Revelation of Truth
- The thought is ridiculed
- The thought is resisted
- The thought is finally considered self evident
There are so many people that have run out their unemployment benefits and have either:
- Just stopped looking and aren't working
- They had to take part time work
In these economic times of a prolonged recession, oops better get my words in order her, call it an economic down turn. Did the powers to be ever really say the R word. Did we hit enough quarters for them? I know for a long while they would take any positive growth, no matter if it was imperceptible, they took it just so they didn't count that quarter as negative.
But back to the unemployment. I feel that publishing the U3 is eye candy for the masses. The powers to be hope that the U3 acts in the same manner as the Revelation of Truth. That even though it is not exactly the entire story, if people hear the better news long enough they will except it as truth.
We are living in an era that, even though unemployment is up in May, the stock market celebrates. It celebrates because layoffs in the Month of May have slowed to a bit over one third of a million people. Lagging indicator...hm?
- Our federal government is so deep in debt that in my lifetime there is no possible way out
- Manufacturing on the USA shores is still dead
- Personal credit card debt is still a yoke around American's necks
- The dollar is getting trounced
- Wage stagnation is still alive in the USA
- There is still a glut of unsold new housing units, some of which sit rotting in the sun
- There is a glut of new cars sitting on dealer lots
- The health of banks is still questionable
- The new green jobs are sent off shore
So the stock market traders (my ex-working brethren) are happy. Why does the DOW at around 10,000 keep ringing in my head? Why does a bear market rally keep ringing in my head? Why does the climbing DOW seem surreal?
It must be the rainy day that has me in a mood. This weekend is an annual big event in my town and one that sells out every hotel and motel room in the vicinity.
I know a guy that runs a local Marriott. They have a 48% occupancy rate for this coming weekend. Normally it would be 100% and you can't get in a restaurant. Why do I think we won't have a hard time eating out on Saturday night? Why do I feel that the way things are now is the new America?
Jobless rate hits 9.4 percent in May; layoffs slow Jobless rate jumps to 9.4 percent in May, even as layoffs slow to 345,000 * Jeannine Aversa, AP Economics Writer * On Friday June 5, 2009, 10:24 am EDT
WASHINGTON (AP) -- With companies in no mood to hire, the U.S. unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. The much smaller-than-expected reduction in payroll jobs, reported by the Labor Department on Friday, adds to evidence that the recession is loosening its hold on the country.
It marked the fourth straight month that the pace of layoffs slowed. "This tide is turning," said Richard Yamarone, economist at Argus. "We expect this trend of slower job loss to continue throughout the year." Still, the increase in the nation's unemployment rate from 8.9 percent in April underscores the difficulties that America's 14.5 million unemployed are having in finding new jobs.
Economists had expected the rate to hit 9.2 percent last month. If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994.