Archive for Unemployment

Let’s Play “Essentially Unchanged”!™

Totally awesome unemployment news today—if you don’t read the fine print:

In November, the unemployment rate held at 5.8 percent, and the number of unemployed persons was little changed at 9.1 million. Over the year, the unemployment rate and the number of unemployed persons were down by 1.2 percentage points and 1.7 million, respectively. (See table A-1.)

Among the major worker groups, the unemployment rate for adult men rose to 5.4 percent in November. The rates for adult women (5.3 percent), teenagers (17.7 percent), whites (4.9 percent), blacks (11.1 percent), and Hispanics (6.6 percent) showed little change over the month. The jobless rate for Asians was 4.8 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 2.8 million in November. These individuals accounted for 30.7 percent of the unemployed. Over the past 12 months, the number of long-term unemployed declined by 1.2 million. (See table A-12.)

The civilian labor force participation rate held at 62.8 percent in November and has been essentially unchanged since April. The employment-population ratio, at 59.2 percent, was unchanged in November but is up by 0.6 percentage point over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 6.9 million, changed little in November. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

In November, 2.1 million persons were marginally attached to the labor force, essentially unchanged from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 698,000 discouraged workers in November, little different from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.4 million persons marginally attached to the labor force in November had not searched for work for reasons such as school attendance or family responsibilities. (See table A-16.)

If you read Table A-1, you will learn that last month the total number of unemployed increased by 115,000, “persons who currently want a job” were up 8,000, and those “not in the labor force” up 69,000. I’m no economist, but that’s hardly news to be celebrated. I don’t know who they are and where they came from (the “marginally attached” were “little different” from last year), but the numbers don’t lie. Or do they? We just added more than the population of Fargo, ND to the ranks of the unemployed, with nary a ripple in the unemployment rate. Nice work if you can get it.

PS: Table A-16 has some gems too. Multiple job-holders are way up over the year. A lot of those new jobs would be part-time. Thanks, ObamaCare.

Comments (1)

It’s Unexpected!™

I’d almost forgotten it’s time for that holiday favorite. But with another election behind us, the reality of the situation can leak out:

The number of Americans filing new claims for unemployment benefits rose to the highest level since September, while durable goods order for October unexpectedly rose.

Initial claims for state unemployment benefits increased 21,000 to a seasonally adjusted 313,000 for the week ended Nov. 22, the Labor Department said on Wednesday. It was the first-time since early September that claims broke above the 300,000 threshold.

Imagine! Ten straight weeks of rosy jobs news, and then this clinker after the midterms. Who could have expected such a thing?

Comments (1)

Jobs, Jobs, Jobs! [UPDATED]

Woo-hoo! Almost 250k new jobs! Unemployment below 6% for the first time in six years! Drinks on the house!

Make mine a whiskey…sour:

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 3.0 million in September. These individuals accounted for 31.9 percent of the unemployed. Over the past 12 months, the number of long-term unemployed is down by 1.2 million.

The civilian labor force participation rate, at 62.7 percent, changed little in September. The employment-population ratio was 59.0 percent for the fourth consecutive month.

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in September at 7.1 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.

In September, 2.2 million persons were marginally attached to the labor force, essentially unchanged from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

There’s good news here—a quarter-million jobs is a quarter million jobs—but the truth of the numbers is that three million people—almost a third of all unemployed—have been jobless for more than six months. If I read the language right, 2.2 million of those have been jobless for at least a year. Another 7.1 million can’t find full-time work.

Excuse me if I’m not persuaded by more than ten million Americans who haven’t been able to find a better job, or any job at all, for months. And that the numbers are “essentially unchanged” from other recent miserable reports. Excuse me if I find dropping unemployment poor compensation for a historically bottom-scraping civilian labor force participation rate and employment-population ratio.

An unemployment rate of 5.9% may seem a return to normalcy, but this is a fundamentally changed America. Legions of workers have drifted into the shadows, never to return. Once, they helped push the cart; today, through no fault of their own, they’re along for ride. Sorry to be the cloud in your silver lining.

UPDATE
Zero Hedge make this Oscar the Grouch sound like Elmo:

[W]hile according to the Household Survey, 232,000 people found jobs, what is more disturbing is that the people not in the labor force, rose to a new record high, increasing by 315,000 to 92.6 million!

And I hope you’re ready for this:

The further one digs into today’s “blockbuster” jobs report, the uglier it gets. Because it is not only the participation rate collapse, the slide in average earnings, but, topping it all off, we just learned that the future of the US workforce is bleak. In fact, with the age of the median employed male now in their mid-40’s, the US workforce has never been older. Case in point: the September data confimed that the whopping surge in jobs… was thanks to your “grandparents” those in the 55-69 age group, which comprised the vast majority of the job additions in the month, at a whopping 230K.This was the biggest monthly jobs increase in the 55 and over age group since February!

What about the prime worker demographic, those aged 25-54 and whose work output is supposed to propel the US economy forward? They lost 10,000 jobs.

But don’t let this spoil Barack’s big day!

Comments (1)

Our First Home-Grown Beheading!

In Oklahoma, of all places.

When I first heard about this, I assumed it was a copy-cat thing, not necessarily tied to Islam, but it appears that I might be wrong.

Officials with the Moore Police Department say the FBI is now involved in the investigation related to a brutal attack of workers at a food distribution plant.

Sgt. Jeremy Lewis says the alleged suspect, 30-year-old Alton Nolen had just been fired when he drove to the front of the business, hit a vehicle and walked inside.

He walked into the front office area where he met 54-year-old Colleen Hufford and began attacking her with a knife.

Sgt. Lewis confirms the type of knife used in the attack is the same kind used at the plant.

Lewis confirms that Hufford was stabbed several times and that Nolen “severed her head.”

At that point, Lewis claims Nolen met 43-year-old Traci Johnson and began attacking her with the same knife.

Officials say at that point, Mark Vaughan, an Oklahoma County reserve deputy and a former CEO of the business, shot him as he was actively stabbing Johnson.

“He’s a hero in this situation,” Sgt. Lewis said, referring to Vaughan. “It could have gotten a lot worse.”

Authorities say it appears Nolen was attacking employees at random.

Johnson is in stable condition at a local hospital, recovering from her injuries.

The FBI is now looking into Nolen’s background after his former co-workers said he tried to convert them to Islam after recently converting himself.

Lewis says the FBI is working in conjunction with the Moore Police Department, especially when it comes to the religious aspect of the case.

Let’s be clear: A person can be psychotic, enraged, murderous, and Muslim – or not Muslim. Beheadings stimulate nutballs of a certain variety. But if this guy was Muslim, and then did a beheading, I think it is fair to call it a terror attack, despite other circumstances. I understand how others might disagree.

BTW, the story also speaks to the importance of the second amendment.

America, we’ve had 6 years of Barack Obama and the policies of appeasement. Do you still feel safer?

– Aggie

Comments (1)

It’s Little Changed!™

The companion game to It’s Unexpected!™

How many different ways do they find to say “meh”? You have 10 seconds…GO!

Total nonfarm payroll employment increased by 142,000 in August, and the unemployment rate was little changed at 6.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services and in health care.

In August, both the unemployment rate (6.1 percent) and the number of unemployed persons (9.6 million) changed little. Over the year, the unemployment rate and the number of unemployed persons were down by 1.1 percentage points and 1.7 million, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates in August showed little or no change for adult men (5.7 percent), adult women (5.7 percent), teenagers (19.6 percent), whites (5.3 percent), blacks (11.4 percent), and Hispanics (7.5 percent). The jobless rate for Asians was 4.5 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) declined by 192,000 to 3.0 million in August. These individuals accounted for 31.2 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 1.3 million. (See table A-12.)

The civilian labor force participation rate, at 62.8 percent, changed little in August and has been essentially unchanged since April. In August, the employment-population ratio was 59.0 percent for the third consecutive month but is up by 0.4 percentage point from a year earlier. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in August at 7.3 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

Among the marginally attached, there were 775,000 discouraged workers in August,
little changed from a year earlier.

Last and probably least:

The change in total nonfarm payroll employment for June was revised from +298,000 to +267,000, and the change for July was revised from +209,000 to +212,000. With these revisions, employment gains in June and July combined were 28,000 less than previously reported.

There you have it: Recovery Summer V has been as big a dud as Recovery Summers I-IV.

Comments

“It’s Essentially Unchanged!”™

It’s that time again: time for the weak, tepid cup of tea masquerading as the US economy.

Both the unemployment rate (6.2 percent) and the number of unemployed persons (9.7 million) changed little in July. [Changed little, but changed for the worse.]

[T]he unemployment rate for adult women increased to 5.7 percent and the rate for blacks edged up to 11.4 percent in July, following declines for both groups in the prior month. The rates for adult men (5.7 percent), teenagers (20.2 percent), whites (5.3 percent), and Hispanics (7.8 percent) showed little or no change in July. The jobless rate for Asians was 4.5 percent (not seasonally adjusted), little changed from a year earlier.

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 3.2 million in July. These individuals accounted for 32.9 percent of the unemployed.

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 7.5 million, was unchanged in July. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

The civilian labor force participation rate, at 62.9 percent, changed little in July. The participation rate has been essentially unchanged since April. The employment-population ratio, at 59.0 percent, was unchanged over the month….

You all know what a fan I am of the labor force participation rate. Nothing so clearly demonstrates the economic cataract of job loss under Obama:

He “inherited” a tough economy, but one that had routinely turned in a 66% participation rate. Now, he dreams of getting back to 63%. Oh, and note that the “recovery” [chortle] began in June 2009, just as the rate plummeted down a triple black diamond slope. Five years of such recovery and we’re barely “little changed”, “changed little”, “unchanged”, or “essentially unchanged”.

And I thought the jobs report was supposed to be good news.

Guess not:

The Dow fell 70 points Friday on what turned out to be a volatile day of trading.

The blue chip index finished the week lower and is now down for the year following Thursday’s 317-point drop.

Employers added 209,000 jobs in July. That was well shy of the 288,000 jobs that were created in June and below the gain of 230,000 jobs predicted by economists polled by CNNMoney.

The weaker-than-expected jobs report could ease fears on Wall Street that the Federal Reserve will hike interest rates early next year.

The government said the unemployment rate ticked up to 6.2% from 6.1%.

“The employment data was not too hot, not too cold. It was just about right…

Thanks, Goldilocks. I said at the top the economy was tepid tea, but I stand corrected. It’s porridge.

Comments

Hire Education

You want to make Nancy Pelosi angry, tell her that cutting the duration of unemployment benefits reduces the duration of unemployment itself. She may narrow her eyes and furrow her brow (if Botox still permits), but take people off the dole and they’ll find a job.

And it’s not just you (and Rush Limbaugh) saying so:

If unemployment benefits were cut off earlier in 2013, the long-term unemployed would have been more likely to be re-employed, according to a study by the Federal Reserve Bank of St. Louis.

If the benefits, called the Emergency Unemployment Compensation program, expired earlier in 2013, “workers with 46 or more weeks of continuous unemployment would have been 1.2 to 2.1 percentage points more likely to become re-employed,” the St. Louis Fed reported. “Similarly, the long-term unemployed would have been 0.4 to 0.5 percentage points more likely to exit the labor force entirely.”

The argument isn’t over unemployment benefits, it’s over a reasonable duration. As with so many liberal policies, endless unemployment benefits are as morally bankrupt as they are fiscally bankrupt.

But then, I’m not telling you anything you don’t already know.

Comments

It’s Unexpected!™

In an economy that can be described only as bipolar, jobless claims rose more than…wait for it…expected:

U.S. retail sales rose less than expected in May and first-time applications for unemployment benefits increased last week, but that will probably do little to change views that the economy is regaining momentum.

[T]he Labor Department said initial claims for state unemployment benefits climbed 4,000 to a seasonally adjusted 317,000 for the week ended June 7.

With job growth rising solidly in May and manufacturing and services industries expanding strongly, the retail and jobless claims reports probably will not cause too much anxiety.

The economy added 217,000 jobs in May, the fourth straight month of job gains above 200,000. It has recouped all the 8.7 million jobs lost during the recession. The unemployment rate held steady at a 5-1/2 year low of 6.3 percent.

Economic growth in the second quarter is expected to top a 3.0 percent annual pace after contracting at a 1.0 percent rate in the January-March period.

Reuters seems awfully blasé about an unexpected jump in unemployment claims. But then, they have jobs. The economy may indeed grow by 3% in the second quarter, but I’ll need to see it before I believe it. I don’t put the contraction last quarter down to the harsh winter. So I’m not buying an Economic Spring any more than I bought an Arab Spring. Not with these job numbers.

Comments (1)

Shove-It-Ready Jobs

How ’bout them employment numbers, huh?

What about ‘em?

Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was unchanged at 6.3 percent, the U.S. Bureau of Labor Statistics reported today.

The number of unemployed persons was unchanged in May at 9.8 million.

Over the year, the unemployment rate and the number of unemployed persons declined by 1.2 percentage points and 1.9 million, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (5.9 percent), adult women (5.7 percent), teenagers (19.2 percent), whites (5.4 percent), blacks (11.5 percent), and Hispanics (7.7 percent) showed little or no change in May. The jobless rate for Asians was 5.3 percent (not seasonally adjusted), little changed from a year earlier.

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 3.4 million in May.

The civilian labor force participation rate was unchanged in May, at 62.8 percent. The participation rate has shown no clear trend since this past October but is down by 0.6 percentage point over the year. The employment-population ratio, at 58.9 percent, was also unchanged in May and has changed little over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 7.3 million, changed little in May. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

In May, 2.1 million persons were marginally attached to the labor force, essentially unchanged from a year earlier.

Among the marginally attached, there were 697,000 discouraged workers in May, little different from a year earlier.

If there’s one thing government can do, it is to devise myriad ways to say the economy sucks: unchanged, changed little, little changed, little different.

I’ll tell you one number that changed significantly last month: unemployment among black men. That number jumped from 10.8% to 11.5% in May. Yes We Can (Not Find a Job).

Comments

192,000 New Jobs!

Try to contain yourself:

In March, the number of unemployed persons was essentially unchanged at 10.5 million, and the unemployment rate held at 6.7 percent. Both measures have shown little movement since December 2013. Over the year, the number of unemployed persons and the unemployment rate were down by 1.2 million and 0.8 percentage point, respectively. (See table A-1.)

Among the major worker groups, the unemployment rate for adult women increased to 6.2 percent in March, and the rate for adult men decreased to 6.2 percent. The rates for teenagers (20.9 percent), whites (5.8 percent), blacks (12.4 percent), and Hispanics (7.9 percent) showed little or no change. The jobless rate for Asians was 5.4 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more), at 3.7 million, changed little in March; these individuals accounted for 35.8 percent of the unemployed. The number of long-term unemployed was down by 837,000 over the year. (See table A-12.)

Both the civilian labor force and total employment increased in March. The labor force participation rate (63.2 percent) and the employment-population ratio (58.9 percent) changed little over the month. (See table A-1.) The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 7.4 million in March. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work. (See table A-8.)

In March, 2.2 million persons were marginally attached to the labor force, little changed from a year earlier.

Among the marginally attached, there were 698,000 discouraged workers in March, down slightly from a year earlier.

Who wrote this press release, Eeyore?

Comments (1)

More, More, More Great News From The ObamaEconomy!!!!

Oh BTL, you have such a way with titles (see below…and below that)!

Due credit to Aggie, can you top this?

African-Americans and Latinos are losing economic ground when compared with whites in the areas of employment and income as the United States pulls itself out of the Great Recession, the latest State of Black America report from the National Urban League says.

“Many Americans are being left behind, and that includes African-Americans and Latinos who are being disproportionately left behind by the job creation that we see,” National Urban League President Marc Morial said.

But you know what? They’re cool with that!

Despite the dismal numbers, an analysis by The Associated Press-NORC Center for Public Affairs Research found African-Americans significantly more optimistic about their future standard of living than whites, regardless of income level, education or partisanship. Overall, 71 percent of blacks surveyed in the 2012 General Social Survey agreed that they have a good chance of improving their standard of living, outpacing the share among whites by 25 percentage points.

The survey found high optimism even among blacks who say racism is a cause for economic inequality.

Maybe you think that’s the good news. Their Mr. Micawber, something-will-come-along attitude serves them well. Maybe you’re right. But I don’t think they would be so chill under President Bush. I think they’d be pi**ed. And they’d have a right. It’s because of The Nation’s First Black President (TNFBP™) and his ruinous, job-destroying policies that they’re falling further behind, not despite him. It’s as obvious as the ears on his head.

But a white-hooded, white-robed Barack Obama could ride in on a white steed, toting a burning cross, flying the Stars and Bars, and crying “the South will rise again”, and his black supporters would speak admiringly of his horsemanship.

And then abort their unborn children. If I didn’t laugh, I’d cry.

Comments

Whoop-Di-Frickin’-Do

That’s my summation of the unemployment numbers.

The Bureau of Labor Statistics agrees:

Both the number of unemployed persons (10.5 million) and the unemployment rate (6.7 percent) changed little in February. The jobless rate has shown little movement since December. Over the year, the number of unemployed persons and the unemployment rate were down by 1.6 million and 1.0 percentage point, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (6.4 percent), adult women (5.9 percent), teenagers (21.4 percent), whites (5.8 percent), blacks (12.0 percent), and Hispanics (8.1 percent) showed little or no change in February. The jobless rate for Asians was 6.0 percent (not seasonally adjusted), about unchanged over the year. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) increased by 203,000 in February to 3.8 million; these individuals accounted for 37.0 percent of the unemployed. The number of long-term unemployed was down by 901,000 over the year. (See table A-12.)

Both the civilian labor force participation rate (63.0 percent) and the employment-population ratio (58.8 percent) were unchanged in February. The labor force participation rate was down 0.5 percentage point from a year ago, while the employment-population ratio was little changed over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 7.2 million in February. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work. (See table A-8.)

In hockey, they say a tie is like kissing your sister. These numbers are like kissing your brother. There’s been improvement over the course of the year, but it’s stalled in the last few months. Disturbingly, unemployment for black men, 20 and over, jumped from 12% to 12.9% (while it fell for women and teens of both sexes).

And it ain’t about the weather:

Everyone agrees that the winter just now winding down (hopefully) has been brutal for most Americans. And while it’s easy to conclude that the Polar Vortex has been responsible for an excess of school shutdowns and ice related traffic snarls, it’s much harder to conclude that it’s responsible for the economic vortex that appears to have swallowed the American economy over the past three months.

But this hasn’t stopped economists, Fed officials, and media analysts from making this unequivocal assertion. In reality the weather is not what’s ailing us. It’s just the latest straw being grasped at by those who believe that the phony recovery engineered by the Fed is real and lasting.

Of course the biggest weakness ascribed to the snow and ice has been the very disappointing employment reports over the last few months. Analysts faced a very difficult task in squaring these reports, which showed fewer than 187,000 new jobs created in December and January combined, with the accepted narrative that the recovery was firmly underway and that the economy was no longer dependent on the Fed’s monetary support.

For these desperate economists the weather was a godsend.

I believe a recovering economy would be expected to create more than 300,000 jobs per month in order to make a real dent in underemployment. Those levels, once routine in past decades, seem untouchable today. But weather-related pessimism had caused economist to ratchet down their predictions to just 150,000 jobs in February. Based on that, today’s numbers were seen as a win.

But economists are ignoring the likelihood that the weather was never a major factor. Take the cold out of the equation and you would be left with a mediocre February number following two consecutive monthly disasters.

A much more plausible explanation to me is that the economy has been weak recently because it is weak fundamentally. The data deterioration corresponds not just to unseasonably low temperatures but also to the diminishment of monthly QE from the Federal Reserve. If you recall the highly anticipated “taper” finally began in mid- December. From my perspective the Quantitative Easing has become the sunshine that drives our phony economy. Diminish that sunshine and the economic winter spreads.

But the sad fact is that QE can push up prices in stocks and real estate, but can do very little to affect positive change in the real economy. That’s why I believe that BMW’s are selling like hotcakes even as Chevies sit on the lot. Our current policies help the wealthy at the expense of everybody else.

Poetry, isn’t it? Lame-brained Democrat policies to “stimulate” the economy end up hurting the “folks” who need help the most. They want jobs, not Facebook at $72 a share. They have neither.

Comments (1)

« Previous entries Next Page » Next Page »