Labor conditions (YoY)

Discussion in 'Economics' started by dividend, Nov 3, 2007.

  1. October YoY # from Labor Dept.

    Construction unemployment up 40% from 456,000 unemployed to 641,000.
    Financial services unemployment up 45% from 211,000 to 307,000.

    Transportation unemployment up 23%
    Selfemployment unemployment up 22%
    Manufacturing unemployment up 18%
    Government unemployment up 16%

    Sectors growing were not surprising, given the commodities boom.
    Agricultural unemployment down 39%
    Mining unemployment down 40%

    Undocumented unemployment are a ghost #.

    This government is so fucking stupid. Even both sides of the immigration debate hate the government and are doing a very poor job. It's the only thing they can agree on.
  3. WASHINGTON (Reuters) - U.S. employers cut payrolls for the first time in 4-1/2 years in January, the Labor Department said on Friday in a report that showed the slowing economy was at growing risk of sliding into recession.

    What happens to the glut of MBAs when heads start to roll
  4. Half of Bear Stearns about to get the axe.
  5. States face dwindling unemployment insurance funds

    By ANDREW WELSH-HUGGINS – 3 hours ago

    The funds states use to pay unemployment benefits are running low, raising fears of higher taxes on businesses and less money to help out-of-work employees during tight economic times.

    Thirty-three states have funds below recommended levels, meaning they're at risk of running out in less than a year unless they're replenished as required under federal law. Nearly half the states could run out in less than six months.

    The funds, totaling about $38 billion today, are in worse shape than before the last recession, when the total was about $54 billion.

    "Many states have not built their unemployment trust funds back to levels adequate for even a mild recession," said Terry Shawn, a spokesman for the U.S. Department of Labor.

    States can't skip paying unemployment insurance benefits to out-of-work employees, meaning they must borrow money if the funds get too low.
  6. The number of people filing new claims for unemployment insurance rose to its highest level in over five years, while the number of people continuing to receive unemployment insurance rose by the largest amount in over ten years, the Labor Department said.

    The number of first-time claims filed in the week ending July 26 rose by 44,000 to 448,000, the highest level since April 2003. Economists polled by Thomson Reuters IFR Markets were expecting only 398,000 claims in the week.

    The Labor Department said much of this increase is due to an indirect response to the 2008 Emergency Unemployment Compensation (EUC) program. The federally-backed extension provides additional unemployment benefits for up to 13 weeks for people who have already exhausted their regular unemployment benefits.

    Labor said that many people contacted about the program actually qualified for regular unemployment insurance instead of the extension under the EUC program, since they had since worked enough to qualify for a regular claim. As a result, initial weekly claims rose.

    "It is expected that claims will be higher than anticipated for several weeks as a result of this effect, but should decrease as the states work through the pool of claimants from the 'reachback' period of EUC," Labor said.

    The four-week moving average, which economists prefer because it smoothes out fluctuations in weekly data, rose by a much smaller 11,000 claims to total 393,000.

    Meanwhile, the number of people continuing to receive unemployment insurance in the week ending July 19 rose by 185,000, the highest increase since June 1998. Continuing claims in the week totaled 3.282 million, the highest level since Dec. 2003. Economists polled by Thomson Reuters IFR Markets were expecting only 3.15 million claims.

    Meanwhile, the four-week moving average for continuing unemployment claims increased by 42,750 to 3.175 million, the highest level since Jan. 2004. tlm/wash/ms1
  7. Fundamentals in the labor market were already showing cracks over one year ago. The response: muted. Zero replies to this thread.

    52 weeks ago nobody thought a recession was probable. Vehemently opposed. Now it is a accepted fact.

    How interesting. What a difference 52 weeks can make.
  8. Excellent original post.

    Everything you rang the bell about is coming true, and is likely to get a lot, lot worse.

    I keep asking people where new jobs are going to come from and NO ONE ever responds. Never. Ever.

    Maybe no one really knows. That's a scary thought.