Americans' incomes and provide fuel for more consumer spending, which drives about 70 percent of the economy.

The additional income, combined with the Federal Reserve's decision Wednesday to pump more cash into the economy and the potential extension of the Bush tax cuts, could "jump start a virtuous cycle," Riccadonna said. More income may encourage more spending, leading to more hiring by healthier companies, he added.

The department also revised August and September's payroll figures higher. The private sector added 103,000 more jobs in those two months than previously estimated.

So far this year, the economy has added 874,000 jobs and over a million in the private sector. But that comes after the nation lost more than 8 million jobs in 2008 and 2009.

http://finance.yahoo.com/news/Employ...&asset=&ccode=

[WhatMoney]

What they need to do is quit relying on these stupid statistics that really don't tell you anything? It doesn't take into account people who are still unemployed and don't get anymore benefits (that would be me!) and those who couldn't get unemployment benefits etc etc.

They were saying that unemployment in Las Vegas is 15% - I think think should apply to the whole country. This 10 or 9% is not correct.

They do take into account people like you. You are included in the U-6 Total Unemployed number, which was 17.1% nationally in September. (Oct. numbers are coming out next week.) See Chart below from BLS.



http://www.bls.gov/news.release/empsit.t15.htm
.

[queenfluff]

My favorite thing is how every week they will say something different:

"Unemployment benefits applications dropped this week. The recession is over"

Than the next week:

"Unemployment benefits application rose sharply this week. Ooops"

WTF? Just like the weather, they can't predict anything. They have no idea how to figure this this out.

What they need to do is quit relying on these stupid statistics that really don't tell you anything? It doesn't take into account people who are still unemployed and don't get anymore benefits (that would be me!) and those who couldn't get unemployment benefits etc etc.

They were saying that unemployment in Las Vegas is 15% - I think think should apply to the whole country. This 10 or 9% is not correct.

[queenfluff]

and employment turn around is also a an all time high.

The other day, heard that during 1978-1982, even though unemployment rates were a little higher, people were getting jobs quicker. this downturn - unemployed people are staying unemployed for longer periods of time. i think i heard 6 months!

I think if you are only unemployed for six months in this economy you are doing really great! Try 2 years!

The problem is there are no jobs to apply for - what else can one do? There are very few jobs out there and tons of competition for 1 opening. The odds are pretty slim that you will be the one getting it.

[gamama]

and employment turn around is also a an all time high.

The other day, heard that during 1978-1982, even though unemployment rates were a little higher, people were getting jobs quicker. this downturn - unemployed people are staying unemployed for longer periods of time. i think i heard 6 months!

[banca rotta]

If there's anything that I see as the catalyst that starts the second major decline, it's the expiration of those tax cuts.

And don't forget Obamacare kicks in at the same time too. My guess is anyone that still has employer provided insurance (except for federal workers of course) will see a huge increase in their premiums starting next year and beyond.

The repubs will run on a platform that they will repeal this but we know they won't. Maybe Ron Paul and a few others will but that's about it.

[MSbklawyer]

Maybe you can educate all the economists that were "surprised".

Somebody needs to. Businesses are scared to death. None of them are going to start hiring until they have some degree of assurance that there is going to be an upswing in the demand for their product or service. That doesn't look too likely since, come 2011, when the Bush tax cuts expire the people who do have jobs will have less discretionary income since the government will be taking a larger portion of it. Add to that, the increase in business taxes that are coming and what the average small business owner sees is this: "The government is taxing away the money from my customer base that they would be spending with my business. So there's no need to hire new people because I've already go enough to meet my projected demands. But then, even assuming some upswing in demand for my product or service and, bless Pete, I do make some money, then it's all going to be confiscated away from me by the Collectivists to be given to someone whe deserves it more than I do. So I still can't afford to hire anybody".

If there's anything that I see as the catalyst that starts the second major decline, it's the expiration of those tax cuts.

[WhatMoney]

CNBC again posted a news article on the unexpected high first time jobless.

http://www.cnbc.com/id/38768328

If anyone reading this works for CNBC please tell your co workers to get some badly needed help for drug addiction. Once they admit they have a problem they will recover. Once they admit we have a problem with UE and BK's there's a good shot we will recover too.

LOL - You seem obsessed with normal business reporting. Anytime numbers are higher or lower than "consensus numbers" it's called unexpected. It's been that way for at least 75 years. Where've you been?
From Bloomberg business services:

Jobless Claims in U.S. Rose to Highest Since November

The number of unemployment claims unexpectedly shot up by 12,000 to 500,000 in the week ended Aug. 14, Labor Department figures showed today in Washington.
...
Unexpected Increase

Claims exceeded estimates of all 42 economists surveyed

http://www.bloomberg.com/news/2010-0...-november.html

Seems they are just reporting the news. Maybe you can educate all the economists that were "surprised".

[banca rotta]

CNBC again posted a news article on the unexpected high first time jobless.

http://www.cnbc.com/id/38768328

If anyone reading this works for CNBC please tell your co workers to get some badly needed help for drug addiction. Once they admit they have a problem they will recover. Once they admit we have a problem with UE and BK's there's a good shot we will recover too.

[banca rotta]

And the quote of the week:

"US shed more jobs then expected"


Just who are they talking about when they say "more then expected"?

I expected it. Most of you expected it.

The only ones that didn't expect it are the ones on CNBC (crack/cocaine news business channel).

I heard that when you use those drugs you usually are in denial.


This link on the subject would be funny if it weren't so true.

http://www.youtube.com/watch?v=y9aYAK1VSdk&feature=related

[WhatMoney]

Just imagine every bank in one afternoon closing their doors since the govt defaulted so there is a run on the banks.

Sounds like you've been reading Harry E. Figgie books. He described just what you fear in a book called "Bankruptcy 1995: The Coming Collapse of American and How To Stop It," published in 1992. He has many quotes from the gurus of the time:

"We Are in a real sense living on borrowed money and borrowed time."
Paul Volker, Chairman of the Federal Reserve System.
Feb. 20, 1985

"The recession will be a picnic compared to where this country will be in 1997."
US Senator Warren B. Rudman, March 24, 1992.

And his introduction: "In 1995, The United States of America, as we know it today, will cease to exist. That year the country will have spent itself into bankruptcy from which there will be no return..."

Chapter 1 is called The Week From Hell. Essentially what all the doomsdayers still predict today. Of course it never happened. The economy improved, tax revenues increased, and the short term debt was reduced - right up until George W Bush spent it all in Iraq.

I have dozens of these books. They all failed to understand their projections were only that - and they could not account for the measures taken to counter the debt and recover the economy. Here we are in 2010, same predictions. "Of course this time it's different."

(BTW, the only failure in 1995 was Harry E Figgie, president of Figgie International, who lost his own company in 1994 - by listening to his own advice... should be a lesson in there somewhere. )