Jobless Rate Takes Big Jump to 5.5 Percent

Jobless Rate Takes Big Jump to 5.5 Percent

www.cnbc.com

U.S. employers shed jobs for a fifth straight month in May and the unemployment rate jumped to its highest in more than 3-1/2 years, partly because more people were trying to come back into the workforce, a Labor Department report on Friday showed.

CNBC.com

The unemployment rate rose to 5.5 percent last month from 5 percent, its highest level since October 2004. Some 49,000 jobs were cut from payrolls in May, up from a revised 28,000 that were lost in April.

(visit the link for the full news article)

For all you guys who think all is well looks like its getting harder and harder for the government to lie about the numbers. I think if you send unemployment to 10% it would be more accurate. If the government would post the reality of inflation also so people would really get a grip on what is going on here. Also that story about DOW raising their prices 20% a few days ago is a HUGE story that will affect ALL of us one way or another. This economy is not looking good at all and if the real numbers were reported I think it would show us in a fairly deep recession. Not to depression phase yet by all means but if something doesnt change this could spiral out of control.

www.cnbc.com
(visit the link for the full news article)





[edit on 6-6-2008 by mybigunit]

reply to post by mybigunit




rest assured that in June the labor dept will revise the May figure of 5.5% to6% so as to not make Junes unemployment rate look so bad.

June will have teens & HS & College graduates looking for employment
in addition to the 10s of thousands who are being 'severanced' from the employment ranks.

[note; the persons electing to be discharged, severanced from the labor force are not tallied as 'un-employed'... its only after they used up their severance package including vacation time pay that these thousands of industrial, brokerage, automobile & airline workers will be considered unemployed for a very protracted length of time....then if their still not holding a job they will be considerd un-employable and set aside in the statistics. ] ~its all accounting tom-foolery

And of course there's the 'undocumented' construction workers who don't show up in their numbers. That is probably one of the hardest hit areas right now. By the time they have to admit things have gotten bad, they are Really Bad.

It is nothing but bad news, the stimulus checks has done nothing to get the economy up, oil prices are high again and now in the summer is not hope for college students and teens find available jobs, when the minimum wage jobs are seek by desperate head of family adults.

Pitiful.

Mostly gloomy May for retailers

www.marketwatch.com...[3402E306-1393-440C-82DD-5544890F3CEC]&siteid=yahoomy

The latest gas pain: More job losses

money.cnn.com...

Yesterday, for the one airline I posted about, cutting large amounts of jobs... There was also two more I DIDN'T post about.

Boeing stock is going down fast, and 'inside sources' tell me most employees are feeling a lot of tension.

Many HUGE companies are facing HUGE layoffs.

EDIT: Mis-worded

[edit on 6-6-2008 by LostNemesis]

reply to post by mybigunit


Hey, think you could come up with the link about DOW's 20% thing yesterday? Would be very helpful in spreading the news of what's going on.

reply to post by marg6043


WHAT????

The retailers where down.. but .. but ... I thought we got rebates that where supposed to cure the economy?

zomg.. what are we to do?

We could try building a bonfire on the South Lawn and dumping another 168 billion dollars into .. get stupid drunk dancing around it.

I mean effin hell it would have the same effect on the economy wouldn't it..

Lost here is your link on the DOW raising their prices 20%
houston.bizjournals.com...
and yes Rock lets build a fire and just throw dollars in there hell with it at least it would serve some purpose. You see oil up $10 to 138 and dow down 300+. Wake up call for all who think all is well. Read up on the survival thread.

Well I can tell you where people are hiding their deceiving stimulus check, they are in their bank accounts for when the gas prices are up to 5 dollars a gallon, during the summer time for vacations.

My brother is coming with his family for one week at Disney (thanks to stimulus check) he got over 2000 dollars back, I would love to go and visit him, I have not seen him for two years, but I am afraid of how much gas is going to cost for me to go down to Florida.

It takes about 45 dollars to fill my gas tank (at present prices), then I will need a hotel, food and money for emergency.

All expensive decisions.

marggggggggg you need to come to Florida Get ready like you said though to whip out the money to do it because oil is going to $200 they say which will be $6 gas. Pfft.

About 3 years ago my husband and I used to trevel all over Florida for the heck of it, I have another brother living in Jacksonville.

But then as gas prices started to raise so our trips started to stop.

Pitiful.

reply to post by mybigunit

The unemployment rate rose to 5.5 percent last month

That's still a better unemployment rate than 99% of the rest of the world or?

Originally posted by Scramjet76
reply to post by mybigunit

 

The unemployment rate rose to 5.5 percent last month

That's still a better unemployment rate than 99% of the rest of the world or?

It certainly is one of the top rates if not THE top rate. My point is 2 things

1. I feel like the unemployment numbers are actually higher than what the government is throwing out there (kind of like the inflation numbers the government seems to think we have tame inflation)

2. That is what quite a jump which leads me to believe number one. If I had to take a guess I would say our ACTUAL unemployment right now is 10%.

reply to post by mybigunit


Doesn't the government's stats only count the people collecting unemployment benefits, to come to their 'unemployment' figures/stats?

If that's true, then they are NOT counting the people who's benefits ran out, or are not eligible for them. Which would mean yes, the actual number of unemployed is MUCH higher..

These are hard times indeed. And I wish for the best to everyone who is finding it hard to find not only a job, but a job that one can stick it out, and enjoy what they do.
I know I have been threw my share of dead end jobs, and living pay check to paycheck. I think most of us do, or have been there done that.

Yet this all will boil down to how much hard work you have put in. Those of us who work hard at what we do will always find a way to get her done!

Those people who have a bit of a lazy attitude, or bad work ethic will tend to suffer more than those who are use to the every day grind. All hard work pays off in the end. I try not to let these stats get in the way of my thinking. Yes many people are without jobs. Yet there is alot of work to be had out there. There truely is. However it may not be the job you want to work, or the kind of work you are use too.
However with time, those crappy jobs can lead you into better jobs!
You just have to keep plugging away. Suck it up, and do what you got to do.
I dont want to come in here and get to preachy. Yet I have been threw so many jobs that I just couldnt hold onto because of many reasons. But over time I just found that if you want something, you have to put alot of time and hard work into it. Otherwise you end without.
And Im not talking about being homeless either.. I know plenty of good men and women, who work harder than most folks end up being homeless.
Hell I was just about homeless myself for about a month. And it wasnt becasue I was lazy, or didnt want to work. Its just what this country is turning into.
Many factors come into play here. And alot of it is going to take personal sacrifice. Such as what I did. I gave up driving. I ride a bike to work.
Granted I live eight miles away, and I know not everyone can just give up driving to and from work. But you are going to need to find something to sacrifice. Chose it wisely, and know this world isnt all about good times, and parties, sex, and goodtimes. USA as a whole has much sacrifice we need to endure to get threw these tuff times.
What are you ready to give up to save yourself some money?
What are you willing to do, to change the outcome of these stats?

We can sit around all day long and talk about how bad it is.
Or we can give something up, to make a change..

That my friends is up to you, and only you.

Some of us are lucky, while others are not so lucky. Yet at the end of the day luck will only go so far. Hard work and keeping at it, and never giving up on your dreams, no matter how small they may be.
As the smaller dreams can lead into bigger dreams.

We have to remain postive, and start giving up some things that make us so cozy. The elites and masters of this country have us by the balls. Its time to make a change. And stop blaming the world for our own problems. We have done this to ourselfs.
And that commet is not directed to those without jobs, But sooner or later you will find out in your own way what you have to do to get threw this..

all the best.
zy5

reply to post by mybigunit


the good old american dream
funny how long its lasted since it was first brought up and how long it took a group of people to get rid of it