Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Content By: The Coming Depression Editorial Staff (dates cited below)
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unemployed programmer

“In 2008 and 2009, we lost 8.36 million jobs,” he said. “We’ve gained back 951,000, which is 11.4 percent of what we lost, so it’s taken us a year to take back 11 percent of what we lost in two years. That’s showing you how much trouble the economy is having in recovering.” — John Husing

Indeed, according to the Atlantic, November’s unemployment report comes as a pretty big disappointment. After one of the strongest months of the year for jobs in October, employers slowed their hiring and increased their firing for some reason last month. To make matters worse, the wide disparity between the two surveys conducted by BLS further clouds the jobs picture. Yet even the better of the two estimates shows anemic job growth, at best. Despite stronger consumer sentiment and relatively brisk spending in October, businesses just aren’t adding enough workers to reduce the unemployment rate, which is again approaching double-digits. source

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What really went from 9.6% to 9.8%? Not real unemployment, but the US Bureau of Labour Statistics’ “U3″ category of unemployment, which is defined as being without a job, wanting a job and having looked for one in the past four weeks. Been without a job so long that you’ve given up looking for one? Congratulations, you’ve just lowered the official unemployment stats!

Like the job creation stats (in the US and in Canada) these one-number stats are less than useless in showing the real state of employment, leaving out aspects of job quality that escape simple counting measures.

All jobs aren’t equal, and these skimpy stats hide all kinds of benefits losses, job insecurity, hour reductions and wage cuts. If you want a more informative US jobs picture, look at U6 unemployment which runs around 1.6 times the “standard” U3 rate and includes all the people who are long-term unemployed and underemployed; don’t forget median wages and weekly hours worked. Leave those out and you could claim to create millions of jobs by paying people 1 dollar a head to dig a hole for an hour a week.

Apparently the media’s task is to lessen the impact of the universally glum reality surrounding the latest figures, which essentially means gilding a ‘you know what’ which is something very smelly. A two decimal point increase in the unemployment rate is simply relayed to us as an economy that didn’t hire as many people as the wizards anticipated.

The 39,000 jobs added in November is front and center in this piece, as it is across most of the mainstream media (MSM) reporting, however one has to dig in order to find information regarding the number of jobs actually lost. A cursory search indicates that the US government shed 11,000 jobs in November, the US retail sector cashiered 28,000 jobs, US manufacturing delivered 13,000 people to the sidewalk, while 5000 people in the construction industry got hammered.

This alone indicates an essentially unchanged landscape of misery. The November uptick in the unemployment rate wasn’t even balanced out by the waves of individuals who have run out of benefits entirely, and are subsequently classified by the MSM as having ‘given up looking for work.’ This unfortunate demographic is not even afforded the dignity of being counted among the unemployed.

Overall, the real unemployment figure is upwards of 16% of the total US workforce. It’s estimated that the US economy requires 150,000 additional jobs per month just to keep pace with their expanding population, and at least 250,000 a month to even contemplate drawing down the unemployment rate.

The good news of course is that the bankster elites continue to generate plenty-o-wealth for themselves by bellying up at the offshore casinos to speculate and bid, using a combination of taxpayer cash and a new round of US Fed funny money recently created out of thin air.

Related posts:

  1. Jobless rate reaches 9.8 percent in SeptemberCHRISTOPHER S. RUGABER (AP) The U.S. unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected. The report shows...
  2. US unemployment rate drops to 6.1%WASHINGTON (AP) — US employers accelerated their hiring last month, adding a robust 288,000 jobs and helping drive the unemployment rate to 6.1 percent, the lowest since September 2008. It...
  3. US Real Unemployment Rate at 17%: ADAHow are the figures really determined? Figures for unemployment are published on a monthly basis are in fact derived from a monthly survey of 60,000 households in the United States,...
  4. The real unemployment rate is scarier than thought“don’t forget the difference between U3 (steady at 9.7%), U6 (rose to 16.9%) or even John Williams’ SGS Alternate, which presumable has stayed near 22%. + 162,000 may be the...
  5. The real truth about the unemployment rate“A true labor market depression faced those in the bottom…of the income distribution; a deep labor market recession prevailed among those in the middle of the distribution, and close to...
  6. Is 10 percent unemployment the new normal? Fed says so“Get used to a “jobless recovery.” The Federal Reserve says the nation’s unemployment rate will stay around 10-percent this year, and eight-to-nine-percent in 2011.” “Unemployment will linger” and, it must...

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