Pat C

Another Week of Explosive Emergency Unemployment Compensation Growth

Thanks TraderMark, I read this yesterday and couldn't believe it I was commenting all over the place. We have a serious structural problem. We need folks like you with a wide reach to keep it out there.

Seasonally-Adjusted Jobless Claims Below 500,000 for Third Straight Week

I hope that soon, good analysis, such as yours, begins to seriously address the magnitude of this problem and it isn't relegated to a "Note" as below & above. We are looking at 10,000,000 individual stories of misery and pain. Again, TEN MILLION!

As pointed out on another website, the number of individuals on extended unemployment will soon (like in the next week or month) exceed those on regular unemployment. We have a major structural economic problem here that needs serious attention by all of us. The only time that is remotely comparable is the great depression. All the other downturns were mere annoyances compared with this one.

"Note: despite 5.1 million as the official jobless role, total unadjusted jobless claims exceeded 10 million because of the extension of unemployment benefits to those who have run out of benefits. This is testament to the weak hiring environment."

Initial Jobless Claims Back Up

I feel like a broken record, but here it is again:

5.157M Regular above
4.586M Extended above

That's 9,743,000 people collecting unemployment. This excludes individuals ineligible for unemployment.

HELLO!!!!!!!!
Are we all getting it?
Major, Major Problem!!!

Is This Just the Beginning of a Depression?

I have posted this elsewhere on SA but please visit zerohedge.com and look at their article on extended benefits. It is absolutely astounding. It sure looks like a depression in the job market. 9.7 million collecting unemployment, not to mention those that don't qualify. See quote below:

"The number you won't hear mentioned anywhere in the Mainstream Media: 327,729. That is how many people shifted to Emergency Unemployment Compensation programs in the last week alone, hitting an all time record high of 4.2 million! So as everyone is focused on the benign picture of initial claims in the last week which was "only" 474,000, the number of people rolling off continuing benefits has exploded and is now a stunning 592,579 only in the last two week. Look for this number to keep going into the stratosphere as the 6 month continuing claims cliff keeps getting hit by more and more people who are unemployed and keep looking not only for believable change, but actual jobs to go with it. ... At this rate those collecting EUC will surpass those on continuing claims (5.5 million) within a month."

Despite Uptick, Unemployment Claims Still Support a Recovery

PS Do the math: 5.5 + 4.2 = 9.7 MILLION collecting unemployment.

Despite Uptick, Unemployment Claims Still Support a Recovery

Please visit zerohedge.com and look at their graph on extended benefits. It is absolutely astounding. Quote below:

"The number you won't hear mentioned anywhere in the Mainstream Media: 327,729. That is how many people shifted to Emergency Unemployment Compensation programs in the last week alone, hitting an all time record high of 4.2 million! So as everyone is focused on the benign picture of initial claims in the last week which was "only" 474,000, the number of people rolling off continuing benefits has exploded and is now a stunning 592,579 only in the last two week. Look for this number to keep going into the stratosphere as the 6 month continuing claims cliff keeps getting hit by more and more people who are unemployed and keep looking not only for believable change, but actual jobs to go with it. ... At this rate those collecting EUC will surpass those on continuing claims (5.5 million) within a month."

Jobs Picture Still Improving, Despite Temporary Setbacks

Please go over to zerohedge.com and look at the graph on folks with extended unemployment. It is staggering.

7 Questions About Alistair Darling's Pre-Budget Report

This is all about payback, pure and simple. For some reason, the Wall Street types just don't get it. This is not just some populist knee jerk reaction, it has been 18 months and we are still pissed off and will be for some time. They need a short term change in their business model.

Recessions and Job Turnover

At a certain point, you get down to your core employee base. They are the ones that got you to where you are at. Eliminating them is cutting muscle not fat. You move them around if you have to before firing them.

'Government Is Out of Bullets' - Meredith Whitney

MarkitWacha - the same tired old rhetoric. We really need creative thinking here - try down the middle that's where the answers are - we need you.

Want the Real Measure of Unemployment? Don't Forget Long-Term Discouraged Workers

Good article. We really don't have a good handle on discouraged workers. My bet would be that this is dramatically understated.

The Effect of Temporary Workers on the U.S. Economy

Good article. As usual our social technologies and laws are way behind reality. This trend has been increasing over the last 2 decades. We have to break the tie between full time employment and healthcare and other social services. If these entitlements and insurance were paid by citizens rather than businesses it would be much fairer in the long term. Businesses would be required to pay full-time and part-time the same in order to get labor and labor would have flexibility to seek the highest return for their services.

The challenge of course is how to implement it and be fair during the transition. Special interests all over the place will reject it.

$246,000 per ObamaJob: Inefficiency at Its Worst

Job creation needs to be targeted into US investments such as gas drilling, solar engergy etc. Just throwing money at general jobs credits is no different than general tax credits; most of it is going where it is not needed. We are still benefiting from the dams and other projects that were done by FDR. Sorry if this sounds socialist but the whole idea of trickle down economics or stimulus doesn't work during a severe downturn. We just have to be smart about it. If the private sector believes it is too risky then the public sector should do it and make damn sure we don't give it away after it is done.

It's About Unemployment, Stupid

Fat Panda: "The problem isnt that we are importing low wages, but that our productivity isn't rising fast enough to keep our goods competitive in a world market."
I would ask you to prove this statement. There are only so many ways to make a widget. The cost of labor is the predominant issue by a long shot.

Elizabeth Warren: The End of the Middle Class

Yes and no Robert. Please check unemployment growth for professional service positions. All forms of labor have been commoditized. Need a better system.