“While disappointing, the September numbers were not catastrophic, some economists said.”
By Daniel at 2 October, 2009, 12:57 pm
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Bologna! You’d realize that the figures are HORRIBLE if you’d do your damned jobs and DIG just a tiny bit:
http://market-ticker.org/archives/1485-September-Unemployment-ACTUAL-LOSS-995k.html
Headlines: 263,000 “jobs lost” and unemployment rate up to 9.8%.
That’s not good - there goes the “second derivative” argument.
Weekly earnings are also down by $1.54, which is bad news too.
But the Household Data is VASTLY worse than reported. Here are the month-over-month changes, and they’re in the realm of frightening. (all numbers in thousands)
Civilian Labor Force: 154,879 to 153,617 this month.
Employed: 140,074 down to 139,079 this month.
That’s a loss of 995,000 jobs, not 263,000, and the labor force contracted by 1,262,000 people!
The participation rate was absolutely decimated, down 0.6% this last month alone. The people “not in the labor force” rose by a staggering 1,516,000 in the last month.
The government doesn’t count people as “unemployed” who have given up and exited the labor force, but as I have repeatedly noted whether the government counts them or not the corner store owner sure as hell does!
The fact of the matter is that nearly 1 million fewer people were working in September as compared to August; there has been absolutely no improvement in that trend whatsoever.
Heard on the real estate channel: With tremendous job losses, they’re looking to the holidays for employment boost.
Something is wrong with this picture.
Whom will they be selling to exactly?
With twelve more months of continual job losses in the last year, it doesn’t take a genius to figure out that sales will be worse than last year.
But that is apparently more than the cows can grasp.
It will not end well for them.
tarn
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