U.S. Jobless Rate Soars as Payrolls Plunge by 598,000

Discussion in 'Economics' started by ASusilovic, Feb 6, 2009.

  1. The unemployment rate reached the highest level since 1992 and payrolls tumbled in January, with millions more losses likely until a fiscal stimulus and emergency lending programs begin to temper the U.S. economy’s freefall.

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

    “We are in the middle of a very severe, a violent, collapse in activity and it could go on for months,” James Galbraith, an economics professor at the University of Texas in Austin, said in an interview with Bloomberg Television. The report will likely diminish objections “that somehow the president’s recovery plan is too large and should be trimmed back.”


    Only 598.000 ?
  2. S2007S


    I think the dow is surging as of now due to the fact that it wasnt any higher than 600k, -598,000 is very positive for this economy moving forward.

  3. Suss---Those 598,000 became daytraders this month and are going "long" stocks. :cool:
  4. Holy shit, Naz....brilliant! Gov stim package needs to give everyone $5000 on the sole premise that they buy into the stock market. That will make it rise and consequently make everyone rich! :)
  5. The real unemployment rate is probably 15% in the U.S.

    I honestly wouldn't be shocked if it were closer to 20%.

    This data is so inherently flawed that it's nearly worthless.

    Nearly. Maybe it can capture trends.
  6. If you deport back all the illegals the rate will be around 0%. There is no other country in the world with the simmilar percentage of illegals in the system.
  7. If you actually give the illegals social security numbers via amnesty and increased the penalities for hiring illegals then those taxes could pay for this FART in a period of ten years so we could all get back to business.

    Jobless rate is probably 20% with all the people who are still not working from 2006. We have been declining since then. I tracked the SI short Interest since then and it is scary. Check my posts.

    Give these guys a training on BID and ASK and give them a series 7. We need more brokers to go out an buy stock for their clients. Not enough people to sell the stuff...
  8. It suited US at the time to allow illegals thus lowering the cost of mundane labour.

    If you didn't complain then, why complain now.

  9. Oh, plenty complained then, complained now and will keep complaining, all the while not really grasping the economics behind the benefits of cheap labor.

    I'm against illegal immigration, but not for the same reason as some of the junior economists on this board.