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"U.S. employers slashed 651,000 nonfarm positions in February 2009, pushing the monthly unemployment rate to 8.1%, the highest level since December 1983. February marks the third straight month that job losses exceeded 600,000, the first time that happened since 1939. The monthly job losses of 651K are also the largest since 1949."
This links to the BLS but you'd have to look inside there to find the BLS stats for 2/09.
Anyway, just so you memory-impaired right wingers can keep some perspective. Check out those figures!
IMO you owe a big fat apology to the current resident of the WH for your memory problems and resultant misguided behavior. You can blame it on your "news" sources.
The you are saying that Obama lied in saying that his stimulus package would keep unemployed rate at below 8% which it was at the time? So his stimulus actually increased unemployemnt? You need to wake up and look at the administrtions own figure it seems. Obama needs to apoligise to the american peoploe for his stimulus spensing with the jbs created and the massive infrastructure he said it wouls fix. As CNN sated on lookig at the bill ;it contained as much infrastructure spending as the Boston Big Dig for the entrie USA. It contained a pork wishlist of prok wanted by democratiuc mebers of congress. You don't have to look at a news sourse ;just look at the administrtions selling the stimulus.
And you have no "point," delu. You just want to make "small talk," so that you can impress everyone else with your "knowledge" of history. Yay. 25 years ago was another time, another era, dearie. I would rather deal in the "now, today" than dwell on 25 years ago. Hell, 25 years ago, I was marred, but I sure as hell don't dwell on that, in fact I try to forget about it every day. But that has nothing to do with this does it, other than to "point out" to you I don't fret and twist my words around to repeat history. And if you are reminded of this by your own "news" sources, well, you need to move over to the history forum, donchathink?
And it's "don't", with an apostrophe, just like "donchathink" is not a word, either.
If you dont like the facts, dont comment... do what that other guy did and stick your fingers in your ears.
"U.S. employers slashed 651,000 nonfarm positions in February 2009, pushing the monthly unemployment rate to 8.1%, the highest level since December 1983. February marks the third straight month that job losses exceeded 600,000, the first time that happened since 1939. The monthly job losses of 651K are also the largest since 1949."
This links to the BLS but you'd have to look inside there to find the BLS stats for 2/09.
Anyway, just so you memory-impaired right wingers can keep some perspective. Check out those figures!
IMO you owe a big fat apology to the current resident of the WH for your memory problems and resultant misguided behavior. You can blame it on your "news" sources.
Oh yay, another "blame Bush" "Obama inherited this mess" thread. How original.
IMO Obama owes us an apology for wasting trillions of taxpayer dollars that did nothing to help the UE rate and sent us further into debt. He'll get my apology when hell freezes over.
Oh yay, another "blame Bush" "Obama inherited this mess" thread. How original.
IMO Obama owes us an apology for wasting trillions of taxpayer dollars that did nothing to help the UE rate and sent us further into debt. He'll get my apology when hell freezes over.
Wasting, on what? Nothing to help the UE rate, you'd rather it continue at 650,000 per month? "Blame Bush," well, that's the fact of the matter, sorry if you've heard it more times than is comfortable.
Wasting, on what? Nothing to help the UE rate, you'd rather it continue at 650,000 per month? "Blame Bush," well, that's the fact of the matter, sorry if you've heard it more times than is comfortable.
If you want to buy into the fallacy that the stimulus had any measurable effect on the UE rate, be my guest. Most economists disagree.
Job losses for the day totaled 17,600. Compared to 65,000 job cuts Tuesday and considering that 143 million people are still employed in the US labor force, Wednesday’s job loss may seem minor. Nonetheless, at a rate of almost 18,000 layoffs per business day, the annualized total of job losses in 2009 would amount to 4.5 million jobs. Total job losses last year came in at 2.1 million.
Companies that announce layoffs of up to 20% of the work force are not just fine tuning. The size of the job cuts being announced imply that businesses see an unprecedented and major reduction in future sales and profits.
Despite the obvious increase in job losses, official government estimates may be drastically understating the true unemployment rate. Consider the following:
The Birth/Death Model Defies Economic Reality
The birth/death adjustment made by the Bureau of Labor Statistics added over 900,000 new jobs last year when computing the unemployment rate. The model attempts to estimate new job formation caused by the birth and death of businesses. The model admittedly produces inaccurate numbers at economic turning points but we are far beyond that point. Last year’s addition of jobs based on the model were ridiculous and had zero correlation with economic reality. Accordingly, the official government statistics understated the unemployment rate last year due to the birth/death model distortions.
True Unemployment Rate May Be Twice The Government Numbers
The official unemployment rate may also be dramatically inaccurate based on the Bureau of Labor Statistics method of calculation. Consider the chart below from Shadowstats.com.
If the government was still calculating the unemployment rate using the same criteria and methods that had last been used during the Clinton administration, the “official” unemployment rate today would be closer to 18%.
Courtesy of Shadowstats.com
The SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated “discouraged workers” defined away during the Clinton Administration added to the existing BLS estimates of level U-6 unemployment.
The economy is always about jobs. Regardless of the method of computation, the unemployment rate is growing dramatically. As the effects of layoffs and deleveraging continue to ripple throughout the economy, expect to see an official unemployment rate of over 10% in 2009.
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