Daily Archives: February 9, 2009

>Real Unemployment at 13.9%

>According to the following press release issued by Americans for Democratic Action, the true unemployment figure for our Nation stands at a staggering 13.9%.  The number is not made up or imaginary, it is an actual statistic released on Friday by the Bureau of Labor Statistics: 

WASHINGTON – The real unemployment rate released today by the Bureau of Labor Statistics is 13.9%, nearly double the official 7.6% rate reported.

The real rate includes marginally attached workers which the BLS reports “are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.”

The steep increase of 598,000 newly unemployed for January pushed that figure to its highest level since 1974, and underscored the urgency for an aggressive, swift and large enough economic recovery plan to reverse the downward economic trend. Since the recession began in December 2007, a staggering 3.6 million jobs have been lost.

ADA National Director, Amy Isaacs, said, “Enough is enough. Every day that Congress delays passing President Obama’s job creation plan, the economy hemorrhages thousands more jobs. The time for bold action from our elected leaders is now.”

Leave a comment

Filed under Americans for Democratic Action, Bureau of Labor Statistics, unemployment rate

Real Unemployment at 13.9%

According to the following press release issued by Americans for Democratic Action, the true unemployment figure for our Nation stands at a staggering 13.9%.  The number is not made up or imaginary, it is an actual statistic released on Friday by the Bureau of Labor Statistics: 

WASHINGTON – The real unemployment rate released today by the Bureau of Labor Statistics is 13.9%, nearly double the official 7.6% rate reported.

The real rate includes marginally attached workers which the BLS reports “are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.”

The steep increase of 598,000 newly unemployed for January pushed that figure to its highest level since 1974, and underscored the urgency for an aggressive, swift and large enough economic recovery plan to reverse the downward economic trend. Since the recession began in December 2007, a staggering 3.6 million jobs have been lost.

ADA National Director, Amy Isaacs, said, “Enough is enough. Every day that Congress delays passing President Obama’s job creation plan, the economy hemorrhages thousands more jobs. The time for bold action from our elected leaders is now.”

2 Comments

Filed under Americans for Democratic Action, Bureau of Labor Statistics, unemployment rate

>U.S. Jobless Rate Soared in January and Payrolls Kept Plunging

>Shobhana Chandra
Bloomberg

Millions more U.S. workers are likely to lose their jobs after the economy’s freefall sent unemployment in January to the highest level since 1992 and payrolls tumbled, reinforcing the need for an economic stimulus plan.

The jobless rate rose to 7.6 percent from 7.2 percent in December, the Labor Department reported yesterday in Washington. Payrolls fell by 598,000, the biggest monthly drop since December 1974. Losses spanned almost all industries, from construction and manufacturing to retailing, trucking, media and finance.

“The scary thing is there is really no end in sight to the soaring jobless rate,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “It’s difficult to see what’s going to turn the situation around. This is the sort of catalyst that could get Congress to move” to agreeing on a compromise plan.

President Barack Obama, who predicted a “dismal” report, is pushing for a stimulus plan to revive the economy and create jobs, and is expected to announce a new effort to shore up credit markets. The rate of the job market’s decline means it’s unlikely government efforts will halt a collapse in consumer spending until the second half of the year, economists said.

Read more >>>Here

Leave a comment

Filed under Bloomberg, Economic Crisis, job loses, President Obama, unemployment, US Department of Labor

U.S. Jobless Rate Soared in January and Payrolls Kept Plunging

Shobhana Chandra
Bloomberg

Millions more U.S. workers are likely to lose their jobs after the economy’s freefall sent unemployment in January to the highest level since 1992 and payrolls tumbled, reinforcing the need for an economic stimulus plan.

The jobless rate rose to 7.6 percent from 7.2 percent in December, the Labor Department reported yesterday in Washington. Payrolls fell by 598,000, the biggest monthly drop since December 1974. Losses spanned almost all industries, from construction and manufacturing to retailing, trucking, media and finance.

“The scary thing is there is really no end in sight to the soaring jobless rate,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “It’s difficult to see what’s going to turn the situation around. This is the sort of catalyst that could get Congress to move” to agreeing on a compromise plan.

President Barack Obama, who predicted a “dismal” report, is pushing for a stimulus plan to revive the economy and create jobs, and is expected to announce a new effort to shore up credit markets. The rate of the job market’s decline means it’s unlikely government efforts will halt a collapse in consumer spending until the second half of the year, economists said.

Read more >>>Here

Leave a comment

Filed under Bloomberg, Economic Crisis, job loses, President Obama, unemployment, US Department of Labor