Unemployment Jumps to 9.5%

Oh Great... on the CNN home page as breaking news...

U.S reports economy shed 467,000 jobs in June, much higher than expected; unemployment rate ticks up to 9.5 percent.

I read a thread on here earlier that was predicting 8.6 or something. Wow, what a difference.

reply to post by Avarus


Ye are starting to catch up with us..

We are at something like 12-13%

One in four people my age (23 - 28) has no work..

Its all good times though strangely enough.. back to the roots and all that.. and the Government gives them money to live, rent and go back to education should they want it.. its not all bad.

As long as it begins to turn around soon..

Just think how high it would've been if Obama hadn't "saved" a billion jobs!



Seriously, sorry for those of you affected.

reply to post by Avarus


That really sucks. My husband is a brick mason and he was lucky enough to be able to hold onto his job until last month but now he is laid off and it seems like a lot of people in our area are jobless. I'm usually a very positive thinking person but in this situation I don't see things getting better any time soon. I hope i'm wrong.

But wait, I thought Obama's stimulus was supposed to save 300 thousand jobs or something.

I guess is more of that hope and change.

The jobs are always the last to turn around. Even if companies become stable, they are hesitant to hire until they feel secure enough.
It is going to be a long time before we see that change.

I think this number is actually hire because you have people, including many housewives, who now have to come back in because they have to work. But are having trouble finding something.

reply to post by Avarus


LEts call it 10%

business.theatlantic.com...

Stock markets are going to go PEAR !

Oops I spoke waaaaay to soon -

Figures are coming out this week on EVERYTHING its reporting month -----

HEre is DOW reaching for the floor. .....greenbicman - where are you ?

www.google.com...:.DJI&client=news

9.5% really was a tiny step up.. loosing nearly 500k jobs (it will be revised up anyways) we should have stepped at least .3-4% up on unemployment, putting us roughly at 9.7% at least..

Meanwhile, U6 I cannot find a June number yet, but I wouldn't be surprised if it wasn't growing faster than these fake U3 numbers.

reply to post by nixie_nox

The jobs are always the last to turn around. Even if companies become stable, they are hesitant to hire until they feel secure enough. It is going to be a long time before we see that change.

Almost always true. Usually it's a slower decline of job losses however.. as in -100k, -70k, -40k, +20k

We however are still in a deflationary spiral.. and nearly 500k jobs in one month, compared to past recessions... is unthinkable. Typical monthly job losses were always under 200k a month.. the severity is being down played.

In order to stabilize and hire.. corporations will need profits. We will see all that data, 2nd quarter earnings, after the holiday weekend.

reply to post by Rockpuck


June numbers are 467,000 nationally according to our local radio station stats. In reality because they aren't counting those that run out of benefits its more like 12-14% unemployed!

Zindo

I was looking at the numbers, and the able population increased by about 2.2 Million, but the employed population decreased by about 5.8 Million. The total difference increased by Eight Million people in one year. This is my Excel graph:



Data source: ftp.bls.gov...

[edit on 2-7-2009 by Dbriefed]