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Unemployment
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bieramar



Joined: 19 Nov 2010
Posts: 4441
Location: Taylor Ranch, NM

PostPosted: Fri Dec 03, 2010 4:23 pm    Post subject: Unemployment  Reply with quote

November unemployment data from Bureau of Labor Statistics, Dept. of Labor.

Unemployment rates:
Asians 7.6%,
Whites 8.9%,
Hispanics 13.2%,
Blacks 16.0%,
Adult women, all ethnics 8.4%,
Adult men, all ethnics 10.0%,
Teenagers, all ethnics 24.6%,
= Composite average 9.8%.

Civilian non-institutionalized population increased 185,000 during November;
- Labor force increased 103,000,
- Not in labor force (children under 16, adults in institutions and military) increased 82,000,

Employed workers total 138,888,000, 173,000 FEWER than in October.
Unemployed workers total 15,119,000, 276,000 MORE than in October.
Workers wanting a job total 6,218,000, 37,000 FEWER than in October.
--- end BLS data ---

Yesterday from private payroll processing business ADP: 185,000 new workers were added in November.

Summarizing; 103,000 potential workers entered the work force in November, 185,000 workers were added in new private sector jobs, but overall 173,000 fewer persons were working in non-farm private, and local, state and federal government jobs - and 37,000 fewer workers were looking for jobs - in November than were in October.  

Crunching the numbers, a net 358,000 private sector and government jobs were eliminated in November (with 185,000 simultaneously created in other parts of the private sector).  

Productivity, the measurement of doing more with fewer workers, also increased in November as workers salaries and hours remained constant, resulting in increased profits for owners and investors, and increased GDP.  

As a side note I was monitoring the European and U.S. stock markets (Fox Business cable channel) when the ADP report came out yesterday and the BLS report came out today.  
The indexes immediately soared yesterday and dipped today, NOT because flesh and blood humans made rational decisions and projections of future profits, BUT because a software program keyed to "headline" composite reports automatically began buying/selling with ne'er a human in view.

N.B. The BLS data is from household surveys, and is regularly re-adjusted in subsequent calculations; the ADP data is from real payroll numbers of approx. 40% of U.S. businesses, extrapolated.
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coebul



Joined: 18 Nov 2010
Posts: 3285
Location: Northwest USA

PostPosted: Fri Dec 03, 2010 7:20 pm    Post subject: Reply with quote

Quote:
Composite average 9.8%
Some recovery!

Let's raise taxes.  Sounds like a plan.
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tsiya



Joined: 18 Nov 2010
Posts: 4017
Location: Cabbage Hammock

PostPosted: Sat Dec 04, 2010 1:22 am    Post subject: Reply with quote

My son in law has been pounding the pavement, all week, no one is hiring.
The government figures don't mean diddly squat, there is no recovery anywhere in sight.
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"The urge to save humanity is almost always a false front for the urge to rule."
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bieramar



Joined: 19 Nov 2010
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Location: Taylor Ranch, NM

PostPosted: Mon Dec 06, 2010 1:29 pm    Post subject: Reply with quote

UNEMPLOYMENT MAY TAKE 5 YEARS TO GET BACK TO "NORMAL"
December 06, 2010
---  
In a rare interview broadcast Sunday on the CBS magazine show 60 Minutes, Bernanke said U.S. unemployment may take a long time to fall to a normal level adding, "At the rate we're going, it could be four, five years before we are back to a more normal unemployment rate of about 5 to 6 percent."

And that is why he went on 60 Minutes - to defend and explain the central bank's announcement that it will purchase $75 Billion in Treasury securities a month through June to prop up a tepid recovery....

"[GDP growth of 2.5% is] very close to the border," Bernanke said of the economy explaining, "It takes about 2.5 percent growth just to keep unemployment stable and that's about what we're getting. We're not very far from the level where the economy is not self-sustaining."....

Without action by the central bank, Bernanke said, the economy might have tipped into a period of deflation -- a prolonged drop in prices.
----
Source: http://www.skyvalleychronicle.com...EARS-TO-GET-BACK-TO-NORMAL-536103

====
Only the naive, the partisan political "true believers" in whatever their Party leaders rant, and those who accept unproven economic theories as realities, have seen economic recovery to "normal" unemployment rates in the near future.

The only real good news is the U.S. and South Korean "free trade" agreement of this last week, which will create primary (and trickle down) U.S. jobs and increase GDP and the dollars flowing through U.S. local economies.  

Exporting of goods and services is the ONLY solution to a healthy economy, eventual "full" employment, the end of deficit government spending, and an eventual lowering of taxpayers' debt.
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coebul



Joined: 18 Nov 2010
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PostPosted: Mon Dec 06, 2010 3:06 pm    Post subject: Reply with quote

While I agree in part sound economic policy combined with aggressive monetary and tax policy "can" shorten that time.  What we do know is recent policies by current administration and leadership in the Congress has not worked.  

GM is a case in point.  The "Volt" is a joke.  According to reports it sell for something like $41,000 and costs approx $40,000.  It is estimated it will sell approx. 10,0000 units this next year.   Fantastic.
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bieramar



Joined: 19 Nov 2010
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Location: Taylor Ranch, NM

PostPosted: Mon Dec 06, 2010 5:06 pm    Post subject: Reply with quote

coebul wrote:
GM is a case in point.  The "Volt" is a joke.  According to reports it sell for something like $41,000 and costs approx $40,000.  It is estimated it will sell approx. 10,0000 units this next year.   Fantastic.


I don't get the joke. The Volt production has added many hundreds of well-paying jobs, not only at the Hamtranck MI manufacturing plant, but at SEPARATE tool and die, stamping, powertrain, battery and electric motor plants in the region - U.S. workers, U.S. dollars being spent again and again in local economies.

But it is the new technology which is akin to the space age technology of a past era which is creating the jobs.  More than 1,000 engineers and technicians are being hired in the new electric motor technology, and it is estimated that 63,000 new jobs will be created in the new battery technology in Michigan over the next decade.

Overall the TARP loans to all areas have already been 70% repaid to U.S. taxpayers, plus interest.
In the automobile industry alone one million jobs were saved by TARP.  
As to GM, $252 billion of the $300 billion taxpayers' dollars have already been repaid to the U.S. Treasury following the recent sale of some of the U.S.-owned shares when GM went public, with a few billion more to be repaid by the end of the year.
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coebul



Joined: 18 Nov 2010
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Location: Northwest USA

PostPosted: Tue Dec 07, 2010 3:29 pm    Post subject: Reply with quote

bieramar wrote:
coebul wrote:
GM is a case in point.  The "Volt" is a joke.  According to reports it sell for something like $41,000 and costs approx $40,000.  It is estimated it will sell approx. 10,0000 units this next year.   Fantastic.


I don't get the joke. The Volt production has added many hundreds of well-paying jobs, not only at the Hamtranck MI manufacturing plant, but at SEPARATE tool and die, stamping, powertrain, battery and electric motor plants in the region - U.S. workers, U.S. dollars being spent again and again in local economies.
That could be because it isn't funny.  When a product can't exist with out government subsidy it has no business in the market place.  Many hundreds of well paying jobs at the government's expense.  Unemployment is increasing no decreasing.  The big winners when GE was bailed out?  Unions.  I have posted before had GM been allowed to file Chapter 11 protection as opposed to Federal bail out they could have reorganized and bond holders would have been protected "as should have been".  Certainly there would have been losses.  That happens when companies file.  What was not needed was for the Federal Government to bail them out.  Granted hindsight is 20/20.

The recent IPO according to some business media should have included returns to bond holders.  And this administration wonders why business and investor are holding their cash in reserve.  They do not trust the current leadership.  

bieramar wrote:
But it is the new technology which is akin to the space age technology of a past era which is creating the jobs.  More than 1,000 engineers and technicians are being hired in the new electric motor technology, and it is estimated that 63,000 new jobs will be created in the new battery technology in Michigan over the next decade.
63,000 new space age jobs is not 13,000,000.   Never will be.  

bieramar wrote:
Overall the TARP loans to all areas have already been 70% repaid to U.S. taxpayers, plus interest.
Not sure I was talking about TARP.  TARP was the brain child of the Bush administration.  

bieramar wrote:
In the automobile industry alone one million jobs were saved by TARP.  


bieramar wrote:
As to GM, $252 billion of the $300 billion taxpayers' dollars have already been repaid to the U.S. Treasury following the recent sale of some of the U.S.-owned shares when GM went public, with a few billion more to be repaid by the end of the year.
Better check your figures.  TARP in total was only $300 billion.  GM IPO, According to most news outlet raised some $20 billion.  I haven't a clue where you get $300 billion.  

Quote:
The American taxpayers are into the GM bailout to the tune of about $50 Billion.  That works out to  $54 a share… so yesterday’s IPO at $33 represents a loss of around $21 a share to the American people.  Obama decided to sell around 358.5 million, so our loss on this first liquidation comes in around $8.4 Billion. With a 40% beating, the American people are definitely in the loser’s column.
http://timothymiles.com/2010/11/2...ghts-many-losers-and-two-winners/



But back to the "Volt".  It is a loser, it costs more to build they it sells for.
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tsiya



Joined: 18 Nov 2010
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PostPosted: Tue Dec 07, 2010 4:19 pm    Post subject: Reply with quote

How much of the Volt is "made in the usa"? I suspect it is an assembly of imported parts.
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"The urge to save humanity is almost always a false front for the urge to rule."
H. L. Mencken
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coebul



Joined: 18 Nov 2010
Posts: 3285
Location: Northwest USA

PostPosted: Tue Dec 07, 2010 4:39 pm    Post subject: Reply with quote

tsiya wrote:
How much of the Volt is "made in the usa"? I suspect it is an assembly of imported parts.
According to news reports the Battery system will be manufactured in Michigan at a new plant dedicated to that end.  

I would assume the rest of the Volt (body, chassis, interior and like) will be outsourced to the same countries that make other parts for other vehicles and manufactures.
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bieramar



Joined: 19 Nov 2010
Posts: 4441
Location: Taylor Ranch, NM

PostPosted: Tue Dec 07, 2010 5:20 pm    Post subject: Reply with quote

tsiya wrote:
How much of the Volt is "made in the usa"? I suspect it is an assembly of imported parts.


100% as I previously noted "SEPARATE tool and die, stamping, powertrain, battery and electric motor plants in the region - U.S. workers, U.S. dollars."

Google is your friend.

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