Article

2010-07-02 Economy

Initial Unemployment Claims Getting Uglier

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Posted by 3dc 2010-07-02 01:30|| || Front Page|| [1 views ] Top

#1 unemployment rate dropped to 9.5%. Good news?

No, because it fell due to the number of perople simply giving up on employment searches as futility. Good job Oblahblah, Nancy, and Harry. Worst admin and congress ever?

via Hotair:
The civilian labor force participation rate fell by 0.3 percentage point in June to 64.7 percent. The employment-population ratio, at 58.5 percent, edged down over the month. (See table A-1.)
In June, about 2.6 million persons were marginally attached to the labor force, an increase of 415,000 from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)
Among the marginally attached, there were 1.2 million discouraged workers in June, up by 414,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.4 million persons marginally attached to the labor force had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)

Posted by Frank G 2010-07-02 10:11|| 2010-07-02 10:11|| Front Page Top

#2 it fell due to the number of perople simply giving up on employment searches as futility.

No. it fell because 100s of thousands of workers no longer qualify for unemployment benefits. Expect that number to grow into the several million in the next several weeks. The "unemployment rate" may go down, but expect a huge uptick in houses being foreclosed, cars being reposessed, etc.

Posted by Frozen Al 2010-07-02 12:48|| 2010-07-02 12:48|| Front Page Top

#3 I guess I beat the rush, then - I gave up trying to get hired on anyplace last year, and took up freelancing. Wave of the future - independent contracting/temping? You sure as heck don't have to stick around long enough to get bored. And setting my own work hours and schedule is absolutely to be treasured.

Posted by Sgt.Mom 2010-07-02 12:50|| http://www.celiahayes.com 2010-07-02 12:50|| Front Page Top

#4 #2 - you left a gap in the sequence of events. Something about the government messing with the unemployment statistics to make things look better than they really are.

Posted by Anguper Hupomosing9418 2010-07-02 12:50|| 2010-07-02 12:50|| Front Page Top

#5 The civilian labor force participation rate fell by 0.3 percentage point in June to 64.7 percent.

Pls, don't tell my employer, I've had 'em fooled for several years.

Posted by Shipman 2010-07-02 18:12|| 2010-07-02 18:12|| Front Page Top

#6 Anecdotally, unexpected numbers of people are choosing to formally retire earlier than planned because they don't see the possibility of an end-of-career job and they're reaching the end of unemployment benefits.

Posted by trailing wife 2010-07-02 19:32|| 2010-07-02 19:32|| Front Page Top

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