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For all the Obamabashers etc out there who have endlessly complained that the good economic news that's come up over the last few months is meaningless because unemployment keeps increasing - well, here's the first indication that overall unemployment (NOT just NEW CLAIMS (as has been happening for several months now - but OVERALL unemployment)) has started to drop. This is the first time in nearly 4 years that that's happened. This is big news folks.
This is usually the LAST thing to recover in any recovery - and it seems to be starting to happen - following a whole bunch of other, earlier positive signs.
"WASHINGTON - The number of people on the unemployment insurance rolls fell slightly last week for the first time in 20 weeks, while the tally of new jobless claims also dipped, the government said Thursday. "
And no, FOX News is NOT yet reporting it. As usual, good economic news is now being report first on Left-leaning MSNBC while Right-leaning FOX news drags it feet - but even THEY will report it any time now.
Ken
Hate to put a damper on the celebration but,
The reports come a day before the department is scheduled to release its unemployment report for May. Economists expect that report will show employers cut a net total of 520,000 jobs last month.
That's on top of 5.7 million jobs that have been lost since the recession began in December 2007.
The unemployment rate, meanwhile, will rise to 9.2 percent from 8.9 percent in April, analysts forecast.
Maybe you should read the entire report. I hope it is a trend but the unemployement rate climbing from 8.9 to 9.2 is not good news by any means.
Not even slightly better, people have stopped looking for jobs. Do you think there are jobs being created? (outside of government) no. Companies are still shedding jobs.
According to the Bureau of Labor Statistics, the country has lost almost 6 million jobs over the past year. Last May, 138.2 million had jobs, and most recent month shows 132.3 million:
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet;jsessionid=f030a401586e$2AB$3F U
Also, a lot of public sector jobs at the state and local levels are going to be lost during the next year as states adjust to new budget realities:
The reports come a day before the department is scheduled to release its unemployment report for May. Economists expect that report will show employers cut a net total of 520,000 jobs last month.
That's on top of 5.7 million jobs that have been lost since the recession began in December 2007.
The unemployment rate, meanwhile, will rise to 9.2 percent from 8.9 percent in April, analysts forecast.
Maybe you should read the entire report. I hope it is a trend but the unemployement rate climbing from 8.9 to 9.2 is not good news by any means.
I did read the entire report - and we'll have to wait to see what tomorrow brings.
As I've said MANY TIMES - things won't turn around all at once, and while we bounce along the bottom there WILL be mixed messages. That's the nature of being at the bottom - not every indicator improves at the same time nor at the same rate, but over time more and more indicators will turn positive and fewer and fewer will be negative.
The reports come a day before the department is scheduled to release its unemployment report for May. Economists expect that report will show employers cut a net total of 520,000 jobs last month.
That's on top of 5.7 million jobs that have been lost since the recession began in December 2007.
The unemployment rate, meanwhile, will rise to 9.2 percent from 8.9 percent in April, analysts forecast.
Maybe you should read the entire report. I hope it is a trend but the unemployement rate climbing from 8.9 to 9.2 is not good news by any means.
Oh snap! that adjustment came faster than most of us thought it would! Even in the same article
Oh snap! that adjustment came faster than most of us thought it would! Even in the same article
Now, where's the party?!
You understand that the "adjustment" you are speaking of is an "expectation" - not a statistic - an "expectation" what was generated via a poll conducted at some point prior to today?
As I said, lets wait and see what tomorrow actually brings.
You understand that the "adjustment" you are speaking of is an "expectation" - not a statistic - an "expectation" what was generated via a poll conducted at some point prior to today?
As I said, lets wait and see what tomorrow actually brings.
Ken
Good advice, after all your "statistic" seems to be in danger of becoming the "expectation", by tomorrow......
Good advice, after all your "statistic" seems to be in danger of becoming the "expectation", by tomorrow......
No, it will ALWAYS be a statistic, even if it's superseded.
That's the difference between a statistic and an expectation.
It's really not all that complicated.
Actually private sector jobs ARE created every single month - even during the height of a recession - usually somewhere in the neighborhood of 5 million a month. A high unemployment rate - or even an increasing number of people filing for unemployment - does not mean that no jobs are being created, it simply means that more are being lost than are being created. Over the last few months I believe this percentage has been in 10 to 20% range (which is pretty bad).
It seems however that that is changing now. As the ratio of number of jobs lost vs number of jobs created changes the total unemployment rate will begin to drop.
Could it go up again yet?
Of course it could - so far the drop is VERY SMALL and I'm sure the gain is fragile, but it will strengthen over time and thus the job situation will improve. Once the number of new unemployment claims drops to about 300,000 or (I believe) a week then that is considered "normal" (ie an unemployment rate of about 5% - compared to close to 10% right now). That probably won't happen until next year some time, but between now and then it's likely we see the unemployment rate bounce around a bit, and then begin to drop off.
Ken
Please substantiate that. You claim there are 60,000,000 new jobs created each year. Impossible.
So, should I put away the party hats and streamers?
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