The hype is that the "recession is over." Has anyone touting this line actually walked around the real world? The next 7 million jobs to be lost are already in the pipeline.
The divergence between the reality easily observed in the real world and the heavily touted hype that "the recession is over because GDP rose 3.5%" is growing. It's obvious that another 7 million jobs which are currently hanging by threads will be slashed in the next year or two.
According to the latest Employment Situation Summary (Bureau of Labor Statistics) dated November 7, 2009:
Total nonfarm payroll employment declined by 190,000 in October. In the most recent 3 months, job losses have averaged 188,000 per month, compared with losses averaging 357,000 during the prior 3 months. In contrast, losses averaged 645,000 per month from November 2008 to April 2009. Since December 2007, payroll employment has fallen by 7.3 million.
Civilian labor force: 154 million
Employment: 138.3 million
Unemployment: 15.7 million
Sept-Oct. change in employment: -589,000
in unemployment: 558,000
Not in labor force: 82,575,000
It is staggering that 7 million jobs lost out of 145 million (the total prior to the financial meltdown) has created a 10.2% unemployment rate.
LINK HERE
GEAB N°39 is available! Global systemic crisis – States faced with three brutal options in 2010: inflation, high taxation or default
LINK HERE
Thanks Adrian J. Mike and Nigel for your Generous Donations! Much appreciated!
ReplyDeleteNo job?
ReplyDeleteWho needs jobs?
Everybody now prints money!
11.33 we can print money and we can also mob and loot. just walk in any store and take everything we want, how's that?
ReplyDeleteE.A. - thanks for posting the updates from GEAB. That is a very interesting website, one which most people don't know about. The European perspective.
ReplyDelete