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By Michael The mainstream media is absolutely giddy that the U.S. unemployment rate has hit a “four-year low” of 7.7 percent. But is unemployment in the United States actually going down? After all, you would think that it should be. The Obama administration has “borrowed” more than 6 trillion dollars from future generations of Americans, interest rates have been pushed to all-time lows, and the Federal Reserve has been wildly printing [...] by Phoenix Capital Research
With QE 3 and QE 4 firmly in place and the Fed’s balance sheet over $3 trillion, Idecided to go back and count the recap the Fed/Feds’ interventions since the Great Crisis began in 2007.
Here’s a recap of some of the larger moves made during the Crisis:
Cutting interest rates from 5.25-0.25% (Sept ’07-today). From the mid-17th century to the late 20th century, the American economy grew roughly 3.5% a year. That growth rate has since declined significantly. When the final figures are in for 2012, the annual rate of real output growth for the first dozen years of this century is likely to be about 1.81%. What accounts for the slowdown? An important part of the answer is simple: Americans aren’t working as much [...] By Michael There was a time in America when virtually anyone that wanted a job could go out and get one and the United States boasted the largest and most prosperous middle class in the history of the world. Sadly, those days are long gone. Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job. But now there are millions of Americans in their prime [...] “Markets will react BADLY to an Obama win.” Here’s the backup story, on Confounded Interest: Ugh. Unemployment Rate Rises to 7.9, Black Unemployment Rises to 14.30% By Anthony B. Sanders, George Mason University, November 2, 2012 According to the Bureau of Labor Statistics, the unemployment rate rose from 7.8% to 7.9% for October. The number of unemployed in the US rose from 12,088,000 in September to 12,258,000 in October. An increase of 170,000. The good news [...] From Jim Quinn of The Burning Platform: … The unemployment rate during the Great Depression reached 25%. Without the BLS “adjustments” the real unemployment rate in this country is 23%. Cheerleading and packaging the data in a way to mislead the public does not change the facts: There are 242 million working age Americans. Only 142 million Americans are working. For the math challenged, such as CNBC analysts, that means 100 million working age Americans [...] Now that the Fed has engaged in QE 3 (which is essentially QE infinite since it’s meant to run until things get where the Fed wants them), I decided to go back and count the recap the Fed/Feds’ interventions since the Great Crisis began in 2007. Here’s a recap of some of the larger moves made during the Crisis: Cutting interest rates from 5.25-0.25% (Sept ’07-today). Wolf Richter, Testosterone Pit
“Dire” is no longer the right word to describe the situation in Greece.
Unemployment hit 23.1% in May, according to ELSTAT, the Greek statistical agency, which released the report on August 9. That it takes over two months to do a job—producing unemployment numbers—that other countries accomplish in a couple of weeks may be symptomatic of Greece’s calamity economy. And a calamity it is. Youth unemployment (15-24) jumped to 54.9%—but even before the crisis, during [...] Wolf Richter www.testosteronepit.com “Dire” is no longer the right word to describe the situation in Greece. Unemployment hit 23.1% in May, according to ELSTAT, the Greek statistical agency, which released the report on August 9. That it takes over two months to do a job—producing unemployment numbers—that other countries accomplish in a couple of weeks may be symptomatic of Greece’s calamity economy. And a calamity it is. Youth unemployment (15-24) jumped to 54.9%—but even before the crisis, [...] Spending time examining the employment report shows continuing trends that appear beyond the headline figures. The number of Americans unemployed or marginally attached to the work-force increased to 15 percent and appears to be a new staple of our current workforce. A key data point is the civilian employment-population ratio that shows a continuing drop. The US is on a multi-decade trend where we have fewer working adults as a share [...] The Employment Rate In The United States Is Lower Than It Was During The Last Recession by Michael
Did you know that a smaller percentage of Americans are working today than when the last recession supposedly ended? But you won’t hear about this on the mainstream news. Instead, the mainstream media obsesses over the highly politicized and highly manipulated “unemployment rate”. The media is buzzing about how “163,000 new jobs” were added [...] by Phoenix Capital Research
Most of my recent analysis has pertained to Europe.
However, on the other side of the pond, the US economy is showing major signs of deterioration. The jobs data, even after the BLS massages it, is awful. Secondly, 1Q12 GDP estimates have been revised lower. We’ve also seen the two consecutive bad Philly Fed surveys, including the fact that the average workweek has shortened for two months now. [...] Nonfarm payrolls rose by just 80,000 in June, slightly worse than expected and the third straight month of sub-100,000 job growth. The jobless rate held at 8.2%. The employment report was disappointing. Here are 10 reasons why the jobs market is even worse than the headline figures. 1. Unemployment has topped 8% for 41 straight months. Last time above 8% – December 1983. 2. The jobless rate actually makes the labor [...] Now that stocks are back to reflecting nothing more than expectations of how many times the Chairsatan dilutes the existing monetary base in a carbon copy replica of not only 2011 but also 2010… and 2009 (because contrary to what purists may believe, the only way to inflate away unsustainable debt in a growth-free economy is by destroying the currency), and manic pattern chasers have crawled out of their holes proclaiming the [...] The federal government’s Bureau of Labor Statistics publishes monthly tallies for the employment-population ratio. That stat shows something rather straightforward: Among those who are living in America and are free to pursue employment, what percentage are employed? (The bureau excludes those who are under 16 years old, are active-duty military, or are — in the bureau’s own words — “inmates of institutions (for example, penal and mental facilities, homes for [...] The national unemployment rates gets lots of attention, and lately more attention has been paid to the workforce participation rate since more Americans have given up looking for a job, but we can also see that an astounding 100 million Americans don’t have jobs. Specifically, these are people who are part of the civilian over-16 non-institutional population who are either unemployed or not part of the workforce. According to the April jobs [...] … Are what again? As the following graphic from IBD demonstrates, for the first time in history, a majority of jobless workers over 25 have attended some college, and now outnumber those without a job who simply have a high school diploma or less. But at least those in the fomer category have tens of thousands of non-dischargeable debt to show for it. From IBD: Out of 9 million unemployed in April, 4.7 million [...] 1. The promise that unemployment would be below 8 percent. 2. The promise that the help would come immediately. http://content.usatoday.com/communities/theoval/post/2011/06/obama-jokes-about-shovel-ready-projects/1 3. It was supposed to lift 2 million Americans from poverty…instead over 3 X that many more are now living there….plus child poverty has dramatically increased. 4. The green sector would create millions of jobs…well we all saw how that worked out. More like paid millions of dollars in paybacks. 5. One million electric cars [...] Excerpt and Link from the BLS site… Nothing is ever as its presented by the media, see the last sentence in the excerpt…, then go to the link. “The civilian labor force participation rate (63.8 percent) and the employment-population ratio (58.5%) were little changed in March. (See table A-1.) The number of persons employed part time for economic reasons (sometimes referred to as by The Economic Collapse
The mainstream media is not telling you the truth about unemployment in the United States. The percentage of working age Americans that are employed is not increasing. In March 2010, 58.5 percent of all working age Americans had a job. In March 2012, 58.5 percent of all working age Americans had a job. So if the employment rate is exactly the same as it was two years ago, then how in the [...] “We owed it to our children and grandchildren to rid them of the burden of this debt,” said Greek Finance Minister Evangelos Venizelos about the bond swap that had just whacked private sector investors with a 72% loss. But the drumbeat of Greece’s economic horror show continued in its relentless manner.
In central Athens, a stunning 29.6% of the businesses ceased operations, up from 24.4% in August; in Piraeus 27.3%, a 10-point jump [...] Wolf Richter www.testosteronepit.com “We owed it to our children and grandchildren to rid them of the burden of this debt,” said Greek Finance Minister Evangelos Venizelos about the bond swap that had just whacked private sector investors with a 72% loss. While everyone other than the bondholders was applauding, the drumbeat of Greece’s economic horror show continued in its relentless manner. In central Athens, a stunning 29.6% of the businesses ceased operations, up from 24.4% [...] by Lance Roberts of Streettalklive.com Bringing The “Not In The Labor Force” Mystery To Light There has been much debate over the weekend regarding the 1.2 million individuals who moved into the “Not In Labor Force” category in Friday’s Bureau of Labor Statistics report, which included an increase to the total population of 1.5 million. From the Wall Street Journal: “Here’s what happened: According to the Census Bureau, the civilian population [age 16 and over] grew by [...] by testosteronepit Wolf Richter www.testosteronepit.com 150 factory workers in China threatened to jump off the roof of an iPhone factory unless they received a raise. Similar stories are accumulating. Inflation, especially in food and other essentials, has been rampant over the last few years—and to make ends meet, desperate workers sometimes take drastic measures. These anecdotes underscore a major trend in China: skyrocketing cost of labor. In the US, it’s the opposite. Since 2000, real wages (adjusted [...] thefiscaltimes.com Image: AP It was encouraging to see President Obama pivot from deficit reduction to job creation in his widely anticipated speech last week. The president proposed a combination of spending and tax reduction policies, and he surprised many people with the boldness of his proposals and his passion and commitment to the issue. Unfortunately, Obama’s plan is unlikely to be much help to struggling labor markets. Fourteen million [...] daviddegraw.org Thanks Max K & Global Macro Monitor for calling attention to this latest news from the Bureau of Labor Statistics: “In July, the employment-population ratio for youth—the proportion of the 16- to 24-year old civilian noninstitutional population that was employed—was 48.8 percent, a record low for the series… (The month of July typically is the summertime peak in youth employment.)” As we have seen in many countries throughout [...] Goolsbee Calls Jobs Report ‘Little Bump’ on Recovery Path “Austan Goolsbee, President Barack Obama’s chief economist, said today’s jobs report represents a “little bump” in the road to recovery and that the broader trends are “substantially more positive” than when Obama took office. “We should never read too much into any one month’s report,” Goolsbee, chairman of the Council of Economic Advisers, said in an interview on [...] Just out from Goldman Sachs, these four comments on the non-farm payrolls disaster: ————– 1. Nonfarm payroll employment increased by just 54k in May, significantly less than expected (although the surprise was smaller relative to forecasts which were recently updated; the post-ADP median was +130k). Weakness was concentrated in manufacturing (-5k vs. +24k in April), retail trade (-9k vs. +64k) and leisure/hospitality (-6k vs. +32k). In [...] |
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