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Down East Labs 217
05-03-2012, 08:26 PM
I didn't know this is how it works. I cut this from a article on CNN.


Job market dropouts
A person is counted as part of the labor force if they have a job or have looked for one in the last four weeks. Only about 64% of Americans over the age of 16 currently fall into that category, according to the Labor Department. That's the lowest labor force participation rate since 1984.
It's a worrisome sign for the economy and partly explains why the unemployment rate has been falling recently. Only people looking for work are considered officially unemployed.

Corey Capozzi
05-03-2012, 08:31 PM
Im suprised CNN even had an article pertaining to this issue

Gerry Clinchy
05-26-2012, 09:09 AM
The United States is much closer than generally thought to full employment and it is time for the Fed to shift away from its ultra-easy monetary policy stance, said Narayana Kocherlakota, the president of the Minneapolis Federal Reserve Bank, on Wednesday. In a speech in Rapid City, S.D., Kocherlakota noted that, in the wake of a financial crisis in the early 1990s, Sweden saw a sharp, and lasting, spike in the maximum rate of unemployment, or the level of joblessness sustainable over the long-term without causing inflation to rise. Kocherlakota said the U.S. inflation rate is signaling a similar spike in the maximum employment level in the U.S. and the Fed should "be responsive to such signals."

Read more: http://www.foxbusiness.com/markets/2012/05/23/fed-kocherlakota-us-close-to-full-employment/?intcmp=obnetwork#ixzz1vz3Z136g


When I first read this statement, I thought, "Is this person nuts?" Then I looked at the basis for the statement. If the basis for the statement is correct, it is even worse than we can imagine ... it would mean that if we are near full employment, but there are still millions out of work ... there simply are no more jobs available (or very few). Or, more simply, "this is as good as it's going to get"? Does that also mean that govt dependency (unemployment, welfare, etc) will be our new normal?

(The date on this quoted statemeent was just a few days ago.)

WRL
05-26-2012, 12:10 PM
I don't believe it counts the people no longer on unemployment benefits either. If you ARE looking for a job, but aren't getting unemployment or it ran out, you drop out of the "umemplyed" stats.

WRL

helencalif
05-26-2012, 12:12 PM
Unemployment stats come from the Labor Dept. In the past few days there has been coverage on Fox News that the numbers given out each month (unemployment numbers which make the headlines saying things are better better) get changed a week later to a higher unemployment figure than previously reported.

This morning Fox News said that out of 65 reports, the Labor Dept revised the numbers upwards 64 times. Now Fox News is asking... is the government cooking the books on the unemployment figures? If so, unemployment is worse and it is not getting b better.

Helen

Gerry Clinchy
05-26-2012, 12:49 PM
Yes, I've heard also of both WRL and Helen's comments.

Interesting thing about Helen's comment: So, when the next week's unemployment figures come out, there can be a "decrease" ... becaused the previous week's "revised" # was higher than the first-published #. So we are told that unemployment decreased in the current week, while it actually may have stayed the same.

But the Fed's statement paints an even more grim picture ... that what we have (regardless of the Dept. of Labor figures) may be as good as it's going to get ... unless more jobs are created for those who cannot find a job now.

The more accurate way to report, as I read somewhere, is to see compare how many adults are employed now v. how many adults were employed in some other period. Locally, in my area, there is some encouraging news that we are approaching a # of employed persons that is getting closer to the # employed when the financial bubble burst.

However, we are in an area adjacent to NYC and northern NJ. Those areas may have lost the jobs that we are acquiring here ... so that the net # of jobs in the region may have remained the same, just moved from a more expensive market to a less expensive market. Our area is now the home of the company that provides the peanuts for the baseball stadiums in the NY area :-) I think they were previously located in Brooklyn. The cost of bringing their facility there up to code was too expensive, so they moved the operation to our area (about 2 hrs away from the stadiums via Interstate)

BonMallari
05-26-2012, 01:38 PM
I don't believe it counts the people no longer on unemployment benefits either. If you ARE looking for a job, but aren't getting unemployment or it ran out, you drop out of the "umemplyed" stats.

WRL

that is correct, the stats also dont include many like me who are underemployed, where I have gone from making an unemployment claims sporadically in Jan/Feb/ March but went back and worked steadily in April

our "real unemployment" here in Vegas is much higher than the reported figure ,but since we are a swing state that number is being misreported, but those of us living here see the actual truth,many that have exhausted their benefits are simply walking away from their homes and defaulting on their mortgages...Nevada leads the nation in house foreclosures and the housing market has the highest percentage of over valued homes (upside down on mortgage)

Thank You Harry Reid for all you have accomplished in the Senate.....absolutely NOTHING

same goes for BHO who suckered all the unions, including mine Culinary #226 to support him, appreciate them using my union dues without my consent

cant wait for them to start calling me this fall (if I am still here) asking for my support, just so I cant tell them to stick it in their rear orifice


Rant over ....for now

Marvin S
05-26-2012, 10:11 PM
Of the 36% remaining it would be interesting to find out how many participate in the cash economy :confused:? Along with food banks & a little aggressive foraging they can probably live well.

Gerry Clinchy
05-26-2012, 10:20 PM
There is no question in my mind that people on unemployment participate in the "underground" cash economy. I can recall back in the 70s that a fellow on unemployment did groundswork on my neighbor's property while he was collecting UE. People are NOT stupid. Since UE is not equal to 100% of their previous paycheck, they will try to make up the difference in the cash economy.

Also worth noting, in the same vein, is that when taxes become confiscatory the taxpayers find more ways to "avoid" taxes. They will start bartering: the dentist will fix the plumber's teeth in exchange that for the plumber's services. In theory, such bartering is subject to taxation ... but could the IRS find the paper trail?