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from FT: America isn’t working. The grim reality of today’s US economy is that 24m people who want to work cannot get a job. That is an astounding number. That is a level of long-term unemployment that has not been seen since the Great Depression. What we have become good at is creating more part-time jobs, not full-time jobs. Manufacturing jobs have been replaced by new jobs in healthcare, warehousing and retail, [...] We got the pre-spun job quantity data already, where we learned that nearly 3 times the headline print was due to seasonal and B/D adjustments and is thus nothing but noise. Now we get thequality. As can be seen below, courtesy of Table A9 from the Household Survey, in July the number of part-time jobs added was 31K, bringing the total to 27,925, just shy of the all time record of 28,038. Full time jobs? Down 228,000 [...] Tomorrow’s NFP may or may not beat expectations, following some modestly better than expected employment-related data points (then again last month NFP was again supposed to come in solidly above 100K only to cross below the critical threshold), but keep one thing in mind: with the average June seasonal adjustment being a deduction of over 1 million jobs, several tens of thousands in marginal absolute job numbers + or – will be nothing but [...] by ZH While the BLS unemployment number, fudged strategically to lower the denominator, or the total labor force, may have come well better than expected (as somehow miraculously ever more people find the shadow economy a more hospitable place where to make their money and drop off the BLS roll forever) we once again go to that trusty fallback, the monthly Gallup poll of underemployment. What we find here is rather different [...] Just so we get our facts straight when the subject is discussed. http://www.politico.com/news/stories/1111/68965.html The CBO report estimates that 500,000 to 3.3 million jobs were created by the stimulus. | AP Photo Close The economy would have been in much worse shape without the 2009 stimulus — which increased employment in the third quarter of this year by as many as [...] http://www.huffingtonpost.com/robert…b_1102290.html The biggest question right now on Planet Washington is whether the congressional supercommittee will reach an agreement. That’s the wrong question. Agreement or not, Washington is on the road to making budget cuts that will slow the economy, increase unemployment, and impose additional hardship on millions of Americans. The real question is how to stop this austerity train wreck, and substitute the following: First: No cuts before jobs are back — until unemployment [...] Do you have friends, neighbors and relatives that can’t find work? Well, unfortunately the current U.S. jobs famine is about to get a whole lot worse. Right now there are approximately 13.9 million unemployed Americans. That does not count those that “are not looking for work”. That does not count those that are working part-time jobs but that are desperate for full-time work. The truth [...] From Mort Zuckerman, originally posted in Forbes Why the Jobs Situation Is Worse Than It Looks The Great Recession has now earned the dubious right of being compared to the Great Depression. In the face of the most stimulative fiscal and monetary policies in our history, we have experienced the loss of over 7 million jobs, wiping out every job gained since the year 2000. From the moment [...] The Great Recession has now earned the dubious right of being compared to the Great Depression. In the face of the most stimulative fiscal and monetary policies in our history, we have experienced the loss of over 7 million jobs, wiping out every job gained since the year 2000. From the moment the Obama administration came into office, there have been no net increases [...] BOSTON (MarketWatch) — It‘s cost $600 billion of your money. And it was supposed to rescue the economy. But has Ben Bernanke’s huge financial stimulus package, known as “Quantitative Easing 2,” actually worked as planned? QE2 is being wound down in the next few weeks. Fed Chairman Ben Bernanke has said it has left the economy “moving in the right direction.” But an analysis of the real numbers [...] The following are 10 reasons why it has become so insanely difficult to find a job in America today…. #1 There are a lot fewer job openings in the United States today. The number of U.S. job openings declined once again in December. Prior to the most recent economic downturn, there were usually somewhere around 4.5 to 5 million job openings in America. Today there are about 3 million. #2 There is [...] by TraderMark Working part means earning less. They will have to re-train, learn to live without credit, or go on public assistance. Possibly all three. For all who like to make comparisons with where the US is headed and Japan, their 5.1% unemployment rate hides a 34% rate of less than full-time workers. via zerohedge: It is surprising that over the past several years very little has been said in the popular media [...] 1. This has turned out, and is still in the progress to turn out, the BIGGEST refurbishment of the economy in the US. 2. Deflation on salary has the most negative impact on the economy as a whole, and the companies that have not adjusted its prices to the new levels, have gone out of business. 3. China is in the bubble definition, witch is an “economic growth were a sound majority [...] |
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