Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
Member Login
Site Notices
Posted: 7/3/2003 10:25:56 AM EDT
I have heard that the actual jobless rate may be 2x the reported number as they do not count those whose unemployment insurance has run out. YOU WILL BE NEXT. WOO HOOO!!!!! [url=story.news.yahoo.com/news?tmpl=story&ncid=&e=1&u=/ap/20030703/ap_on_bi_go_ec_fi/economy_37]Jobless Rate Hits 6.4 Pct., 9-Year High[/url] Thu Jul 3, 8:57 AM ET By LEIGH STROPE, AP Labor Writer WASHINGTON - The nation's unemployment rate shot up to 6.4 percent in June, the highest level in more than nine years, in an economic slump that has cost nearly a million jobs in the last three months. Businesses slashed 30,000 jobs just last month, with cuts heavily concentrated on factory assembly lines, the Labor Department (news - web sites) reported Thursday. The 0.3 percentage point increase from May's 6.1 percent rate was the largest month-to-month rise since the Sept. 11, 2001 terror attacks. That surprised analysts who predicted a smaller rise, to 6.2 percent. The last time the overall rate was higher was in April 1994. While recent economic indicators point to an economy struggling toward recovery, the latest report demonstrated that America's job market was still very much in a state of recession last month. Since March, unemployment has increased by 913,000. Two million people were unemployed for 27 weeks or more last month, an increase of 410,000 since the start of the year. Only in March 1994 was the unemployment rate higher. Another factor behind the increase in the overall civilian unemployment rate was the increase in the number of people seeking work in June. Optimism about an economy rebound led over 600,000 people to resume their search for work. Because the government calculates the overall unemployment rate based on a survey of American households, and because the lackluster economy wasn't producing enough jobs to accommodate an increasing number of job-seekers, that rate increased significantly. Manufacturing led in payroll cuts last month, with 56,000 jobs lost. Since July 2000, the nation's factories have cut 2.6 million jobs. That sector has been the weakest link in the economy's ability to get back to full speed. Slack demand at home and abroad and competition from a flood of imports have throttled back production. Construction jobs helped offset manufacturing losses somewhat last month, with the fourth straight gain in hiring. Construction has added 101,000 jobs since February, reflecting strength in residential building. The mortgage boom, stoked by record low rates, has been the bright spot in the dismal economy. People are buying new homes and refinancing their old mortgages. The extra cash from refinancing combined with solid home-value appreciation have kept consumer spending afloat. Other hiring gains last month were in health care, leisure and hospitality and temporary employment services. In a separate report, new claims for jobless benefits rose last week to 430,000, an increase of a seasonally adjusted 21,000 from the previous week's revised 409,000 claims. The more stable, four-week moving average of claims, which smooths out weekly fluctuations, dropped to 425,000. That was the lowest level since April 5.
Link Posted: 7/3/2003 10:31:18 AM EDT
I hear the department of Education is hiring....
Link Posted: 7/3/2003 11:22:13 AM EDT
Link Posted: 7/3/2003 11:43:17 AM EDT
[Last Edit: 7/3/2003 11:50:38 AM EDT by The_Macallan]
Originally Posted By Imbroglio: YOU WILL BE NEXT. WOO HOOO!!!!!
View Quote
Nonsense. I'm a Fed. YOU will work for [u]ME[/u]!!!! [devil] And I'll still get paid no matter what! [ROFL2] [b]Now back to work you faceless taxpaying drone!!![/b] [i]* {sound of whip being cracked}[/i] [stick]
Link Posted: 7/3/2003 12:14:27 PM EDT
Originally Posted By Sylvan: So unemployment was higher under Clinton?
View Quote
yep. but if you take a uniformly conservative stance you've got to always blame the current administration's problems on the previous one's - so it was all the o.g. bush's fault. (o.g. = original george)
Link Posted: 7/3/2003 12:31:24 PM EDT
Well now that's strange, their are a couple of places around here that have had help wanted signs for at least 3 weeks now. Seems the white trash around here had rather complain about the south of the border folks pouring into this area than work a little manual labor. Wake the F$#^ up America and look in the mirror. Quit bitching about Jose and and get off your dead ass!!!! There rant off.
Link Posted: 7/3/2003 12:34:29 PM EDT
[url]www.computerweekly.com/Article120274.htm[/url] [url]www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2003/03/18/BU212623.DTL&type=tech[/url] Fuel for the fire.
Top Top