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  1. #1
    Eruption
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    Default Increase in the jobless rate is the biggest since 1986

    Unemployment soars to 5.5%
    June 6, 2008: 10:42 AM EDT

    Increase in the jobless rate is the biggest since 1986 as payrolls decline for the fifth straight month.

    NEW YORK (CNNMoney.com) -- The unemployment rate took its biggest jump in more than two decades in May as employers once again cut jobs, according to a government report Friday.

    The unemployment rate soared to 5.5% from 5% in April. Economists surveyed by Briefing.com had only forecast that the closely watched rate would rise to 5.1%.

    It was the biggest one-month jump in unemployment since February 1986, and the 5.5% rate is the highest level seen since October 2004.

    A jump of this magnitude, even over a period of several months, is considered a warning sign of a recession. The unemployment rate is now a full percentage point higher than a year ago.

    John Silvia, chief economist with Wachovia, said the unemployment rate was distorted by a big jump in teenage unemployment in May, to 18.7% from 15.4%, as the school year ended and teenagers started searching for jobs. And the Labor Department figures were probably underestimating unemployment in the months leading up to Friday's report, he said.

    "This report reflects what we should have seen over the last two to three months," said Silvia.

    The Labor Department also reported a net loss of 49,000 jobs in May, compared to a revised loss of 28,000 jobs in April. That was a touch better than economists' forecast of a loss of 60,000 jobs, but it marked the fifth straight month that the economy has lost jobs.

    Overall, the economy has shed 324,000 jobs this year, the worst start to a year since 2002, when the nation was still struggling with the aftereffects of a recession.

    The job losses in the payroll report were widespread, as the battered construction industry lost 34,000 jobs and manufacturers cut 26,000 jobs out of the nation's factories. But the service sector also saw job losses in many sectors, as retailers trimmed 27,000 jobs. The catch-all business and professional services categories took a 39,000 job hit.

    "The business and professional has to be a focus of concern. The job losses have broadened out," Silvia said. "Those are generally good-paying jobs. This is a clear sign the weakness is spreading beyond the construction and manufacturing."

    Part of that business and professional services decline came from a 30,000 cut in temporary jobs, bringing losses in that sector to 106,000 so far this year. Tig Gilliam, chief executive of Adecco Group North America, the unit of the world's largest employment firm, said that cut is another indicator about widespread concern among employers.

    "As the economy slows down, the temporary employees are sometimes the first to go," he said. Temporary employment also tends to pick up just before a recovery, he said. "The May number shows there's no recovery (ahead) yet."

    Jobs on the campaign trail

    Presidential candidates Barack Obama and John McCain were both quick to react to the report. Each argued that the dire employment picture was proof that they had the best solution for the nation's economy, and that their opponent's policy would be a mistake.

    "This is a reminder that working families continue to bear the brunt of the failed Bush economic policies that John McCain wants to continue for another four years," said Obama's statement. "We can't afford John McCain's plan to spend billions of dollars on tax breaks for big corporations and wealthy CEOs."

    McCain's statement argued that tax breaks are more important to spur the economy in the face of weak employment.

    "The wrong change for our country would be an economic agenda based upon the policies of the past that advocate higher taxes, bigger government, government-run health care and greater isolationism," said McCain's statement. "To help families at this critical time, we cannot afford to go backward as Senator Obama advocates."

    First Published: June 6, 2008: 8:39 AM EDT

  2. #2
    Good Enough pal1800's Avatar
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    06.02.16 @ 09:13 AM
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    Still lower than the average rate during the 70's, 80's and 90's. Just wait until a day after the election, then the news will report that all's well.

  3. #3
    Future's in the past....
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    Quote Originally Posted by pal1800 View Post
    Still lower than the average rate during the 70's, 80's and 90's. Just wait until a day after the election, then the news will report that all's well.

    Or that it's worse than previously thought.
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  4. #4
    Gird your loins Daisy Hill's Avatar
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    12.17.17 @ 03:53 PM
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    These statistics never report "underemployment" though do they? They think any job is a good one, but when your unemployment runs out, and you are a skilled laborer or a professional and you're now making minimum wage, they consider you employed...even if you are working 2 crummy jobs to just keep your head above water


    happens all the time.

  5. #5
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    Yes and the Dow was like 5000 then now its been up to 14000. Cycles...But it does suk for many folks now.

  6. #6
    Little Dreamer
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    Quote Originally Posted by pal1800 View Post
    Still lower than the average rate during the 70's, 80's and 90's. Just wait until a day after the election, then the news will report that all's well.
    unemployment during the carter administration was 13%... funny how you never hear about that~~

  7. #7
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    12.14.17 @ 03:26 PM
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    And hey, we have a Republican president, but aren't both the House and Senate controlled by the Democrats? Hmmmm...
    "Viking - last to sleep, first to rise, last to leave, that's how the Nords of old rocked the house." ~ timmac in the 'Texas Linkers' thread talking about yours truly. :-)

  8. #8
    Eruption lmr5150's Avatar
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    Quote Originally Posted by lovevh View Post
    unemployment during the carter administration was 13%... funny how you never hear about that~~
    That all I ever hear on Fix Noise. You are right that unemployment is low, but the stat does not count people making less than their education level or people who have given up looking for work. I don't think the economy is bad right now. But the fundamentals suck - high energy prices, creeping inflation, falling dollar, exploding deficits. It's almost like a plane crash. Yeah, we are still in the air - until we hit the ground.
    I don't have a cool signature. Deal with it!

  9. #9
    Atomic Punk MikeL's Avatar
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    Some of you people talk much more than you read. How unfortunate for all of us.

    http://research.stlouisfed.org/fred2/data/UNRATE.txt

  10. #10
    Good Enough pal1800's Avatar
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    Quote Originally Posted by MikeL View Post
    Some of you people talk much more than you read. How unfortunate for all of us.

    http://research.stlouisfed.org/fred2/data/UNRATE.txt
    Thanks for the link. I guess the guy I was watching on CNN had a different way of interpreting the data or had different data. Anyway, according to those numbers, we are still not near the record highs of the early 80's.

  11. #11
    Atomic Punk MikeL's Avatar
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    The few bits and pieces I've watched on CNN lately have been absolute shit. I saw just a little this afternoon, with an anchor talking about people asking him if the gloomy news ever gets him down. His response? They're dedicating a whole day to programing about solutions. What the fuck kind of news is that? They've dumbed it all down to the level of entertainment news.

    Look at the BLS webpage. You'll find some neat information there.

  12. #12
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    Quote Originally Posted by MikeL View Post
    Look at the BLS webpage. You'll find some neat information there.
    Black Label Society? What's Zach got to say about all this mess?
    "I'm the opposite of Bill Cosby. Diamond Dave always gets your approval." (DLR)

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  13. #13
    Gird your loins Daisy Hill's Avatar
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    Quote Originally Posted by pal1800 View Post
    Thanks for the link. I guess the guy I was watching on CNN had a different way of interpreting the data or had different data. Anyway, according to those numbers, we are still not near the record highs of the early 80's.
    the article was not saying that the unemployment rate was the highest, it was saying that the unemployment rate INCREASE was the highest....from 5.0 to 5.5 and increase of .5%

    unemployment rate changes are ususually reported in .1 .2 or .3 increments.

    The latest statistics show a .5 increase. With huge layoffs in major industry and more expected to come in the next quarter it will be interesting to see if the expected climb is a low rate or comes in these sort of big "bumps"

    Anyway to the people I know who are looking for a job, it doesn't matter if it is just a big increase in the jobless rate or umemployment rate increase is the highest....all they know is that they are 100% unemployed!

  14. #14
    Good Enough pal1800's Avatar
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    Quote Originally Posted by Daisy Hill View Post
    the article was not saying that the unemployment rate was the highest, it was saying that the unemployment rate INCREASE was the highest....from 5.0 to 5.5 and increase of .5%

    unemployment rate changes are ususually reported in .1 .2 or .3 increments.

    The latest statistics show a .5 increase. With huge layoffs in major industry and more expected to come in the next quarter it will be interesting to see if the expected climb is a low rate or comes in these sort of big "bumps"

    Anyway to the people I know who are looking for a job, it doesn't matter if it is just a big increase in the jobless rate or umemployment rate increase is the highest....all they know is that they are 100% unemployed!
    I understand your point. Can't argue with your last sentence. I feel for anyone in that position. The question is, how do we get out of this situation? No matter what action we take, it will have some unintended consequence that will negatively impact someone or some group.

  15. #15
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    Quote Originally Posted by Viking View Post
    And hey, we have a Republican president, but aren't both the House and Senate controlled by the Democrats? Hmmmm...
    technically yes, politically no.

    you gotta give it to bush and his cronies, they have have been riding the democrats like the bitches that they are and got everything they wanted every single time they asked.

    the dems are just a bunch of gutless pusssies.

 

 

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