Jobless Claims slow dramtically
jlew24asu
Posts: 10,118
For those who might not know, the government releases unemployment numbers on the first Friday of every month......could this be a turn around? eh, dont know. we are obviously not out of the woods by any means but its nice to have a sliver of good news these days.
http://money.cnn.com/2009/06/05/news/ec ... 2009060508
Job losses slow dramatically
Employers trimmed 345,000 jobs in May, the smallest loss since the crisis in financial markets last September; unemployment hits 26-year high of 9.4%.
NEW YORK (CNNMoney.com) -- Job losses slowed dramatically in May, according to the latest government reading on the battered labor market, even as the unemployment rate rose to a 26-year high.
Employers cut 345,000 jobs from their payrolls in the month, down from the revised decline of 504,000 jobs in April.
This was the fewest jobs lost in a month since last September, when the bankruptcy of Lehman Brothers caused a crisis in U.S. financial markets and choked off credit for many businesses. Economists surveyed by Briefing.com had forecast a loss of 520,000 jobs in May.
There were still widespread job losses, as most sectors of the economy, including manufacturing, construction, retail, and business and professional services posted declines in jobs.
But there were also some signs of growth, notably in education and health services, as well as the leisure and hospitality sector. Nearly one third of industries added jobs during the month, the highest level of gains since last October.
Still, the unemployment rate rose to 9.4% from 8.9% in April. Economists expected unemployment would increase to 9.2%.
It was the highest unemployment rate since August of 1983. And the official unemployment rate only captures part of the pain being felt by job seekers. More than a quarter of unemployed people have been out of work for six months or more, and the number of long-term unemployed reached nearly 4 million, the highest reading on records that go back to 1980.
There were also 9.1 million people who were working part-time jobs because they could not find full-time work or they had their hours cut back. This was also a record high.
When counting people who wanted full-time work who are working part-time, as well as some of the people who are not counted as unemployed because they had stopped looking for work, the so-called underemployment reading rose to a record level of 16.4%
http://money.cnn.com/2009/06/05/news/ec ... 2009060508
Job losses slow dramatically
Employers trimmed 345,000 jobs in May, the smallest loss since the crisis in financial markets last September; unemployment hits 26-year high of 9.4%.
NEW YORK (CNNMoney.com) -- Job losses slowed dramatically in May, according to the latest government reading on the battered labor market, even as the unemployment rate rose to a 26-year high.
Employers cut 345,000 jobs from their payrolls in the month, down from the revised decline of 504,000 jobs in April.
This was the fewest jobs lost in a month since last September, when the bankruptcy of Lehman Brothers caused a crisis in U.S. financial markets and choked off credit for many businesses. Economists surveyed by Briefing.com had forecast a loss of 520,000 jobs in May.
There were still widespread job losses, as most sectors of the economy, including manufacturing, construction, retail, and business and professional services posted declines in jobs.
But there were also some signs of growth, notably in education and health services, as well as the leisure and hospitality sector. Nearly one third of industries added jobs during the month, the highest level of gains since last October.
Still, the unemployment rate rose to 9.4% from 8.9% in April. Economists expected unemployment would increase to 9.2%.
It was the highest unemployment rate since August of 1983. And the official unemployment rate only captures part of the pain being felt by job seekers. More than a quarter of unemployed people have been out of work for six months or more, and the number of long-term unemployed reached nearly 4 million, the highest reading on records that go back to 1980.
There were also 9.1 million people who were working part-time jobs because they could not find full-time work or they had their hours cut back. This was also a record high.
When counting people who wanted full-time work who are working part-time, as well as some of the people who are not counted as unemployed because they had stopped looking for work, the so-called underemployment reading rose to a record level of 16.4%
Post edited by Unknown User on
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Comments
Hope so for all those looking for work. The last line of the article scares me though...
"When counting people who wanted full-time work who are working part-time, as well as some of the people who are not counted as unemployed because they had stopped looking for work, the so-called underemployment reading rose to a record level of 16.4%"
"Stopped looking for work" ...really, people do that? How?
I think we are far from a real turnaround. I think the next 12 months will be better, but still not good.
yea, scares me too. any good news I come across gets trumped with something bad. :(
they start planning their suicides? :?
sorry...sooo noit a joking matter, unemployement or suicide.
i agree....it's a long, hard road.....and we all walk it.
i just hope i manage to be amongst those who do not get laid off, and/or move forward with new employment at my own will, not my current employer. so there is a wee bit of a 'silver lining' in there if it has at all slowed, even miniscule imporvements are improvements...and can work wonders on 'confidence'...and thus retention...at least i can hope......
Let's just breathe...
I am myself like you somehow
_The 9.4 percent May unemployment rate is based on 14.5 million Americans out of work. But that number doesn't include discouraged workers, people who gave up looking for work after four weeks. Add those 792,000 people, and the unemployment rate is 9.8 percent.
_The official rate also doesn't include "marginally attached workers," or people who have looked for work in the past year but stopped searching in the past month because of barriers to employment such as child care, poor health or lack of transportation. Add those 1.4 million people, and the unemployment rate would be 10.6 percent.
_The official rate also doesn't include "involuntary part-time workers," or the 2.2 million people like Noel who took a part-time job because that's all they could get, plus those whose work hours dropped below the full-time level. Once those 9.1 million workers are added to the unemployment mix, the rate would be 16.4 percent.
All told, nearly 25 million Americans were either unemployed, underemployed or had given up looking for a job in May.
http://news.yahoo.com/s/ap/us_becoming_a_statistic
Big time.
Lets hope for everyones sake that Jlew's sentiment is the correct one, though.
But i still fear eminent inflation, interest rate spikes, and a second leg down predicated on corporate pain and a commercial real estate implosion fueled in large part by the continuance of demand destruction in the real economy, itself a function of basic economic laws -- like the real need of quazi-bankrupt governments at all levels to hike tax rates and fees in a big way, draining the pockets of the already strapped consumer who is somehow supposed to buy the worlds way out of this "recession".
The combined forces already set in to motion make this "recovery" out to be much more of an "eye in the storm".
Hope i'm dead wrong, but remember, in the Great Depression, unemployment rates took about a year to tag 10%, then hit 16% in the second year, before jumping to around 24% in the third.
I'm sure economists at the time were calling for an upturn somewhere in there,
along with trying to convince folks that the market was a good buy at -40% from the top, even though somewhere in the second year, it did indeed take a second -40% dive (which i think and pray to be unlikely this time around, stocks that is)
If I opened it now would you not understand?
its no conspiracy my friend. this most certainly could be a dead cat bounce. and this unemployment number can be misleading. which is probably why the markets pretty much went straight down shortly after the huge rally that occurred at 730am (time of announcement).
the only thing I disagree with you on is inflation. it is bound to happen, but I don't think its imminent.
you're just a big ole fucking ray of sunshine, aren't ya?
i got some if you need it.
(that's for slightofjeff
(seriously tho, i hear ya.....and it is depressing)
Let's just breathe...
I am myself like you somehow
my mom actually lost her job recently..and was able to find a new one in about 60 days. things are rough out there but there are jobs to be had. many factors weigh into it obviously. heres to hoping this truly does turn around
everythings hunky dory! Yippie!
huh?
seeing as the the economy is getting better, I just thought of a list of things that we can do now.
We can go back to normal.
My post is dripping with sarcasm
Hail, Hail!!!
your posting was actually dripping with nonsense. no one is suggesting we are back to normal or hunky dory.
probably about 20-30k directly...and double that with supplier layoffs :(
that's the thing of it, isn't it? :?
it IS sad just how many are 'under employed'....and/or simply give up looking for 'the' job, the one they had before, the one they got an education for, etc. i am sure just about any of us could get *A* job tomorrow......but for most of us, working at mccdonalds or the gap really isn't what the vast majority are looking for in regards to employment. i've been under employed in the past, and it sucks....big time. you do whatcha gotta do......but it still is a nightmare.
Let's just breathe...
I am myself like you somehow
http://news.yahoo.com/s/ap/20090608/ap_ ... a_stimulus