frosty

Workforce Disruption: Weekly Claims Update

"About 824,000 more jobs may be subtracted from the payroll count for the 12 months through last March when the figures are officially revised early next year, a Labor Department report showed today."

Also, "“We are probably still underestimating job losses,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “There could be another 30,000 to 40,000” that the data isn’t picking up."

Both from a Bloomberg article found at www.bloomberg.com/apps...

Unemployment is terribly high but is likely even much worse. Add to this that more severe measure which includes those forced to part-time work and those who have given up looking is nearly double the official unemployment rate, it is quite possible that the actual rate of formerly full time workers who are not now working full time is 20% of the workforce.

People who work spend money; people who work own homes; people who work drive our economy. This seems pretty simple to me. People who don't work don't spend money; people who don't work lose their homes; people who don't work are a drag on the economy. This also seems pretty simple to me.

Mr. Calafia is a great cheerleader but cheerleaders don't win games. We need to get the players back on the field for the economy to get back in the game.