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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Rainman's picture

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

alien-IQ's picture

don't worry it's bullish...no 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?

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.

Overflow-admin's picture

Yeah as long as the music is on...

Judge Judy Scheinlok's picture

Special Employment Olympics, bitchez!

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!

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

Sudden Debt's picture

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

POST IT AND I'LL VOTE FOR IT!!

 

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?

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.

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.

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.

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.

ORI

http://aadivaahan.wordpress.com/2011/03/01/on-outsourcing-and-its-ills/

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.

 

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.

ORI

Michael's picture

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

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.

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.

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.

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. 

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.

Charlie Bravo's picture

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

Charlie Bravo

RockyRacoon's picture

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

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???).

Bah!

ORI

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.

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.  

piceridu's picture

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

New_Meat's picture

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

Xkwisetly Paneful's picture

About time, count me in on the long side.

Please post more tangible quantifiable predictions.

camaro68ss's picture

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

prophet_banker's picture

more like; it's now or never.  ACT

alien-IQ's picture

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

ain't amerika grand?

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.

alien-IQ's picture

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

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.

 

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.

New_Meat's picture

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

Calvin Jones and the 13th Apostle's picture

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

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...

 

alien-IQ's picture

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

http://www.zerohedge.com/article/complete-nfp-market-reaction-cheat-sheet

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

iDealMeat's picture

 

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

  Dow + 200

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.

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.