Friday, June 3, 2011

Unemployment Numbers Disappoint

By Reginald Kaigler (DEMCAD)

The latest job numbers were released on Friday and they were embarrassing. Let me explain. According to the Bureau of Labor Statistics, the economy added a pathetic 54,000 jobs. Why is that pathetic? pointed out that we need to create a minimum of 250,000 jobs a month for the next 66 months to get back to where we were when the depression began. Good luck achieving that without a strong manufacturing base. I think we would need to add about 100,000 jobs to keep up with population growth. So when I heard that we created 54,000 jobs last month, I thought of the 50,000 people that McDonalds hired in April.

We lost....

8,500 jobs in Retail
29,000 jobs in Government
5,000 jobs in Manufacturing
3,400 jobs in Automotive

The official U3 unemployment number went up to 9.1% and the underemployment (U6) number dropped slightly to 15.8%, but these numbers aren't even close to reflecting the real unemployment situation in this country. John Williams (of compels unemployment data the way the government used to before it begin it's low-balling tactics. he's calculating real unemployment at 23%. The government is claiming that we only have 13.9 million people unemployed, but obviously the self-employed are not being counted. So whether you are disappointed or embarrassed, the writing is on the wall. And soon most people will begin to see it.

I live in the most dangerous city in America. Last year, Flint, MI has the highest homicide rate in the country by far. I'm unable to move and I have a family that depends on me because of financial and health reasons. So I'm going to be in the mist of hell with the music stops playing and people realize that there's only one chair in the room. I hope you're preparing.

OMB's Latest Projections Estimate 250K Jobs Created Each Month Through End Of 2015

Employers added 54K jobs, rate ticks up to 9.1 pct

McDonald's will add 50K jobs in one-day hiring spree

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