Weak Obama Recovery Ends–Great Obama Recession Economy Or GORE Starts–Labor Participation Rate in July 2011 Hits 27 Year Low of 63.9%–Over 130,000 Workers Leave Workforce In July 2011–No Jobs!–Videos

Posted on August 5, 2011. Filed under: American History, Banking, Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Inflation, Investments, Language, Law, liberty, Life, media, Microeconomics, Money, People, Philosophy, Politics, Psychology, Public Sector, Rants, Resources, Talk Radio, Taxes, Technology, Transportation, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , |

http://www.shadowstats.com/alternate_data/unemployment-charts

Unemployment Rate Dips, Economy Adds 117K Jobs

 

Morning Market Alert for August 5, 2011

 

Rep. Brady’s first round of questioning during JEC employment hearing 8-8-11

 

August 5th 2011 CNBC Stock Market Squawk Box July 2011 Jobs Report

 

 

AARP: Jeffrey Davis on 2011 Unemployment

Unemployment Rate Primer

 

NewsBusted 8/5/11

 

Peter Schiff “If Bush Had Been A Better President We Would Not Have Elected Obama!”

 

Market Plunge Startles Investors, But Fed ‘Out of Ammo’ Amid Double-Dip Fears

 

The August 2011 unemployment report from the Bureau of Labor Statistics indicated that the unemployment rate had declined slightly from 9.2% to 9.1% in July and 117,000 nonfarm jobs were created with 154,000 jobs created in the private sector.

Series Id:           LNS14000000 Seasonally Adjusted Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
 
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9  
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0  
2008 5.0 4.8 5.1 4.9 5.4 5.6 5.8 6.1 6.2 6.6 6.8 7.3  
2009 7.8 8.2 8.6 8.9 9.4 9.5 9.5 9.7 9.8 10.1 9.9 9.9  
2010 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4  
2011 9.0 8.9 8.8 9.0 9.1 9.2 9.1            

This would normally be good news.

Looking closely at the numbers reveals that the labor participation declined to 63.9% the lowest rate since January 1984 when the U.S. economy was starting to recover from a recession that ended in November 1982.

Normally the labor participation rate falls in a range of between 66% to 67%.

Since President Obama has been in office the labor participation rate has declined from 65.7% in January 2009 to the new low of 63.9% in July 2011.

Even during the 12 month economic recovery from July 2009 through June 2010 the labor participation rate never went back over 66% and in fact never exceeded 65.7%.

 

Series Id:           LNS11300000 Seasonally Adjusted Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

 

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1980 64.0 64.0 63.7 63.8 63.9 63.7 63.8 63.7 63.6 63.7 63.8 63.6  
1981 63.9 63.9 64.1 64.2 64.3 63.7 63.8 63.8 63.5 63.8 63.9 63.6  
1982 63.7 63.8 63.8 63.9 64.2 63.9 64.0 64.1 64.1 64.1 64.2 64.1  
1983 63.9 63.8 63.7 63.8 63.7 64.3 64.1 64.3 64.3 64.0 64.1 64.1  
1984 63.9 64.1 64.1 64.3 64.5 64.6 64.6 64.4 64.4 64.4 64.5 64.6  
1985 64.7 64.7 64.9 64.9 64.8 64.6 64.7 64.6 64.9 65.0 64.9 65.0  
1986 64.9 65.0 65.1 65.1 65.2 65.4 65.4 65.3 65.4 65.4 65.4 65.3  
1987 65.4 65.5 65.5 65.4 65.7 65.5 65.6 65.7 65.5 65.7 65.7 65.7  
1988 65.8 65.9 65.7 65.8 65.7 65.8 65.9 66.1 65.9 66.0 66.2 66.1  
1989 66.5 66.3 66.3 66.4 66.3 66.5 66.5 66.5 66.4 66.5 66.6 66.5  
1990 66.8 66.7 66.7 66.6 66.6 66.4 66.5 66.5 66.4 66.4 66.4 66.4  
1991 66.2 66.2 66.3 66.4 66.2 66.2 66.1 66.0 66.2 66.1 66.1 66.0  
1992 66.3 66.2 66.4 66.5 66.6 66.7 66.7 66.6 66.5 66.2 66.3 66.3  
1993 66.2 66.2 66.2 66.1 66.4 66.5 66.4 66.4 66.2 66.3 66.3 66.4  
1994 66.6 66.6 66.5 66.5 66.6 66.4 66.4 66.6 66.6 66.7 66.7 66.7  
1995 66.8 66.8 66.7 66.9 66.5 66.5 66.6 66.6 66.6 66.6 66.5 66.4  
1996 66.4 66.6 66.6 66.7 66.7 66.7 66.9 66.7 66.9 67.0 67.0 67.0  
1997 67.0 66.9 67.1 67.1 67.1 67.1 67.2 67.2 67.1 67.1 67.2 67.2  
1998 67.1 67.1 67.1 67.0 67.0 67.0 67.0 67.0 67.2 67.2 67.1 67.2  
1999 67.2 67.2 67.0 67.1 67.1 67.1 67.1 67.0 67.0 67.0 67.1 67.1  
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0  
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7  
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3  
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9  
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9  
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0  
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4  
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0  
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.0 66.1 66.0 66.0 65.8 65.8  
2009 65.7 65.7 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.1 65.0 64.7  
2010 64.8 64.8 64.9 65.1 64.9 64.7 64.6 64.7 64.7 64.5 64.5 64.3  
2011 64.2 64.2 64.2 64.2 64.2 64.1 63.9            

Unfortunately the primary reason for the small .1% decline in the unemployment rate was not that more workers  were finding employment in July.

Instead, the real reason the unemployment rate fell in July is that workers previously classified as unemployed were now considered discouraged workers and not unemployed or participating in the labor force.

Workers that normally would be considered unemployed left the labor force and became discouraged workers who are ready and willing to work and have looked for a job in the past, but now are so discouraged that they have stopped looking.

In July the number of discouraged workers rose from 982,000 in June to over 1,119,000 in July an increase of over 137,000.

Series Id:                       LNU05026645 Not Seasonally Adjusted Series title:                    (Unadj) Not in Labor Force, Searched For Work and Available, Discouraged Reasons For Not Currently Looking Labor force status:              Not in labor force
Type of data:                    Number in thousands
Age:                             16 years and over
Job desires/not in labor force:  Want a job now
Reasons not in labor force:      Discouragement over job prospects  (Persons who believe no job is available.)
 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 236 267 258 331 280 309 266 203 253 232 236 269 262
2001 301 287 349 349 328 294 310 337 285 331 328 348 321
2002 328 375 330 320 414 342 405 378 392 359 385 403 369
2003 449 450 474 437 482 478 470 503 388 462 457 433 457
2004 432 484 514 492 476 478 504 534 412 429 392 442 466
2005 515 485 480 393 392 476 499 384 362 392 404 451 436
2006 396 386 451 381 323 481 428 448 325 331 349 274 381
2007 442 375 381 399 368 401 367 392 276 320 349 363 369
2008 467 396 401 412 400 420 461 381 467 484 608 642 462
2009 734 731 685 740 792 793 796 758 706 808 861 929 778
2010 1065 1204 994 1197 1083 1207 1185 1110 1209 1219 1282 1318 1173
2011 993 1020 921 989 822 982 1119            

The U.S. economy needs to create between 100,000 to 150,000 jobs each month to keep up with population growth and new entrants into the labor force.

Each month  high school and college graduates and drop-outs enter the labor force for the first time.

In addition to jobs filled by new entrants into the labor force, the U.S. economy needs to create between 150,000 to 160,000 new jobs each month to reduce the unemployment rate by just .1% per month.

Therefore the U.S. economy needs to create approximately 300,000 new jobs  each month to reduce the unemployment by .1%.

While the total number of new jobs created was estimated to be 117,000 in July this is barely enough to keep up with population growth and not even close to the 300,000 jobs needed to actually reduce the unemployment rate by .1%.

The creation of 300,000 new jobs each month would require a growth rate in the Gross Domestic Product of between 3% to 4% or roughly a 3.5% growth rate.

The U.S economy grew at only a .4% rate for the first quarter on 2011 and 1.3% in the second quarter of 2011.

This is signficantly less than the 3.5% growth rate in real GDP needed to reduce unemployment by .1% each month.

The primary reason the unemployment rate fell by  .1% in July instead of remaining flator increasing was workers becoming discouraged at their job prospects and left the labor force.

This is indeed depressing news.

The U.S economy reached a peak in GDP growth in the middle of  2010.

Since then the growth rate of the Gross Domestic Product measure in real terms has steadily declined for four consecutive quarters.

The Weak Obama Recovery has ended and the Great Obama Recession Economy or GORE has started.

The recent correction of over 10% on Wall Street is a leading indicator that the GORE has begun.

When will the recession hit bottom  and another recovery begin?

When President Barack Obama is voted out of office in November 2012.

Until then keep looking for a job and do not become discouraged.

The Unemployment Game Show: Are You *Really* Unemployed?

 

Should the Bureau of Labor Statistics call you, tell them you have been looking for work.

Only then will you be considered unemployed and not be considered a discouraged worker.

A discouraged worker is classified by the Bureau of Labor Statistic as an individual that has left the labor force or is no longer participating.

This is one of the reasons the labor participation rate hit a new low of just 63.7% in July.

I expect the official unemployment rate to go over 10% in the first half of 2012 and then start to decline to just over 9% by election day 2012.

The US Misery Index by President
January 1948 to June 2011

Misery Index = Unemployment rate + Inflation rate

President Time Period Start End Change Avg.
 
Richard M. Nixon 1969-01 – 1974-07 7.80 17.01 9.21 10.57
James E. Carter, Jr. 1977-01 – 1980-12 12.72 19.72 7.00 16.26
Barack H. Obama 2009-01 – 2011-06 7.83 12.76 4.93 10.45
Dwight D. Eisenhower 1953-01 – 1960-12 3.28 7.96 4.68 6.26
Lyndon B. Johnson 1963-11 – 1968-12 7.02 8.12 1.10 6.77
George H.W. Bush 1989-01 – 1992-12 10.07 10.30 0.23 10.68
George W. Bush 2001-01 – 2008-12 7.93 7.49 -0.44 8.11
John F. Kennedy 1961-01 – 1963-10 8.31 6.82 -1.49 7.14
William J. Clinton 1993-01 – 2000-12 10.56 7.29 -3.27 7.80
Gerald R. Ford 1974-08 – 1976-12 16.36 12.66 -3.70 16.00
Ronald W. Reagan 1981-01 – 1988-12 19.33 9.72 -9.61 12.19
Harry S. Truman 1948-01 – 1952-12 13.63 3.45 -10.18 7.88

The OMI or Obama Misery Index, the sum of the unemployment and inflation rates has been rising and is at a new high of over 12.72% and heading for 15%.

This is better than President Jimmy Carter with a Misery Index over 20% in 1980.

President Carter lost to Ronald Reagan in 1980.

The economic recovery or expansion of the U.S. economy will start when the American people become convinced that President Obama cannot be elected to a second term as President of the United States.

This will happen on or before Tuesday, November 6, 2012.

During the Great Depression the rate of unemployment hit a monthly high of 24.9% in March 1933 with about 13 million American unemployed, the month Franklin D. Roosevelt was sworn in as President.

Today there are over 14 million American unemployed as measured by the offical unemployment rate (U-3) and over 25 million Americans seeking a full-time job as measured by the total unemployment rate (U-6).

A popular song in 1933 was Happy Days Are Here Again that may very well become a hit again in 2013!

Barbra Streisand – Happy Days Are Here Again

So long sad times
Go long bad times
We are rid of you at last

Howdy gay times
Cloudy gray times
You are now a thing of the past

Happy days are here again
The skies above are clear again
So let’s sing a song of cheer again
Happy days are here again

Altogether shout it now
There’s no one
Who can doubt it now
So let’s tell the world about it now
Happy days are here again

Your cares and troubles are gone
There’ll be no more from now on
From now on …

Happy days are here again
The skies above are clear again
So, Let’s sing a song of cheer again

Happy times
Happy nights
Happy days
Are here again!

 

Background Articles and Videos

Why the Meltdown Should Have Surprised No One | Peter Schiff

 

EAT THE RICH!

 

What We Believe, Part 1: Small Government and Free Enterprise

 

What We Believe, Part 2: The Problem with Elitism

 

What We Believe, Part 3: Wealth Creation

 

Peter Schiff Was Right 2006 – 2007 (2nd Edition)

Ron Paul Was Right (1983-2008)

Ron Paul was Right

Read Full Post | Make a Comment ( None so far )

Gold Standard And Sound Money–Videos

Posted on December 5, 2009. Filed under: Blogroll, Communications, Economics, Fiscal Policy, government spending, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Psychology, Taxes, Video, Wisdom | Tags: , , , , , , |

 

Ludwig von Mises

“Sound money still means today what it meant in the nineteenth century: the gold standard.”

The Theory of Money and Credit, page 490 

 

“The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against spendthrift governments.”

Economic Policy, page 65 

 

Monetary Lessons from America’s Past

The Gold Dollar

Milton Friedman on The Gold Standard

Gold and the Good Guys

The Gold Standard Before the Civil War

The Gilded Age and the Gold Standard

The Costs of a Gold Standard

 

Entrepreneurship Under the Gold Standard

The Gold Standard

Gold, Peace, and Prosperity [Part 1]

Gold, Peace, and Prosperity [Part 2]

The Founding of the Federal Reserve

 

Why the Meltdown Should Have Surprised No One

Ending the Monetary Fiasco and Returning to Sound Money

Ludwig von Mises

“Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.”

On the Manipulation of Money and Credit, page 48

“Every nation, whether rich or poor, powerful or feeble, can at any hour once again adopt the gold standard.”

Omnipotent Government, page 252

 

 

Background Articles and Videos

The Shrinking Value of the Dollar

The CPI inflation calculator uses the average Consumer Price Index for a given calendar year. This data represents changes in prices of all goods and services purchased for consumption by urban households. This index value has been calculated every year since 1913. For the current year, the latest monthly index value is used. In 2008, for example, it took $21.57 to buy what $1 bought in 1913. Note that in 1920, it cost $2.02, and declined in 1925 and through the 1930s, illustrating the effect of the Great Depression, when prices slumped. Prices did not pass $2 again until 1950.

Year Amount it took to
equal $1 in 1913
1913 $1.00
1920 2.02
1925 1.77
1930 1.69
1935 1.38
1940 1.41
1945 $1.82
1950 2.43
1955 2.71
1960 2.99
1965 3.18
1970 3.92
1975 $5.43
1980 8.32
1985 10.87
1990 13.20
1995 15.39
2000 17.39
2001 $17.89
2002 18.17
2003 18.59
2004 19.08
2005 19.73
2006 20.18
2007 20.94
2008 21.57
Source: Bureau of Labor Statistics. Web: http://stats.bls.gov/ .

Sound Money vs. Fiat Money -Bob Chapman on Economics 101

 

Austrian Monetary Economics

FDR Ends Gold Standard in 1933

Nixon Ends Bretton Woods International Monetary System

Related Posts On Pronk Palisades

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

Friedrich Hayek–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Read Full Post | Make a Comment ( None so far )

Unemployment Over 13 Million and Rising: The Failure of Government Intervention Economics–20 Million Americans Looking For Full Time Job

Posted on April 6, 2009. Filed under: Blogroll, Economics, Employment, Energy, Homes, Immigration, Investments, Law, Links, Philosophy, Politics, Quotations, Rants, Raves, Resources, Taxes, Video | Tags: , , , , , , , , , , , , |

World Wide Economic Disaster 2009

 

Riots around the World

 

Global Economic Collapse ! World Wide Riots !!!!!

 

us_unemployment_1890-2008

 

 

us_unemployment_rates

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2009 7.60 8.10 8.50                  
2008 4.90 4.80 5.10 5.00 5.50 5.60 5.80 6.20 6.20 6.60 6.80 7.20
2007 4.60 4.50 4.40 4.50 4.50 4.60 4.70 4.70 4.70 4.80 4.70 4.90
2006 4.70 4.80 4.70 4.70 4.70 4.60 4.70 4.70 4.50 4.40 4.50 4.40

http://www.tradingeconomics.com/Economics/Unemployment-rate.aspx?Symbol=USD

 

 

Most economists know that the official unemployment statistics published by the U.S. Department of Labor actually understate the unemployment rate and number of unemployed and underemployed individuals in the work force.

Last week the March 2009 official unemployment rate or U-3 rose to 8.5% or about 13.2 million unemployed Americans.

These numbers exclude so-called “discourgaged”  and “marginally attached” individuals who did not look for work in the last four weeks.  Also, many employed workers are working part-time jobs when they really need and want full-time employment and are called ” involuntary part-time workers”:

Does the official unemployment rate exclude people who have stopped looking for work?

   Yes; however, there are separate estimates of persons outside the labor force who want a job, including those who have stopped looking because they believe no jobs are available (discouraged workers).  In addition, alternative measures of labor underutilization (discouraged workers and other groups not officially counted as unemployed) are published each month in the Employment Situation news release.

http://www.bls.gov/news.release/empsit.faq.htm

 

The real unemployment rate or U-6 was 15.6% compared to the U-3 or official rate of unemployment of 8.5%.

Currently there are over 20 million Americans looking for full time employment or a job.

By July 2009 this number could easily reach over 30 million or over 10% of the population of the United States and with the real unemployment rate approaching 20%!

The American people’s patience with failed government intervention policies will reach a boiling point by July if not sooner.

President Obama honeymoon will be over as millions of high school and college graduates face a summer of unemployment and few future job prospects.

Nationwide the American people  are currently protesting the incompentence of the political class in Washington D. C. with Tea Parties as the Second American revolution rolls into cities across the nation.

April 15, 2009 is the date for Tax Day Tea Parties with Americans demanding the repeal of the stimulus pork bill, bailouts, massive deficit budgets, and the passage of the FairTax.

A peaceful tax revolt could turn ugly if Congress tries to pass a new cap and trade carbon tax, card check for union elections, and an amnesty bill for illegal aliens.

There are currently between 20 million to 30 million illegal aliens in the United States with over 15 million working in primarily low-skilled jobs.

More and more Americans are demanding criminal alien removal and deportation to their country of origin.

These are jobs unemployed Americans need and want to support their families.

If the political class in Washington D.C. tries once again to pass an amnesty bill, do not be surprised if rioting in streets begins starting in Washington D.C.

A repeat of 1968 is not out of the question.

 

1968 Riots in Washington D.C.

 

1968 DC Riots

 

Riots of 1968 Pt 1

 

Race Riots of 1968 Pt 2

 

The clueless political elites of both political parties are about to be educated.

Employment Report Preview

http://www.youtube.com/watch?v=hj4xOww9RwA

 

Peter Schiff 4/3/09 Video Blog on Unemployment

 

Unemployment Rate Highest Since 1983

 

Real Unemployment Figures Double Those Reported By Labor Department

 

Congress Is Allowing More Greencards And Visas As Unemployment Soars.

 

Tom Woods on Glenn Beck Meltdown

 

Monetary Lessons from America’s Past

 

Thomas Woods – Interventionist Economics

 

Over 200 top economist against the Obama plan


 

Time to join the Second American Revolution and rally at a Tax Day Tea Party in your community on April 15, 2009:

 

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

 

tea_party_truck

 

Glenn Beck Shorts 03-31-09 Tax Day Tea Parties April 15th

 

TEXAS “Tax Day” TEA PARTY Events – CAPITALIST MARCH ON WASHINGTON

 

 

Together We Can Save the Nation

Make a Point on Tax Day 2009

“…April 15th–the single greatest reminder to every American of just how broken our national tax system is.

 This year our work is more important than ever before. Our battered economy can be healed with the FairTax.

Can you help us make that point during this dangerous time for our country?

 Our voices are needed. If we make our democracy work, we can move the FairTax closer to passage.

 It’s all about working together. Below, please find the perfect way for you to support the FairTax–and literally help save the nation.: …” 

fairtax

 

http://www.fairtax.org/site/PageServer?pagename=2009TaxDay

 

LOL

It’s not AIG. It’s the GOV…

 

 

Background Articles and Videos

 THE EMPLOYMENT SITUATION:  MARCH 2009
                 
                                   
   Nonfarm payroll employment continued to decline sharply in March (-663,000),
and the unemployment rate rose from 8.1 to 8.5 percent, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today.  Since the recession
began in December 2007, 5.1 million jobs have been lost, with almost two-thirds
(3.3 million) of the decrease occurring in the last 5 months.  In March, job
losses were large and widespread across the major industry sectors.

Unemployment (Household Survey Data)

   In March, the number of unemployed persons increased by 694,000 to 13.2 mil-
lion, and the unemployment rate rose to 8.5 percent.  Over the past 12 months,
the number of unemployed persons has grown by about 5.3 million, and the unem-
ployment rate has risen by 3.4 percentage points. Half of the increase in both
the number of unemployed and the unemployment rate occurred in the last 4 months. 
(See table A-1.)

   The unemployment rates continued to trend upward in March for adult men (8.8
percent), adult women (7.0 percent), whites (7.9 percent), and Hispanics (11.4
percent).  The jobless rates for blacks (13.3 percent) and teenagers (21.7 per-
cent) were little changed over the month.  The unemployment rate for Asians was
6.4 percent in March, not seasonally adjusted, up from 3.6 percent a year earlier. 
(See tables A-1, A-2, and A-3.)
  
   Among the unemployed, the number of job losers and persons who completed tem-
porary jobs increased by 547,000 to 8.2 million in March.  This group has nearly
doubled in size over the past 12 months.  (See table A-8.)
  
   The number of long-term unemployed (those jobless for 27 weeks or more) rose
to 3.2 million over the month and has increased by about 1.9 million since the
start of the recession in December 2007.  (See table A-9.)

http://www.bls.gov/news.release/empsit.nr0.htm

 

 Unemployment: Official, Effective, Real
by Bob Powell, 9/12/06

“…There are different estimates of the number of unemployed and the unemployment rate (in percent). This paper explains the differences and adds other categories that might well be described as unemployed. While official unemployment in June 2006 is 4.8%, real unemployment is 12,3%, which includes those who want a job now but are classified as “not in the labor market” and additional jobs needed to keep up with population growth since April 2000 when employment began to decline.
Note that none of this includes the underemployed, which adds considerably to slack in the “labor market.”
The official definitions from the BLS web site are given further below, but in brief: …” 
, which is considered to be a broader measure of unemployment, came in at 15.6% in March.
What’s the difference between the two numbers?
Well, the U-6 unemployment number contains two very important groups of people that the U-3 unemployment number does not:
1. Marginally attached workers, who are people that are not currently looking for work, but have indicated that they want and are available for a job, and have looked for a job sometime in the past 12 months.
2. People who would like full-time work, but need to take part-time jobs due to “economic” reasons.
Marginally attached workers also include “discouraged workers”, who are people that have become completely disillusioned about their prospects for finding a job, and have all but given up the search.
 
If you feel as though the economic situation is much worse than what the “official” unemployment numbers would seem to indicate, you are right – the government isn’t telling you the whole story.
 
According to the government’s official unemployment numbers, a person who has given up on finding a job (but wants one and has looked for one recently) is not considered to be unemployed. ..”  
  • U-3. the official unemployment rate
  • U-4. Adding also “discouraged” workers
  • U-5. Adding also other “marginally attached”
  • U-6. Adding also “part time for economic reasons” — they want, but can’t find, a full time job
  • U-6 + Want Job Now. Adding also those government considers “Not in labor force, but Persons who currently want a job.” While there’s a certain tortured logic to the BLS definition, I find it stunning that people who say they want a job now, but don’t have one, aren’t considered part of the labor force.
  • U-6 + Want Job Now + Needed to Keep Up w/Pop Growth. Adding also the number of jobs that would be needed to keep up with population growth.

A list of the official definitions and a complete explanation of the equations used to calculate the different values and percentages are included below. …”

http://www.exponentialimprovement.com/cms/unemploy.shtml

 

The Full Picture: Broader Unemployment Hits 15.6%

By Sudeep Reddy

“…But the Labor Department’s most comprehensive gauge of unemployment surpassed even its early 1980s levels. The government’s broader measure, known as the “U-6″ for its data classification, hit 15.6% in March — a big leap from 14.8% in February.

The comprehensive measure of labor underutilization accounts for people who have stopped looking for work or who can’t find full-time jobs. The March figure is the highest since the Labor Department started this particular data series in 1994. It’s also above a discontinued and even broader measure that hit 15% in late 1982, when the official unemployment rate was 10.8%. (That data series goes back to the 1970s.)

The 8.5% unemployment rate is calculated based on people who are without jobs, who are available to work and who have actively sought work in the prior four weeks. The “actively looking for work” definition is fairly broad, including people who contacted an employer, employment agency, job center or friends; sent out resumes or filled out applications; or answered or placed ads, among other things.

The U-6 figure includes everyone in the official rate plus “marginally attached workers” — those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule instead because that’s all they could find. …”

http://blogs.wsj.com/economics/2009/04/03/the-full-picture-broader-unemployment-hits-156/

 

Real” Unemployment Rate in March was 15.6%

“…The “official” unemployment number is the U-3, which came in at 8.5% in March.

Monthy Review April 2009

“…It is now universally recognized that the U.S. economy is experiencing a deep downturn unlike anything seen since the 1930s. Hence, the question continually arises: How close is this to a depression? One way of answering is to look at the unemployment rate. The Great Depression hit bottom in 1933 when unemployment peaked at 25 percent. Today the United States is losing jobs at the rate of 600,000 a month. But the official unemployment rate currently stands at 8.1 percent (seasonally adjusted, February 2009). This is the highest rate of official unemployment in a quarter-century, but hardly what is considered a depression-level rate, which is usually thought of as well into the double-digits.However, it is increasingly apparent that the official unemployment rate is much too conservative in its measure of labor underutilization, causing some of the better economic analysts to place their emphasis on the most inclusive unemployment rate provided by the Bureau of Labor Statistics (BLS), known as the U-6 measure, as opposed to U-3 (the official unemployment rate). U-6 is comprised of three components: (1) The “officially unemployed,” or U-3, those who are jobless and have looked for work in the past four weeks. Plus (2) “marginally attached workers,” or jobless individuals who desire employment and have looked in the past year but are not presently looking. (This includes as subcategories: [a] “discouraged workers” who consider the job market effectively closed to them; and [b] all other marginally attached workers, who often point to structural reasons for not pursuing employment, such as lack of childcare or transportation.) Plus (3) those “part time workers” who are part time for economic reasons and desire full-time employment. (John E. Bregger and Steven Haugen, “BLS Introduces a New Range of Alternative Unemployment Measures,” Monthly Labor Review 118, no. 10 [1995].) The U-6 unemployment rate is currently at 16 percent (non-seasonally adjusted, February 2009). 

 

Unemployment Rate Jumps to 8.5 Percent in March

The Bureau of Labor Statistics reported that 663,000 jobs were cut in March

Posted April 3, 2009

 

Less than a day after President Barack Obama secured an agreement with the G-20 leaders that he hopes will reverse the worldwide recession, more bad economic news came for the United States: The unemployment rate rose to 8.5 percent in March, from 8.1 percent in February.

 

The unemployment rate is now the highest that it has been since late 1983, according to the report released by the Bureau of Labor Statistics this morning. With 663,000 jobs cut in March, the 15th consecutive month to see jobs shed, the total number of jobs lost during the recession has reached 5.1 million.

The numbers would have been even worse if part-time and discouraged workers had been included, but they are not part of official unemployment rates. If those groups had been factored in, the unemployment rate in March would have been 15.6 percent—the highest since record keeping began in 1994. Discouraged workers are those who want work but have not looked for a job in the past four weeks, believing no jobs are available to them. …”

http://www.usnews.com/articles/news/national/2009/04/03/unemployment-rate-jumps-to-85-percent-in-march.html

Unemployment Rate Actually Near 14%

 

Economist John Williams on Real Unemployment Rate

 

John Williams ShadowStats.com “Go long Scotch!”

 

John Williams Of Shadow Stats Interview January 23,2009 PART ONE OF FIVE

 

Thomas Woods – Big Business

 

Who Killed The Constitution (1 of 5) Tom Woods

 

 

Who Killed The Constitution (2 of 5) Tom Woods

 

Who Killed The Constitution (3 of 5) Tom Woods

 

Who Killed The Constitution (4 of 5) Tom Woods

 

Who Killed The Constitution (5 of 5) Tom Woods 

 

Tom Woods at the Revolution March 7/12/08

Share it: The Tea Party Google map

By Michelle Malkin  

FreedomWorks has put together a terrific map with info on all the Tax Day Tea Party events. Spread the word and click to find all the location/time/date info you need. Go to the Tax Day Tea Party website for all the latest. Pretty amazing, don’t you think:

http://michellemalkin.com/2009/04/01/share-it-the-tea-party-google-map/

Tea Party update: Revolution is brewing

By Michelle Malkin  

“…Eric Odom reports that there are now 115 cities signed up for the April 15 nationwide Tax Day Tea Party protest. Wow. If you haven’t signed up, want to start your own, and are looking to meet up and organize with other tax revolters, go to Tax Day Tea Party’s website here.

Here’s a quick how-to guide.

  1. dontgo has opened up a Tax Day Tea Party store. Buy some swag, share with friends, spread the word.

Stay tuned to the Fresh Tea blog, where you can meet organizers from across the country. Check in with TCOT Report and Smart Girl Politics for more grass-roots organizing.

(On a parallel track, fellow Fox News colleague Glenn Beck has spearheaded “We Surround Them” parties scheduled across the country today. I’m hearing from lots of first-time activists who have found overlapping networks. The same principles that unite the “We Surround Them” effort also are in sync with the tax revolters. Synergy is good. We need every body and mind in motion we can get.)

In the meantime, other local Tea Party events keep rolling on.

  • Reader Stan e-mails photos from Columbia, MO’s protest today: …”

 

 http://michellemalkin.com/2009/03/12/tea-party-update-revolution-is-brewing/ 

 

Tea Party progress report

By Michelle Malkin  

 

Just 15 days until the Tax Day Tea Party protest! 300 cities and counting.

Your places for all the latest planning developments, as always:

Tax Day Tea Party

TCOT Report

DontGoMovement

Smart Girl Politics

Check out the full list of TDTP sponsors and supporting organizations here.

Get some Tax Day Tea Party gear here. (Just ordered the iTeaParty t-shirt.)

And track #teaparty tweeters here.

 

http://michellemalkin.com/2009/03/30/tea-party-progress-report/

 

No duh! White House “worried about bailout backlash”

By Michelle Malkin  

“…With a few notable exceptions, the national media has ignored the tax revolt movement against the porkulus package, omni-pork spending bill, and bottomless bailouts that began in Seattle on President’s Day; continued in Denver on the day of the Generational Theft Act signing; spread to Mesa AZ during President Obama’s massive mortgage entitlement push; spurred protest in Overland Park KS; and evolved into the Tea Party movement across the country.

But local politicians and local newspapers/TV are definitely on notice. Thousands of folks converging in places like St. Louis (1,500), Greenville (2,000), Fullerton (est. 15,000), and Cincinnati (5,000) are getting harder to ignore.

And now, it seems, word is getting around in Washington. The White House, the NYTimes (which has mocked the tax revolters) tells us, is worried about a populist backlash against bailout-mania. Naw. Really? You don’t say: …”

http://michellemalkin.com/2009/03/16/no-duh-white-house-worried-about-bailout-backlash/

http://www.bls.gov/opub/ils/pdf/opbils67.pdf

 

Related Posts On Pronk Palisades

1949: Big Brother–2009: Big Barack–Room 101–Newspeak–Redux Nineteen Eighty-Four!

Obama’s Face Crime–Hate Speech–Hate Crime–Just Free Speech–Live With It!

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Amity Shlaes–Videos

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

President Obama Delays E-Verify–Shame On You Mr. President!

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Read Full Post | Make a Comment ( 6 so far )

Liked it here?
Why not try sites on the blogroll...