What do you see in the latest jobless report?

Weekly jobless claims represent only those folks who have lost a job during the week. It does not account for those that are already unemployed, looking for work, and actually find a job. It is the difference between those two that represents the TOTAL jobs lost in a month. People are falling off the numbers because benefits are running out and some are likely giving up looking for work. 558,000 times 4 weeks = 2,232,000 job lost for the month.

Quick look at unemployment ACTUAL filings:

This week 470,824 in 2009 vs. 373,858 in 2008, vs. 266,420 in 2007 and 256,259 in 2006.

28.3% higher than last year, 80.1% higher than 07 and 87.2% higher than 06.

YTD filings 18,961,522 vs. 11,455,962 in 08, 10,059,386 in 07 and 9,566,414 in 06.

YTD up 65.5% on 08, 88.5% on 07 and 98.4% on 06.

Unemployment continues to grow at rates not capable of sustaining our economy. Period.

Vics

Related Posts:

• The weekly unemployment filing numbers and the disconnect between the reported “job loss” at the end of the month:
• Job seekers: Looking for a job is a waste of time.
• People are ignoring the real economy and focused on propped up stocks.
• ‘Bad News: Unemployment Falls To 9.4%’
• June numbers will be worse than May, especially after the ADP report this morning.

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