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Author: Subject: Unemployment rate hits 10.2% but broader measures put it at 17.5%
PassaFist
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[*] posted on 11.8.2009 at 12:46 PM
Unemployment rate hits 10.2% but broader measures put it at 17.5%


November 7, 11:38 PMMadison Independent Examiner Gregory Patin

According to a jobs report released in Friday by the Bureau of Labor Statistics, the official unemployment rate in the U.S. in Oct. 2009 is 10.2%. A broader measure that takes into account workers that have given up job seeking or are underemployed puts it at 17.5%.

The number of unemployed persons increased to 15.7 million. Since the start of the recession in December 2007, the number of unemployed has risen by 8.2 million, the Labor Department said.

The unemployment rate calculates only the amount of workers that are receiving unemployment benefits and are actively seeking work. It does not take into account those who have dropped off of unemployment benefits and those who are working part time jobs to make ends meet.

When those workers are taken into consideration, the rate is as high as 17.5% nationwide and over 20% in some states. The broader rate is highest today in states that had big housing bubbles, like California and Arizona, or that have large manufacturing sectors, like Michigan, Ohio, Oregon, Rhode Island and South Carolina.

The broadest measure of unemployment and underemployment tracked by the Labor Department has reached its highest level in decades. While official unemployment statistics were not available during the Great Depression, Department of Labor economists working with the Times estimated that some 30 percent of the U.S. workforce was put out during that period, the report added."If statistics went back so far, the measure would almost certainly be at its highest level since the Great Depression," reporter David Leonhardt writes in Fridays edition of The New York Times.

President Barack Obama called the figures "sobering," responding to widespread media accounts that placed the figure just over 10 percent, noting the department's calculation of workers who are actively searching for jobs. "To that end, my economic team is looking at ideas such as additional investments in our aging roads and bridges, incentives to create jobs and steps to increase the flow of credit to small businesses," the president said.

At the White House Friday, President Obama signed a bill to extend unemployment benefits and a tax credit for home buyers. He said that he was also looking at ways to enact more stimulus. On Wednesday, the Fed announced that it expected to leave its benchmark interest at zero for “an extended period.”

While the measures that have been taken do help, it is becoming obvious that the key to recovering from the recession is to stem the tide of job joss and create more jobs. There is no such thing as jobless recovery, unless of course, you work on Wall Street.

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[*] posted on 11.8.2009 at 04:24 PM


I believe 17.5% is more like it. It makes more sense with the current condition and size of the economy.



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[*] posted on 11.10.2009 at 01:27 PM


I have an article that talks about how landing a job in today's economy is like getting accepted into an Ivy League university. It shows how the different levels of unemployment amount to acceptance to the University of Pennsylvania and go on up to Harvard...as being the hardest. The article used part time employment, people who've become hopeless about finding jobs and are no longer actively looking, etc. The numbers were equally staggering at 19.2%.



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[*] posted on 11.10.2009 at 01:46 PM


Quote:
Originally posted by tafui
I have an article that talks about how landing a job in today's economy is like getting accepted into an Ivy League university. It shows how the different levels of unemployment amount to acceptance to the University of Pennsylvania and go on up to Harvard...as being the hardest. The article used part time employment, people who've become hopeless about finding jobs and are no longer actively looking, etc. The numbers were equally staggering at 19.2%.


Oh really? Do you have the article? I think I might want to take it to my class Wednesday.




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[*] posted on 11.10.2009 at 08:56 PM


Landing a job like getting into Harvard
By Samuel Sherraden, Special to CNN
STORY HIGHLIGHTS

* Samuel Sherraden: The 650,000 jobs created or saved so far by stimulus a drop in the bucket
* Sherraden: Even goal of 3.5 million jobs not enough for the tens of millions of unemployed
* Adding up underemployed, discouraged and unemployed amounts to 30 million people
* Says odds of landing one of the 2.4 million jobs available same as getting into Harvard

Editor's note: Samuel Sherraden is a policy analyst for the Economic Growth Program at the New America Foundation, a Washington-based think tank that promotes innovative thought across the ideological spectrum.

Washington, D.C. (CNN) -- The 650,000 jobs created or saved by the stimulus package so far make up only a small step toward correcting the gap between the tens of millions of unemployed people and the few openings that those people are fighting over.

Even the administration's goal of creating 3.5 million jobs is far below what the economy really needs. With an official unemployment rate of 10.2 percent, the gap between the number of full-time job openings and the number of people who are unemployed has widened.

Since the beginning of the recession in December 2007, job openings declined from 4.4 million to 2.4 million and the number of officially unemployed persons grew from 7.5 million to 15.7 million, according to the U.S. Bureau of Labor Statistics.

If the 15.7 million officially unemployed workers were to apply for those 2.4 million jobs, the chance of any one of them finding a job are about 15 percent, or roughly the same odds as being accepted to the University of Pennsylvania.

The official figure only counts workers as unemployed if they have searched for a job within the past four weeks. But, does it make sense to exclude people who have not looked for work in the past month? Probably not, given that statistics show workers are trying harder than ever to find a job and only give up looking after prolonged periods of unemployment.

The average duration of official unemployment -- which, by definition, requires that people be actively searching for a job -- has increased to 26.9 weeks, or just over a half a year.

But after many months of unsuccessful job hunting, some people do give up hope. And after four weeks of not looking for a job, they are dropped from official unemployment. It is primarily for this reason that since May, the official labor force has shrunk by 1.1 million people.

The exclusion of these so-called "discouraged" workers from statistics means that the official number of unemployed severely understates the weakness in the labor market. If you include these workers, the unemployment rate would rise to 13 percent, or 21.3 million.

If these workers were to apply for the 2.4 million jobs available, the odds of securing a job would be 11.2 percent, or roughly the same as getting into the Massachusetts Institute of Technology.

It gets worse. Another group excluded from the official unemployment report is the growing number of part-time workers who would prefer to have a full-time job. These workers are forced into part-time jobs or are forced to take part-time hours because no full-time work is available.

During the current recession, workers who are "part time for economic reasons" have grown from 4.6 million to 9.3million.

Adding part-time workers to the number of officially unemployed and the discouraged workers, as labor market expert Leo Hindery, Jr., has observed, results in a rise in the real unemployment rate to 19.2 percent, or 30.6 million people.

The odds of any one of these 30 million securing one of the 2.4 million full-time jobs available is 8 percent, the same as the admissions rate of the Ivy League gold standard, Harvard University.

The 3.5 million jobs the stimulus package aims to provide are insufficient. To get the job growth the country needs, the White House should push for sustained infrastructure investment, cutting corporate taxes, and increasing access to credit for small businesses. We still have thirty million workers in the United States who are unemployed, underemployed or discouraged and they face the same odds of finding a job as a high school senior applying to the world's most elite university.

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[*] posted on 11.14.2009 at 02:29 AM


:score:

Do we continuously look for employment... or make our own way out?




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[*] posted on 11.14.2009 at 06:18 PM


Quote:
Originally posted by PassaFist
Landing a job like getting into Harvard
By Samuel Sherraden, Special to CNN
STORY HIGHLIGHTS

* Samuel Sherraden: The 650,000 jobs created or saved so far by stimulus a drop in the bucket
* Sherraden: Even goal of 3.5 million jobs not enough for the tens of millions of unemployed
* Adding up underemployed, discouraged and unemployed amounts to 30 million people
* Says odds of landing one of the 2.4 million jobs available same as getting into Harvard

Editor's note: Samuel Sherraden is a policy analyst for the Economic Growth Program at the New America Foundation, a Washington-based think tank that promotes innovative thought across the ideological spectrum.

Washington, D.C. (CNN) -- The 650,000 jobs created or saved by the stimulus package so far make up only a small step toward correcting the gap between the tens of millions of unemployed people and the few openings that those people are fighting over.

Even the administration's goal of creating 3.5 million jobs is far below what the economy really needs. With an official unemployment rate of 10.2 percent, the gap between the number of full-time job openings and the number of people who are unemployed has widened.

Since the beginning of the recession in December 2007, job openings declined from 4.4 million to 2.4 million and the number of officially unemployed persons grew from 7.5 million to 15.7 million, according to the U.S. Bureau of Labor Statistics.

If the 15.7 million officially unemployed workers were to apply for those 2.4 million jobs, the chance of any one of them finding a job are about 15 percent, or roughly the same odds as being accepted to the University of Pennsylvania.

The official figure only counts workers as unemployed if they have searched for a job within the past four weeks. But, does it make sense to exclude people who have not looked for work in the past month? Probably not, given that statistics show workers are trying harder than ever to find a job and only give up looking after prolonged periods of unemployment.

The average duration of official unemployment -- which, by definition, requires that people be actively searching for a job -- has increased to 26.9 weeks, or just over a half a year.

But after many months of unsuccessful job hunting, some people do give up hope. And after four weeks of not looking for a job, they are dropped from official unemployment. It is primarily for this reason that since May, the official labor force has shrunk by 1.1 million people.

The exclusion of these so-called "discouraged" workers from statistics means that the official number of unemployed severely understates the weakness in the labor market. If you include these workers, the unemployment rate would rise to 13 percent, or 21.3 million.

If these workers were to apply for the 2.4 million jobs available, the odds of securing a job would be 11.2 percent, or roughly the same as getting into the Massachusetts Institute of Technology.

It gets worse. Another group excluded from the official unemployment report is the growing number of part-time workers who would prefer to have a full-time job. These workers are forced into part-time jobs or are forced to take part-time hours because no full-time work is available.


Adding part-time workers to the number of officially unemployed and the discouraged workers, as labor market expert Leo Hindery, Jr., has observed, results in a rise in the real unemployment rate to 19.2 percent, or 30.6 million people.

The odds of any one of these 30 million securing one of the 2.4 million full-time jobs available is 8 percent, the same as the admissions rate of the Ivy League gold standard, Harvard University.

The 3.5 million jobs the stimulus package aims to provide are insufficient. To get the job growth the country needs, the White House should push for sustained infrastructure investment, cutting corporate taxes, and increasing access to credit for small businesses. We still have thirty million workers in the United States who are unemployed, underemployed or discouraged and they face the same odds of finding a job as a high school senior applying to the world's most elite university.

Link


This is me(the bold section), employed part time and there's no full time out here. I've been looking for months. At least I just got blessed with another client, but it's still only puts me at 21 hours a week :smh: .




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PassaFist
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[*] posted on 11.15.2009 at 12:28 AM


But the stimulus is working...... :smh:

Saab just closed 21 dealerships AFTER GM took the money and ran.

Pathetic.




“Nothing pains some people more than having to think.” –Martin Luther King, Jr
“The man who follows the crowd will usually get no further than the crowd. The man who walks alone is likely to find himself in places no one has ever been.” - Alan Ashley-Pitt
"Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity." ~ Martin Luther King Jr.
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[*] posted on 11.16.2009 at 03:26 AM


People are having to try to pick up multiple part-time jobs just to get by. They say that the jobs market lags behind in the recovery, I hope this is true. Hope those that need jobs end up finding them soon.



Such Insolence....
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