Tag Archives: report

MAY JOBS REPORT DISASTER: UNEMPLOYMENT HITS 9.1%


As a follow-up to several of my posts:

Here is the current US economic  situation as of today…  There is no joy in Mudville!

It’s Friday, June 3rd, the end of week 23 and the May jobs report is out.  As others have said, it is a disaster!  Briefly:

  •  The unemployment rate is now 9.1%, but the average work week has risen from 34.3 to 34.4 hours per week.  Average hourly earnings grew 0.3% vs. expectations of 0.2%.  This is more evidence that additional people are not being hired; existing workers are
    worked harder!
  • There were just 54,000 new jobs created in May, 2011.  The forecast was 154,000 – three times reality.  I need to get a set of those rose-colored glasses that they wear in Washington DC.  (Along with one of those white fedoras that Mat Lauer sported in Rome this week!)
  • Private sector jobs?   No joy; just 83,000 jobs were created and again, way below expectations.
  • Manufacturing employment went down 5,000 jobs.  This is the very sector we need to pull us out of this longest-running recession in modern times!

You can read the full Bureau of Labor Statistic report, ‘THE EMPLOYMENT SITUATION — MAY 2011’ here.

You can read Joe Weisenthal’s excellent report, May Jobs Report Disaster – Unemployment reaches 9.1% in Business Insider.

From my side of the peninsula, a double dip recession is inevitable!  Mind you that I am no economist but common sense tells me that with interest rates near zero (no chance of lowering them further) and the fact that almost half of the current mortgages in many areas of our country are ‘underwater’, and manufacturing jobs gone for good, how can you come up with any other conclusion?

If you have any money available for investment, buy gold or silver.  I’d love to tell you to get back into the stock or bond markets, (futures are sliding hard on the news today), I just can’t in good conscience tell you to do anything else!

What a mess!

Cliff

THE SCARIEST JOBS CHART EVER


This morning’s announcement that February Employment Report: 192,000 Jobs, 8.9% Unemployment Rate is small comfort to those who are working part-time jobs because they can’t find full-time employment, or who have been unemployed for more than 26 weeks! “With yesterday’s jobs report, it’s time once again to remind you how badly this recovery has lagged every other recovery when it comes to jobs”. ~ Joe Weisenthal.

I ran across a chart that depicted the ‘Percent Job Losses’ situation since World War Two that really scared the hell out of me!  It clearly describes the current situation and provides evidence about why the jobs will not be coming back any time soon.

As I discussed in a earlier post, The Jobs are NOT Back.  This new evidence ‘opens the kimono’ and points out that the jobless situation will not be ameliorated in the near future.  Take a close look at today’s photo, provided to me by CalculatedRiskBlog.com, via Joe Weisenthal. As he says, “In terms of lost payroll jobs, the 2007 recession is by far the worst since WWII, and the “recovery” for payroll jobs is one of the slowest.”

In terms of the long-term unemployed, 27 weeks or longer, this graph shows the number of workers unemployed for 27 weeks or more.  From Joe, “According to the BLS, there are 5.993 million workers who have been unemployed for more than 26 weeks and still want a job. This was down from 6.21 million in January. This is still very high.”

In terms of the underemployed, there has been a small improvement, but the numbers are still well north of the 8,200,000 currently underemployed.  This is giving employers pause, as they are always afraid that if a highly qualified applicant applies for a position the utilized 25% of their potential, these unfortunate folks (the writer included) will not be hired.  In my case, multiple degrees are not helping me as I apply for a position at your local OfficeMax!

As we continue to see the all-out attack on the middle class in this country, we should be very careful who we vote into office in the coming short-term! As we compete in the frenetic global economy, even a small misstep will doom us as surely as will a rampant influx of illegal aliens, or a nut-job from across the sea that brings their grievances to our soil.

We live in dangerous, uncertain times.  Stay focused on doing what is right for our country and countrymen (women)!

Cliff

Read more: http://tiny.cc/30hky

Photo Credit: Via Calculated Risk: