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Thread: More Unemployed, Yet Unemployment Rate Drops

  1. #1

    More Unemployed, Yet Unemployment Rate Drops

    More Unemployed, Yet Unemployment Rate Drops


    Thomas R. Eddlem | The New American
    07 August 2009


    Unemployment numbers ticked upward during July at a much slower pace than past months, leading many establishment forecasters to conclude that an economic recovery had already begun. The official unemployment rate actually shrunk from 9.5 percent to 9.4 percent, even though the U.S. economy lost an additional 247,000 jobs in July.

    According to the Labor Department’s Bureau of Labor Statistics, U.S. “nonfarm payroll employment continued to decline in July (-247,000), and the unemployment rate was little changed at 9.4 percent…. The average monthly job loss for May through July (-331,000) was about half the average decline for November through April (-645,000).”

    How can the job market shed nearly a quarter million jobs and the jobless rate still be lower?

    The answer can be found in the fact that more and more Americans are leaving the job market entirely. The BLS explained: “The civilian labor force participation rate declined by 0.2 percentage point in July to 65.5 percent.” American families are increasingly deciding to go back to school or trying to make do on a single income, according to statistics.

    Despite the slower increase in unemployment numbers, most free-market economists believe that the current “recovery” is another temporary bubble brought on by the various “stimulus” spending bills. The current recovery bubble will pop again when the false prosperity of government “stimulus” spending ends, according to analysis by Austrian School economists.

    "All we’re doing now is postponing it, and making it worse,” economist Peter Schiff told Reason magazine’s television show. “So there is no recovery anywhere in sight.” Schiff expects “a substantial downshift in the American standard of living” over the next few years, and he’s in a position to know. Schiff, who is considering a campaign for U.S. Senate from Connecticut, accurately predicted the current economic slump.


    SOURCE:
    http://www.thenewamerican.com/index....inmenu-46/1610
    ----

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  3. #2
    Whatever Mr. Obama...

    Obama says US economy saved from 'catastrophe'


    AFP
    August 7, 2009


    President Barack Obama said Friday his administration had saved the US economy from catastrophe and the worst of the recession may be over, after a surprise drop in the unemployment rate.

    "This morning we received additional signs that the worst may be behind us," said Obama in remarks in the White House Rose Garden after new figures showed the jobless rate slipped to a better than expected 9.4 percent in July.
    ...

    Full Story:
    http://www.breitbart.com/article.php...show_article=1
    ----

    Ron Paul Forum's Mission Statement:

    Inspired by US Rep. Ron Paul of Texas, this site is dedicated to facilitating grassroots initiatives that aim to restore a sovereign limited constitutional Republic based on the rule of law, states' rights and individual rights. We seek to enshrine the original intent of our Founders to foster respect for private property, seek justice, provide opportunity, and to secure individual liberty for ourselves and our posterity.

  4. #3
    Yea when an extra 400,000 Americans give up looking for work and another 247,000 lose their jobs then green shoots must be busting through the earth.

  5. #4
    When an unemployed worker's benefits expire, the unemployment office stops counting them as unemployed.

    Nifty, eh?

  6. #5
    Jobless Recovery! The Fed will print the amount of money they would have spent in their place.

  7. #6
    Oh, its like a magic trick. What will they do next? Print money from thin air maybe?
    "Lie to me once shame on you. Lie to me twice shame on me."

  8. #7
    I think they are likely already doing that.

    It looks like people are panicked and paying off debt as fast as they can. I don't see how that bodes well for sales anytime soon. I suspect jobs are not going to recovery for a long time.

    http://finance.yahoo.com/news/US-con...89702.html?x=0

    The question to be answered is, how much of that total consumer debt never gets paid off.

  9. #8
    I think we should all send a thank you letter to Obama and Bernanke, they've saved us from economic meltdown!



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  11. #9
    Quote Originally Posted by sluggo View Post
    When an unemployed worker's benefits expire, the unemployment office stops counting them as unemployed.

    Nifty, eh?
    BINGO!

    We have a winner!

    -t

  12. #10
    Quote Originally Posted by sluggo View Post
    When an unemployed worker's benefits expire, the unemployment office stops counting them as unemployed.

    Nifty, eh?
    + 1.00

    Exactly right.

  13. #11
    Quote Originally Posted by sluggo View Post
    When an unemployed worker's benefits expire, the unemployment office stops counting them as unemployed.

    Nifty, eh?
    And when a small business owner goes out of business, they are NEVER counted among the unemployed.
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  14. #12
    they may want to change how they calculate unemployment.
    it would look really silly if the entire country was out of work, but because no one was on unemployment benefits, they would report 0% unemployment
    rewritten history with armies of their crooks - invented memories, did burn all the books... Mark Knopfler

  15. #13
    Quote Originally Posted by torchbearer View Post
    they may want to change how they calculate unemployment.
    it would look really silly if the entire country was out of work, but because no one was on unemployment benefits, they would report 0% unemployment

    Piece out of the WSJ.

    http://blogs.wsj.com/economics/2009/...ent-rate-drop/

    Why Did the Unemployment Rate Drop?

    Comments are fun
    Last edited by HOLLYWOOD; 08-08-2009 at 10:11 AM.
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  16. #14
    "unemployment rate" is a weaselly term. The govt. reports the % of people out of work, who are looking for work.

    So, as others have said, when unemployment benefits run out, they stop counting that fraction of people. Then there are others who stopped looking for new work for the summer.


    Cold Winter this year.
    "You cannot solve these problems with war." - Ron Paul

  17. #15
    Bush did this and it's purely deceptive. Ditto with stopping reporting of M3. There isn't a chance Obama with reverse it. I mean how would it look:

    Well, we were reporting unemployment at 9.4%, but we just crunched some numbers to see what it would be like we used to report it - how many people are actually unemployed, and it looks like it's closer to 17-20%... That would REALLY boost his popularity rating...

    Then again, he'd probably try and spin it to blame Bush.

    -t



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