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December State Unemployment Deteriorates: 44 States Report Employment Decreases
The BLS today released yet another data point confirming the double-dip is finally here: in December 44 states reported a statistically sginficiant decline in employment. "Over the year, 44 states experienced statistically significant changes in employment, all of which were decreases. The largest statistically significant job losses occurred in California (-579,400), Texas (-276,000), Illinois (-237,300), Florida (-232,400), and Michigan (-207,100). The smallest statistically significant decreases in employ- ment occurred in South Dakota (-10,900), Delaware (-12,100), and Montana (-13,700)."
Today's BLS commentary:
Regional and state unemployment rates were generally higher in December. Forty-three states and the District of Columbia recorded over-the-month unemployment rate increases, four states registered rate decreases, and three states had no rate change, the U.S. Bureau of Labor Statistics reported today. Over the year, jobless rates increased in all 50 states and the District of Columbia. The national unemployment rate was unchanged in December at 10.0 percent but was 2.6 percentage points higher than a year earlier.
We can not wait for the next few NFP numbers as the BLS and DOL
scramble to hide the fact that the jobless situation in America still
is very much hopeless and getting worse. Keep in mind there is a major upward revision to unemployment coming up in a few months.
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("O")ne ("B")ig ("A")ss ("M")istake ("A")merica
too funny. I hope I see this on a bumper sticker soon
Obama has been our fearless leader for a bit over a year. Blaming Bush for everything will not work now (though of course he gets his fat share of blame for all this as well).
Hey Mr. President! It's YOUR economy now! YOUR wars now! YOUR GS economic team now!
Who you gonna pick if your compa Bernanke goes down? Eh? We are listening...
The fact is that the current administration has attempted to say that it is being led by Barack Obama, President of the United States rather than President of the United States, Barack Obama. For those who say; "WTF" I respond that the first instance reflect a person holding an office and the second reflects a person being the office. Huge difference. Especially since American Presidents are heavily influenced, impacted and often constrained by the actions of previous office holders.
Obama and his administration had better realize that to have any hope of not only being reelected, but of not being historically compared to the administration of James Buchanan it had best assume the office in total. The administration has been consumed with demanding respect rather than commanding it. It needs to realize, in one big hurry that leadership is not born in a committee.
Real umemployment 16-18% regardless of what the Ministry of Propoganda puts out.
Detroit is at 30% - same as a Third World Nation!
please note that you put "over the year" next to the tidings about "december" and thus made it look like those job loss # were for december alone
...and the states' borrowings to fund UEI grow at exponential rates in 25 of these 50 states. That's DEAD WEIGHT LOSS.
I wonder how you actually cook a lame duck, Roasted or deep fried ?
With soy sauce over rice.
Detroit is at 30%? Really?
I knew it was high but holy crap thats bad.
So has it turned into Barter Town yet?
Haiti's was over 50%, so there is still room to fall.
Who runs barter town!
Embargo!
Read this for a couple days:
http://www.detnews.com/
Bartertown might not look so bad. So far I haven't heard of any radioactivity in Detroit's water though.
Thanks for the link.
You might find this interesting:
http://www.youtube.com/watch?v=1hhJ_49leBw
Detroit, I half the population is on some type of
Government Transfer payments!
That's still better than Wall Street.
Touche!
(and true)
Miles...post of the week right there! Nicely said....!
Yes Miles, post of the week.
As opposed to DC? The direction is in reverse.
Can the upward revision (800,000+ right?) be assumed to be "priced in"? Does this adjustment ever move markets?
Liesman just said something or other portends a 5% GDP print today on cnbc, but I was on the phone with the unemployment people and missed it.... haha anybody hear what he was talking about?
Steve who?
Solid. B. Plus.
200,000+ more Haitians on the way should
continue to increase unemployment.
The torch is passed from administration to administration.
The current torch-bearer bears the laud or scorn.
The torch flame continues to burn.
Who shall douse the flame?
40muleteam borax
don't worry,
hirings for the US Census will help BLS hold the numbers for some months...
Well I'm certainly glad to hear that the numbers have reached statistical significance.
Hopefully they will reach political significance shortly.
"There are no jobs!"-Celente
Two men enter, one man leaves.
You won't forget the rules because their aren't any!
- Beyond the Thunderdome
BTW - Have relatives who just left the Motor City they say it is a wasteland except for a few places downtown. Government wants to bulldoze half the city (of empty property) and let it revert back to nature so they do not have to spend on city workers maintaining the wasteland.
The banks are trying to sell homes for $500. But how can you can compete when the meth dealers next door will sell you "theirs" for $50 and a free hit!
It's apparently pretty fertile farm land? We're gonna need it
Dear Leader is Hugo Chavez's best friend
Jimmy Carter is looking better and better every day
Shadowstats.com puts the unadjusted U-6 unemployment at closer to 22% Scary part is, their opinion is that in order for us to reach the same levels as the Great Depression, this number would have to reach 35% (non agricultural labor). As regular readers of ZeroHedge know, any number of unanticipated shocks to the system could cause this.
Any way you slice it, the numbers are ugly.