Today isÂ my favorite time of the month.Â Today is August 7 and Â it’s the day that the Bureau of Labor Statistics (BLS) puts out who got fired aka the employment situation, economic news release. This is where all of the media gets the numbers that they spin. Why don’t they just provide the numbers with no commentary? I guess that would be boring. Here is my entertaining spin on the pieces of clouds that are hitting me on the head.
Nonfarm payroll employment declined by 247,000 jobs (we needed 100,000 jobs a month to continue to employ the job market BEFORE La Crisis, so don’t let the corporate people lie to you and let you think everything is ok now since last month it was higher, it’s not ok, it’s nowhere near ok.)
“Another way of looking at the above task is to determine how long it will take the nation to return to full employment — basically an economy in which everyone who wants to work can find a full-time job to match their skill set and experience. It’s no minor task: the U.S. economy has to create about 200,000 jobs per month — a roughly net 100,000 job gain over the monthly gain needed to keep unemployment from rising — for the next 5.5 years to replace the roughly 6.8 million jobs lost during the recession.” Joseph Lazzaro, Daily Finance.
Also there are now 796,000 discouraged workers up by 335,000 over the past 12 months.
And thereÂ are now five million people who have been unemployed longterm (longterm is more than 27 weeks.)
On Chart A12 section U-6 Total unemployed, plus all marginally attachedÂ Â Â workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.. is now 16.3%.
The Employment Situation for August is scheduled to be released on Friday,
September 4, 2009, at 8:30 a.m. (EDT).
–Edited by Browne Molyneux