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Gallup Reports Underemployment Surges To 19.9%, February "Jobs Situation Deteriorates": As Bad As 2010

Tyler Durden's picture


On one hand we have the Department of Truth about to tell tomorrow that NFP based on various seasonal and birth death adjustments increased by 250,000. On the other hand, we have Gallup which actually does real time polling without a procyclical propaganda bias. And Gallup does't have any good news: "Unemployment, as measured by Gallup without seasonal adjustment, hit 10.3% in February -- up from 9.8% at the end of January. The U.S. unemployment rate is now essentially the same as the 10.4% at the end of February 2010." And the one indicator that nobody in the mainstream media will touch with a ten foot pole: "Underemployment, a measure that combines part-time workers wanting full-time work with those who are unemployed, surged in February to 19.9%. This resulted from the combination of a sharp 0.5-point increase since the end of January in the percentage unemployed and a 0.5-point increase in the percentage working part time but wanting full-time work. Underemployment is now higher than it was at this point a year ago (19.7%)."

Unemployment rate:

Gallup's U.S. Unemployment Rate, 2010-2011 Trend

And Underemployment:

U.S. Underemployment, 2010-2011 Trend

A summary of Gallup's view on February jobs data which likely will be diamterically opposite to what the propaganda machine will spout tomorrow:

Jobs Situation Deteriorates in February

There is essentially no difference between the unemployment rate now and the one at this time a year ago; January's rate, in contrast, showed a 1.1-percentage-point year-over-year improvement. This suggests that the real U.S. jobs situation worsened in February. That is, jobs are relatively less available now than in January.

In the broader underemployment picture, the situation is much the
same. January's year-over-year improvement of 1.0 points became -0.2
points in February. In turn, this suggests job market conditions in
terms of underemployment also worsened during February.

This deterioration in the jobs situation combined with surging gas
prices, budget battles at the federal and state level, and declines on
Wall Street tend to explain the recent plunge Gallup recorded in consumer confidence. They also align with the continued "new normal" spending patterns of early 2011. Although Gallup's Job Creation Index
has improved over the past year and showed modest improvement in
February, the improvement has not been significant enough to positively
affect underemployment and unemployment.

Warren Buffet said Wednesday on CNBC that the U.S. unemployment rate
should be in the low 7% range by late 2012. If that is going to be the
case, the job creation environment must change dramatically from what it
is today.


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Thu, 03/03/2011 - 18:41 | 1016693 Rainman
Rainman's picture

Great...we're about to take the underemployment gold medal from Japan.

Thu, 03/03/2011 - 19:27 | 1016891 alien-IQ
alien-IQ's picture

don't worry it's doubt the markets will rally further on this news. less people working means more people sitting home renting from Netflix on their I-Pads. How can this possibly go wrong?

Fri, 03/04/2011 - 04:08 | 1017817 dlmaniac
dlmaniac's picture

If it's good then it means QE works. If it's bad then it must be snow again. Either way we're in good hand so keep partying, folks. Nothing to worry here.

Fri, 03/04/2011 - 05:58 | 1017877 Overflow-admin
Overflow-admin's picture

Yeah as long as the music is on...

Thu, 03/03/2011 - 19:29 | 1016894 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

Special Employment Olympics, bitchez!

Thu, 03/03/2011 - 19:31 | 1016908 Hugh G Rection
Hugh G Rection's picture

FEMA knows what to do with em.

Thu, 03/03/2011 - 19:47 | 1016968 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

Why not just bury in a mass grave? Mix in some lye and a little sulfuric acid to accelerate things.

Put a steam turbine on top of the grave and feed the power grid!

Thu, 03/03/2011 - 21:58 | 1017202 New_Meat
New_Meat's picture

too expensive baby, unless, of course, one can harness the methane for the big lung engines to make electricity at the avoided cost.  Like the methane farms are doing aroung old landfills.  Good idea, the latter, at least keep cow-farts from getting into the air and make a couple of bux while doing so.

- Ned

Fri, 03/04/2011 - 05:07 | 1017845 Sudden Debt
Sudden Debt's picture

The white house a blog for idea's on inovation!



Fri, 03/04/2011 - 06:10 | 1017881 falak pema
falak pema's picture

starting up a club "new jews for genocide"? ...if I hear you right ...there will be lots of "cunt hair splitting" before they hit the dirt of final resting. A bit like Joseph Mengele and his gold teeth operation. I wonder how much "cunt hairs" get for making toupeées for the bald and super rich?

Thu, 03/03/2011 - 22:01 | 1017210 tempo
tempo's picture

A full 80% (about $3 Trillion) of the 2011 budget goes for entitlements, defense and interest on the debt.   So the $2 trillion tax revenue would have to grow 50%, just to cover the essentials.    With the joint cooperation of wallstreet and Washington, Corporations have no incentive to hire in the US when slave labor is available in China and India.  There will be no job growth in the US.  The FED chairman has destoryed our country in 2 to 3 years what it took our fathers and grandfathers to build in 150 years.  Shame on him. Shame on greedy 1% who control our lives. Shame on our political leaders who sold out for a few pennies.

Thu, 03/03/2011 - 22:17 | 1017253 Alex Kintner
Alex Kintner's picture

Tom BrokeHaw did a wonderful piece on CBS news tonite. Says we have to expand the H1B visa program to fill the good paying Tech jobs. He deluded to the fact that 'Merican brains are defective -- appently not smart enuff to do the work.  I guess the corporate control of CBS is now complete.

Thu, 03/03/2011 - 22:25 | 1017268 Xkwisetly Paneful
Xkwisetly Paneful's picture

Absolutey, afterall anything that doesn't subscribe to the neo marxist or anarchist agenda is obviously planted and rigged material.  Credibility is measured in how much does one agree with the stupid ass shit coming from the piehole of the pitcher.


the watered down education system,

the proliferation of single parent households,

are all benign 'Mericans really are miscast hard as hell knowledgable workers-just a massive coincidence that illiterate 8yo children can outcompete them.

Fri, 03/04/2011 - 00:51 | 1017610 Oh regional Indian
Oh regional Indian's picture

"He deluded to the fact...".... that was priceless. Sure most people missed it.

And yes, outsourcing. More outsourcing is what is needed. Stir the pot and fan the flames. As a former H1B myself, I have to say, it is really like indentured servitude in status. Canot do anything except within narrow bounds, pay SS taxes which you know yuo will never collect and understand that if th ecompany fires you, back home you go.

It's just cheap labour in fancy guise. And bad for everyone except the cost savers.


Fri, 03/04/2011 - 06:43 | 1017893 AnAnonymous
AnAnonymous's picture

Canot do anything except within narrow bounds, pay SS taxes which you know yuo will never collect and understand that if th ecompany fires you, back home you go.

It's just cheap labour in fancy guise.


Spot on. Another way invented by US citizens to deplete resources. They've got a fully efficient contribution without the cost of training it, often of the best choice (important as the costs of training includes also the sidekicks used to motivate and better the skills of the best choices, think of sparring partners)

The person contributes to the US society without contributing to its training society in no other sort than sending back money ( one US citizen who contributes to this site was bold enough to complain about not collecting the taxes without being able to compute the benefits of such a way)

Full benefit for the US society as they get labour free of training cost and free of return on contribution as the person kisses goodbye to the taxes payed to the US treasury.


Fri, 03/04/2011 - 06:53 | 1017905 Oh regional Indian
Oh regional Indian's picture

Excellent way of looking at it AnAnon.

In the end no one wins (well, I got a LOT from my stay in the US, but it was nothing to do with work or money).

Only the businesses.


Thu, 03/03/2011 - 18:41 | 1016696 walküre
walküre's picture

U6 bitchez.

Thu, 03/03/2011 - 18:51 | 1016749 redrob25
redrob25's picture

U7, bitches.

Thu, 03/03/2011 - 20:15 | 1017039 Tanz der Lemminge
Tanz der Lemminge's picture


Thu, 03/03/2011 - 18:53 | 1016756 Michael
Michael's picture

That's why they had to spike the stock market today, so they can cushion the fall tomorrow.

Thu, 03/03/2011 - 19:08 | 1016813 Cognitive Dissonance
Cognitive Dissonance's picture

That and you can't have Trichet talking about imminent interest rate hikes and have the US stock market down that day. It wouldn't look right.

Thu, 03/03/2011 - 19:23 | 1016871 Michael
Michael's picture

I get the sense everyone is realizing Bernanke is exporting inflation and causing inflation here at home.

This is a crime against humanity when you consider the unprecedented revolutions and deaths worldwide.

Thu, 03/03/2011 - 19:28 | 1016897 RockyRacoon
RockyRacoon's picture

I didn't know that Mr. Buffet was running the BLS as well.   He sure is a smart man!  Wonder how he juggles all that at his age.   It's a good thing that he gets his Social Security check each month; I'd hate to see him eating cat food.    My sympathy knows no bounds.

Thu, 03/03/2011 - 19:40 | 1016942 Bob
Bob's picture

God knows what his problem is.  He predicted that excess housing inventory will be completely cleared in 12 months.  Problems in the attic, perhaps. 

Fri, 03/04/2011 - 01:12 | 1017642 Michael
Michael's picture

I believe Bernanke suffers from some sort of illogical dissociation complex or syndrome.

Dissociation is a partial or complete disruption of the normal integration of a person’s conscious or psychological functioning. Dissociation can be a response to trauma or drugs and perhaps allows the mind to distance itself from experiences that are too much for the psyche to process at that time. Dissociative disruptions can affect any aspect of a person’s functioning. Although some dissociative disruptions involve amnesia, the vast majority of dissociative events do not. Since dissociations are normally unanticipated, they are typically experienced as startling, autonomous intrusions into the person's usual ways of responding or functioning. Due to their unexpected and largely inexplicable nature, they tend to be quite unsettling.

Thu, 03/03/2011 - 20:26 | 1017059 Charlie Bravo
Charlie Bravo's picture

He has "people" who do the dirty work for him.

Charlie Bravo

Thu, 03/03/2011 - 23:00 | 1017340 RockyRacoon
RockyRacoon's picture

Yeah.   Charlie "let them eat cake" Munger.    Tard extraordinaire.

Fri, 03/04/2011 - 01:23 | 1017660 Oh regional Indian
Oh regional Indian's picture

I remember all the breathless articles about him when Munger succeeded the Buffer. Genius, everyone said, understands the Buffer mind.... such a load of bull-poop.

Sadly, the culture of personality is in the financial world as well (super-stars fund managers???).



Fri, 03/04/2011 - 08:01 | 1017928 Charlie Bravo
Charlie Bravo's picture


Thu, 03/03/2011 - 21:43 | 1017178 kaiserhoff
kaiserhoff's picture

Saw Buffet on the telly yesterday.  I've never seen a rich old man so obviously and painfully eating a shit sandwich.  I don't know what he is afraid of, but that was revealing.

Fri, 03/04/2011 - 00:02 | 1017513 Bernank Sheeple
Bernank Sheeple's picture

He's a self-centered lying banker. Most people dont connect him to banks he owns, the property he steals at forced tax sales and foreclosures. The cheap sob helped Obama into the whitehouse. He is the ultimate cheshire cat. he is right up there with Bernanke, so much lying to the public to support their interest.  

Fri, 03/04/2011 - 01:11 | 1017643 piceridu
piceridu's picture

+++++ 45 billion... is that his net worth?

Thu, 03/03/2011 - 21:59 | 1017204 New_Meat
New_Meat's picture

CD- <with a French accent> 'such things are never done.'

Fri, 03/04/2011 - 01:14 | 1017646 Xkwisetly Paneful
Xkwisetly Paneful's picture

About time, count me in on the long side.

Please post more tangible quantifiable predictions.

Thu, 03/03/2011 - 18:45 | 1016715 camaro68ss
camaro68ss's picture

This is sad and scary, its going to take decades to get out of this mess

Thu, 03/03/2011 - 19:14 | 1016840 prophet_banker
prophet_banker's picture

more like; it's now or never.  ACT

Thu, 03/03/2011 - 19:30 | 1016901 alien-IQ
alien-IQ's picture

there is no out. this is the new normal. and the markets LOVE it.

ain't amerika grand?

Thu, 03/03/2011 - 22:29 | 1017279 IQ 145
IQ 145's picture

 no.  this is  not any new normal. Amerika is not "grand". Buy Silver bullion on two to one margin in a foreign custodial account. This is my attempt to pay back to society the enormous advantage I had by being smarter then 99.9% of you; and loving to do my homework and find out what the facts are; if you want to find out some alternative method; fine. but, don't say you haven't been told.

Fri, 03/04/2011 - 00:09 | 1017532 alien-IQ
alien-IQ's picture

regardless of how smart you think you are...I know you're not smart enough to spot obvious sarcasm.

Fri, 03/04/2011 - 00:50 | 1017606 Ted Celeste
Ted Celeste's picture

+1.  Great original comment and response, alien-IQ.

As for "IQ 145"...perhaps trying to quantify intelligence is an overrated exercise or maybe someone is way too proud about the results of their internet quiz?

Regardless - I don't want to hate on IQ 145.  By virtue of him/her being here, there is hope yet.  We are all in this together.


Fri, 03/04/2011 - 06:46 | 1017894 AnAnonymous
AnAnonymous's picture

there is no out. this is the new normal. and the markets LOVE it.


I dont think it is the new normal. The new normal will be slightly lower.

Thu, 03/03/2011 - 22:00 | 1017208 New_Meat
New_Meat's picture

... er ... how do u demonate 'decades'?

Thu, 03/03/2011 - 18:46 | 1016716 Calvin Jones an...
Calvin Jones and the 13th Apostle's picture

So if the jobs numbers disappoint tomorrow does that mean the market will tank 300 points?

Thu, 03/03/2011 - 19:03 | 1016799 cswjr
cswjr's picture

You're kidding, right?  That'd bake QE3 into the cake, and the market would take off.  Maybe if the jobs numbers come in (even more) ridiculously high...


Thu, 03/03/2011 - 22:01 | 1017214 New_Meat
New_Meat's picture

see Rosie today

Thu, 03/03/2011 - 19:55 | 1016984 alien-IQ
alien-IQ's picture

alas ZH provides a cheat sheet for those still uncertain which way the ponzi river flows...

Thu, 03/03/2011 - 20:05 | 1017016 10kby2k
10kby2k's picture

If the jobs numbers tank that ensures QE3    Dow +150

If the jobs numbers surprise--QE is working, why stop it   Dow +300

Thu, 03/03/2011 - 20:14 | 1017038 iDealMeat
iDealMeat's picture


If the jobs numbers are in-line w/ exp. Cue up some Charlie Sheen tweets.

  Dow + 200

Thu, 03/03/2011 - 18:46 | 1016725 lieutenantjohnchard
lieutenantjohnchard's picture

if only harry wanger would grace us with his presence and advise us as he did in last month's nfp that he based his expert, meticulous calculation per gallup that nfp would come in at 9%, even as gallup was reporting 10.1% unemployement (on their website) in their survey.

hamy wanger, this one ought to be a layup for you.

Thu, 03/03/2011 - 18:47 | 1016729 NotApplicable
NotApplicable's picture

Warren Buffet said Wednesday on CNBC that the U.S. unemployment rate should be in the low 7% range by late 2012. If that is going to be the case, the job creation environment must change dramatically from what it is today.

In other words, the ole WWIII jobs plan.

Thu, 03/03/2011 - 18:51 | 1016748 Rainman
Rainman's picture

The Oracle musta got a vision about the plan.

Thu, 03/03/2011 - 18:59 | 1016784 Ying-Yang
Ying-Yang's picture

More like a GAS bubble

Thu, 03/03/2011 - 18:58 | 1016778 SparkyvonBellagio
SparkyvonBellagio's picture

Agree, unless it's full-blown WAR, then there is not a chance in hell that unemployment (using honest/accurate figures) will be near 7% anytime soon.


They literally make the number up but I wonder what they use? Are Tim and Ben rolling dice or a more Bingo Style, B-5 approach?

Fri, 03/04/2011 - 02:02 | 1017706 Xkwisetly Paneful
Xkwisetly Paneful's picture

Doug Elmendorf who is one of the more listened to economist idiots in Washington, currently at the CBO.


recently predicted 5 1/4% unemployment rate by 2016.


Just cannot make this crap up if one tried.

Fri, 03/04/2011 - 04:09 | 1017818 newworldorder
newworldorder's picture

You do of course realize that he lives in a self perpetuating closed feedback loop. To some extent we all do. Rare is the person who seeks additional points of view than those that made them successful.

Buffet, Bernancke and others live, work, associate with those that reinforce their assumptions. A non elite does not get an opportunity to "pal around with  the  oracle" if one has not drunk the cool aid. Their view of the world is so different than the working stiff.

Empathy is in short supply within the human race.


Fri, 03/04/2011 - 06:31 | 1017887 falak pema
falak pema's picture

By late 2012 WB will be long on gold, short on $ and very tall in MIC equipment/infrastructure equipment/banks. He knows how to cover all the options. When you have money and insider information, you can't lose: "making your first million, that is an achievement. Going from 100 million to 110 million, that is inevitable" your Hollywood reading the literature of the nineteenth's all there..what's up ahead...already spelt out to us. I don't have IQ45 like some illuminati avatars. But I am not blind. And I do have mind and memory. So If you never betray three cardinal rules of western civilization, Aristotle's legacy : never junk logic, never junk facts, never junk your own decision making process through ill inspired use of free will; then you can ACT. That is the hallmark of men of substance. History speaks in rivers of eloquence. Chronic remorse is for the birds heading for extinction. "L'audace, rien que l'audace, toujours l'audace"... sorry for the foie gras.

Thu, 03/03/2011 - 18:49 | 1016730 TruthInSunshine
TruthInSunshine's picture

Everything has been propped up by and on the itty bitty fingertips of the central banks - EVERYTHING.

Now that more and more people are experiencing how fragile the private portion of the global economy is, and realizing how unsustainable the central banks' actions are, reality hangs ominously over the foggy tree line.

Anyone cognitive and awake knows that volatility is going to reassert itself in a very big way.

Watch out.

Thu, 03/03/2011 - 18:52 | 1016755 Dr. Porkchop
Dr. Porkchop's picture

Countless banks, who create nothing of value, getting free money, for which they put up assets that are marked to fantasy (worth ZERO), that must be held forever, because nobody would ever buy them.

What happens when Ben exits the market? Nothing, he won't, he can't, nobody would buy what he says he can sell.

Thu, 03/03/2011 - 19:29 | 1016892 Hugh G Rection
Hugh G Rection's picture

Atlas is about to shit.

Thu, 03/03/2011 - 18:48 | 1016735 Scottj88
Scottj88's picture

Our real budget is much worse...

I took the time to extrapolate the job losses that bernanke and moody's released if "the 61billion dollar budget reduction goes through" and found out that in a conservative linear extrapolation that to get to break even point...

We have to lose...

[5 million, 18 million] jobs doing it...  And that is being generous.

Look more at what I did and discuss here:


Ron Paul 2012

Thu, 03/03/2011 - 19:19 | 1016854 prophet_banker
prophet_banker's picture

Ron Paul 2012 - he talks a good game, but in my research he believes gold should be backing our currency, and he has NEVER SPOKEN OUT ABOUT greenback, colonial script type of reform; so in essance he believes bankers should continue to create our money supply as debt.  Kuccinich actually wrote the NEED ACT Stripping banks and the FED this said function of government MONEY CREATION

Thu, 03/03/2011 - 19:48 | 1016963 tj3
tj3's picture

Scott, while it's great that you've got the cojones put your name and photo out on the beast that's known as the internet; for JesusRaptor's sake...put up a more professional profile photo.

yeah, yeah you're Scott J and aren't afraid of anything.

Just do it fag.

tj3 being helpful

Thu, 03/03/2011 - 18:49 | 1016740 Ying-Yang
Ying-Yang's picture

Thanks Tyler.... take a look at the time around December 1-10 when retail dumped the part time clerks and the average dude got the Xmas pinkslip.

Thu, 03/03/2011 - 18:53 | 1016761 SparkyvonBellagio
SparkyvonBellagio's picture

Warren is nothing more than another big fat TARP taking liar wearing a sheeps head.


My God wake the F-Up people!




Thu, 03/03/2011 - 22:02 | 1017221 New_Meat
New_Meat's picture

 u b yellin at the rong krowd, y-kno

Thu, 03/03/2011 - 18:53 | 1016762 slow_roast
slow_roast's picture

Sad, pathetic, digsusting; one runs out of words to describe Wall Streets collusion with the central planners. 

Thu, 03/03/2011 - 19:14 | 1016843 Implicit simplicit
Implicit simplicit's picture

A government in the habit of scamming its citizens obviously has no respect for the intelligence of people. They are ridiculing the American people by trying to con them with phony stats. The only reason that they want this scam to continue is that they hope we don't notice ttoo quickly that our quality of living is deteriorating. In the long run this is counterproductive.

 What goes around comes around. When people are lied to constantly they lose respect and trust for the person or institution lying. They, in turn, will do the same thing to the original scammers. Watch for a continual rise in black market and other behavior to avoid taxes. Good luck measuring that stat truly or fraudulently.

Thu, 03/03/2011 - 19:57 | 1016990 Bob
Bob's picture
Saudi Arabia's Regime Will Fall, Says Analyst

Funny that so much is being made about non-representative government in the ME.  How about in USSA?

Thu, 03/03/2011 - 20:48 | 1017085 Implicit simplicit
Implicit simplicit's picture

The riots will be coming here eventually. Everyone must wait their turn, no cutting in line. Get your soup and bread, and move on.

Thu, 03/03/2011 - 22:52 | 1017320 JethroBodien
JethroBodien's picture

No soup for you

Fri, 03/04/2011 - 09:01 | 1017999 Implicit simplicit
Implicit simplicit's picture

Why not? I watch the daily indoctrination propaganda, and I am sheepie nomber ...5747. I want my Monsanto genetically engineered alfalfa soup.

Thu, 03/03/2011 - 18:56 | 1016766 RichardENixon
RichardENixon's picture

The real unemployement rate means nothing to Wall Street. All that matters is the bogus number released tomorrow. 

Thu, 03/03/2011 - 18:56 | 1016773 Ying-Yang
Ying-Yang's picture

It should be telling to watch public sector employment changes now that the states are focusing on the other white meat.

Sickening that the PTB are playing the private versus the public card. I hope the 99% of us recognize the wily subterfuge.

Thu, 03/03/2011 - 18:59 | 1016780 Idiot Savant
Idiot Savant's picture

Warren Buffet said Wednesday on CNBC that the U.S. unemployment rate should be in the low 7% range by late 2012.

What would this take, 500K a month for eighteen months?

Thu, 03/03/2011 - 19:22 | 1016862 prophet_banker
prophet_banker's picture

right, NOT going to happen

Thu, 03/03/2011 - 19:33 | 1016920 RockyRacoon
RockyRacoon's picture

Sure it can.  They just fall off the other end and don't get counted.

Easy stuff.

Thu, 03/03/2011 - 22:04 | 1017228 New_Meat
New_Meat's picture

u Rock--been saying this for the past months. - Ned

Thu, 03/03/2011 - 23:03 | 1017346 RockyRacoon
RockyRacoon's picture

Oooh, oooh.  Did you see the Kudlow episode this evening?   He's buying into the ShadowStats truth about the jiggered inflation/employment numbers!  Too bad he's still a supply-sider goofball.

Thu, 03/03/2011 - 19:28 | 1016887 cswjr
cswjr's picture

Easy, just take a few million unemployed people out of the labor force.  Fastest way to do that is to conscript them or detain them -- it's the civilian non-institutionalized labor force in U-3.

Fri, 03/04/2011 - 15:50 | 1019918 Sunshine n Lollipops
Sunshine n Lollipops's picture

Wait 'til they turn loose half of the 2.5M prison inhabitants, now that housing them is becoming unaffordable. I guess they can just add a new category: Un-employable.

Thu, 03/03/2011 - 19:07 | 1016810 rosiescenario
rosiescenario's picture

Ok, so we have unemployed, underemployed, but what about those that are fully employed but at a far, far lower wage or salsry than a few years ago? For example, take me, I am fully employed by the same employer, but at 50% of what I used to make

Thu, 03/03/2011 - 19:14 | 1016836 Rainman
Rainman's picture

You are what is called 'shadow inventory'.

Thu, 03/03/2011 - 19:28 | 1016890 spank-of-america
spank-of-america's picture

In the words of TPTB, CEOS and Business Owners everywhere, "YOU SHOULD BE HAPPY THAT YOU STILL HAVE A JOB!"

Thu, 03/03/2011 - 21:04 | 1017114 sun tzu
sun tzu's picture

Same here. I'm making about 33% less than I did in 2006 despite gaining a grad degree in my field

Thu, 03/03/2011 - 21:26 | 1017150 James
James's picture

When you work for less than what your skillsets should demand that is underemployed. From what you wrote that is you. You are being counted as underemployed.

Thu, 03/03/2011 - 22:08 | 1017237 New_Meat
New_Meat's picture

rosie-u b nay "fully employed" but the bastards might be counting you in that categoriy.

Maybe, in your old job you were payed 2x what you b worth?  quitcherbitchen and do what needs to be done.

but wrt gov't stats, you can pin on the full U-6 pin.

Either way--go play.

- Ned

Thu, 03/03/2011 - 19:13 | 1016825 Ying-Yang
Ying-Yang's picture

New business model to deploy.....


Place want ads in 7 Middle Eastern countries. Why bother standing in the streets all day ????

"Rent-A-Revolutionist", free disposable phones to Twitter on. Volume discounts with sponsorships featuring your name, organization or special group on 100% cotton bandanas and wife beater shirts.

Daily revolution metrics provided via texting as long as the Internet stays up. Hurry quantities are never ending.


Thu, 03/03/2011 - 19:11 | 1016829 prophet_banker
prophet_banker's picture

[continued "new normal" spending patterns] sounds like their goal succeeded, and this:


[Warren Buffet said Wednesday on CNBC that the U.S. unemployment rate should be in the low 7% range by late 2012.......]


is because by then all of the unemployed will no longer be counted in the government unemployed statistic.  Hedonics will insure this lie that growth is better than inflation - the 2013-2019 BIG LIE yet to come

Thu, 03/03/2011 - 19:18 | 1016846 Rick Blaine
Rick Blaine's picture

B-b-b-b-b-but CNBC keeps saying that everything is improving!?!?!



Thu, 03/03/2011 - 19:20 | 1016852 ebworthen
ebworthen's picture


Article in local paper today said that the recovery is here because the career fair at the local college had more companies there than the last two years.


Could it perhaps be that the companies have fired the 30-60 year olds who had kids, health insurance, retirement, and a living wage? 

Could it be that the companies fired the career adults so they can hire the 22 year olds with no health issues or kids and pay them peanuts?

Gee, I wonder.


Thu, 03/03/2011 - 19:24 | 1016868 Dr. Porkchop
Dr. Porkchop's picture

Peanuts! Those are a valuable commodity! They are paying them in dollars... which are worthless!

Thu, 03/03/2011 - 21:54 | 1017195 prophet_banker
prophet_banker's picture

i recently attended one such "trade show" job fair at the local college; to me it seemed more like a PR campaign for large employers in the area.  The standard response was "to go to our website to check for open positions" cause the companies here in WI didn't send HR personnel to hire on the spot. 


That way the local college can say "look how we are partnering with all these businesses"

Fri, 03/04/2011 - 00:15 | 1017547 ebworthen
ebworthen's picture

You got it.

A day out for the corporate recruiters; a headline for the college and the polticians, and squat for the individual taxpayer and family.

Fri, 03/04/2011 - 04:19 | 1017822 newworldorder
newworldorder's picture

As someone who has worked in corporate recruiting, I can safely say that - this is how the hiring system is designed to work. The expectation that one would receive actual interview invites to a company or a hiring interview at a job fair, is simply preposterous.

Fri, 03/04/2011 - 09:38 | 1018093 RKDS
RKDS's picture

Absolutely, though I don't remember the experience being markedly different in 2004-2005.

Thu, 03/03/2011 - 19:23 | 1016865 Triple A
Triple A's picture

Yea that jobs situation is terrible. The only jobs that there seem to be plenty of are the telemarketing jobs. The press 1 jobs where people by shit they don't need. But i think a full blown recovery is right around the corner. I can smell the green shoots coming in all directions... nevermind thats my other greens in the jar next to me

Thu, 03/03/2011 - 19:26 | 1016874 fragrantdingleberry
fragrantdingleberry's picture

It's a good thing Obama is president. If it was a Rep. the MSM would be signaling the end of times. Thank Allah for ZH. Where else could we go to hear the truth that it's all over.

Thu, 03/03/2011 - 19:28 | 1016896 Long-John-Silver
Long-John-Silver's picture

Remember how the MSM screamed about gasoline prices when they were this high under Bush? Now there is nary a word.

Thu, 03/03/2011 - 20:30 | 1017043 Zero Govt
Zero Govt's picture

yep Obumma had the most mega-mega media gooey PR pump in history and the most cushy of rides since.... yet the pampered poodle still looks like a clueless puppet completely out of his depth... keep the softer than shit press conferences and autocues working because this cosseted Marxist idealist would fall to pieces if he ever got more than 2 hard questions in a row !! 

Thu, 03/03/2011 - 19:26 | 1016881 Big Ben
Big Ben's picture

Warren Buffet said Wednesday on CNBC that the U.S. unemployment rate should be in the low 7% range by late 2012. If that is going to be the case, the job creation environment must change dramatically from what it is today.

When people's unemployment benefits run out, they can still send in a weekly report to tell the government that they are still unemployed. But their benefits have stopped, so there is no financial incentive for them to do this and most of them stop after few weeks. So the government employment numbers are really inaccurate when you have lots of long-term unemployed as we are starting to get now. Buffet is probably referring to the official number which will mostly ignore all of the people who were laid off in the first couple years of the recession. And if you ignore all those poor slobs (sorry, I am writing from Buffet's perspective), the unemployment rate might very well be in the 7% range by then.

Fri, 03/04/2011 - 02:43 | 1017755 Assetman
Assetman's picture

In a prior career, I worked in the Labor Department... so I appreciate how the numbers get fudged over time.  Still, they've taken things on a whole new level under this administration.

If you want to cut through the bull, there are 3 useful stats that haven't been manipulated... yet.  The labor force participation rate, which is essentially the number of people working divided by the total population.  The unadjusted number food stamp recipients, because once your on, it takes times to get off.  And the aggregate level of tax receipts and/or the aggegate number of tax filers.

If our corrupted mainstream press would bother to peel through the crap and look at the trends in these 3 series, they would have a much better picture on the real state of this economy.

The number that we get tomorrow is the number the goverment wants us to see.  The payroll data will be massively adjusted sometime next year. 

Which would be no difference than the prior 2 years, for that matter.

Thu, 03/03/2011 - 19:26 | 1016884 Long-John-Silver
Long-John-Silver's picture

Hitler had the German people convinced they were winning even as the Russians were storming through the streets of Berlin......

Thu, 03/03/2011 - 21:59 | 1017203 Vendetta
Vendetta's picture

every country has its baghdad bob.  The US just has a huge MSM complex filled with them.

Thu, 03/03/2011 - 19:28 | 1016893 lynnybee
lynnybee's picture

call it what it is !   a collapse in the job market.      housing market collapse, currency collapse, jobs collapse, stock market collapse (yet to come) , societal collapse & the big one is............

COUNTRY COLLAPSE ! ....... thank you, my government & Federal Reserve Bank !   & to think that I spent my whole life deliberately paying cash for everything, being prudent & NOT CHARGING & this is the thanks I get for being a prudent & responsible citizen.    When I was growing up, no bank would have ever lent unlimited credit to me !  

Thu, 03/03/2011 - 19:30 | 1016904 thebark
thebark's picture

just wait until the 99`ers start running out of what little resources they have....then it gets dicey.....the edge of chaos my friends...

Thu, 03/03/2011 - 19:31 | 1016909 buzzsaw99
buzzsaw99's picture

Is Buffett talking about China, or here?

Thu, 03/03/2011 - 19:47 | 1016967 sabra1
sabra1's picture

mmmmmmm! chinese buffet, delicious!

Thu, 03/03/2011 - 19:37 | 1016932 spekulatn
spekulatn's picture

Well done ZH.

Thu, 03/03/2011 - 19:42 | 1016948 Kassandra
Kassandra's picture

It's taken me awhile, but I have come to the conclusion that NO one is really interested in anything resembling truth.  "Lies, lies and damn lies."  It took about 350 years for the last part of the Roman Empire to come tumbling down...our demise seems to be moving much quicker. We can only hope.

Thu, 03/03/2011 - 20:13 | 1017036 Rainman
Rainman's picture

We better hope there's an NFL contract or it's game over. Millions of the already pissed off will have idle time for mischief with no gladiator contest to distract them.

Thu, 03/03/2011 - 19:45 | 1016957 toto
toto's picture

The day,the average chinese worker takes 20$ per day,we might take our jobs back.And I'm not American.

Thu, 03/03/2011 - 22:02 | 1017211 Vendetta
Vendetta's picture

you're on the right track, though I don't know what number it would be.  As it is 5 cents/hr works only for the 1%rs

Thu, 03/03/2011 - 19:54 | 1016983 baconator3000
baconator3000's picture

You are all morans.


I told you on 8/3/2010 the recovery started. You didnt listen. You pick and choose your data. Now we have a positive jobs print. itscoming and you are all fools with your gold and silver. Buy stocks now or you will be priced out forever.




Thu, 03/03/2011 - 20:04 | 1017014 walküre
walküre's picture

are you serious?

you can't be! silver had a better run since August 2010 than just about any of the stocks out there!

by the way, I will buy stocks when they're giving them away for cents on the decripit dollar. will start shopping sometime around November 2011.

patience is a virtue. the 2nd leg down has only been postponed, not averted.

Thu, 03/03/2011 - 20:06 | 1017017 Big Ben
Big Ben's picture

What is a moran? Could it refer to someone who can't spell?

Thu, 03/03/2011 - 20:37 | 1017076 asdasmos
asdasmos's picture


Thu, 03/03/2011 - 21:19 | 1017096 Goldilocks
Goldilocks's picture

... it's a value added thingy, which puts the rest of the comment into context.

(Note to "baconator3000" ... you can get away with all sorts of mistakes ... but you can never never spell "moron" wrong ... evar)

Thu, 03/03/2011 - 22:47 | 1017311 Jerome Lester H...
Jerome Lester Horwitz's picture

Ahh! The irony of being called a moran by a moron!

Thu, 03/03/2011 - 20:33 | 1017068 Charlie Bravo
Charlie Bravo's picture

Troll alert! Troll alert!

(Sorry about that folks, my personal troll alarm went off upon seeing baconator's post)

Charlie Bravo



Thu, 03/03/2011 - 21:06 | 1017117 trollin4sukrz
trollin4sukrz's picture

forever is a hellova long time

Thu, 03/03/2011 - 21:45 | 1017180 Cognitive Dissonance
Cognitive Dissonance's picture

baconator3000 has been on Zero Hedge exactly 1 week and 2 days. So I would be curious how s/he could have "told" us anything on 08/03/2010. Unless s/he said so under another Zero Hedge ID. So why would s/he be switching ID's?

If you're gonna lie or troll, at least make an effort to be believable.

Fri, 03/04/2011 - 00:48 | 1017591 Non Passaran
Non Passaran's picture

Ah, good point. I'd like to check comments made that day to find out what his old ID was. He probably misspelled there, too. I'm browsing on my iPhone now so I can't be bothered. "Moran"! LOL...

Fri, 03/04/2011 - 06:50 | 1017897 falak pema
falak pema's picture

You be the vigilant eye of ZH. Yikes, do you have KGB credentials or are you true Thomas Paine pedigree? (just kidding, I know only too well you know which buttons to press on the scroll)...

Fri, 03/04/2011 - 09:36 | 1018048 Pee Wee
Pee Wee's picture

Notice all the user-numbers changed, too.

What happened with all the old (besides taking a snapshot of all posts at a given point in time)?

Someone is watching and ZH is covering.

This place has eyes, despite the (non)disclosure policy, further confirmed by the muscled submission process.  (, versus .com)

Thu, 03/03/2011 - 21:58 | 1017197 Vendetta
Vendetta's picture

just say no to meth

Thu, 03/03/2011 - 20:05 | 1017013 JR
JR's picture

Excerpt from Dead Nation Walking | Richard Russell Dow Theory Letter | March 1, 2011

“But what about the dollar?” you ask.  I’m convinced Bernanke is willing to sacrifice the dollar in his relentless effort to jump-start the US economy.

But there’s another problem that is exerting negative pressure against a higher stock market, and it’s the dividend yield.  The dividend yield in the S&P 500 Composite has now declined to 1.80%.  The real kicker behind the growth in stock portfolios has, for decades, been reinvestment of fat and rising dividends.  But on balance, stock dividends are ridiculously low today.  With a dividend yield of 1.80%, stocks are not priced to generate profits in the years ahead.

While I’m at it, I’m asking my subscribers to be sure to read the article in Barron’s by Stephanie Pompoy.  It’s an eye-opener and a must read.

Update on the economy, as seen through the eyes of Richard Russell (and with the help of anecdotal evidence):

I live in La Jolla (CA), which happens to be a very wealthy community.  Actually, home prices in La Jolla have not come down in the same way they have in the rest of the nation.  In other words, La Jolla tends to be somewhat immune to hard times, unlike the rest of the country.

Yet, everyone I talk to here in La Jolla needs business, needs action and needs income.  Restaurants are coming up with juicy promotions in an effort to entice diners to “come in and try us” or they’re simply going out of business.  Dentists need patients and are giving out “special” cards to bring new patients in (free teeth cleanings are offered).  Rents are outrageously high in La Jolla.  Greedy or spoiled landlords have been reluctant to lower rents.  As a result, many “for rent” or “for lease” signs are going up in La Jolla.  Businesses that have been here for decades are suddenly closing shop.

I see vagrants all over La Jolla and further south to Pacific Beach.  I’ve always quipped that “Nobody ever froze to death in San Diego.”  I guess the word has spread around the country, because we how have vagrants parked and sleeping on half the benches in La Jolla.  San Diego provides pitifully few facilities for vagrants.  San Diego’s attitude is: “We don’t want  ‘em here, and we won’t baby them. Let them go someplace else to litter the streets and look for free handouts of food.”

Frankly, it reminds me of the Great Depression days when, if you were sight-seeing around Southern California, the cops would stop you and ask if you were looking for work.  If the answer was yes, they’d put you in the back of the squad car, and drive you to the nearest bus station.  I know this because I was there, and I was stopped and interrogated many times.

My conclusion – if wealthy La Jolla is in trouble, then everybody is in trouble.

Thu, 03/03/2011 - 22:25 | 1017270 Cursive
Cursive's picture


Thanks for the Russell read.  There seem to be a lot of parallels to the Great Depression, except for the financial markets.

Thu, 03/03/2011 - 20:05 | 1017015 lbrecken
lbrecken's picture

Just a god damn fraud this whole market is

Thu, 03/03/2011 - 21:37 | 1017164 Goldilocks
Goldilocks's picture

"... this whole market is"

Bwahahaha. What the problem is.

Martin Lawrence in the house.

Thu, 03/03/2011 - 22:03 | 1017218 Vendetta
Vendetta's picture

Ok, is that you yoda?

Thu, 03/03/2011 - 20:11 | 1017029 apberusdisvet
apberusdisvet's picture

The MSM will do everything in its power to re-elect Obama.  Please comment on your local rags comment section about the Gallup poll.  BTW, the NYT will not accept anything that disputes statistics from the Ministry of Disinformation.

Thu, 03/03/2011 - 20:25 | 1017054 Everybodys All ...
Everybodys All American's picture

Hugo Chavez brokers peace in Libya ... what the hell is next?

Thu, 03/03/2011 - 20:35 | 1017074 Charlie Bravo
Charlie Bravo's picture

Oil will start getting priced in Renminbi.


Charlie Bravo

Thu, 03/03/2011 - 20:59 | 1017104 Implicit simplicit
Implicit simplicit's picture

I laughed when I read the market rally was about Hugo Chavez brokering peace. Its like asking Dodd fraud and Blarney assFranks to broker against lobbying.

Thu, 03/03/2011 - 20:29 | 1017064 Misean
Misean's picture

If it weren't for underemployment we'd have no employment at all.

Thu, 03/03/2011 - 21:52 | 1017191 TheMerryPrankster
TheMerryPrankster's picture

I been down so god damn long, it looks like up to me.

Thu, 03/03/2011 - 20:49 | 1017087 gwar5
gwar5's picture

All the official numbers are lying to cover up the disaster.

No change expected until after the 2012 elections.


Thu, 03/03/2011 - 22:04 | 1017226 Vendetta
Vendetta's picture

no changes after 2012 either unless we're on a new currency backed by something other than lies and deception

Fri, 03/04/2011 - 09:40 | 1018095 Pee Wee
Pee Wee's picture

Hope and change will keep the lights on until 2016 - bank on it (literally).

Thu, 03/03/2011 - 21:03 | 1017113 somethingelse
somethingelse's picture

extend and pretend continues

   in tandem with expect-then-redirect

Thu, 03/03/2011 - 21:15 | 1017134 RobotTrader
RobotTrader's picture

RE:  NFL and NBA Lockouts

My prediction is that the rabid, sports junkies who listen to sports talk radio all day, hang around on handicapper sites like:

And bet constantly on sports games trying to beat back the bookies in Vegas...

They will be starved for action if we have an NFL and NBA lockout,
and hordes of these gamblaholics will be closing their accounts at the
offshore betting havens in Costa Rica and will start opening accounts at
E Trade and start gaming stocks.

Any wonder why E Trade advertises non-stop on ESPN and Fox Sports Network?


Fri, 03/04/2011 - 00:09 | 1017530 lunaticfringe
lunaticfringe's picture

This is a newsflash? C'mon robot... gamblers on e trade and ESPN?? Next thing ya know... you'll be telling us how the dollar is going to slide...

Fri, 03/04/2011 - 04:17 | 1017821 baby_BLYTHE
baby_BLYTHE's picture


You have been more correct than most anyone.

I need to eat! Need $$$ (even if will soon be worthless)...

Should I get long? or short?

Thu, 03/03/2011 - 21:25 | 1017152 TideFighter
TideFighter's picture

Thu, 03/03/2011 - 21:27 | 1017154 TideFighter
TideFighter's picture

When Obama and Geithner were little girls:

Thu, 03/03/2011 - 21:41 | 1017169 TooBearish
TooBearish's picture

Gawd  - this is getting old - equities along with commodities will continue to appreciate in nominal terms, some more than others as long as the FEDs boot is on the pedal.  To think there is an equity crash coming in a very stimulative environment is like waiting for rain in Death Valley, just plain stupid.  Sure the policy mix is at the very least inappropriate (probably just fukked up) but to avoid bailing out more banks/pensions/states the EASY way out is to pursue exactly what Ben and Bam Bam are doing.  As a culture we have no tolerance for pain and the opportunity to cleanse the system is long past.  Sure the banks own the country and especially DC but whining about it (on a blog!) constantly will not change it - at this point nothing but violent revolution will change the status quo and that aint happening until the cable is turned off and the food aisles at Wal Mart are bare.  The probabilities of that happening in the next 3-9 months are very small, BTDF.  Gotdam Mideast and 100$ oil is now priced in!

Chill out bears, your time will come, round about May, in the meantime BTFD and enjoy the ride.  And stop the bitching - either make money/hay while the sun is shining or go back to your cave.  The end game we can all agree upon but it aint coming until after the polls show Bam Bam is a lock for 2012 and Ben is forced to recognize 20% inflation.

Fri, 03/04/2011 - 02:11 | 1017236 Xkwisetly Paneful
Xkwisetly Paneful's picture

Stop! fighting the fed is the key to riches.


Thu, 03/03/2011 - 21:42 | 1017173 chump666
chump666's picture

Attention ZH

On wires now St Korea have shot at a Chinese boat

Thu, 03/03/2011 - 21:58 | 1017200 Atomizer
Atomizer's picture

A blast from the past..

Remarks by Governor Ben S. Bernanke
At the Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois
November 8, 2002

On Milton Friedman's Ninetieth Birthday


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