The Real Jobs Numbers: 41% Of America Unemployed, 33% Doesn’t Want Work At All – Government Spent $1.03 TRILLION On Welfare Programs Last Year

The real jobs numbers: 41% of America unemployed, 1 in 3 doesn’t want work at all (RT, Oct 19, 2012):

Even if the US Labor Department has determined that the unemployment level has finally plateaued after months of staggering jobs statistics, the truth behind the numbers isn’t all that nice. Only four out of every 10 adults in the US is employed.

While the percentage of Americans filing jobless benefit claims isn’t what it was during an unemployment epidemic that ravaged the country throughout the majority of US President Barack Obama’s administration, the Labor Department’s numbers are largely inflated on account of how they determine what actually constitutes looking for work.

Read moreThe Real Jobs Numbers: 41% Of America Unemployed, 33% Doesn’t Want Work At All – Government Spent $1.03 TRILLION On Welfare Programs Last Year

TrimTabs Report: US Economy Actually Lost 104,000 Jobs In January

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TrimTabs Investment Research

The Leading Independent Institutional Research Firm for Equity Market Liquidity


Full article: ABC NEWS

… a growing chorus of economists and labor market analysts say the unemployment picture in the United States is actually far worse.

They argue that the Labor Department routinely undercounts the number of unemployed in this country, adding fuel to a simmering debate on whether the government is providing an accurate snapshot of the nation’s unemployment picture.

“Our gripe about the numbers is that it leaves out broad swaths of unemployed people in the country,” said Madeline Schnapp, director of macroeconomic research at TrimTabs, a Sausalito, Calif.-based investment research firm.

Like other economic observers, Schnapp argued that the Labor Department’s methodology is flawed because it’s based on surveys and polling and ignores “the real-time data available via analysis of withheld income and employment taxes.”

A TrimTabs report this week estimated that the U.S. economy actually lost 104,000 jobs in January, far more than what the government report shows today.

By TROY MCMULLEN
Feb. 5, 2010

Related article:

TrimTabs Analysts: ‘We cannot identify the source of the new money that pushed stock prices up so far so fast.’

US Companies Cut Estimated 203,000 Jobs, says ADP

Stating the obvious:

Obama warns of more US jobs losses ahead (AFP):
“We anticipate that we’re going to continue to see some job losses in the weeks and months to come,” Obama said ahead of the release of unemployment figures for October on Friday.

The Obama administration (and the Fed) are running the US into the ground:

US: Up to 95.2% Income Tax Rate Needed to Close Deficit in 2010


(Click on image to enlarge.)
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Long-term unemployment. (Can’t show this graph often enough.)

Nov. 4 (Bloomberg) — Companies in the U.S. cut an estimated 203,000 jobs in October, according to a private report based on payroll data.

The drop was the smallest in more than a year and followed with a revised 227,000 decline the prior month, data from ADP Employer Services showed today. The figures were forecast to show a decline of 198,000 jobs, according to the median estimate of 34 economists in a Bloomberg survey.

Read moreUS Companies Cut Estimated 203,000 Jobs, says ADP

Unemployment rate for young Americans has exploded to 52.2 percent

There is no recovery. All the bailouts (taxpayer money) went to Wall Street. The middle class is getting destroyed. So who will be able to create new jobs? Obama can promise whatever he wants to. It’s not going to happen. The US is broke. This is the Greatest Depression. More change!


The dead end kids: Young, unemployed and facing tough future

US President Barack Obama
United States President Barack Obama (EPA)

The unemployment rate for young Americans has exploded to 52.2 percent — a post-World War II high, according to the Labor Dept. — meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time.

And worse, without a clear economic recovery plan aimed at creating entry-level jobs, the odds of many of these young adults — aged 16 to 24, excluding students — getting a job and moving out of their parents’ houses are long. Young workers have been among the hardest hit during the current recession — in which a total of 9.5 million jobs have been lost.

“It’s an extremely dire situation in the short run,” said Heidi Shierholz, an economist with the Washington-based Economic Policy Institute. “This group won’t do as well as their parents unless the jobs situation changes.”

Al Angrisani, the former assistant Labor Department secretary under President Reagan, doesn’t see a turnaround in the jobs picture for entry-level workers and places the blame squarely on the Obama administration and the construction of its stimulus bill.

“There is no assistance provided for the development of job growth through small businesses, which create 70 percent of the jobs in the country,” Angrisani said in an interview last week. “All those [unemployed young people] should be getting hired by small businesses.”

There are six million small businesses in the country, those that employ less than 100 people, and a jobs stimulus bill should include tax credits to give incentives to those businesses to hire people, the former Labor official said.

“If each of the businesses hired just one person, we would go a long way in growing ourselves back to where we were before the recession,” Angrisani noted.

Read moreUnemployment rate for young Americans has exploded to 52.2 percent

Fed official: Real US unemployment rate at 16 percent

job-seeker
A job seeker looks over an employment bulletin board in Brooklyn

The real US unemployment rate is 16 percent if persons who have dropped out of the labor pool and those working less than they would like are counted, a Federal Reserve official said Wednesday.

“If one considers the people who would like a job but have stopped looking — so-called discouraged workers — and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent, said Atlanta Fed chief Dennis Lockhart.

He underscored that he was expressing his own views, which did “do not necessarily reflect those of my colleagues on the Federal Open Market Committee,” the policy-setting body of the central bank.

Lockhart pointed out in a speech to a chamber of commerce in Chattanooga, Tennessee that those two categories of people are not taken into account in the Labor Department’s monthly report on the unemployment rate. The official July jobless rate was 9.4 percent.

Lockhart, who heads the Atlanta, Georgia, division of the Fed, is the first central bank official to acknowledge the depth of unemployment amid the worst US recession since the Great Depression.

Read moreFed official: Real US unemployment rate at 16 percent

Actual U.S. Unemployment 15.8%: Bureau of Labor Statistics

This morning’s news that U.S. unemployment has hit 13.7 million, pushing the rate to 8.9 percent, tells only half the story of this recession.

The total number of Americans who are not working full-time but ought to be is actually about 22 million, or 15.8 percent, according to the Bureau of Labor Statistics.

Who are those other 8.3 million Americans? Call them the unofficially unemployed.

As The Ticker points out each time the Bureau releases the monthly unemployment figure, it does not include many out-of-work Americans.

There are many reasons for this.

The bureau, which is under the Labor Department, cannot use unemployment compensation records to count the out-of-work, because they are not reliable or up-to-date enough. The bureau also cannot count every out-of-work person.

Instead, as The Ticker reported here in December: “In the case of the monthly jobs report, the Labor Department contacts 60,000 households to determine the unemployment picture for the entire workforce, which consists of about 154 million Americans.”

The problem with this methodology is that it does not include millions of Americans who are not working full-time who ought to be. Those, in the bureau’s words, who are “marginally attached to the labor force.”

Those numbered an additional 2.1 million Americans in the first quarter of this year, the bureau said. Alarmingly, that number was up 35 percent from the first quarter of 2008.

Read moreActual U.S. Unemployment 15.8%: Bureau of Labor Statistics

AP Investigation: Banks sought foreign workers during meltdown

The use of visa workers by ailing banks angers Sen. Chuck Grassley of Iowa, the senior Republican on the Senate Finance Committee.

“In this time of very, very high unemployment … and considering the help these banks are getting from the taxpayers, they’re playing the American taxpayer for a sucker,” Grassley said in a telephone interview with AP.


SANTA CLARA, Calif. (AP) – Major U.S. banks sought government permission to bring thousands of foreign workers into the country for high-paying jobs even as the system was melting down last year and Americans were getting laid off, according to an Associated Press review of visa applications.

The dozen banks now receiving the biggest rescue packages, totaling more than $150 billion, requested visas for more than 21,800 foreign workers over the past six years for positions that included senior vice presidents, corporate lawyers, junior investment analysts and human resources specialists. The average annual salary for those jobs was $90,721, nearly twice the median income for all American households.

Read moreAP Investigation: Banks sought foreign workers during meltdown

Adding to Recession’s Pain, Thousands to Lose Jobless Benefits


P. W., at an employment office in Downtown Brooklyn, has nearly depleted her savings and fears losing her rented room after her jobless benefits end. Ruby Washington/The New York Times
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Just as the recession is throwing people out of work at an alarming rate, the unemployment insurance system in New York and many other states will start cutting off benefits this week for thousands of people who have been unable to find jobs since early last year.

About 50,000 New Yorkers who had been collecting unemployment checks for 11 months – the longest stretch that benefits have been available since the last recession eight years ago – will stop receiving weekly payments this week, according to the State Labor Department.

Read moreAdding to Recession’s Pain, Thousands to Lose Jobless Benefits

U.S. Economy: 2008 Payrolls Drop Biggest Since 1945


Job seekers wait in line to speak with agents at Michigan’s Unemployment Insurance Agency Problem Resolution office in Livonia, Michigan, on Jan. 9, 2009. The U.S. lost more jobs in 2008 than in any year since 1945 as employers fired another 524,000 people in December, indicating a free-fall in the economy. Photographer: Jeff Kowalsky/Bloomberg News

Jan. 9 (Bloomberg) — The U.S. lost more jobs in 2008 than in any year since 1945 as employers fired another 524,000 people in December, indicating a free-fall in the economy just days before President-elect Barack Obama takes office.

“Consumers are now going to get more and more scared at the prospect of losing their job,” said Nariman Behravesh, chief economist at IHS Global Insight in Lexington, Massachusetts. Obama’s proposed fiscal stimulus “needs to be big, needs to be bold, needs to be swift. If they can do something quickly we can limit the hemorrhage by mid-year.”

Related articles:
Great Depression jobs parallel may not be far flung (Reuters)
Barack Obama: we must spend our way out of recession (Times)
Big government is back as Barack Obama pledges that the US will give a lead to the world (Times)
Obama pledges financial reforms (Telegraph)
State’s Unemployment System Buckles Under Surging Demand (New York Times)
State unemployment claim systems overwhelmed (AP)
Barack Obama launches $60bn a year health care plan (Times)

The Labor Department reported that the nation lost 2.589 million jobs in 2008, just shy of the 2.75 million decline at the end of World War II. The unemployment rate climbed more than economists forecast, to 7.2 percent in December, the highest level in almost 16 years.

Read moreU.S. Economy: 2008 Payrolls Drop Biggest Since 1945

U.S. Economy: Employers Eliminate 533,000 Jobs, Most Since 1974

This has just been starting. It will get much worse.
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Dec. 5 (Bloomberg) — U.S. companies slashed payrolls last month at the fastest pace in 34 years as the economy headed for its deepest and longest recession since World War II.

Employers cut 533,000 jobs, bringing losses so far this year to 1.91 million, the Labor Department said today in Washington. November’s drop exceeded all 73 forecasts in a Bloomberg News survey. The unemployment rate rose to 6.7 percent, the highest level since 1993.

“It’s unbelievable,” said Nariman Behravesh, chief economist at IHS Global Insight in Lexington, Massachusetts. “We’re well on our way to the worst recession of the postwar period.”

Read moreU.S. Economy: Employers Eliminate 533,000 Jobs, Most Since 1974