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Here are 10 reasons we are in even more trouble than the 9.5% unemployment rate indicates:
- June's total assumed 185,000 people at work who probably were not. The government could not identify them; it made an assumption about trends. But many of the mythical jobs are in industries that have absolutely no job creation, e.g., finance. When the official numbers are adjusted over the next several months, June will look worse.
- More companies are asking employees to take unpaid leave. These people don't count on the unemployment roll.
- No fewer than 1.4 million people wanted or were available for work in the last 12 months but were not counted. Why? Because they hadn't searched for work in the four weeks preceding the survey.
- The number of workers taking part-time jobs due to the slack economy, a kind of stealth underemployment, has doubled in this recession to about nine million, or 5.8% of the work force. Add those whose hours have been cut to those who cannot find a full-time job and the total unemployed rises to 16.5%, putting the number of involuntarily idle in the range of 25 million.
- The average work week for rank-and-file employees in the private sector, roughly 80% of the work force, slipped to 33 hours. That's 48 minutes a week less than before the recession began, the lowest level since the government began tracking such data 45 years ago. Full-time workers are being downgraded to part time as businesses slash labor costs to remain above water, and factories are operating at only 65% of capacity. If Americans were still clocking those extra 48 minutes a week now, the same aggregate amount of work would get done with 3.3 million fewer employees, which means that if it were not for the shorter work week the jobless rate would be 11.7%, not 9.5% (which far exceeds the 8% rate projected by the Obama administration).
- The average length of official unemployment increased to 24.5 weeks, the longest since government began tracking this data in 1948. The number of long-term unemployed (i.e., for 27 weeks or more) has now jumped to 4.4 million, an all-time high.
- The average worker saw no wage gains in June, with average compensation running flat at $18.53 an hour.
- The goods producing sector is losing the most jobs -- 223,000 in the last report alone.
- The prospects for job creation are equally distressing. The likelihood is that when economic activity picks up, employers will first choose to increase hours for existing workers and bring part-time workers back to full time. Many unemployed workers looking for jobs once the recovery begins will discover that jobs as good as the ones they lost are almost impossible to find because many layoffs have been permanent. Instead of shrinking operations, companies have shut down whole business units or made sweeping structural changes in the way they conduct business. General Motors and Chrysler, closed hundreds of dealerships and reduced brands. Citigroup and Bank of America cut tens of thousands of positions and exited many parts of the world of finance.
Originally posted by imd12c4funn
And using the "TREND" formula, also excludes out of work auto workers who seasonally may be off a few weeks this time of year.
This year however, the time off is permanent.
Why do firms and the Government use data that is inherently flawed when calculating numbers, trends, ratings, etc...?
What happened to the simple truth? Manipulating mathematics is corrupting one of the few rigid subjects that does not lie, for the most part..
For those who are corrupt, when they meet their maker, He, the creator will render judgement and this is what they will hear to know they are truly comdemned.
"Immach Scheme Vezikro"
Originally posted by Molan27
I live in Palm Harbor Florida which is right outside of Tampa. There are actually whole neighborhoods where there is hardly nobody living. The year long residents either got foreclosed on or gave it up too the bank and moved.. The seasonal residents have mostly put there houses on the market because they can't afford two homes any longer.. It's strange riding my bike through these beautiful neighborhoods with big homes all empty. There's for sale signs on just about every home. I know Florida is one of the hardest hit states in the US but man you really get a sense of the problem.
One benefit i noticed is the traffic is much better esp. during rush hour. The Florida job market is awful unless your in the medical field or your retired.
The HQ for the special ops is at Macdill AFB which is where I work.. So I see all the Delta and CIA teams coming and going in the C130's.
Originally posted by poedxsoldiervet
reply to post by Spartak_FL
I live in Cincinnati, you are seeing more and more of a Detroit like attitude here, are jobs are being packed up and sent overseas or to another part of the country. Construction as all but halted and police and firefighters are next on the list to go. Just tank the damn economy already so we can lynch you bastards and fix it our selfs.
Im an RN and depending on what area of the country you work in Hospitals may be cutting nursing hours but not at my hospital.
We are not hiring any new nurses (poor new grads who thought nursing was the hot field) and all pay increases have been frozen.
But the town I live in we would manage just fine handling our own economy and governing ourselves.
In all reality I honestly believe the rate is around 18% and climbing but the government will never allow the media to report on this because they do not want to cause panic.
The economy is heading towards total collapse. TPTB have temporarily halted the collapse by creating a new bubble, the "stimulus bubble". This new bubble will not have long before it pops.
We lost most of our manufacturing economy and have become a consumer economy.