Jobs News

[jasonxctf]

Not great... but another sign of trending in the right direction.

 

July unemployment dips in 17 states, rises in 26

 

Unemployment rate drops in 17 states in July; 21 states add jobs, some credit federal stimulus

By Christopher S. Rugaber, AP Economics Writer

On Friday August 21, 2009, 11:43 am EDT

 

WASHINGTON (AP) -- The unemployment rate fell in 17 states and the District of Columbia last month, a positive sign even as the pain of joblessness remains widespread.

 

The Labor Department said Friday that the jobless rate fell in July in New York, Oregon, Minnesota and Virginia, among other states. It increased in 26 states.

 

While jobs remain scarce, the figures are an improvement from previous months. Only five states saw their unemployment rates drop in June. In May, the jobless rate fell in one state.

[Balta1701]

THis is probably just a function of the "Out of the labor force/long term unemployed" ranks continuing to grow.

[StrangeSox]

Those are also tracked--what do they say?

[NorthSideSox72]

Probably some of that is what Balta says, but not all. I'd be curious on numbers for that as well.

 

Economy is showing some positive signs. Seems like its going to spend the rest of the year leveling, generally, but sectors are pacing differently (as is common). Housing seems to be stabilizing ahead of other areas. Financial firms already have been doing so for a while now. Equities generally ran up this past few months, and are now pausing for a bit. Manufacturing output increases, and productivity increases, are likely next. Unfortunately, employment is usually last in line.

 

By the way, I think its very interesting the huge gap right now among "experts" in where the equities markets are going. I can never recall such a huge difference. I have seen or spoken with people who are truly experts, and I am hearing predictions ranging from dire (Dow 5000 in the next 6 months) to optimistic (Dow 15000 within a couple years), and everything in between. So, the markets are seemingly drifting between, wondering where to go.

 

[jasonxctf]

market is going to close today at levels last reached in October of 2008.

[kapkomet]

No one knows where anything is going to go because a lot of where we go from here has to do with legislation that has yet to be killed or passed. Health care, cap and trade (tax and kill) and a couple of other things have direct bearings on every single business, not to mention tax implications of what is passed and not. Anyone who thinks they "know" is full of s***. Talk to me when we have whatver we are going to have shoved down our orifices and and what is not and then we'll see what "predictions" we can make.

[kapkomet]

THis is probably just a function of the "Out of the labor force/long term unemployed" ranks continuing to grow.

The second time in two days. Exactly right.

 

What the hell is wrong with you, Balta, you agreeing with me and stuff..........

 

(don't tell anyone that I agreed with you... )

[Rex Kickass]

In New Jersey, the private sector grew by 13,000 jobs in July.

The state government actually shrank by 7,000 as a Democratic governor shrank the state payrolls for the first time in twenty plus years.

[mr_genius]

THis is probably just a function of the "Out of the labor force/long term unemployed" ranks continuing to grow.

 

unfortunately, that is the case.

[mr_genius]

Those are also tracked--what do they say?

 

i believe you are thinking of the U6 unemployment rate, it is often referred to as the 'real unemployment rate'

 

it's at like 16%, the worst rate since the great depression.

[StrangeSox]

There's a bunch of different U-# measures, but yeah I think that's the one I'm thinking of.

[SleepyWhiteSox]

I thought the apple guy died...

[mr_genius]

Probably some of that is what Balta says, but not all. I'd be curious on numbers for that as well.

 

Economy is showing some positive signs. Seems like its going to spend the rest of the year leveling, generally, but sectors are pacing differently (as is common). Housing seems to be stabilizing ahead of other areas. Financial firms already have been doing so for a while now. Equities generally ran up this past few months, and are now pausing for a bit. Manufacturing output increases, and productivity increases, are likely next. Unfortunately, employment is usually last in line.

 

By the way, I think its very interesting the huge gap right now among "experts" in where the equities markets are going. I can never recall such a huge difference. I have seen or spoken with people who are truly experts, and I am hearing predictions ranging from dire (Dow 5000 in the next 6 months) to optimistic (Dow 15000 within a couple years), and everything in between. So, the markets are seemingly drifting between, wondering where to go.

 

I see some good signs in the economy, but home foreclosures are soaring and experts are saying the jobs we lost during this recession are gone (not coming back). A whole lot of people are going to be in serious financial trouble. 16% unemployment that is supposed to last until at least 2014? Total disaster.

[Balta1701]

I see some good signs in the economy, but home foreclosures are soaring and experts are saying the jobs we lost during this recession are gone (not coming back). A whole lot of people are going to be in serious financial trouble. 16% unemployment that is supposed to last until at least 2014? Total disaster.

Now I'm going to correct you the other way. It's not 16% unemployment, it's something like 10-11% unemployment, with 2% of that made up of discouraged/long-term unemployed-disability, and 5% or so being the "underemployed" category, where you have specific job skills but you're stuck working at Wal-mart.

[mr_genius]

Now I'm going to correct you the other way. It's not 16% unemployment, it's something like 10-11% unemployment, with 2% of that made up of discouraged/long-term unemployed-disability, and 5% or so being the "underemployed" category, where you have specific job skills but you're stuck working at Wal-mart.

 

not exactly

 

If they are working at Walmart part time, and want full time employment, then yes they are in the count. If they can only get 10 hours of work a week, they are basically considered unemployed. If they are working full time at Walmart they are not in the count. Having a full time job one dislikes is not defined as unemployed.

Edited August 23, 2009 by mr_genius

[Balta1701]

not exactly

 

If they are working at Walmart part time, and want full time employment, then yes they are in the count. If they can only get 10 hours of work a week, they are basically considered unemployed. If they are working full time at Walmart they are not in the count. Having a full time job one dislikes is not defined as unemployed.

Based on the Wikipedia entry on the definition, I believe that both are included in underemployment. It's any variety of under-utilization of a worker. Both yours count and mine gets counted too.

Underemployment can mean:

 

1. The employment of workers with high skill levels in low-wage jobs that do not require such abilities, for example a trained medical doctor who works as a taxi driver.

2. "Involuntary part-time" workers -- workers who could (and would like to) be working for a full work-week but can only find part-time work. By extension, the term is also used in regional planning to describe regions where economic activity rates are unusually low, due to a lack of job opportunities, training opportunities, or due to a lack of services such as childcare and public transportation.

3. "Overstaffing" or "hidden unemployment", the practice in which businesses or entire economies employ workers who are not fully occupied---for example, workers currently not being used to produce goods or services due to legal or social restrictions or because the work is highly seasonal.

[mr_genius]

Based on the Wikipedia entry on the definition, I believe that both are included in underemployment. It's any variety of under-utilization of a worker. Both yours count and mine gets counted too.

 

I don't think U6 rate covers all underemployment in it's count.

 

http://www.qualityinfo.org/olmisj/ArticleR...itemid=00000486

 

U6: Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers

 

 

Note: Marginally attached workers are those who are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.

 

Discouraged workers, a subset of marginally attached workers, have given a job-market-related reason for not currently looking for a job.

 

Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.

 

edit:

 

found this on that same site.

 

U6, includes not only all unemployed and marginally attached persons, but also those employed part time for economic reasons. This latter group provides an objective measure of a portion of the underemployed (the so-called "involuntary part-time workers"). The BLS defines "part-time workers" as those who worked less than 35 hours during the reference week of the Current Population Survey. To be classified as employed part time for economic reasons, an individual must also be working part time because of poor business conditions or because of the inability to find full-time work and must want and be available for full-time work. Involuntary part-time employment does not capture all underemployed (such as those whose education may qualify them for a more highly skilled position).

Edited August 24, 2009 by mr_genius