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lquadland10 (< 20)

The Real Unemployment Figures.

Recs

7

November 07, 2008 – Comments (5) | RELATED TICKERS: AUY , GLD , OIL

Now take the figures they gave you and then add in.
In October, the number of persons who worked part time for economic reasons
(sometimes referred to as involuntary part-time workers) rose by 645,000 to 6.7
million. The number of such workers increased by 2.3 million over the past 12
months. This category includes persons who would like to work full time but were
working part time because their hours had been cut back or because they were un-
able to find full-time jobs. (See table A-5.)
About 1.6 million persons (not seasonally adjusted) were marginally attached
to the labor force in October, 273,000 more than 12 months earlier. These indi-
viduals wanted and were available for work and had looked for a job sometime in
the prior 12 months. They are not counted as unemployed because they had not
searched for work in the 4 weeks preceding the survey. Among the marginally at-
tached, there were 484,000 discouraged workers in October; the number of dis-
couraged workers was 164,000 higher than a year earlier. Discouraged workers are
persons not currently looking for work specifically because they believe no jobs
are available for them. The other 1.2 million persons marginally attached to the
labor force in October had not searched for work in the 4 weeks preceding the sur-
vey for reasons such as school attendance or family responsibilities. (See
table A-13.)
Total nonfarm payroll employment fell by 240,000 in October, bringing job losses
thus far in 2008 to 1.2 million. Over the month, employment declines continued in
manufacturing, construction, and several service-providing industries, while health
care and mining again added jobs. (See table B-1.)
Manufacturing employment declined by 90,000 over the month. Some 27,000 aero-
space workers in the transportation equipment industry were off payrolls in October
due to a strike; taking the strike into account, factory job losses in October were
about in line with the prior 2 months. Now Fools remember full time used to be 40 hr week and it is now 33.6 so how does that woork in? To me the labor report IMHO is enron accounting. Do the math fools and tell me what you think the real unemployment rate is. I say 15% What do you say.

5 Comments – Post Your Own

#1) On November 07, 2008 at 11:50 AM, Gingerbreadman55 (33.00) wrote:

Easily over 10%. If we're playing over/under I'd take over on 12%.

 Where does the average work week info come from? I'm curious mostly because I don't see that at ALL, but my workplace could be drastically different from the norm (Large engineering company, many working over 50hrs a week)

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#2) On November 07, 2008 at 12:11 PM, lquadland10 (< 20) wrote:

http://www.bls.gov/news.release/archives/empsit_10032008.htm

Statistics

Employment & Unemployment

Few economic data are as closely watched as measures of employment and unemployment. The Bureau of Labor Statistics (BLS) provides a broad range of statistics covering jobs and joblessness.

DOL Web Pages on This Topic

National Employment Data
Monthly survey of the payroll records of business establishments provides data on employment, hours, and earnings of workers at the national level.

State and Local Employment Data
Monthly estimates of employment, hours, and earnings for individual states and metropolitan areas from the survey of business establishments.

State and Local Unemployment Data
Monthly estimates of employment and unemployment for all states, metropolitan areas, small labor market areas, counties, cities of 25,000 or more, all cities and towns in New England, and certain other areas.

Mass Layoff Statistics
Monthly reports on all mass layoffs and quarterly reports on layoffs lasting more than 30 days.

Unemployment Insurance Data & Statistics
Unemployment insurance information from the Department of Labor's Employment and Training Administration, including weekly claims data, projections, and annual state taxable wage bases and rates.

Employment Projections
Estimates of the labor market 10 years into the future and other career information.

Job Openings and Labor Turnover
Monthly establishment survey producing data on job openings, hires, and separations.

Occupational Employment Statistics
Employment and wage estimates for over 700 occupations.

Labor Force Statistics from the Current Population Survey
A monthly survey of households that provides a comprehensive body of data on the labor force, employment, unemployment, and persons not in the labor force.

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#3) On November 07, 2008 at 12:58 PM, socialconscious wrote:

I found an article in MSN that puts the unemployment number at about 12%. In my humble opinion and belief the government grossly underestimates their numbers. I think the way CPI is calculated is incorrect and inflation is running at least 1 1/2 that level.  

 http://moneycentral.msn.com/content/P146055.asp

Synopsis :Economist John Williams says real unemployment and inflation numbers -- figured the old-fashioned way -- may be two or three times what the government admits.

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#4) On November 07, 2008 at 2:23 PM, EScroogeJr (< 20) wrote:

Has always been above 10%. You'be breaking no new ground here.

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#5) On November 07, 2008 at 3:06 PM, lquadland10 (< 20) wrote:

Escrooge jr. actually if you read past blogs I put it at 15% 6 mos ago it is now about 20%

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