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alstry (35.69)

Did the Department of Labor make a math mistake???

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May 08, 2009 – Comments (7)

Today, U3 seasonal unemployment jumped from 8.5 to 8.9%.......but seasonal U6 unemployment inched forward only .2%.

Quite frankly, I just got back after being out all day so I havn't had much time to analyze the data.....just from a quick glance.....it seems like someone at the Department of Labor made a mistake since U3 is a subset of U6 and more and more workers are considered underemployed.

Here is a quick article from AP:

The `underemployed' get by on fewer hours`Underemployed': They have still have jobs, but their hours have been cut way back

ROCHESTER, N.Y. (AP) -- Jody Taylor dodged the bullet twice in the past year when the industrial-coating factory where she works as a machine operator went through a series of layoffs. But her hours have been cut back to a four-day workweek.

In this economy, she considers herself lucky.

"I did lose some money, but I still have a job and health benefits," said Taylor, 51, a single parent whose 17-year-old son recently had his wisdom teeth pulled. "Honest to God, I don't know how anybody can do it without their benefits."

Taylor has joined the burgeoning ranks of the "underemployed" -- the 8.9 million Americans who would prefer full-time jobs but must make do with part-time work.

Their numbers have shot up from 5.2 million a year ago, the U.S. Bureau of Labor Statistics reported Friday. The April total was down only slightly from 9 million in March, the most since record-keeping began in 1955, the agency said.

The ranks of the underemployed have swelled as tens of thousands of businesses resort to shorter workweeks, furloughs and seasonal shutdowns to avoid deeper cutbacks. Often, these involuntary part-timers get to keep at least some of their benefits.

http://finance.yahoo.com/news/The-underemployed-get-by-on-apf-15185359.html?sec=topStories&pos=3&asset=&ccode=

Could this be the first time the Department of Labor may have made a mistake.  But for revising February and March unemployment upwards, and picking up about 70,000 part time census workers.....we would have seen unemployment numbers probably around 150K higher in April than reported........

it appears we will have to wait for the revisions on U6 for more accurate data.

7 Comments – Post Your Own

#1) On May 08, 2009 at 4:35 PM, alstry (35.69) wrote:

YUP....Alstry right again.....American Shutting Down!!!!!!!!!!!!!!

JPMorgan Chase and others are shoring up balance sheets by reducing or eliminating these financial lifelines to entrepreneurs

For small business owners, a line of credit can be a lifesaver, giving them a buffer against cash-flow problems and enabling them to handle regular expenses such as payroll. But beginning in March, according to documents obtained by BusinessWeek, JPMorgan Chase suspended credit lines for a large number of business owners. According to someone familiar with the matter, the move affected thousands of businesses. They had been clients of Washington Mutual before Chase bought the ailing bank in September 2008. The documents show that Chase tasked a special group inside the bank with responding to inquiries from borrowers.

http://finance.yahoo.com/loans/article/107054/Snipping-Credit-Lines-for-Small-Businesses?sec=topStories&pos=9&asset=&ccode=

THOUSANDS OF BUSINESSES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

PROBABLY AFFECTING TENS OF THOUSDANDS TO HUNDREDS OF THOUSANDS OF WORKERS!!!!!!!!!!

We are giving bankers trillions of taxpayer dollars and in return they are cutting off credit to small businesses.....

You Fools will learn soon......VERY SOON!!!!!!!!!

Prepare...Don't Fear....

What is that poking you in the rear????  Timmy or Benny?

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#2) On May 08, 2009 at 4:38 PM, awallejr (82.46) wrote:

Disappointed huh? No 17% yet, has to be a mistake.  Keep spinning.

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#3) On May 08, 2009 at 4:48 PM, alstry (35.69) wrote:

awallejr:

Never disappointed...Alstry is simply the Doctor of Alstrynomics and analyzes the math.  Alstry is happy when people are employed.

However, you have been warned....by Thomas Jefferson!!!!!!!      

Some famous quotes you might want to note: 


“When we get piled upon one another in large cities, as in Europe, we shall become as corrupt as Europe .”  Thomas Jefferson


“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.” Thomas Jefferson


“It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.”  Thomas Jefferson
   
“I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.”  Thomas Jefferson


“My reading of history convinces me that most bad government results from too much government.”  Thomas Jefferson


“No free man shall ever be debarred the use of arms.”  Thomas Jefferson


“The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.”  Thomas Jefferson


“The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.”  Thomas Jefferson


“To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.” Thomas Jefferson


'I believe that banking institutions are more dangerous to our liberties than standing armies.  If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.'  Thomas Jefferson

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#4) On May 08, 2009 at 4:53 PM, awallejr (82.46) wrote:

Sure, hide behind Thomas Jefferson.

"We have nothing to fear, but fear itself."

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#5) On May 08, 2009 at 5:32 PM, alstry (35.69) wrote:

not Berkshire too!!!!!!!!!!!! 

SAN FRANCISCO (MarketWatch) -- Berkshire Hathaway reported a first-quarter net loss of $1.534 billion 

Prepare....its only the beginning anyway.....

Along with the reaction to the stress tests, the upbeat response to Friday's jobs report is evidence of our collective "disaster fatigue," says William Black, an Associate Professor of Economics and Law at the University of Missouri - Kansas City. "Every day is bringing a disaster. [539,000] jobs lost is a catastrophe but now we think ‘that's not so bad.'"

An optimist would say Black is missing the improving trend in the labor market: Although the unemployment rate rose to 8.9%, its highest level since 1983, April's 539,000 job loss was the smallest since October and compares favorably to March's decline of 699,000, February's 681,000 (both revised) and January's 741,000.

But Black's point is the improvements are, if not illusory, then certainly transitory. He foresees bad loan "shoes yet to drop" that will be like "Imelda Marcos' closet in an earthquake":

Commercial Real Estate: This is already on Wall Street's radar screen but future losses could account for a big chunk of the government's stress test estimate of $599 billion of future bank losses. Option ARMs: These "pick-a-payment" mortgages will lead to "waves of foreclosures" starting next year in the "hundreds of billions of dollars," he predicts. Credit Card Debt: With unemployment rising and home equity loans unavailable to most Americans, this is a "major problem that's going to take down major lenders," he says.

http://finance.yahoo.com/tech-ticker/article/243889/Beware-Crisis%27-Next-Wave-Option-ARM-Foreclosures-More-Debt-Defaults?tickers=XLF,FAS,C,

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#6) On May 15, 2009 at 11:49 PM, bachan123 (< 20) wrote:

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#7) On October 11, 2009 at 6:22 PM, GirishLaikhra1 (< 20) wrote:

woohoo thats how I like it! The people posting the better!  Did the Department of Labor make a math mistake is a very nice article and news....

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Girish

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 credit card deals

 

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