216,000 Jobs Lost in August, Unemployment up .3% to 9.7%
The manufacturing sector lost 63K, the financial sector 28K and Construction lost 65. Health care added 47.4 thousand jobs.
One of the more interesting findings is that up till April government jobs were increasing, since April they have declined. The decline isn’t huge, but it exists at all levels of government. For some reason the postal service in particular seems to be shedding jobs.
Though the job loss is less than we’ve seen in the past it’s surprisingly uniform: except for health care and social assistance everything else is either down, or just barely increasing. Fundamentally, every industry without pricing power is taking it on the chin, but if you’re sick, you’re sick, so the medical industry retains the ability to hire. I suspect that the manufacturing numbers would be much worse if defense related manufacturing was removed.
The broadest measure of unemployment, which includes all discouraged workers and folks who work part time but want full time work is up .5% to 16.8%.
Men have lost jobs a lot faster than women. The female unemployment rate has increased by 2.5% in the last year compared to an increase for males of 4.3%.
America continues to be hollowed out. The stimulus will start hitting harder over the next few months, and we should see somewhat better numbers but my long term forecast remains the same: before the next recession, the US will not see a recovery to the same percentage of people employed as before the recession. My forecast for the year was a technical recovery of GDP before the end of the year (it looks like we might even have one for the second quarter, which is sooner than I expected) and no job gains before next year. Might be wrong on the second as well, but any job gains will be nominal and below the 150,000 level just required to keep up with population increases.
The job market is certainly not going to feel good this year. I expect it to remain hard to find a new job right through the end of 2010. Since the likelihood of a new civilian stimulus bill is low, and all stimulus will have to be run through the defense department and the Afghan war, I would suggest that those who can see what they can do about getting a security clearance. The best paid jobs with the best benefits will be in the defense industry for the time being—unless you’re able to finagle a high end job in the finance industry, and be kept afloat with trillions of dollars of Federal Reserve money, of course. In which case, buddy, could you spare some change?
Why does this matter? I mean...we're all living off our investments now...aren't we?
Wasn't that the plan of privatization and "modernization" of our economy? I mean...we got rid of all those "old technology" companies decades ago.
No? Is that not the case?
Vote GOP and move forward to the 18th Century.
So sad ... so naive ....
No - not us peons - but Madoff is living off the fruits of his earnings.
*
Madoff is living off your earnings and all the other taxpayers. Jails are expensive to operate.
Hasa Diga Eebowai
Yeah..so let's let him go...right?
Vote GOP and move forward to the 18th Century.
Figured it out by now our government is not going to do a da.. thing because it have been bought and paid for by these Global Empires...
Over 3.5 billion American jobs have been outsourced in the past administration and it just keeps growing..
F..K the free trade bill and buy American MADE products should come back.. IF the republicans were so da.. patriotic as they tried to make Americans believe then why did they make Obama stop his statement of getting Americans to buy USA>.... The reason is very clear , What used to be American corporations are not foreign corporations and are screwing Americans everyday using the republicans and now the democrats are jumping on the band wagon...
Our government is now outsourcing their government jobs to foreign countries which we pay with our Tax money...
What country do you see which is contracting their money and jobs to our country...
And by that I do not mean them building their plants in our country which takes our money home to them...
None
Bush needed to borrow for his many wars to distract us from his goal of raiding the treasury for his frat boy friends on Wall Street.
Bush is a criminal.
3.5 billion jobs outsourced? Really? I'm curious how a population of 300 million is supposed to fill 3.5 billion jobs.
companies like Cummings Diesel and Whirlpool moving to Mexico and other outsourcing?
Well that's certainly responsible.
Diabolus est Deus Inversus
There have been over 3.5 billion jobs outsourced...
What is to stop them after they pass this Health reform for the health empire to give health care to Americans which can not afford it,, they will try to make the illegal immigrants legal and them they will receive these benefits..
Emanuel advised Clinton after Clinton's election in 1992 to start a reform bill to make the illegal immigrants illegal for Clinton's bid for re-election bid in 1996..
http://tampa.craigslist.org/psc/pol/132753290...
*******
Think our government in working for our concerns and jobs ,,, think again..
******
Department of Homeland Security increased work visa 2,500 for foreign temporary workers for the crab industry in Maryland..
Did Maryland use some of the stimulus package money for this process..
If the crab industry would pay American workers a salary for these jobs,, the money would not be paid to foreign workers to take home to their country..
Of course they stated that this would make the crabs cheaper... Cheaper then (what it would have been how many times is these words used)) and for the elite who can afford them..
None
There's that 3.5 billion jobs outsourced thing again... once was a typo, twice is a moron.
Actual U.S. Unemployment: 15.8%
http://voices.washingtonpost.com/economy-watc...
that is from May 8, 09
Here's the latest:
Actual Unemployment Rate Hits All-Time High of 16.8%
http://voices.washingtonpost.com/economy-watc...
Congress is at 99% employment, but that last seat will be filled soon.
So...it's all good.
Vote GOP and move forward to the 18th Century.
...we are snowballing from no one wanting to pay for anything to rebuild / maintain our infrastructure.... to now when we can not possibly afford to do it.
I am very pessimistic. Except for the part that I can still buy a T-shirt at WallMart for $3 and a bag of Cheetos for under a $1.
Cheetos? Do you know what's in those thing?
You could make garlands out of them for the christmas tree maybe.*
...but I won't set foot in a WalMart. I will buy my Chinese goods from Target or KMart or Sears. I just won't do it.
America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves. ~ Abraham Lincoln
The Postal Service is closing offices and offering early retirement. They're also still looking to cut one whole day of service off.
Yes - Washington Post and Huff post have the info on the real unemployment rates - it's actually much higher. Huff post says it's 16.8%.
*
thanks, Ian, for including the accurate number, versus the politically-massaged number
also, when you break down the figures by age group or race things are even more dire.
we are flirting with a deadly deflationary spiral.
And there are some states much worse than others.
*
More federal and state government offices have closed than ever before. Some to curb wasteful spending, but most others were done to cover state deficits.
(Might be interesting to see how Republican governed states fared in saving job losses compared to those with Democrat Governors.)
In California and Arizona I know the state governments cut hundreds of thousand of jobs since the beginning of summer and surely several other states have followed suit. Summer classes were among the first programs to go, but in Arizona the Republican governor has dived into entitlement programs with a vengence, cutting thousands of blue collar workers.
So the irony of all ironies is that the Obama stimulus dollars and economic plans are absolutely helping the economy overall. The private sector is flourishing and they're keeping job losses to a minimum - which is exactly what those federal tax stimulus dollars were intended to do.
Without Obama's economic move those townhall whackos may have run screaming for help, instead of bitching about the government help they've already received.
i am interested to read where you are pulling that from.
(last month, granted) from Aug 19, 09:
While the private sector has shed 6.9 million jobs since the beginning of the recession, state and local governments have expanded their payrolls and added 110,000 jobs, according to a report issued Thursday by the Nelson A. Rockefeller Institute of Government
http://www.nytimes.com/2009/08/20/us/20states...
i saw the wsj front page today that talked about increasing furloughs and lay offs for state employees, but if you have another source i would curious to check it out.
and i wish i shared your optimism about the overall economy, and agreed with you about how it is 'flourishing'... damn this cloud
... NY Times Magazine on the various mistakes made by economists in the run up to the latest swindle. While he never really addresses the deliberate thievery inherent in this mess (preferring to pretend it was simply the result of "honest mistakes"), the article is good at pointing out the idiocy in the Greenspan/lassaiz-faire approach.
My particular favorite:
Krugman later neatly summarizes this belief by renaming the Great Depression "The Great Vacation."
Hey, it's really just a matter of perspective, huh?
Corruption favors the wealthy.
because they are expecting the entitlements they were promised the U.S. System can not deliver on.
Blame it on the elderly poor.
The elderly Oligarchs who have stolen vast fortunes their entire lives do not worry about the social safety nets for themselves. Except that it is more money they could steal.
And do steal.
Take off the FICA cap and treat capital gains as regular income and you will see a great moderating of the supposed problems of Social Security and Medicare.
The system's biggest problem is that it is RIGGED in favor of Plutocrats.
You watch too much TeeVee.
statusquObama, change you can only pretend in
but if ya can, buy some florida lobster.
The lobstermen down here are only getting 3+ dollars a pound this season. It's killin them.
It's cheaper than beef right now at the fish house...I think its like 8 or 9 bucks retail...I could be wrong.
Salmon season was only open for less than 20 days here off the north california coast. The commercial fishing boat fleet catch was in the hundreds. Not even a thousand fish for the entire fleet in a short time span.
Oh wonderful!!! Now I can start dining at Le Cirque on a regular basis again.
Vote GOP and move forward to the 18th Century.
the lobster fisheries are doin fine, there' PLENTY of them...it's just that nobody's buyin them...
a lot of my friends are lobster fisherman, and they are really stressin...
We just bought 18 lobsters from a friend for 50 bucks...and YES, they're of legal size.
Hey, do they ship to Canada? Sign me up!
ps, happy belated birthday, libNmod! Hope you had lots o'fun.
We almost have the same birthday - mine's today!
:)
Happy B-Day C-Lady!
Happy Birthday calgary lady!
but the freight will kill ya...
Again...the 50 bucks was a HUGE discount from a friend.
If ya want, I can check to see how much the retail price is from the fishery...
If I get lobsters from my friends outside of the fishery, I couldn't package them as well or as safely as they can at the fishery.
HAPPY BOITDAY!!!!
Us virgos kick ass don't we?
That would be great if you could check the prices. Thanks so much for offering.
Virgos ROOL!
;)
Here's the number.
Key Largo Fisheries
1-305-451-3782
5.99 a lb!!!
Whole lobsters, tails would be a few bucks more.
Not live though.
$5.99/lb is a darn good price. They're $15.00/lb here.
maine lobsters or spineys?
Most canucks get theirs from Shediac (southeastern New Brunswick).
http://en.wikipedia.org/wiki/Shediac
It's the Lobster Capital of the World!
Spineys..
http://en.wikipedia.org/wiki/Spiny_lobster
Well according to the t-shirts they sell to tourons...WE'RE the lobster capital o' teh woild!
Let's duke it out, pal!
I've never heard of furry or slipper lobsters, either. Are we talking about crustaceans or footwear? I gotta wonder!
;)
Ya hearda shovelnose lobsters?
http://www.dreamstime.com/shovel-nose-lobster...
Shovelnose eh? Do they shovel snow?
Nope, I've never hearda them either!
In canada our unemployment went down in august. we're hoping this is the turn around point!
CBC:
"Canada's economy showed signs of coming out of recession in August, creating a surprisingly strong 27,100 jobs as the country's private sector added workers for the first month in nearly a year.
But Canada's unemployment actually rose in the month by one-10th of a percentage point to 8.7 per cent, Statistics Canada said Friday.
That was because more people flooded the job market — 49,100 — in August than found work, increasing the number of men and women on the unemployment lines.
Still, the country's statistical agency said, Canada's employment market has improved in recent months simply because the rate of job loss has slowed since April.
"Over the last five months, employment has fallen by 31,000, a much smaller decline than the 357,000 observed during the five months following October 2008," Statistics Canada said. ..."
Its all Apples and oranges ...
The point people dont mention is that these were high paying manufacturing jobs that are NEVER coming back.
A job at Hortins doesn't have the same impact on the economy
I'm Boycotting NewsCorp! Heres what not to buy: http://www.cjr.org/resources/index.php?c=news...
but that was our fault.
i think your correct regarding the manufacturing jobs. this has been in the works for some time. corporations hate labor especially sophisticated/organized labor. in addition to that corporations would rather relocate/locate to a emerging market/second world demographic that has unlimited human resources,infrastructure and nationalized health care. even more important is less regulation more specifically human labor laws/rights and environmental regulation. there's no loyalty to this country by corporations. it's every person for themselves. we will not become competitive in the global economy without health care ins. cost reform.
When a woman stood up with Bush and told him she worked two / three part time jobs. W, barely listening / understanding, that the subtext was; that this is what she needed to do to survive, answered (something like) "Great - You're living the American Dream".
Too bad for millions, being 'under employed' is not a dream - it is a nightmare!
i'll never forget that moment. it was another BUSH idiotic moment. of course if you don't live that life your lazy and want a handout. corporate propaganda to not pay good wages. wages have been stagnant for some time now. they're leveling the playing field with the emerging markets.
The unemployed #'s are only a part of a nation's economic snapshot:
You have to add the millions who have stopped looking for a job.
The millions who have given up on college and training.
The type of jobs. Service v. manufacturing / production.
The millions who are underemployed, like that lady that was so lucky to live the American Dream.
was the fact that the woman was all too happy, ecstatically proud even, when Bush told her that to her face.
It takes two to tango...
It is sooooooo good that freedom is being protected! Thank god that in America I have the freedom to be unemployed, the freedom to be be denied healthcare due to a pre existing condition, freedom from socialism...and the integration of the government into my life by guaranteeing me healthcare, the freedom to be accosted at public forums by unbalanced individuals with firearms, and to be insulted by my publicly elected officials.
Oh...if only...if only...the government could stop the queers...life would be perfect.
Vote GOP and move forward to the 18th Century.
That is fuckin hilarious!
Teh Gays are to blame, of course!
;)
WASHINGTON (Sept. 3) - New jobless claims fell slightly last week while the number of people receiving unemployment benefits rose, a sign the job market's recovery will be long and bumpy.
While most economists believe the recession has ended, they predict the jobless rate will keep rising until at least next summer as the country struggles to mount a sustained recovery. The worry is that household incomes will remain depressed and consumer spending, which accounts for 70 percent of the total economy, will continue to lag.
"The lack of job creation remains a big headwind for cash-starved and credit-constrained consumers and thus a major impediment for the fledging recovery," Sal Guatieri, senior economist at BMO Capital Markets, said in research note.
Most retailers posted sales declines last month as shoppers restrained back-to-school purchases to focus on necessities. Discounters did better than upscale chains, but the results Thursday raised further concern about the upcoming holiday season.
The Labor Department said the number of laid-off workers applying for benefits dipped to 570,000 last week from an upwardly revised 574,000. That was a weaker performance than the drop to 560,000 claims that economists expected.
The number of people receiving jobless benefits totaled 6.23 million, up 92,000 from the previous week, which had been the lowest level since early April. Economists surveyed by Thomson Reuters had expected that number, which lags new claims by a week, to fall to 6.13 million.
Economists closely watch initial claims, which are considered a gauge of layoffs and an indication of companies' willingness to hire new workers.
First-time claims have trended down in recent months and are well below the recession's high of 674,000 hit in the first week in April. But even with the improvement, they are running at levels well above the 325,000 mark considered a sign of a healthy labor market.
The Labor Department on Friday will release a report on the employment picture in August. Many economists believe it will show the jobless rate rose to 9.5 percent, up from 9.4 percent in July, but that the number of layoffs slowed to 225,000, from 247,000.
In minutes of their August deliberations released Wednesday, Federal Reserve policymakers said that a poor jobs market, evaporated wealth, hard-to-get credit and stagnant wages meant that consumers were still facing "considerable headwinds."
Obama economic adviser Christina Romer said last week that unemployment could reach 10 percent this year and some private economists are forecasting it will hit 10.3 percent next summer before starting to improve.
But Vice President Joe Biden issued an upbeat report card on the economy Thursday, saying that the massive stimulus program had been more effective "than we had hoped."
Still, consumers are not spending enough to boost retailers' bottom lines. Discounter Target Corp. and warehouse club operators Costco Wholesale Corp. and BJ's Wholesale Club Inc. said sales at established stores dropped, but also beat analyst expectations. A 5 percent jump at TJX Cos., which operates discount chains TJMaxx and Marshall's, topped expectations. But upscale retailers, including Saks Inc. and Nordstrom Inc., reported a weak month.
When will we declare the People's Republic?
If there is no recovery, that will be bad but we will survive because we will adjust, if we can.
On the backs of the Oligarchs.
If there is a recovery, that will be worse. It will be because…
THE GREAT BUBBLE has been re-inflated.
Debt and debt peonage.
We have Climate Change, Peak Energy/Peak Everything coming at us like two great freight trains on a collision course…
ON THE SAME TRACKS.
We are coming to the end of exponential growth. We will come to the end of any growth. This means continued contraction.
Massive conservation is a must, which means a complete change in our expectations, our lifestyles and in our system itself. These changes are going to occur whether we like it or not. The point is to be in control of the changes.
Repeal capitalism and turn Wall Street into a neighborhood park.
statusquObama, change you can only pretend in
The Mayan calendar doomsday prediction doesn't seem so far-fetched now ...
I was changing my headline:
End the Empire, cut the WAR budget by 75%, throw the Financial Crooks in jail and declare a People's Republic.
And so on and so forth…
The doomsday scenarios are real, it is the basis for prediction that is in question.
statusquObama, change you can only pretend in
I totally agree, Alice!
I am pretty sure this is correct. The reason being is that the pre-recession was a false economy perpetuated and funded by bullshit money. People taking money out of their inflated home values and all that Bush/Greenspan Republican induce bubble and spending it on crap they have or will throw away in a couple years because it was crap they did not need or really want. Their brother in law and neighbor bout one and the TV told them they needed something else and BAM... off to the store they went. Those jobs are not going to come back because people are waking up to the fact they don't need and can't afford the crap.
People have been "lost in the shuffle" after each of the 3 last recessions.
Corporate profit growth is not a function of job growth. There is NO correlation anymore.
So, even if the economy grows after a recession...there is no real job creation.
It's not talked about...because if they did...most economists would have to admit that the economic theories that this country has operated under for the last 30 years is pure unmitigated horseshit.
Vote GOP and move forward to the 18th Century.
..."most economists would have to admit that the economic theories that this country has operated under for the last 30 years is pure unmitigated horseshit"
I say, "it's not an "economic theory"
It's more like a (tried and true) (same ole') (forty or fifty centuries old) "pyramid scheme"!!!
...nothing theoretical about it. (just whip a dollar bill out of yer wallet) ....and look at the back of it!!!
...see the pyramid?
http://www.google.com/search?hl=en&source=hp&...
audit-prosecute-incarcerate
Hmmm...ya know...I view it as an important issue. Have our elected officials worked out their labor day schedules to ensure that every insurance industry exec and lobbyist gets blown by a either a Senator or Representative over the weekend.
It's imperative that none of them are left out. It could directly impact political donations which would have a direct impact on the desperately needed insurance reform to ensure that insurance profits do not go down.
Vote GOP and move forward to the 18th Century.
on the front yard, a few twelve packs, the local Classic Rock station blasting away. To honor the little guys who made them rich.
And the picture isn't so great for people who are working, either. A report released this morning by the Economic Policy Institute concludes that many workers who have not lost their jobs during the recession have nevertheless taken a hit as a result of sluggish wage growth, reduced hours and involuntary furloughs. Private sector wages have grown at a rate of 1.3 percent over the last six months, less than half as fast as wage growth during 2007 and the first six months of 2008.
"It's an implosion of wage growth far beyond what you would expect" in an ordinary recession, said EPI's Larry Mishel, co-author of the report, in a conference call with reporters. Average wages rose 6 cents in August, according to the Department of Labor.
Other economic indicators this week brought better news. Retail sales fell 2 percent in August from a year earlier, the smallest drop since September 2008. And the Washington Post on Monday reported positive signs in the Men's Underwear Index, the metric reportedly favored by former Federal Reserve Chairman Alan Greenspan. (The MUI outlook was less positive in April.)
http://www.epi.org/publications/entry/bp240
constituent said, ..."And the Washington Post on Monday reported positive signs in the Men's Underwear Index, the metric reportedly favored by former Federal Reserve Chairman Alan Greenspan."
I say, ...someone said to me once... "Alan Greenspan is a f*#k'n oracle. (with biting sarcasm)
I say Greenspan is a snake charming, carpetbagging, bubble blowin' (piece-o-shit)
audit-prosecute-incarcerate
STEVEN GREENHOUSE c/o the New York Times here
The headline should read:
That is the minimum wage that is YEARS behind the curve. Thanks to thirty years trickle down urination of the Plutocrats on the lower income workers. And the rest of us too…
If you have a boss, you need a union.
statusquObama, change you can only pretend in
...no union either. I make a good hourly wage, but recieve no corporate benefits or health plan.
...my boss' company still survives (barely) cuz all of us employees work together to keep it goin.
...I like workin' for my boss (who is a friend. I'm lucky...)
...business is lookin, ...not so good though. (home additions)
audit-prosecute-incarcerate
The story of the benign BOSS.
What is your 'good' hourly wage, what is your bosses income (IE what multiple of your income) and I will tell you if he is really your friend and how lucky you are.
statusquObama, change you can only pretend in
(carpentry) (20 bucks an hr.) (total of 6 employees) 2wo of them own it. (father and son) it's basically 6 good carpenters workin together survivin' (very much like a little union!) (I like unions!) ...although I dont know if I would join one...and I have never looked into a "union job.
my boss says,(both of them)... "he ain't makin' that much" ...and I believe him.
...my boss little company has made him some pretty good money over the last ten years...and he says he wants to keep it goin' so were gonna ride this pig till the end...which will be soon probly...China ain't buying treasuries and gold and silver a headed up at this very moment! ...and I'm lucky as hell to still be workin! ..(you won't hear me complain)...I've see a lotta people in construction lose their jobs, I'll take what I can get.
audit-prosecute-incarcerate
Carpentry is an honorable trade and I respect it.
I don't know how $20 an hour compares with the trade in general.
But buying your own health care insurance and providing your own retirement funds in lieu of a pension will take a big chunk out of that $20 an hour.
Your boss, in his business, is going to pay himself for his own organizational work.
You might be surprised with how much extra that can be.
Try criticizing him once (honestly of course) and you will see exactly how much of a friend he is.
Life on this earth is complex.
statusquObama, change you can only pretend in
Over 3.5 billion American jobs have been outsourced in the past administration and it just keeps growing..
F..K the free trade bill and buy American MADE products should come back.. IF the republicans were so da.. patriotic as they tried to make Americans believe then why did they make Obama stop his statement of getting Americans to buy USA>.... The reason is very clear , What used to be American corporations are not foreign corporations and are screwing Americans everyday using the republicans and now the democrats are jumping on the band wagon...
Our government is now outsourcing their government jobs to foreign countries which we pay with our Tax money...
What country do you see which is contracting their money and jobs to our country...
And by that I do not mean them building their plants in our country which takes our money home to them...
We as a nation of citizens have become Weak and Spineless ,, waiting for others to help change the government instead of getting involved..
Just what plans have been made to vote these blues dogs , centrists and the leaders in the democrat party OUT in OUR democrat primary..
Where are the NEW candidates to replace these republicans which have taken over the democrat party..
Obama is either with these republicans which have taken over the democrat party ,,, or he is a very weak person to be our leader...
American no longer have a country and are renters in the USA>>
None
"Our government is now outsourcing their government jobs to foreign countries which we pay with our Tax money..."
I say,
(I think I heard) that (all United States Employees worldwide) outnumber "private sector Americans" (who work in the USA)...I don't have a link though...
audit-prosecute-incarcerate
Officially saying 'Buy American' would be against the WTO treaty.
Clinton gave that away. He was the previous Republican in Democrats clothes.
statusquObama, change you can only pretend in
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