U.S. Jobless Claims Grow, "True" Unemployment Rate 9.1 Percent

[radfringe]

U.S. Jobless Claims Grow, "True" Unemployment Rate 9.1 Percent
September 11, 2003
David Williams

WASHINGTON - Unemployment queues lengthened to a two-month record last week, data showed Thursday, and a new analysis suggested the "true" U.S. unemployment rate was now 9.1 percent.

The number of first-time jobless benefit claimants in the week ended September 6 rose 3,000 to a two-month record 422,000, following a 22,000-strong leap the previous week, seasonally adjusted Labor Department data showed.

Analysts, who generally consider the jobs market is deteriorating if new claims exceed 400,000 a week, had been hoping for a decline, said BMO Financial Group analyst Paul Ferley.

"But the level of claims has moved even further above 400,000, pointing to another decline in payroll employment for September," he said.

Last week, the government said U.S. employers had unexpectedly slashed 93,000 jobs in August, demolishing hopes of a revival in the crippled jobs market despite signs that an economic recovery is gathering pace.

The unemployment rate was 6.1 percent in August, it said.

[LosinIt]

1. I was unemployed from November until July

Trying to find a job is soooo hard. I finally scored because a friend gave a friend my resume and it finally clicked. I had one week of unemployment left when I got the job. I don't know what we would have done if I hadn't gotten the job. Flippin burgers just would not cover our bills. Not the unemployment did, but we got a settlement from a car accident that we lived off of for the year.

I feel so bad for those still looking. It sucks bigtime.

[Mountainman]

2. I am one of the people who filed for unemployment last week

I thought I would be OK but my job was moved to the East Coast.

[ClintonTyree]

3. The worst is yet to come...........

business historically cuts more jobs in the fall than at any other time, not wanting to carry over employees into the next year. I was an employee of Eastman Kodak for 29 years, and they always did their dirty work around the holiday season. Holiday greetings; here's your pinkslip. Demons.

[BlueJazz]

4. Yep... I was recently laid off from Kodak.

I had only worked there for 3 years but it still came as a mild shock to me.

[NNN0LHI]

5. Fors Motor Company always did the same thing

I suspect it has to do with saving money on holiday pay and trying to balance the books to look as good as possible for end of the year balance sheet. The bean counters rule.

Don

[jus_the_facts]

6. KICK

:kick:

[sham]

7. Just graduated from college in May

I have been looking for a job since last October. Nothing. Companies are filling their entry-level positions with interns, who work for free. I have all but given up looking in my field and have been trying to get a retail job, just to help me get by. I have several years of retail experience and great references. And I can't even find anything in that sector.

I knew the unemployment figures were much higher than we had been told. I don't get unemployment, so I don't get counted. And there are many others like me.

[NickB79]

17. In the same boat as you, Sham

Also graduated this past May, and I'm back working at the sub shop I worked the past two years. Granted, the pay is survivable after being there for so long, but still, I didn't go to college for a degree in sub shop management. Could be worse; a lot of my friends have had to move back in with their parents to get by, which thankfully I have not had to do.

[mrsteve]

8. Missed the bullet last week

Where I work (a major electronics company based in the Chicago suburbs) we laid off about 5% last week.

That's in addition to 35% in the last 4 years - mostly in the last two.

Supposedly, there will be no more this year - but I wouldn't bet on that. :scared:

And one of the people laid off was just 5 months out of college on her first job. I felt very badly for her, and her enthusiasm will be missed.

[Nottingham]

9. I think this article is dead on Unemployment is much bigger than 6.1

more like 10 % and thats not taking into account all the people who took major salary cuts

I don't know how long the consumer can drive this economy

:bounce:

[FubarFly]

10. I'll be laid off at the end of December

Just in time for the New Year.

Bastards.

[Robin Hood]

11. That's a little more honest.

But I'm sure that's it's much higher than even that. I'm unemployed and am not counted on the uneployed numbers.

[The_Casual_Observer]

12. On Friday some jerk analyst on teevee with Lou Dobbs

kept saying the economy was "bipping along". The Republican stand on this and Iraq is that all is really going well, it's just that the press and the Democrats want you to think that it's not.

What else can they do at this point?

[Whoa_Nelly]

13. IIRC

Either at the end of August or beginning of September, it was reported that the unemployment rate was at an all-time record high of 11%.

[UnapologeticLiberal]

14. What makes this the "true" rate?

What does it include that the regular rate doesn't? Discouraged workers?

[Aries]

16. You have to be looking for work to be counted as "unemployed"

as stated in the article:

"Because they did not actively seek employment during the last month, they were not counted by the government as part of the unemployed labor force," it added.

and as the Bureau of Labor Statistics (the source of the data) says:

Who is counted as unemployed?
Persons are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work.

So "discouraged workers" who didn't look for work make up much of the difference. What constitutes the "real" unemployment number is a matter for debate.

Note that collecting unemployment benefits has NOTHING to do with unemployment status; the data is collected by a monthly household survey conducted by the Census Bureau.

[monobrau]

18. I'm off the radar

I get enough contract work to get by, but that is not "employment" to me. I know plenty of people in the same position.

[dusty64]

15. Wow, I knew

the "official" figure was way too low. 3 million jobs lost since 2001, now thats quite an achievement.

[Nottingham]

19. Its because when you hear Unemployment at 10 % that signals

a Depression! :bounce:

[alcuno]

20. How many people is 9.1%?

Obviously it's more than 3 million.

[RedEarth]

22. 9.1% is approx. 14 million people......nt

[RedEarth]

21. 11% is actually closer to the "true unemployment" figure

About a month ago I read a government website that showed the "unemployed", those not looking and the underemployed...ie, an engineer who lost his/her job and is now working at Home Depot, Wal-Mart, etc. The percent for all of these type people was 10.9%....which translates to approx. 17-18 million people. That is a huge number of people that have been affected by this recession/depression.

I personally know people that were engineers that now do contract work, paint houses, are checkers at grocery stores and these people are NOT counted in the 6.1% unemployed. Right now our economy is walking a tightrope and we can only hope that it gets better soon. If it doesn't, I'm not sure how much longer consumers can keep the economy afloat.

[alcuno]

23. Thanks. The Kramer guy from Kudlow and Kramer was

extolling the virtues of being a WALMART worker last week because they have benefits. Whoopee! He said they would probably be the only one hiring in the next 6 months. America, a nation of WALMART employees. Thanks, George.

[Clyde39]

24. Let's hope the Heartland wakes up!

Surely the people who vote Republican in those red states are not happy about losing jobs. Every city in America is having problems, not just those in the blue states.

[snippy]

25. The most informative government statistic "labor underutilization" is 10%

This is the "total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percentage of the civilian labor force plus all marginally attached workers."

Marginally attached workers are persons who currently 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 the marginally attached, 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.

http://www.bls.gov/news.release/empsit.t12.htm

[scarface2004]

26. i saw analysis that says 'real' rate is over 15%!!!

and may hit 30 when the tax cuts are made permanent!!