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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ads56's picture


trav7777's picture

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

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.

TheTmfreak's picture

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.

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.

TheTmfreak's picture

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.

laomei's picture

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

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.

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.

Rhodin's picture

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?

Jack Kreuz's picture

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.

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.

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.

StychoKiller's picture

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

sun tzu's picture

The same will happen to Chinese companies in America. 

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.

laomei's picture

and more server error ;_;

laomei's picture

damnit.. server error again

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.

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...

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. 

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?

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.

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?

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. 

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."

Dental Floss Tycoon's picture


Homeland Security is hiring.  

They're going to need a lot of them.


SilverRhino's picture

Wipe that hope and change off your chin.  

Silver Shield's picture

There are many reasons to pull the chute...

oogs66's picture

the report was 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....

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?

Hedge Jobs's picture

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

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.

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.


espirit's picture

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

snowball777's picture

Can't shake the devil's hand and say you're only kidding.

sun tzu's picture

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

101 years and counting's picture

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

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.

Sgt.Sausage's picture

==>  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.



espirit's picture

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

ElvisDog's picture

Insurance premiums only cover the first 6 months of unemployment. After that, it's a handout pure and simple.

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

midtowng's picture

What makes you think that anyone "suddenly" wants a job? Have you actually looked at the job market these past few years?

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).


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.