Not looking hot on the jobs front

October 2, 2009

Data just out shows the pace of joblessness picked up in September, snapping what had been a steady improvement from “really terrible” to “at least it’s not as terrible as the prior month.” The drop in non-farm payrolls was even worse than Goldman Sach’s downwardly revised -250K forecast, coming in at -263K. But also take a look at July: revised to -304 from -276k. August was revised to -201K from -216K.

The unemployment rate ticked up an expected 0.1 ppt to 9.8%.

Also average hours worked in a week slipped further to 33.0 from 33.1. I guess employers are cutting hours as well as jobs. Not exactly confidence inspiring for the nation’s shoppers.

This is not good news for those hoping for a consumer-led recovery. Sure inventory rebuilding will give GDP a nice pop over the next two quarters, but then what? And inflation? Not likely any time soon with numbers like these.

You can find the full report here.

Treasury market seems to be thinking along the same lines, as yield on the 10-Yr note falls even more to 3.12%. Dollar also getting hit.


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Double the 9.8% for the real rate. The 9.8% only reflects new and continuing recipients of unemployment benefits. Individuals who no longer receive benefits but remain unemployed drop out of the rate. Corporate hacks pushing “Free Trade” have removed job alternatives by shipping manufacturing, other industries and job classes to Red China and other Asian countries. Tell the truth. Unemployment will remain high because coroporate America with their stooges in government and academe have destroyed the American job base.

Posted by RFL | Report as abusive

Another point; The false sense of indignation at the decoration of the Empire State Building in celebration of the Victory of Mao and the Chinese Communists is stomach turning. It is right and good that we celebrate our Communist Chinese Masters. Afterall; it is these same people and their slavish devotion to “Free Trade” who have made us slaves of the Chinese Communists.

Posted by RFL | Report as abusive

I have an interesting tale of long-term unemployment, having Six (6) Years of Long Term Unemployment with zero unemployment benefits as an independent contractor worker, I compromised in the Fifth (5th) year and took a summer job for $10.00 per hour. During the six years I developed a business model based upon a scientific advance, which was provided by request to the United States National Science Foundation and SBA, last summer during the underemployment.

This summer, I was directed to the MEDC. I provided them a quantum leap in mathematical science, impoverished I drew my branding on the cover sheet presented to US Government Agencies.

Several days ago, Google, with whom I have 6 years of cause for complaint and largely responsible for what happened to me, announced a product reflective of my Branding presented to US Government agencies.

I have given up on US Regulators as not ranking my rights in property in any order of importance with regard to piracy crime.

I therefore complained to the anti-trust division of the european union, which is far more prompt.

I await my unemployment check, which would be a nominal amount on October 14, 2009 with a three day wait.

It appears to me that the internal regulatory framework is failing, I do not know why, and this is causal of the high unemployment numbers.

I recommend that US Government Workers get their act together and begin to prosecute corporations whose negative behaviors are attacking businesses and all ideas that would normally induce all US Employment.

If we look for the problems, when good economic performers are punished, harmed or attacked, we can normally find them in poor management. In this case it is the lack of urgency for US Government agencies to defend and prosecute attacks on individual rights.

the crisis continue…

A society that prides itself on depending on another nation’s slave labor to provide itself for all sustenance because the profiteers have convinced them that it is easier and for their own good, will only end up being the “Eloi” basking in the sun all day, then after being hypnotized by the siren sound of “cheap” goods will walk ever so “thankfully” into the entrance of the industrial based “Morlocks” cave to be devoured!
The American people have swallowed the poisoned pill of the deceptive “elite” lifestyle concept and will languish to a “DEpendent” state begging for whatever crumbs will be thrown to them by its wealthiest top 1% who have sold their souls to foreign dictators.

Posted by Barbara Toncheff | Report as abusive

It is better to be effective, as bitterness never got you anywhere. This is how the world works every few years you have a couple of years bad times so all can be balanced.. The alternative would be $500 per barrel oil, cheapest house for a million dollars. Result would be the elimination of the middle class going down to poor levels as they would not be able to afford anything on their paychecks. So now that house prices etc are down, the not so well off can afford one.

Hand of god or fate call it as u please.

Posted by ADNAN | Report as abusive

Story after story and headline after headline, continue to point to the truth of the poison of interest and profit.

Money is only supposed to be a tool to help facilitate the exchange of resources (work). As a culture we in the west hold profit and interest above the needs of the person.

Because of this, whole families are cast into the streets. Children are allowed to go hungry, and the sick are left to suffer and die. They don’t have enough money to qualify as human beings. So why should they be served?

This is poverty of the deepest and gravest kind. The human heart is withered and dieing. We must outgrow our childish motivators of profit and interest.

It has been written for thousands of years that usury (lending money at interest) is a big mistake and a bad idea. Look at all of the problems in our economy, health, education, etc…

All of the arguments for and against the resolution of any issue revolve around money. Who stands to profit, and who stands to pay, are the only issues ever really discussed in any detail. As if some how bringing an accountant into the picture will immediately solve everything.

We should be working under the more refined and adult motivator of solving real world problems. It is necessity, not profit, which is the mother of invention. How many people could keep their homes if they only had to pay back the amount they borrowed and nothing more?

It’s not like the banks haven’t gotten billions of dollars from us in the from of taxes already (TARP and various govt loans to keep them alive). Now we also have to pay their profit as well? What a crock of sh!t.

Banking as a business needs to end. Profit and interest were good motivators in the past. But the times and troubles we face in this age are too great to be handled by profit/interest motivators. Instead profit/interest get in the way of solving our problems.

We don’t cure diseases because it’s more profitable to treat them. We don’t give equal access to higher education because it’s more profitable to educate the poor in trade schools where they can learn to become good employees instead of free thinkers that can solve problems.

Doing something of benefit for society is not something that can be genuinely accomplished under the profit motivator. This is because money is seen as the end product of the work. Solving problems removes the opportunity to profit from them so our technologies are designed to fail over time in order to force more profit by way of spending on half baked “solutions”.

It’s time for us to grow up. All we’re doing now is choking on our own moral refuse.

We are not animals. And we should not be content to live as such.