California Unemployment Rate Hits New Record, Michigan Unemployment Picks Up Again

Tyler Durden's picture

The unemployment rate in California has hit another record, at 12.2%, while the temporary reprieve in Michigan, which may have been due to a temporary pick up in labor as a result of CfC, is back to losing jobs: after hitting a record 15.2% in June, and dropping to 15% in July, the August unemployment rate is once again at the 15.2% high. Only 17 states reported declining unemployment rates in August, led by Indiana (-6.6%), Colorado (-6.4%) and Virginia (-5.8%). On the other end, the biggest labor losers were: New Mexico: 7.1%, Nevada: 5.6%, Louisiana: 5.4%, District of Columbia: 4.7%, and New York: 4.7%.

All this information is, of course, useless - we all know unemployment is a lagging indicator. If you think it is relevant at all to a vibrant economy and to a stock market that reflects more than the bipolar mood swings of Atari's vacuum tubes, you should be taken out back and shot like the unpatriotic dog you are.

Source: BLS

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Hephasteus's picture

California and florida are the place to be unemployed. Good weather.

Michigan. Not so much.

The autoworkers should build an unemployment vehicle. With a kicking stereo and armor plating.

Charles Wilson's picture

Bonus Question!  Put away your ca'calaters and cel-fone.

"Which state has the worst Homeless Problem?"


Did you guess Hawai'i, boys and girls?

I knew you knew that.



Hephasteus's picture

See. Being warm causes homelessness. It's got NOTHING to do with the economy!!! Why do you think so many people went to california during the great depression. Not for jobs just because it's homelessness friendly. This time we should shoot for hawaii. We have more things that can float now and someone surely will have some trolling motors they don't throw away or sell before becoming homeless.

Anonymous's picture

I blame global warming myself. Soon, the whole world will be homeless! We've got to do something!

ZerOhead's picture

Mexico should be even better... and cheaper.

We should get there early before the Mexicans get there.

Hephasteus's picture

Kill the drug dealers, kill the mob. Change the language to french. By the time the mexicans get back they will be so pissed at having to learn ANOTHER language they will just give up and go back.

Anonymous's picture

Jobs are for sweatshop workers in Cambodia. We have a stock market which produces great wealth and prosperity.

lizzy36's picture

Tyler, haven't you been paying attention. 

All the bad news is priced in.Who cares that 70% of GDP is consumer consumption. Apparently (defying the laws of gravity) a  jobless recovery is well underway. 

Leisman said yesterday that he thinks unemployment will peak under 10%.

Barclays raised US Q1 GDP to +5%.

At this point i am not even sure unemployment should properly be considered an economic indicator. 

DOW 25,000!


You Cant Handle the Truth's picture

I'm sorry but we don't talk about the market in decimal anymore.

If you want the HFT software to understand you, please speak in binary.

What you meant to say is:

DOW 0110000110101000!



chindit13's picture

The unemployment figures are grossly overstated.  What was yesterday's "consultant" has become today's "daytrader".

Would you rather sweat all day in an auto plant for a measly $28/hr all-in, or sit comfortably at home in your jammies long AIG and DDRX and IYR, checking out Amanda Drury, and swilling Wild Turkey?  By 6 PM even short bald guys like Cramer look good and sound like Kathleen Battle.


Anonymous's picture

I'm quite certain that no home video game console used vacuum tubes.

Anonymous's picture

In the words of WalStreetPro2:

"Who needs a job? Fuck a job, we got food stamps!"

ZerOhead's picture

Fuck yeah! ... kinda katchy

Veteran's picture

Hell, here in CA everyone is waiting for the housing rebound we keep hearing about.  who needs jobs when you can cash out refi? 

stoverny's picture

Jobs are so 20th-century.  Haven't you seen Wall-E?  Only a matter of time before we are all overfed blobs zooming around in floating chairs, enjoying perpetual liesure.  We've already got hit TV shows about the morbidly obese on a crash diet.  We're outsourcing all physical labor to those whom divine providence didn't shine quite so brightly on.  We're almost there.

Anonymous's picture

And that sounds fairly like a description of most of our ghettoes, where our "poor" live like third-world upper classes. Europe has a similar situation to varying degrees. Those of us with multiple college degrees and real jobs should question whether it might have been smarter to be lazy slobs and start producing illegitimate kids by our 20th birthday. Have you seen "Idiocracy"?

You Cant Handle the Truth's picture

Talking about unemployment stats isn't practical for me.

What I need help on:  How do I wear a sandwich board on the Internet?

Anonymous's picture

Liesman? More like DOUCHE-MAN

Anonymous's picture

CA used to buy their medicaid people 1 way tickets to HI to get rid of the expense. Don't know if it's still done but it was a big problem for HI hospitals when I worked there in the late 80's - early 90's and the biggest source of homeless in HI. Probably the last smart thing CA ever did.

Miles Kendig's picture

Pay option ARM's gotta do even better in a 12.2% U3 environment!  WhoT!  Green Shoots are growing in Imperial County!  Buy.  Buy.  Buy.