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Labor Force Participation Plunges To Fresh 26 Year Low

Tyler Durden's picture




 

At 64.2%, the labor force participation rate (as a percentage of the total civilian noninstitutional population) is now at a fresh 26 year low, the lowest since March 1984, and is the only reason why the unemployment rate dropped to 9% (labor force declined from 153,690 to 153,186). Those not in the Labor Force has increased from 83.9 million to 86.2 million, or 2.2 million in one year! As for the numerator in the fraction, the number of unemployed, it has plunged from 15 million to 13.9 million in two months! The only reason for this is due to the increasing disenchantment of those who completely fall off the BLS rolls and no longer even try to look for a job. Lastly, we won't even show what the labor force is as a percentage of total population. It is a vertical plunge.

 

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Fri, 02/04/2011 - 10:00 | 934427 dryam
dryam's picture

That's odd.  I don't hear much about this number in the MSM.  Thank God the Unemployment rate has plunged to 9.0%. 

Fri, 02/04/2011 - 10:06 | 934452 HarryWanqer
HarryWanqer's picture

Let's just say it.  People are getting lazy.  They should be honored to work part time at Walmart or Burger King.  Get off your ass and be a patriot.

Fri, 02/04/2011 - 10:09 | 934461 pan-the-ist
pan-the-ist's picture

Exactly! If everyone worked 10 hours a week we would have full employment.

Instead of lazy f***ing bums, I call them 'non-participants.'

Fri, 02/04/2011 - 12:26 | 934996 potatomafia
potatomafia's picture

Maybe if our money hadnt lost ~95% of its value, we could get away with working less hours and letting more people enter the labor force...  You know, like during the industrial revolution...  Work less hours, and have a better life with nicer things!  Standard of living UP, hours worked DOWN.

Fri, 02/04/2011 - 15:57 | 935585 Quixotic_Not
Quixotic_Not's picture

U$D losing value wasn't a happenstance occurrence...

The Perp School/Ivy League Racketeers began disassembling U.S. Industry (you know, the good middle class job base) and shipping it out of the states in the 1970s, and they profited greatly from the process.

As usual, degenerate acedemia led the devolution, and it became a self-fulfilling circle jerk...

Then the Kleptocrat culture, with the help of the (D) & (R) Oligarch culture, began in earnest to blow the debt bubble (through deregulation), and used their partner in crime Da Fed's Treasury (really one entity now for several decades) to lower interest rates and export inflation to developing countries.

When the runaway growth pattern for the above crashed (2007-2008), they switched to Direct Deposit Looting (TARP et al.) of the U.S. Tax producers, even with close to 80% of the electorate against it!

Of course there were a multitude of other complex scams involved, e.g. creation of derivative/CDO/SIV et al. scams and MSM propaganda fostering of the flip-for-profit parasitical mindset, but the basic premise underlies all...

The final move will be to rush in and buy up everything for pennies, once the huddled masses are stripped completely - I wish them good luck on their end game though, for that road is paved with unintended consequences IMHO.

Fri, 02/04/2011 - 10:20 | 934516 topcallingtroll
topcallingtroll's picture

You tell 'em Harry!

Fri, 02/04/2011 - 10:28 | 934547 RKDS
RKDS's picture

The idiots that junked you have probably never had to work at Burger King or Walmart.

Fri, 02/04/2011 - 10:34 | 934570 Lincolns Mullet
Lincolns Mullet's picture
Prophet Harry spittin' da truth, respect!!  Booyakasha!!
Fri, 02/04/2011 - 11:13 | 934718 ATTILA THE WIMP
ATTILA THE WIMP's picture

Quite so, me Lord Wagner. Better still to flog the lot of them and transport them to Australia.

Fri, 02/04/2011 - 11:15 | 934727 Missing_Link
Missing_Link's picture

Come on, people.  Harry makes the first sensible post in his entire life and 15 of you junk it?  At least read past the name before hitting the "Junk" button!

Fri, 02/04/2011 - 13:10 | 935183 Bartanist
Bartanist's picture

Ya see, the problem is not laziness. It is loss of hope. Think about it.

Hope for something better. Hope to achieve something. Hope is what drives people to do anything because they are sacrificing today for what they perceive can be achieved tomorrow.

When a banking system, government and corporatocracy systematically rips away people's hope by telling them they are not good enough, that they are not wanted and it is learned that everything that has been told to them is a lie; first there is disillusionment and then people blame themselves (not others) ... and only later when they get desperate do they discover that it really is not their fault and the deck has been stacked against them, that they get angry and violent (or at least most people will).

... but change takes longer than expected because of inertia. The government has been seriously preparing for the fall since 1999, and now it seems as if they feel that every year they gain without destruction is a gift (or maybe I have that backwards ... oh well). So, they party like it is 1999, and seemingly don't even think about trying to actually fix things, because that would affect them most.

If it happens naturally then they can rationalize in their tiny little sociopathic minds that "it wasn't their fault".

However, give the people real hope and a goal and they will rise to the challenge. It is human nature. Give them false hope and hypocrisy and they will lay down to be trampled over (until they figure out who to blame). The government continues to contrive false rallying points and false hope. They seemingly will never learn.

Fri, 02/04/2011 - 13:26 | 935272 Bartanist
Bartanist's picture

By the way, by killing America they can rejuvenate it. The problem is that sociopathic useless parasitic elitists think they can destroy it and still remain at the top with a then cowed slave force.

Something tells me that it will not work.

Fri, 02/04/2011 - 16:35 | 936043 patience...
patience...'s picture

And before you reply, check the name. This alter Harry number 4.

Fri, 02/04/2011 - 11:43 | 934817 TheAkashicRecord
TheAkashicRecord's picture

Selling poison is patriotic!  Our culture is a virus, one that will eventually destroy the host.  

 

How tiny Nauru became world's fattest nation

 

The rise is being driven by increasing urbanisation, the growth of sedentary, office-based lifestyles and the substitution of Western-style fast foods for traditional diets. Researchers from Imperial CollegeLondon and McMaster University in Canada, writing in The Lancet, describe it as a "tsunami of obesity that will eventually affect all regions of the world".

Obesity has grown as a result of the importation of Western foods paid for with proceeds from phosphate mining. The most popular dish is fried chicken and cola.

http://www.independent.co.uk/life-style/health-and-families/health-news/how-tiny-nauru-became-worlds-fattest-nation-2203835.html

 

A 10 year old boy declares war on the world.

http://www.youtube.com/watch?v=XGxBizeiL3s 

Fri, 02/04/2011 - 11:55 | 934870 Pure Evil
Pure Evil's picture

I think the real question is, has Cranqer Wanqer ever worked at Walmart or Burger King.

Drop by and put in your application and see if you get a call back before you bitch about everyone else's lazy ass.

Fri, 02/04/2011 - 12:05 | 934918 HarryWanqer
HarryWanqer's picture

No I haven't.  But in the unlikely event my home decor business became unprofitable, I wouldn't be ashamed to work at Walmart selling high quality Chinese products.

Fri, 02/04/2011 - 12:05 | 934919 HarryWanqer
HarryWanqer's picture

No I haven't.  But in the unlikely event my home decor business became unprofitable, I wouldn't be ashamed to work at Walmart selling high quality Chinese products.

Fri, 02/04/2011 - 12:18 | 934962 TruthInSunshine
TruthInSunshine's picture

Since when do urinal cakes qualify as 'home decor?'

Are you selling designer urinal cakes?

Fri, 02/04/2011 - 12:46 | 935087 Lincolns Mullet
Lincolns Mullet's picture

'High Quality Chinese Products'...you're talking about the lead-laced toys?  Or the lead-laced cups?  Or the plastic trinkets that fall apart, or the furniture with missing parts?  Or how about the cribs that kill and suffocate babies?

Fri, 02/04/2011 - 12:37 | 935035 Michael
Fri, 02/04/2011 - 10:06 | 934453 Cognitive Dissonance
Cognitive Dissonance's picture

9.0% unemployment rate.

That's all that will be reported with any intensity today and all weekend. Sure, if the reader gets past the second paragraph they might be told why. But in a ADHD world, who really gets past the second paragraph?

Fri, 02/04/2011 - 10:27 | 934542 aint no fortuna...
aint no fortunate son's picture

Yah, I'm surprised the MSM doesn't want to print THIS baby:

http://research.stlouisfed.org/fred2/series/EMRATIO

This is the chart Tyler thought we'd be puking on our shoes over.

Fri, 02/04/2011 - 10:33 | 934563 Dexter Morgan
Dexter Morgan's picture

Great chart.  Thanks for the link.

Fri, 02/04/2011 - 10:34 | 934568 uhb
uhb's picture

very interesting chart.

Fri, 02/04/2011 - 10:34 | 934571 snowball777
snowball777's picture

That should hit the lowest levels ever recorded around the summer of next year. Perfect.

Fri, 02/04/2011 - 10:41 | 934608 Commander Cody
Commander Cody's picture

From the chart, the civilian employment/population ratio (EMRATIO) of 55-58% was common from the late 40s to the late 70s.  Then, it gradually goes up to about 64.5% and has now trended down.  I take it that the upward trend is due to more women entering the workforce.  I take it that the downward trend is due to corporate amerika offshoring jobs.

Fri, 02/04/2011 - 12:12 | 934939 ColonelCooper
ColonelCooper's picture

Yes, but spin it to the upside.  Soon we will have gone back to the future of the 1950's where we will all sit on front porches drinking fresh squeezed lemonade while chatting across picket fences with neighbors out for an evening stoll, exercising off that home cooked supper.

What's the problem?

Fri, 02/04/2011 - 12:14 | 934946 ColonelCooper
ColonelCooper's picture

TRANSLATION:

We will sit outside the front of our houses with semi-automatic weapons telling the neighbors to, "Back the fuck away from the fence or I'll blow your freaking head off!", just trying to protect our last four cans of Spaghettios.

 

Fri, 02/04/2011 - 10:56 | 934670 BaboonAss
BaboonAss's picture

And here is the same chart (em-pop ratio %) non-seasonally adjusted  from 01/2001 to 01/2011:

http://www.flickr.com/photos/48099525@N00/5415468173/

 

Fri, 02/04/2011 - 13:12 | 935209 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

Don't check the average number of hours worked either.  Its almost like the 90s bull market didn't come from improved productivity from IT investment but by more hours slogged by the proles.

Wheels have fallen off this bitch.

http://research.stlouisfed.org/fred2/series/USAAHWEP

Fri, 02/04/2011 - 10:29 | 934550 Ancona
Ancona's picture

The reason these numbers fly CD, is because we've become a sound-bite- nation. Nothing more. Folks get their five minute update from the 'newstainment' bobbleheads, then return to tehir cheeze puffs and Ice Road Truckers. People now live their lives vicariously through carachters on television, since they can no longer afford to have a real life.

Fri, 02/04/2011 - 10:51 | 934658 thedrickster
thedrickster's picture

"live their lives vicariously through characters on television, since they can no longer afford to have a real life."

Isn't that the truth Don Francisco. With the Internet as a literal matrix I think you are spot on. Keiser called the Farmville debt slavery thing two or three years ago and now what do you see at 7-11.....Facebook's FarmVille cash. So long as they can make enough virtual currency in FarmVille to eat at 7-11, their fantasy world can continue uninterrupted.

 

Fri, 02/04/2011 - 12:36 | 935034 sun tzu
sun tzu's picture

I think you need to worry more about the braindead cattle who watch MTV, E!, Spike etc. The ones who watch History Channel and Discovery are probably a little more intelligent. The worst are the idiotic fools who worship sports

Fri, 02/04/2011 - 10:38 | 934594 Oh regional Indian
Oh regional Indian's picture

About 1% of the global population? Maybe?
ORI

Fri, 02/04/2011 - 13:51 | 935380 WALLST8MY8BALL
WALLST8MY8BALL's picture

Looking for a job is another job Americans dont want to do

Fri, 02/04/2011 - 16:02 | 935424 Quixotic_Not
Quixotic_Not's picture

That's odd.  I don't hear much about this number in the MSM.  Thank God the Unemployment rate has plunged to 9.0%

The MSM media is mostly NYC based, so of course they cheer the continued economic rape, pillage and plunder of 'MeRiKa...

In war, truth is the first casualty.

They benefit directly from banksters & corporations that advertise on their networks; and they get to live in the decadent artificiality of Gotham, where the super-rich bourgeoisie grease the skids to keep the huddled masses in check and provide the isolated world in which lies and corruption thrive.

Of course We The Sheeple - Looking for someone/something to worship - just love these glitzy purveyors of misinformation and duplicity - Their sexy self-satisifed sounds bites keep Us grazing on pastures of ignorant bliss...

Do the patriots truly believe that Rupert Murdoch is there friend? ROFL

In addition, our  society has become utterly and hopelessly corrupt.  As a collective we now care more about how a matter is perceived or can be manipulated to look good, than whether there is any substance to it.  We eat up sound bites that are warm and fuzzy and disregard the reality of the situation. 

We dismiss the tough road that leads to real accomplishment and instead follow the easy road to short term happiness and emotional well being.

Absolutely everything is infected with this disease in the U.S.;  Education, finance, politics, media, faith, economics...

EVERYTHING

The Fraud St. Kleptocrats fully understand the status quo and have been engaging in info wars for decades (via their puppet MSM of course!):

Cue Steve LIESman...Cue the Teleprompter POTUS...Cue 'MeRiKan Idolz, ad infinitum

Fri, 02/04/2011 - 10:00 | 934428 SparkyvonBellagio
SparkyvonBellagio's picture

A perfect Head and Shoulders pattern. That's not getting any better and time soon.

 

Unless of course they just fabricate the #'s to turn this chart around.

 

 

Pathetic.

Fri, 02/04/2011 - 10:07 | 934458 TrihumpTheInsultDog
TrihumpTheInsultDog's picture

I don't get it. Everyone says don't believe the stats from the BLS.

Turn on a dime? Then worship BLS data?

Fri, 02/04/2011 - 12:11 | 934937 happybob007
happybob007's picture

I think that the reason these are considered more relevant is that while they are subject to sampling error, there isn't much in the way of modeling that goes into them -- which sets them apart from the unemployment rate pretty dramatically.

There's the added factor that these numbers reflect the rest of the economic reality that is readily visible to those who pay attention.  Whereas, the unemployment rate numbers are quite obviously ignoring things that actually matter.

Fri, 02/04/2011 - 10:01 | 934430 alien-IQ
alien-IQ's picture

I have, however, noticed a sizable increase in the amount of new faces cropping up in the female escort industry.

Are they considered "employed" or "independent contractors"

just curious.

Fri, 02/04/2011 - 10:08 | 934457 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

They are considered a pitiful desperate consequence of Genocide Ben's most crooked of crooked systems.

The only question is, will we pay with our lives before he pays with his because of the genocidal policy he pursues at his masters' wishes.

Fri, 02/04/2011 - 10:11 | 934477 pan-the-ist
pan-the-ist's picture

It's called 'getting real'.

These are the choices that most poor people  (the majority of people in the world) already face.  Welcome to reality.

Fri, 02/04/2011 - 10:10 | 934473 RingToneDeaf
RingToneDeaf's picture

What an observation!

I'll have to check this out.

Did you inquire about discounts?

Fri, 02/04/2011 - 10:30 | 934556 EscapeKey
EscapeKey's picture

A 24 year old girl did an AMA on reddit about exactly this - her having effectively been forced into this, given the economic situation.

Awful, awful, awful.

Fri, 02/04/2011 - 13:59 | 935422 SilverRhino
SilverRhino's picture

AMA?? Can you explain that?

Fri, 02/04/2011 - 14:02 | 935448 EscapeKey
EscapeKey's picture

AMA = "ask me anything".

Sorry, I'm not going to dig out the story while at work, considering the theme... :)

http://www.reddit.com/r/IAmA/

Somewhere in the history

Fri, 02/04/2011 - 14:00 | 935429 SilverRhino
SilverRhino's picture

AMA?? Can you explain that?

Fri, 02/04/2011 - 10:17 | 934502 Coming Down in ...
Coming Down in Powdery Sparks's picture

I check that indicator quite frequently myself.  There are TONS of new faces there.  Can't be a good sign.

 

Not good for me either - they don't know what they're doing.

Fri, 02/04/2011 - 11:43 | 934834 lincolnsteffens
lincolnsteffens's picture

I wonder if we would have been required to file 1099s for escort services? You know how wound out businessmen get and need an escort to drive them home after a tough day.

Fri, 02/04/2011 - 10:04 | 934441 Misean
Misean's picture

The wealth effect. People just don't need two income households anymore.

Fri, 02/04/2011 - 10:04 | 934442 JP McManus
JP McManus's picture

I really would like to see the labor force as a percentage of total population as well.

Fri, 02/04/2011 - 10:05 | 934445 flaunt
flaunt's picture

Who needs to work?  If the Fed can just print cash and create wealth then we can call just sit around and do nothing!

Fri, 02/04/2011 - 10:06 | 934450 fragrantdingleberry
fragrantdingleberry's picture

Steve Liesman, CNBC's head cheerleader, says it's all weather related and it's getting better. Futures up. Move on.

Fri, 02/04/2011 - 10:05 | 934451 r101958
r101958's picture

9%; ya, right. What a joke. An 'analyst' on Bloomberg just stood there and stated that the employment participation number didn't change at all. One word for that... 'propaganda'.

Fri, 02/04/2011 - 10:06 | 934454 Racer
Racer's picture

If they continue to discourage people, then they will be able to get the unemployment rate down to 4% very soon

Fri, 02/04/2011 - 10:09 | 934465 campag
campag's picture

will markets roof now! QE 2/3/4/5/..... must be on the cards.

Fri, 02/04/2011 - 16:49 | 934469 TruthInSunshine
TruthInSunshine's picture

 

Remember, the U.S. is the world's largest economy, vibrant and diversified, with highly productive workers... blah blah blah - blah blah blah blah...

Talking points. Need 'em. Gotta' have 'em.

-- Never mind the deeply ominous trend of structural unemployment, use of temporary (and seasonal) workers on shorter timelines & other desperate measures to finesse the disintegration of jobs, prodded out & pumped by the Ministry of Mistruth & Disinformation.

Fri, 02/04/2011 - 10:10 | 934475 What_Me_Worry
What_Me_Worry's picture

So it sounds to me they can keep the reported unemployment below 10% indefinitely, then.  In fact, it will probably keep improving at this point since the disenchanted workers probably aren't entering back in anytime soon.

Fri, 02/04/2011 - 10:12 | 934479 cat2
cat2's picture

Can you say "head and shoulders"

Fri, 02/04/2011 - 10:12 | 934480 jesus_quintana
jesus_quintana's picture

The MSM reaction to this is sickening. Names and faces should be remembered, for the appropriate time.

Fri, 02/04/2011 - 10:12 | 934482 alexwest
alexwest's picture

PRINT BENNY PRINT.. MORE PRINT,, EAHC AND EVERY DAY PRINT...
I LIKE BENNY, I LIKE PRINTING.. THERES MY TRILLION.??. I WANT MY TRILLION

AND I DO LIKE GOLD/SIVLER
ALX

Fri, 02/04/2011 - 10:14 | 934492 Cash_is_Trash
Cash_is_Trash's picture

We have PM lift-off.

Fri, 02/04/2011 - 10:13 | 934484 Headbanger
Headbanger's picture

It's all my fault. I started the drop when I quit working in 2000.

 

So there.

 

 

Fri, 02/04/2011 - 11:53 | 934877 Pure Evil
Pure Evil's picture

Be a patriot and go back to work at Walmart or Burger King.

The great and powerful Cranqer Wanqer has spoken.

Fri, 02/04/2011 - 10:15 | 934493 alexwest
alexwest's picture

let me put my analysis.
in june 2007
## (Unadj) Civilian noninstitutional population was 231,713 th
## Total private unadj - 116,603 th (TOP OF JOBS)

fast forward
2011 jan

## (Unadj) Civilian noninstitutional population was 238,704 th
## Total private unadj - 106,071 th

SO 3.5 years LATER WE're A SHORT OF 17.5 MLN PRIVATE JOBS
7 MLN POPILATION + 10 MLN LOST PRIVATE JOBS..

HOW IS THAT ?

ALX

Fri, 02/04/2011 - 10:16 | 934498 rubearish10
rubearish10's picture

If today's UE report is a signal for QE3, why hasn't the bond market unequivocally rejected it?

Fri, 02/04/2011 - 10:17 | 934501 Gordon Freeman
Gordon Freeman's picture

This is all just a bunch of horseshit.  The gov has successfully led us to a point where the stats literally mean nothing (or anything--take your pick) Complete opacity.

Good luck to you, sir!

Fri, 02/04/2011 - 10:20 | 934512 monkeyfaction
monkeyfaction's picture

After months of trying to short, I caved in and bought the dip last week. It felt so wrong but I have actually made some money for the first time in a quite while.

The way I see it, if Egypt decending into chaos and an awful jobs report can't force the futures into the red then just what can? The tide of new dollars leaving the Fed and entering the market just seems unstoppable.

Screw the jobs numbers. Screw how many people are unemployed. Screw the middle east being in flames. They don't mean anything until the printing stops.

 

Monkeyfaction, buying TFD until the bubble bursts.

Fri, 02/04/2011 - 10:24 | 934528 rubearish10
rubearish10's picture

Oh, thank you.

Fri, 02/04/2011 - 10:26 | 934538 campag
campag's picture

the worse the news = higher markets- stocks /pm/ oil . how f***ed are we

Fri, 02/04/2011 - 10:29 | 934553 thepigman
thepigman's picture

No, no...they didn't stop looking

for work. They're lost in the snow

and can't get to work.

Fri, 02/04/2011 - 10:32 | 934559 thepigman
thepigman's picture

BTFD on this fraud.

Fri, 02/04/2011 - 10:34 | 934566 topcallingtroll
topcallingtroll's picture

Problem is i see a mismatch between skills and jobs. And there truly are lots of people who would prefer to downscale there lives than take a shitty job. You really can make it as a one income family. Lots of websites out there showing people how to unplug from the system bit by bit. Why work if you dont have too? How many u6 really want to work is unclear. Maybe i see a biased sample but most of the u6 not on extended benefits are getting.welfare if they are a single mom ( it is.called tea now. We ended welfare remember?) or they have a working significant other and choose not to accept what is available, or they are trying to get.disability. i contract with.a state agency one day a week that works with u6 types. Yeah we have a structural shift going on but u6 types are not the same as u3. It is stressful to be poor but it is also stressful to work in a shitty eldercare job cleaning up poo, and at least if you are u6 poor and stressed you got free time....plus when i let them know.i wont.count it.against them a surprising number have off the books part time work, probably 25 percent as a rough guess. I am down in the south where living is cheap so it might be different in other places. Anybody else work with u6 types?

Fri, 02/04/2011 - 10:35 | 934572 Spigot
Spigot's picture

Our monetary policies are pushing marginal governments off the cliff. We supported their despots, who over the past 2-3 decades oppressed their people, which spawned covert opposition groups which are allied with our foes. Now those opposition groups, who have very little interest in catering to the Anglo-American POV/System, are overthrowing those despots.

Unfortunately, they also control quite alot of mineral resources including oil.

Fri, 02/04/2011 - 10:35 | 934573 LibertyIn2010
LibertyIn2010's picture

George Orwell wrote,

WAR IS PEACE

FREEDOM IS SLAVERY

IGNORANCE IS STRENGTH

Ben Bernanke said,

Overall, inflation remains quite low.

We are not monetizing debt.

We can stop inflation in 15 minutes.

 

Fri, 02/04/2011 - 10:35 | 934574 Winisk
Winisk's picture

Why bother working when your money is working for you.   Life must be improving as it appears there's a lot of money at work instead of people. 

Fri, 02/04/2011 - 10:38 | 934591 cdude
cdude's picture

If you can't create jobs, just get rid of the "unemployed".

Fri, 02/04/2011 - 10:47 | 934634 z tranche
z tranche's picture

Any chance some of the drop in labor participation is the leading edge of Baby Boomers retiring?  I don't doubt the accuracy of the labor participation rate, but the decline in true employment would be more credible if there was an accompanying decline in monthly tax revenues.

Fri, 02/04/2011 - 11:00 | 934681 Spigot
Spigot's picture

Z, there's alot less of that "retirement" thing going on now that the leading edge of the BBoomers had their portfolio's guts ripped out, and after that had their home values keelhauled, too. Most I know have put off the big 'R' by 3-5 years.

Fri, 02/04/2011 - 11:17 | 934731 spongeBOB
spongeBOB's picture

Lately I've been seeing lots of people in thier 60s and 70s working jobs at Walmart and local grocery stores. Ben 's ZIRP policy really did a job on many retires who used to count on that interest income so now they have to work part-time to make up for the difference and be able to heat thier homes.

Fri, 02/04/2011 - 10:54 | 934668 spongeBOB
spongeBOB's picture

First blame the weather and now this:

02-04 09:46 US Labor Secretary Solis says data may be missing some jobs from new business creation .

 

Are these people serious? What new businesses? businesses around me are closing in droves and 90% of the shopping/strip malls built 2 years ago are still empty. My friend who works for a small tech company went to work yesterday only to find the company had folded and closed thier doors. Reason given banks refuse to extend thier lines of credit so they cannot make payroll.

 

Fri, 02/04/2011 - 11:04 | 934695 Spigot
Spigot's picture

Banks want no risk. They are making money on fees due to economic distress (such as late fees, bounced checks, etc). Also on loans with short repayment schedules and not exposed to real estate. They are looking very closely at business loans and cutting any lines to sectors that are not broadly profitable, or that are unsecured.

Fri, 02/04/2011 - 11:52 | 934875 tonyw
tonyw's picture

shopping/strip malls will continue to close since there are 21 square feet of retail for every man, woman and child!!! Now much business has switched to the Internet and will continue to switch. Of course this will have an impact on banks since they have lots of money in that space.

 

Fri, 02/04/2011 - 12:02 | 934906 spongeBOB
spongeBOB's picture

With all the empty stores they are still asking an and a leg for rent. Real estate taxes are very high here and with our esteemed politicians raisng the corporate tax rate by 50% you have to be a mororn to invest in a new business.

Fri, 02/04/2011 - 11:01 | 934687 monkeyfaction
monkeyfaction's picture

The West just spent the last 20 years systematically moving it's manufacturing to countries that pay $2 a day. The loss of jobs in industries that actually produced something worthwhile was covered up by borrowing trillions to fund jobs in the 'services' sector.

We only feel rich because all our stuff gets made by people that are very poor.

Now that bubble has burst, things aren't going to get any better for a very long time. The massive imbalance created between East and West has to correct.

Wages and employment in the west are on a one way trajectory until we become competitive and start making things again. This will be covered up to some extent, in nominal terms, by inflation.

 

Fri, 02/04/2011 - 11:12 | 934713 arkady
arkady's picture

Can someone help me with these numbers?

 

Does that mean of the total population 86 million are unemployed?  Does that include the total population, if it does, does that number matter?

 

What is 64.2% in simple terms?

Fri, 02/04/2011 - 12:43 | 935067 sun tzu
sun tzu's picture

That means 86 million are not working. The relevant question is how many of them want to work full time?

Fri, 02/04/2011 - 11:14 | 934726 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Don't worry Comrades. The FED is all knowing and all powerful. Long live the FED, long live the worker's devolution!

The bags of plastic rice will be arriving shortly.

Fri, 02/04/2011 - 11:17 | 934730 oh_bama
oh_bama's picture

Be positive guys!

 

More americans retired early!!

 

BTFD!!

Fri, 02/04/2011 - 11:28 | 934769 gwar5
gwar5's picture

I was working for a living but there was no money in it.

I closed my practice and retired early. I'm a "Plunger"

I went John Galt. Happy days are here again!

Where's my free health care? 

Fri, 02/04/2011 - 11:41 | 934823 Grand Supercycle
Grand Supercycle's picture

As mentioned numerous times, EURO downside and USD upside will keep recurring.

Bring on the overdue US Dollar rally: i'm
getting tired of talking about it.

http://stockmarket618.wordpress.com

Fri, 02/04/2011 - 11:48 | 934857 dynomutt
dynomutt's picture

More like Bureau of Statistics (BS).

Fri, 02/04/2011 - 11:55 | 934888 Ricky Bobby
Ricky Bobby's picture

This is what I see. If you are part of the elite it has never been better.

If you are not you don't count.

If you are unhappy with the way things are then you are simply a looser.

If you try to fight back the American Gulag is quite efficient.

We are ruled by the psychopaths.

 

 

 

Fri, 02/04/2011 - 12:58 | 935134 Spigot
Spigot's picture

Great summary, and (unfortunately) quite accurate. America has been turned into a false front for blood sucking vampire squids and their scion. The upper 20% of the income earners are happy with what is happening, and the lower 80% are being effed over...Media is dominated by the upper % earners, so they have NO EXPERIENCE with the stress the lower 80% are living with right now.

My (unrequested) advice to the lower 80% - disconnect from the system, create your own economies, and live/trade with prejudice relative to the upper 20%...its the only way you are not going to starve or freeze to death.

Fri, 02/04/2011 - 12:23 | 934987 TruthInSunshine
TruthInSunshine's picture

Bernanke is an economic reverse engineer. He's put the economy and lives of hundreds of millions of Americans (and billions in the world) into a permanent state of  going backwards, in quality, quantity and truthful reporting.

Fri, 02/04/2011 - 13:37 | 935322 gaoptimize
gaoptimize's picture

Rush Limbaugh mentioned this article, Zerohedge, and Tyler at 12:37 on his show.

Fri, 02/04/2011 - 14:08 | 935474 TheMerryPrankster
TheMerryPrankster's picture

The leveraged buyout of America by China continues. Their new slogan "Laying off America, one job at a time."

Shall we erase middle class prosperity slowly like the wind etching a mountain, so the pain and misery seems eternal and destroys all hope?

Our present course find us meeting a rather large iceberg very soon, is there anyone left that can steer a ship? Or is sober enough to realize what is happening?

buy the dips , but don't forget some chips and veggies. The big game is on soon.

 

Fri, 02/04/2011 - 14:20 | 935514 Calmyourself
Calmyourself's picture

Tighten up the capture, the rushalanche is on the way...

Fri, 02/04/2011 - 15:27 | 935779 buzzsaw99
buzzsaw99's picture

This post is linked on Drudge. Congrats!

Fri, 02/04/2011 - 15:41 | 935821 redpill
redpill's picture

Hi Drudgies!

Fri, 02/04/2011 - 16:53 | 936103 TruthInSunshine
TruthInSunshine's picture

Let the unemployed eat Roman Bread.

More on SNAP (supplemental nutrional assistance programs) = more profits administrating program for JP Morgan, one of Obama's biggest donors = higher JP Morgan share prices before the ultimate collapse (again; funny how the more manipulated the markets, the bigger the crashes) = more JP Morgan execs raking in big bonuses prior to the collapse = wealth effect & 1 billion in Obama Campaign for re-election funds for 'Hope & Change 2012' = Virtuous Circle that Bernanke speaks of...

Fri, 02/04/2011 - 19:49 | 936442 mcarthur
mcarthur's picture

I always suspected the unemployment situation would be "solved" through further drops in the participation rate as the baby boomers exit the workforce sooner rather than later.  The irony is that in 2-3 years these same people will have to be coaxed back into the workforce to solve the lack of labor available which is the current reality in places such as Australia and in a few months, Canada.  A structural change in the makeup of the economy must happen first in the US.  Fewer leaches such as lawyers, doctors and Wall St types and more primary industry and value added.  The average wage for finance jobs must return to the average for everyone else. 

I've been mystified why everyone frets a 9 or 10% unemployment rate.  Afterall, it means 90-91% are doing ok instead of 93-94%,  Big deal. 

The structural change will mean the implementation of things like VAT, no mortgage interest deductibles, elimination/reversal of financial innovation etc.  Welcome to the rest of the world.

Sat, 02/05/2011 - 15:10 | 937632 Wags
Wags's picture

How do those long term Treasuries and bonds seem now? Social Security & Defined Pension Benefits?  Who will pay them?

 

Sat, 02/05/2011 - 15:29 | 937659 Quixotic_Not
Quixotic_Not's picture

Tax slaves under coercion of force.

Sat, 07/02/2011 - 05:29 | 1421020 cole
cole's picture

Since we wanted in Spain have a desmpleo rate of 9%. We currently have over 20% unemployed and with little hope of improving this figure, with a public debt and private high makes markets wary


Sat, 07/02/2011 - 05:24 | 1421022 cole
cole's picture

Can you live in a country with unemployment rates of 20% and have free

health and education? For in Spain currently have over 20% unemployment

and we have good health and free education.

Until when?

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