Unemployment heading to 50%
SOUTH GLENDALE — Demand for career advice has skyrocketed at the Verdugo Jobs Center, more than doubling from last year’s stream of about 4,000 monthly out-of-work visitors, the Verdugo Workforce Investment Board reported Tuesday.
The board oversees the center, which offers career training and counseling to job seekers, said Don Nakamoto, labor market analyst for the board.
It now offers its free services to between 9,000 and 10,000 visitors monthly, he said.
“I think because of what’s happened to the economy and how certain areas of the economy have just been devastated, and how their outlook has not been positive, either in the short term or the long term, a lot of people are coming in and hoping that they can just get access to training,” Nakamoto said.
Swelling regional unemployment rates have likely helped fuel demand at the center as job seekers have faced growing challenges in securing positions after extended periods without work, experts said.
Unemployment in Glendale is at 10.9%, up from 7.2% a year ago; and 10.2% in Burbank, up from 6.7% in 2008.
“When people are looking and not paying their bills, they get a little desperate, and I think that’s scary,” said Stuart Waldman, president of the Valley Industry and Commerce Assn.
Visitors up 125-150% but unemployment rate up only 50%???? It is clear that the unemployment rate is no longer reflective of the actual unemployment condition.
Further, our key executives are finally beginning to admit that without extending credit to the consumer, the outlook for any recovery is bleak at best....and once you factor cuts to government and health care, there is no chance of any job recovery.
Here is what GE's Jeffery Immelt said in Asia today:
"Easing up money has always been the elixir to keep the economy in recovery mode," Immelt said. "But once you get interest rates to zero percent, you can't go much below that, which is kind of where we are right now."
"A lot of the jobs lost in financial services and construction are never coming back."
THE ONLY PEOPLE PAYING ZERO OR CLOSE TO ZERO PERCENT INTEREST ARE THE BAILED OUT BANKERS AND A FEW OF THEIR BUDDIES.....THE REST OF THE WORLD IS PAYING MUCH HIGHER RATES!!!!
Financial Services and Construction accounted for practically all of the NET job growth since 9/11. If those jobs are not coming back, the only sectors left are government and health care...but they are now starting to cut.....and at accelerating rates.
The problem is that we are changing from a consumer economy to a savings economy......and the government depended on the consumer for its revenues. If you combine the consumer and government, you are accounting for between 80-90% of our economy.
We could cut half of the current jobs and still be able to service a savings economy comfortably.
If the consumer is not consuming, the government is not generating much revenues.....and as a result, most of the jobs in America can be cut way back.....not because they are not needed, but because there is no money coming in to support them.
There is lots of need around the world.....just not lots of money. And with the current Zombulation policies, money is running out fast.....REALLY FAST!!!!
For some independent evidence, take a look at the rising bankruptcy rates and evaporating revenues to hospitals and government....they are significant....and trending negative.
Unless we restructure soon, a trajectory to OVER 50% unemployment should not be unexpected.