Tag Archives: underemployed

Unemployment rate is not 7.5%. Tired of the news feeding you misleading information? (II)

The unemployment rate is about double that figure, with various experts providing a range between 13% and 16%.  Read on.

The report below is based on the ADP reports for job growth, or not . . .  Make sure to see the red and green graphic down the page a bit, “ADP Employment Change” (the recent change is negative).  While there is job growth in areas, look at the bottom of the info-graphic at the bottom of the article.  The average number of jobs in April was less than the previous five months.  Good jobs in manufacturing went DOWN, not up.

LINK:  ADP Private Jobs Plunge, Miss; Fall For Fifth Month In A Row

And get this:

LINK:  Dark side to jobs report: Big drop in hours worked; Commentary: Shorter work week equivalent to 500,000 jobs lost

Are you tired yet of the media providing a false and rosy picture of employment in this country?  What reason do they have to do so?  How can providing only part of the employment/unemployment picture help anyone – the government policy makers, business people, the unemployed?  While the author the article in the above link cautions that the data is only for one month and may not represent a long-term trend (still, that’s an awful lot of “jobs lost” not being reported), coupled with the ADP information in the first link, it isn’t encouraging.  It also confirms what so many employees are saying – they are given too few hours to work.

The video and transcript linked below gives actual, real-world evidence of the ridiculous time older people are having getting jobs (how they’re spending all their retirement, living off of aid, being forced into signing unlawful lay-off agreements, etc.).  Many were laid-off when the depression started.  I’m tired at this point of business people blaming others out there for out-sourcing jobs and therefore making it not competitive to pay Americans decent wages, or even hiring Americans at all, and things of this nature.  It’s business people that did all this – out-sourcing, laying off older workers because they have a higher pay rate and may cost more in health care, etc.  Not all business people have done these things, but it doesn’t matter much after our country and so many of its people are run into the ground.

Ethical business people should know about the applicable laws and regulations more than the average person, so they would be the best advocates for changes in the laws, tax structures, etc.  Many business people used to realize that employing people full-time and with decent pay made the whole community, and country, better.  Now it seems like only few do.  It’s like money is all that matters and that somehow they can take it to the grave with them – the future for everyone else is of no consequence.

As stated in the interview, the unemployment rate is closer to 16%.  This corresponds to Keith Hall’s testimony to the (US) Joint Economic Committee:  “Their data shows that American households now have an unprecedented dependence on these government programs. A remarkable 17.2% of total household income now comes from government social benefits, and such spending tracks pretty closely to the jobless rate (the share of the working age population without employment) . . .”

LINK:  Brutal Job Search Reality for Older Americans Out of Work for Six Months or More

For continually updated information on lay-offs and business closings, and links to pertinent articles (including where and how to get jobs), see DailyJobCuts.com.

Unemployment rate is not 7.7%. Tired of the news feeding you misleading information?

English: United States mean duration of unempl...

I can say with confidence that the unemployment rate is not 7.7%, since that figure is only one of six measures the Labor Department uses to decipher U.S. unemployment. For some bizarre reason, “news” stations keep feeding us this one measure without doing the slightest bit of analysis; they are the country’s (or administration’s) cheerleaders instead of information providers.  The written news media sometimes do a better job at reporting the actual figures (see the source article, for instance).

The unemployment rate is closer to 14.3%. This is the figure the Labor Department also came up with for February, 2013, which includes all those persons underemployed who want an actual job that pays their bills (it does not include part-timers who are happy with their hours), those persons who want to work but have stopped looking because there’re no jobs where they live, etc. As a note, since these figures are based on surveys, and the unemployed/homeless might not be answering their phone (if they have one), the statistic has the possibility of being too low. There are a lot of homeless around here and I don’t think they’ve answered any survey calls from the Labor Department – but they should be a part of the statistic given in the next paragraph.

Another statistic put out by the Labor Department is the ratio of employed persons relative to the overall working-age population.  For February, that ratio had not changed.  It is standing at 58.6%.  By way of comparison, in the year 2000 it was 64.7%.

The long-term unemployed number has not changed, standing at 4.8 million.  The longer these people remain unemployed, the harder it will be for them to get hired.  That is what we saw happen during the recession, in any case, and I don’t see employers changing their hearts on this matter.  Underemployment also stands the same as before, at 8 million.  I don’t see corporations changing their hearts on this either – it’s all about making more and more money to bolster stock prices and returns (this is my opinion based on personal experience, talking with others, and documentaries).

And what to make of this?  From Recession Like Symptoms, March 7, 2013.

In its reporting of monthly job-cuts for February this morning, Challenger, Gray & Christmas informed us of a sharp spike in layoffs. It is information that certainly runs counter to the market’s direction today, and it asks an important question about the economy, too. . . .

Maybe it’s for good reason. Job-cuts increased by 37%, to 55,356, which is a rather high level and could offer another warning about the economy. After all, fourth quarter GDP was just revised barely into positive territory and last month’s Employment Situation Report showed deterioration. Those are important recession-like symptoms, and hard to mistake for anything else.

Source of this information,  Unemployment rate: How many Americans are really unemployed?, and recommendations:  The Recession and Recovery in Perspective; Employment Situation Summary Table A. Household data, seasonally adjusted; Unemployment Is 18.0% NOT 7.7% (alternate link: http://wallstreetgreek.blogspot.com/2013/03/a-false-prophet-unemployment-is-really.html).