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More Records: Average Duration Of Unemployment; People Not In Labor Force Who Want A Job Now Both At All Time High

Tyler Durden's picture




 

Two more self-explanatory charts: the number of people not in the labor force who want a job now surged to a fresh all time high 7,124 or up by a whopping 303K, while the average duration of unemployment also is at a new record of 39.9 weeks.

Average Duration of Unemployment:

People not in labor force who want jobs now:

h/t John Lohman

 

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Fri, 07/08/2011 - 09:08 | 1435886 ads56
ads56's picture

HOPE AND CHANGE! YES WE CAN! THE MESSIAH WILL SOLVE ALL PROBLEMS!

Fri, 07/08/2011 - 09:23 | 1435979 trav7777
trav7777's picture

WTF jobs are out there for people of average skill and intellect?  They're all in CHINA now.

Fri, 07/08/2011 - 09:30 | 1436039 HelluvaEngineer
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TSA agent

Fri, 07/08/2011 - 10:25 | 1436371 snowball777
snowball777's picture

He said average.

Fri, 07/08/2011 - 09:43 | 1436111 laomei
laomei's picture

Well what did you expect to happen when you continually push for business to do whatever the hell they want to and maximize profits by any means necessary?  If you were smart you would have started learning Chinese 10 years ago and come over... distancing yourself as much as possible to any US reliance.  Too late now in all honesty.  But hey, who needs jobs when you have that pocketful of shiny yellow metal.

Fri, 07/08/2011 - 10:03 | 1436241 TheTmfreak
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Right. Because China is going to continue to grow at its current rates when its tied at the hip to consumption in the US? If the US or even Europe can't consume don't expect everything to be sunshine and rainbows in China. And if/when the US inflates its currency away, expect China to collapse back into the polluted pit that it is since its fixed assets will be worthless and its US dollars are worth less than the paper its printed on.

Fri, 07/08/2011 - 10:24 | 1436367 laomei
laomei's picture

Export to the US, while not tiny, is not the end of the world if it falls apart.  A default however... expect to see China confiscate all US assets it has while taking full economic recourse.

Fri, 07/08/2011 - 10:34 | 1436428 TheTmfreak
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I would be extremely surprised if China would confiscate US assets especially "all" of them. There is one thing that is certain, if that were to happen you could consider China cut off from the global economy, and more than likely spark war. Its not in Chinese interest, I'd say. But then again its not like every decision ever made was in the "country's interest" and if anything just depends on whether there is a political/moronic knee jerk reaction. China is just as caught up into this massive global ponzi/collapse as anybody else.  Look no further than China continuing to support the clearly collapsing Euro. If the US even remotely starts to "falter" I'd expect China to come in and attempt to prop up that as well.

Fri, 07/08/2011 - 10:42 | 1436479 laomei
laomei's picture

America defaulting on debt? Guess who gets cut off... here's a hint, it's not China.

Fri, 07/08/2011 - 10:49 | 1436535 TheTmfreak
TheTmfreak's picture

First they aren't going to "Default." As long as you have a printing press and the will to print money (as clearly shown) there won't be a "default" or at least not how everyone else defines it.

China will get their money, there are no guarrantees it will be worth anything. China isn't stupid to this fact either, that is clear. But what are they going to do about it? Bitch and moan like they're doing now? This is just a fact of life living in a world where fiat currency rules.

Fri, 07/08/2011 - 11:05 | 1436668 laomei
laomei's picture

China already has clearly stated that devaluing their holdings willingly constitutes a default.

 

All those JVs and American companies sitting in China? Watch that get taken over the next day.  Don't like it? Pay your bills.

Fri, 07/08/2011 - 11:36 | 1436849 Rhodin
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Dollar is (still) worldwide reserve currency.  If/when it collapses, so does world trade.  Maybe it recovers under new system, maybe very slowly, maybe not at all.  China may indeed nationalise (confiscate) companies, but at that point what will they be worth?  Maybe a war?...excuse to kill off some of the disgruntled extra males in Chinese population?

Fri, 07/08/2011 - 12:40 | 1437158 Jack Kreuz
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Westerners are not interested in learning Chinese because honesty, integrity or morality are words that don't exist in that outdated language. No foreigner will move to China unless he is willing to be deceived by that cunning culture. If you live in China, laomei, stay there, as you have a lot of foreign property to embezzle and a lot of foreigners to dupe.  In the meantime, write your comments on your censored websites in your outdated language.

Fri, 07/08/2011 - 13:00 | 1437245 laomei
laomei's picture

Lol, outdated language.  Chinese is a great language to learn and as long as you come into this country and culture with the right outlook you get great results.  It's primarily the idiots who don't know thing one about this place that make assumptions and fuck up.

Fri, 07/08/2011 - 21:55 | 1438942 Captain Benny
Captain Benny's picture

Idiot westerners... there is no "Chinese" language.  Putonghua / Mandarin is the official language but they have a number of other heavily used languages that are spoken and written throughout the country.

Fri, 07/08/2011 - 21:57 | 1438952 StychoKiller
StychoKiller's picture

Shoulda told 'em to "Bite the wax tadpole!"

Fri, 07/08/2011 - 12:34 | 1437122 sun tzu
sun tzu's picture

The same will happen to Chinese companies in America. 

Fri, 07/08/2011 - 13:17 | 1437307 laomei
laomei's picture

Well that would be expected... however the us has had this phobia of letting Chinese in for a long time and seizing assets of a nation you just ripped off isn't really something that will inspire goodwill to the rest of the world.  Say hello to your new ally North Korea.

Fri, 07/08/2011 - 13:21 | 1437313 laomei
laomei's picture

and more server error ;_;

Fri, 07/08/2011 - 13:20 | 1437320 laomei
laomei's picture

damnit.. server error again

Fri, 07/08/2011 - 14:18 | 1437522 Hacksaw
Hacksaw's picture

That would be the best thing that could happen to the USA. Go for it, I'd love to see you chinks get into fat man Buffett's wallet. One thing you aren't understanding though is that companies in this country aren't owned by the government, except for GM of course and I'd love to see the USA lose their money they tied up in that deal too. Maybe it would teach folks not to bail out the crooks and dim wits who are running these companies.

Fri, 07/08/2011 - 14:28 | 1437567 laomei
laomei's picture

One thing you are not understanding is that it doesn't really make much of a difference, it's not like nationalization of foreign assets has some rule of conduct.  Accounts are frozen and seized, capital assets are taken over, and IP is seized.  America welching on a debt the size it has would prompt similar behavior everywhere else.  Companies may seek compensation from the welcher or they can pound sand...

Fri, 07/08/2011 - 12:35 | 1437134 sun tzu
sun tzu's picture

I believe 30% of Chinese exports come to America. That means millions of chinese will lose their jobs and won't be able to feed their families. 

Fri, 07/08/2011 - 13:12 | 1437291 laomei
laomei's picture

It's down to around 15% now actually and exports make up around 25% of the GDP.  So exports to america? we're talking 3% GDP... that can be shifted over to something else quite readily.  The question, I guess is what will america do without it's cheap imports that provide the ability for wage slaves (who's wages have not really increased in over 30 years) to think they have a standard of living?

Fri, 07/08/2011 - 15:04 | 1437753 ElvisDog
ElvisDog's picture

You're delusional, laomei, or perhaps just a tad too nationalistic. If the Chinese economic growth rate falls below 5% (still growth) their society is going to come apart at the seams. Any confiscation of assets by China and world trade comes to an immediate standstill. Put your jingoism aside for a moment and ponder what happens to an export-dominated, mercantilist economy without growing world trade.

Fri, 07/08/2011 - 12:38 | 1437149 sun tzu
sun tzu's picture

How will China confiscate all US assets? Will they put 10 million soldiers on fishing boats and sail across the Pacific to start taking buildings and bridges apart?

Fri, 07/08/2011 - 12:37 | 1437139 sun tzu
sun tzu's picture

Yes go to China and work like a slave in a sweatshop for 14 hours a day to take home $5 and live in an apartment with 10 other people. That's the life. 

Fri, 07/08/2011 - 15:17 | 1437833 AldousHuxley
AldousHuxley's picture

That's what they say in Mexico:

"yes, go to California an work like a slave on a farm for 14 hours a day to take home $50 and live in an apartment with 10 other people. That's the American Dream."

Fri, 07/08/2011 - 09:56 | 1436191 Dental Floss Tycoon
Dental Floss Tycoon's picture

 

Homeland Security is hiring.  

They're going to need a lot of them.

 

Fri, 07/08/2011 - 10:26 | 1436377 snowball777
snowball777's picture

Pinkertons with pensions.

Fri, 07/08/2011 - 09:50 | 1436146 SilverRhino
SilverRhino's picture

Wipe that hope and change off your chin.  

Fri, 07/08/2011 - 11:59 | 1436979 Silver Shield
Silver Shield's picture

There are many reasons to pull the chute...

Fri, 07/08/2011 - 11:58 | 1436981 Silver Shield
Silver Shield's picture

30 Reasons To Get Out Of Real Estate And Into REAL Assets

http://dont-tread-on.me/30-reasons-to-get-out-of-real-estate-and-into-re...


Fri, 07/08/2011 - 09:09 | 1435897 oogs66
oogs66's picture

the report was horrible...no mitigating factors...household was awful, employment rate was only held in check by reduction of labor force...birth/death was large...hourly earnings were flat, weekly avg hours was down....

Fri, 07/08/2011 - 09:20 | 1435963 midtowng
midtowng's picture

Since those hundreds of thousands of people are no longer in the labor force, they no longer matter. So how long do you think before the government stops counting them?

Fri, 07/08/2011 - 09:09 | 1435898 Hedge Jobs
Hedge Jobs's picture

and what are all these unemployed going to do about it? nothing! the greeks make americans look like pussies.

Fri, 07/08/2011 - 09:26 | 1436013 trav7777
trav7777's picture

WTF can they do about it?

Look, Ross freakin Perot was in the 92 election screaming about NAFTA, which was just one of the first of those trade treaties that was going to usher in limitless prosperity by moving all production offshore.

Well, yeah, while the bubbles were frothing, the people bought the bullshit.  Now, here we are a couple decades later and the chickens have come home to roost.  Now what?  All the jobs for ordinary people are gone.  If you're connected, just like in S. America, you're ok.  If you're brilliant, there is still some room for you in IT.  If you're the right color you get favored hiring in government and for "diversity," (which is our greatest strength, right?).

If you're not in any of these classes, sorry...there's half a billion Chinese just like you willing to tolerate what you take PLUS polluted water, air, and food.

Fri, 07/08/2011 - 09:45 | 1436121 Hedge Jobs
Hedge Jobs's picture

thats a defeatist attitude trav and will get you no where. bring the jobs back? get rid of the CEO's that have deliberately hollowed out the US economy? mobilise to remove the corrupt government that have let this rot set in? or sit there and do nothing like what happens now. or yeah, just keep waiting for the "hope and change" to kick in, seems to be working really well so far.

 

Fri, 07/08/2011 - 10:54 | 1436580 espirit
espirit's picture

Another war front in ...3...2...1...

Fri, 07/08/2011 - 10:27 | 1436390 snowball777
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Can't shake the devil's hand and say you're only kidding.

Fri, 07/08/2011 - 12:59 | 1437238 sun tzu
sun tzu's picture

If Ross Freaking Perot hadn't dropped out of the race temporarily, he would have won.

Fri, 07/08/2011 - 09:10 | 1435904 101 years and c...
101 years and counting's picture

amazing how people suddenly want a job now....just as their 99 weeks of free money runs out.

Fri, 07/08/2011 - 09:16 | 1435938 laomei
laomei's picture

Don't see how it's "free" money, it's from insurance premiums which were paid for it is also the greatest bang for the buck stimulus there has been.  But whatever, just keep telling yourself that supply-side stimulus works.

Fri, 07/08/2011 - 09:56 | 1436194 Sgt.Sausage
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==>  which were paid for ...

For values of "paid for" that involve paying $400 bucks a year to collect $40,000 ($20K (ish) maximum in my state, 99 weeks = approximately 2 years).

Yeah. That's "paid for" like your Social Security is "paid for". Like Medicare is "paid for". Like Obamacare will be "paid for" -- PONZI STYLE !!!

Quit kidding yourself. It IS "free money".

But whatever, just keep telling yourself that Ponzi schemes work.

 

 

Fri, 07/08/2011 - 10:58 | 1436606 espirit
espirit's picture

Think about the SS funds you paid into, get some now or later if you're lucky.  Your choice.

Fri, 07/08/2011 - 15:06 | 1437763 ElvisDog
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Insurance premiums only cover the first 6 months of unemployment. After that, it's a handout pure and simple.

Fri, 07/08/2011 - 23:09 | 1439059 laomei
laomei's picture

Well when there are no jobs and the choice is either to give a small handout or see the homeless population skyrocket and economy die even faster.. then yea, sure, the obvious choice is to kick out the bums.  Get real

Fri, 07/08/2011 - 09:22 | 1435974 midtowng
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What makes you think that anyone "suddenly" wants a job? Have you actually looked at the job market these past few years?

Fri, 07/08/2011 - 10:29 | 1436405 snowball777
snowball777's picture

They tend to forget that millions of these people were, until recently, gainfully employed and working harder than us (unless you think that putting up drywall is a fun hobby).

 

Fri, 07/08/2011 - 09:26 | 1436001 GeorgeHayduke
GeorgeHayduke's picture

Yeah, most people are just rolling in the money when unemployed. With any luck the folks who have exhausted their benefits will become the first brave souls to help us start the process of weeding out the corruption in the system that has put us here.

As for you, your anger and ignorance about reality make you a good tool for your owners. Keep at it and they might even let you be a house nigger when the bottom falls out of the economy.

Fri, 07/08/2011 - 09:37 | 1436077 laomei
laomei's picture

When times get tough, just make sure you have enough cash for a gun and gas to get to DC. Might as well go out with a bang.

Fri, 07/08/2011 - 10:59 | 1436614 Rhodin
Rhodin's picture

I suspect that is what they are hoping for, gives them an excuse to change to more open repression.

Fri, 07/08/2011 - 10:32 | 1436415 snowball777
snowball777's picture

"Last Man" Syndrome..."well at least I'm not...that guy"; last refuge of the deeply pathetic.

Fri, 07/08/2011 - 09:31 | 1436048 WonderDawg
WonderDawg's picture

I don't know what world you live in, but not all unemployed people want to milk the gov't tit. That's a very wide net you're casting, and I know a lot of good people who are busting their ass to try to find a job.

Fri, 07/08/2011 - 09:11 | 1435905 oklaboy
oklaboy's picture

all hail OBAMA all hail OBAMA!!!!!

Fri, 07/08/2011 - 09:11 | 1435910 youngman
youngman's picture

And the last two months revisions were down 44,000........i hope this shuts up some politicians to really get to work...and not just to get in front of the cameras....we really are at a fork in the road for this country...I hope we make the right choice and fix it...rather than destroy it...

Fri, 07/08/2011 - 13:04 | 1437258 sun tzu
sun tzu's picture

The politicians have done enough damage with their wrecking ball laws. The only work they do involves stealing from the dying middle class and giving it to the ultra rich and welfare class

Fri, 07/08/2011 - 09:12 | 1435911 alien-IQ
alien-IQ's picture

it's gonna be pretty damn tough to spin this into some happy bullshit...but I have no doubt CNBC will try.

Fri, 07/08/2011 - 09:14 | 1435926 Misean
Misean's picture

"People return to the workforce when the ebubblemy is on an upswing..."

That oughta do it.

Fri, 07/08/2011 - 09:12 | 1435916 snowball777
snowball777's picture

I prefer to think of it as 5 million man-years of wasted potential.

 

Fri, 07/08/2011 - 09:23 | 1435983 midtowng
midtowng's picture

One of these days mankind will evolve the economy into something more efficient.

Fri, 07/08/2011 - 09:12 | 1435917 Caviar Emptor
Caviar Emptor's picture

Avg hourly earnings edged down a penny: Biflation bites

Fri, 07/08/2011 - 09:14 | 1435922 snowball777
snowball777's picture

An ugly limbo contest ensues.

Fri, 07/08/2011 - 09:13 | 1435924 urbanelf
urbanelf's picture

Given how it's calculated, if people start switching to dog food, does that mean the CPI will go down?

Fri, 07/08/2011 - 09:14 | 1435929 Misean
Misean's picture

The chained-cpi crap...yes.

Fri, 07/08/2011 - 09:18 | 1435944 PositivelyNegative
PositivelyNegative's picture

This is a great time for millions of unemployed to have their benefits run out. My state just told me that because things are so good and the unemployment rate in my state is below a certain threshold, that they are cutting my benefits early...Thanks!! I was unaware of how great things were.

Fri, 07/08/2011 - 09:22 | 1435975 JMT
JMT's picture

Maybe because the majority of people DO HAVE jobs ya think?? I don't want to state the obvious but if you have been unemployed for so long it is because either A) your resume s***ks, B) you have poor interview skills,  C) you may have been badmouthed off the cuff by someone in your industry

Fri, 07/08/2011 - 09:25 | 1435995 midtowng
midtowng's picture

Ah. So we are in a Greater Depression, but the reason you can't get a job is still because you suck.

Fri, 07/08/2011 - 11:03 | 1436655 Rhodin
Rhodin's picture

Or.  Maybe because you will not?

Fri, 07/08/2011 - 09:20 | 1435956 King_of_simpletons
King_of_simpletons's picture

"Unemployment won't be key in 2012" : Obama's Advisor.

So what's the economy without jobs..... A Wall Street Casino with the Fed printing and funding it.

Bravo Banana republic !

 

 

Fri, 07/08/2011 - 09:20 | 1435957 JMT
JMT's picture

{{{{the report was horrible...no mitigating factors...household was awful, employment rate was only held in check by reduction of labor force...birth/death was large...hourly earnings were flat, weekly avg hours was down....}}}}

 

From what I hear if you unemployed longer than 6 months you are pretty much unemployable (even if the ad doesn't say so). And as a hiring manager said to me at an interview -- most of the resumes he got for this position were s***t.  I got invited back two days later for 'lunch' with the company (which consisted of eating with them for 1 hour then being sent on my way) and never heard back. 

Hoever, in the Boston MA area (or actually anywhere east of I 495 in Massachuetts) it seems like the economy and job growth is booming.  Recruiters report they have literally thousands of positions that cannot be filled..  The colleges graduate thousands every year and I haven't heard of anyone having trouble finding a job even since mommy & daddy foot the $60,000  a year it costs to goto BU or BC

Fri, 07/08/2011 - 09:49 | 1436140 W T Effington
W T Effington's picture

Open your eyes and ears dumbass.

Fri, 07/08/2011 - 11:12 | 1436714 Rhodin
Rhodin's picture

Most of those positions that "cannot be filled" are designed that way, so H1Bs can be "temporarily" hired to fill the gap at great savings.  Of course the H1Bs don't meet all the requirements either, but that's ok, since they are "only temporary" (forever).  Yet every year those interviews have to be held to "prove" the position cannot be filled domestically

Fri, 07/08/2011 - 13:59 | 1437455 RKDS
RKDS's picture

I can always tell someone who's beeing unemployed and struggled to find a job from the loudmouths who've never had to suffer through it but think they know everything.

All I can say is keep trying and eventually you'll meet an interviewer who knows what the hell they're doing, even if you have to apply for government jobs to find them.

Fri, 07/08/2011 - 09:20 | 1435959 JMT
JMT's picture

{{{{the report was horrible...no mitigating factors...household was awful, employment rate was only held in check by reduction of labor force...birth/death was large...hourly earnings were flat, weekly avg hours was down....}}}}


From what I hear if you unemployed longer than 6 months you are pretty much unemployable (even if the ad doesn't say so). And as a hiring manager said to me at an interview -- most of the resumes he got for this position were s***t.  I got invited back two days later for 'lunch' with the company (which consisted of eating with them for 1 hour then being sent on my way) and never heard back. 

Hoever, in the Boston MA area (or actually anywhere east of I 495 in Massachuetts) it seems like the economy and job growth is booming.  Recruiters report they have literally thousands of positions that cannot be filled..  The colleges graduate thousands every year and I haven't heard of anyone having trouble finding a job even since mommy & daddy foot the $60,000  a year it costs to goto BU or BC

Fri, 07/08/2011 - 09:21 | 1435968 BeerWhisperer
BeerWhisperer's picture

President to speak at 10:30 on unemployment. Get to the bottom of the evil unemployment speculators causing spikes.

Fri, 07/08/2011 - 09:24 | 1435981 John Law Lives
John Law Lives's picture

QE1 and QE2 worked so well (for TBTF banks) that they (TBTF banks) MUST have QE3.

 

Fri, 07/08/2011 - 09:27 | 1436016 Dr. Engali
Dr. Engali's picture

It's interesting how the spikes get higher the further we get away from WWII. I's like to see a chart leading up to it.

Fri, 07/08/2011 - 09:32 | 1436055 laomei
laomei's picture

Furthermore, as an accellerationist, I applaud this news

Fri, 07/08/2011 - 09:38 | 1436080 Everybodys All ...
Everybodys All American's picture

I thought Goolsby had moved on ... yet we see this parrot talking on CNBC still.

Fri, 07/08/2011 - 09:55 | 1436179 sbenard
sbenard's picture

Let's face it! This IS a Depression!

Fri, 07/08/2011 - 10:10 | 1436288 White.Star.Line
White.Star.Line's picture

I see increased corporate profits coming!

Fri, 07/08/2011 - 10:27 | 1436389 sbenard
sbenard's picture

Now I know what a depression looks like!

Fri, 07/08/2011 - 12:13 | 1437042 PulauHantu29
PulauHantu29's picture

One problem I see first hand is that employers in my area are hring but few Americans want those jobs since they collect more form unemployment benefits.

It's a dilemma at this point that has to break. My idea is to have benefits decrease with time ...this provides more incentive to look for a job since with each coming week your benefit is lower.

The other issue is repatriation of all the illegals. That would free up about 10 Million jobs right there.

GL!

Fri, 07/08/2011 - 13:14 | 1437298 sun tzu
sun tzu's picture

Unemployment tops out at $400/wk in most states. Most people get less than that. If those jobs are paying less than unemployment, then they are violating minimum wage laws.

Fri, 07/08/2011 - 13:17 | 1437309 sun tzu
sun tzu's picture

Unemployment tops out at $400/wk in most states. Most people get less than that. If those jobs are paying less than unemployment, then they are violating minimum wage laws.

Fri, 07/08/2011 - 13:19 | 1437316 sun tzu
sun tzu's picture

Unemployment tops out at $400/wk in most states. Most people get less than that. If those jobs are paying less than unemployment, then they are violating minimum wage laws.

Fri, 07/08/2011 - 14:02 | 1437467 RKDS
RKDS's picture

And the difference between losing your home when unemployment runs out (if you didn't lose it when you became unemployed) and losing your home because McDonalds doesn't pay enough is what exactly?

Fri, 07/08/2011 - 15:38 | 1437967 AldousHuxley
AldousHuxley's picture

When you lose your home, you can sell all the made in china junk for food money and move in to an apartment where you rightly belong.

Too many Americans think they are entitled to a home.

 

Fri, 07/08/2011 - 15:03 | 1437747 AldousHuxley
AldousHuxley's picture

Cut off unemployment after 99 weeks, and allow idiots to move to north dakota where unemployment is 3%.

 

Also allow American teenagers to apply for jobs held by illegal aliens.

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