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People Who Want A Job Now, Average Duration Of Unemployment Both Hit All Time Highs

Tyler Durden's picture




 

Two charts that confirm that the US economy is, and has been for the past 3 years, in nothing short of a depression.

And average duration of unemployment which just hit 39.7 weeks. Another record. (chart courtesy of John Lohman)

 

 

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Fri, 06/03/2011 - 09:05 | 1335411 hugovanderbubble
hugovanderbubble's picture

Thx Tyler & John Lohman,

 

Very Indicative of the farce divergence between Main Street and Wall Banksters Street.

Fri, 06/03/2011 - 09:45 | 1335638 midtowng
midtowng's picture

The average duration on unemployment isn't even comparable to anything in recent history.

This should be obvious to anyone with a brain that something is seriously wrong.

Fri, 06/03/2011 - 12:21 | 1336371 A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

I dunno. My Dad says that it's beacuse people are lazy.

 

But, then again, he watches Fox News while sitting naked in the dark with a loaded gun.

Fri, 06/03/2011 - 15:52 | 1337326 citizen2084
citizen2084's picture

Your lucky to have such a grand ole dad

 

Sat, 06/04/2011 - 00:55 | 1338762 jerry_theking_lawler
jerry_theking_lawler's picture

most importantly, does he have his stash of physical metals next to him too...if so, then he is what we here on ZH called 'prepared'...

Fri, 06/03/2011 - 09:05 | 1335414 TheTmfreak
TheTmfreak's picture

I wonder how much unemployment can be blamed on minimum wages. No doubt about it at least during the "Great Depression" you could hire people to do some sort of work just because you didn't have to pay them more than the work was worth / health care / unemployment insurance / social security / medicare and so on.

Fri, 06/03/2011 - 09:07 | 1335446 youngman
youngman's picture

unfortunatly a lot would be hired with simplier and less regulations...costs...
We will be back to the HOBO days soon....when you can hire a laboror for a day...for cash...key up Woodie Guthrie music....

Fri, 06/03/2011 - 13:19 | 1336607 RKDS
RKDS's picture

I'm sorry but how fucking stupid do you have to be to genuinely believe that lack of money is what's holding the super-rich back from anything?

Fri, 06/03/2011 - 09:15 | 1335481 Jayda1850
Jayda1850's picture

If you get rid of the minimum wage, unemployment would be 6% by this time next year. Congress would never do it, but I would much rather have someone getting paid $4-$5 an hour getting on the job training and learning a skill than sitting at home collecting taxpayer money. Here's an idea, eliminate the minimum wage and to assuage all the liberals, any pay under the minimum wage isn't subject to income tax.

Fri, 06/03/2011 - 09:26 | 1335533 Mountainview
Mountainview's picture

They can't even afford Prosac anymore!!!! Really depressing! and not the slightest idea how to get out of it!

Fri, 06/03/2011 - 09:32 | 1335562 TheTmfreak
TheTmfreak's picture

I completely agree.

I think at first you'll see people pick their nose up to being paid less, but eventually would have no choice if you removed the support systems.

As long as welfare is more profitable (and provides you significantly more personal time to do what you want) than working a job for less (even significantly) less money than they'll do welfare. It is hard to blame them. The only blame i'd put on them is the lack of for sight that sooner or later you'll have to start working again and by then you'll have been out of a job for quite some time and have to result to unskilled labor, rather than moving forward by taking the "suck it up now for it to possibly pay later."

Fri, 06/03/2011 - 09:45 | 1335659 MachoMan
MachoMan's picture

Forcing the shackles on the mouth breathers is a noble effort and all, and probably inevitable, but it's difficult to envision that going over so well without gutting the top tiers as well...  somehow, we're going to have to differentiate between those merely "playing the game" within the reasonable confines of the system and those unreasonably bending/breaking the rules/creating them.  Not an easy task...

But, we can't have one without the other...  not with the wealth gap where it is.

Fri, 06/03/2011 - 10:30 | 1335845 Bob
Bob's picture

While reason still prevails, at least.

Fri, 06/03/2011 - 10:39 | 1335899 TheTmfreak
TheTmfreak's picture

Thats the root of something I've been harping on for a very long time.

Over-generalization.

"The rich are the bad guys." Uhh... well maybe some, but certainly not all.

Not an easy task is even an over-simplification of it. On some level every single person is guilty of the corruption that we all bitch about.  While I think the wealth gap is an issue, I think there are potentially ways around it other than just "redistribution of wealth." One way is to stop valuing what makes up their wealth. Fiat money based on a fiat rigged system.

Ok i can't pay people beneath a minimum wage? Well I guess i can always trade their services for something like silver pieces. Or hell if need be (in tougher times) pay them in food. "Will work for food"

 

Fri, 06/03/2011 - 13:01 | 1336536 Elliott Eldrich
Elliott Eldrich's picture

Two men want a billion dollars. One wants it to build a factory, hire people, make good products and benefit the community. The other wants a solid platinum statue of themselves outside their palace. Two people, both want a billion dollars, but one wants to do something that will benefit many, the other wants to benefit their ego. So maybe it really doesn't have so much to do with wealth as with intent?

Sat, 06/04/2011 - 06:20 | 1338944 foofoojin
foofoojin's picture

what are good products?  and why isn't a statue a good product? is building a factory in a land full of factories really the best use of capital?  isn't it more efficient and less risky to have the statue built. the artist is sure to go through time of starvation and spend down that money. as opposed to mafia run factories? what if the factory kills one father/brother/mother/sister a year? a month?

Fri, 06/03/2011 - 14:09 | 1336836 MachoMan
MachoMan's picture

How do you take wealth from some and give it to others without a redistribution of wealth?  You're probably in the "devaluation is not default" camp...  while I realize objectivity is an impossibility while within the confines of the human condition, there's no need to sprint the other way.

How can we stop valuing every asset class in existence?  Do wealthy people solely have ethereal dollars?  Are we not witnessing the final conversions of paper into real assets?  We're at the end of a really, really long play here...  not only is a tear jerker, but every cast member is at the top of his game.  (even I can't fall asleep it's so good!)

A future where people merely work for food is a captured future...  one of grave concern to all (the puppeteers may turn on you at any time).  It is exactly what will happen if we turn "free" market principles loose without leveling the playing field first... 

Rich people are not the bad guys necessarily...  the problem is that the rich are giving no one else the wherewithal to differentiate between them.  (see generally captured regulatory environment, retarded prosecutors, captured media, retarded AGs, dishonest administration, retarded congress, etc.)...  while we all benefit or are guilty of accepting the monetary largesse of our printers in charge, there can be substantial debate as to whether those benefits have been repaid via the inflation tax...  I'm not sure that same defense works for those at the top of the wealth gap... 

Fri, 06/03/2011 - 10:39 | 1335898 falardea
falardea's picture

Do you mean welfare or unemployment insurance...?  Because unemployment, as much as you may not like it, is paid into by those that work.  It is part of the pay structure.

Fri, 06/03/2011 - 10:42 | 1335915 TheTmfreak
TheTmfreak's picture

Not quite.

Unemployment is paid by employers. Unemployment insurance (at varying levels) is required to hire employees so that even if you have very low paid employees the costs must increase.

Normally I might agree with you on "its part of the pay" in other words, calculate it with the total cost of employing, but when we are talking about a minimum wage that isn't the case. Minimum wage says that you must pay them that amount AND unemployment insurance. So that is paid PURELY by the company at that point.

Fri, 06/03/2011 - 10:46 | 1335952 falardea
falardea's picture

Fair enough, at that level I can certainly see how it is not part of the pay structure.  I was salaried exempt before becoming one of those statistics, and I might have been looking for a fight.  ;)

Fri, 06/03/2011 - 10:58 | 1336009 TheTmfreak
TheTmfreak's picture

Good to see people can come to an agreement on ideas.

I'm all about getting rid of these "benefits." All it is is less money that a company can give you to do what you want. Right now my job gives me all sorts of benefits i don't use. They account that into their bills and since I don't use them THEY DON"T HAVE TO PAY FOR THEM. They pocket the money.

Fuck that. I want my money. The only time I think they actually become benefits is if they get a hook up from their provider (lets say medical insurance) and you actually do get cheaper insurance as part of a package deal with a company. Other than that, its milking the position at your expense.

But again, all of that doesn't apply to minimum wage specifically. It adds to the overall cost of employing a person and thats what the entire debate is all about. Increased total costs = less employment = likely less production (without innovation to remove the requirement to hire people). If you remove the tools of competition you have failure. Its really that simple. You have to have production (people or robots) if you can't have production because it costs to much and you can't out-innovate your way out, you fail. The post by Tyler clearly implies that we are not going to innovate or lower costs our way out of this one.

Fri, 06/03/2011 - 14:31 | 1336914 RKDS
RKDS's picture

If corporate taxes are paid by customers, then Goddamnit unemployment and both sides of SS/MC are paid by employees.

Fri, 06/03/2011 - 17:18 | 1337615 TheTmfreak
TheTmfreak's picture

You need to reread everything I've said because clearly you don't understand the argument nor my position. I've already stated that unemployment and SS/MC are paid by employees EXCEPT when it comes to MINIMUM WAGES. Because there is a minimum wage you cannot make that argument for minimum wage workers.

 

Fri, 06/03/2011 - 09:35 | 1335577 Henry Chinaski
Henry Chinaski's picture

meanwhile the unemployed become unemployable and a new generation doesn't even have a chance to learn how to work

and people think that the minimum  wage is compassionate

Fri, 06/03/2011 - 09:35 | 1335596 capitalist bison
capitalist bison's picture

+1

Fri, 06/03/2011 - 10:03 | 1335705 TheTmfreak
TheTmfreak's picture

I read yesterday that what.. 83% of people polled think a higher minimum wage is better? I through the idea, yeah Venezuela thinks that too but funny how its not working.

 

I'd say its not compassion, its disarming and pathetic.

 

Edit: There was a great quote from the Atlas Shrugged Part 1 movie about this. something along the lines of "you want me to give workers jobs, but give them no jobs to do." The government basically says that you either give them the money we want you to give them for the job (regardless of the job) or you don't hire them.  Fucking wow.

Here is the situation. I need help picking some soy beans... Man I sure could use some help... hey you out of work guy can you help me do this? I can only pay you 5 dollars an hour to do this work... In comes the government, hey unless you're going to give them health insurance, unemployment insurance, medicare, dental, vision, and college education you can't hire them. "Ok, well i guess we are both fucked because I can't hire him."

Fri, 06/03/2011 - 14:36 | 1336911 Rynak
Rynak's picture

Actually, if you would divide the total amount of cash needed for living costs of the population... by the number of required workhours...... you'd see that wages should be about 200 percent of what they are now.

Thinking that a reduction in wage would magically create more required workhours in the industry, is so incredibly stupid, and complicit in the enslavement of the population, that i for safety reasons shouldn't even attempt explain it.... and i'm not talking about my safety.

 

Short version: Creating poverty to push wages down has been the plan and execution since at least 20 years. They're basically extorting workers.

Sat, 06/04/2011 - 02:10 | 1338840 TheGoodDoctor
TheGoodDoctor's picture

Agreed. Minimum wage does not keep up with inflation. But the self important rubes here don't realize this and most if not all have never worked for and lived on a minimum wage. So they can't speak to the poverty level. Even these assholes go to the store and buy gas. So, why won't you work for $4 an hour then? What makes you so much better than anyone that you can decide that minimum wage should be abolished. What in the fuck can you buy for $160 a week much less than $290 a week? These self righteous dickheads have no fucking clue.

If you make minimum wage you are barely above poverty. And I am sure the government poverty numbers are not right either. Businesses don't hand out "unlimited" raises either do they now? Usually there is only so much you can get and generally it's capped at COLA. And many don't even keep up with inflation. So it is a losing game all around.

Eventually there will be a wage disconnect where people can't buy anything. No demand, no jobs, no one paying in taxes. It's getting closer. The only reason this has worked this way for 20 years as you say is because NAFTA allowed us to import cheap goods so even on minimum wage you didn't seem too poor. Oh and the credit boom. Don't forget that. Wages have been flat since 1970. Everyone is getting poor aside from the top 10%. Tyler posted an article here at ZH with nice charts and everything awhile back.

Fri, 06/03/2011 - 09:40 | 1335601 DeltaDawn
DeltaDawn's picture

This would only lead to trailer trucks full of immigrants who see opportunity and more natives seeking out government benefits because they don't.

Fri, 06/03/2011 - 10:19 | 1335810 TheTmfreak
TheTmfreak's picture

That doesn't happen now?

The jobs that aren't being fullfilled by "legals" are being fullfilled illegally, regardless of the minimum wage.

Minimum wage states that if the person is legal they are not allowed to work unless it is for a certain wage.

Minimum wage also states that if the person is NOT-legal, they can work for any wage. Laws do not fix shit like this, it only makes it worse and those who choose to abide by the law get screwed.

Fri, 06/03/2011 - 14:13 | 1336853 MachoMan
MachoMan's picture

So long as there is a presumption of government benefits, both legals and illegals will be clawing for it...  the only difference being the illegals may be more inclined to find odd jobs off the books...  at least the first generation or so.

Fri, 06/03/2011 - 10:35 | 1335880 Henry Chinaski
Henry Chinaski's picture

More than likely it would lead to hoards of young people filling entry level, unskilled and part time jobs, leaving funds for employers to expand, compete and hire more people at every wage level. 

Coersion is the most ineffecient, expensive and ultimately violent solution to a problem.  Once you "get" that, the best solutions become easier to see.  Nearly every economic and social problem confronting us today can be improved with more liberty, rather than more coersion.

Fri, 06/03/2011 - 10:44 | 1335934 TheTmfreak
TheTmfreak's picture

Its already well shown that the most unemployed are the youth who want jobs. They can't get jobs because its fairly common knowledge that people would rather hire somebody who has a family than a youth.

 

This is all built into social dynamics. Regardless of whether we think it is right or not, people are not going to hire youth over others who "need it more." Particularly when the cost benefit really doesn't make much of a difference.

Fri, 06/03/2011 - 09:41 | 1335605 DeltaDawn
DeltaDawn's picture

This would only lead to trailer trucks full of immigrants who see opportunity and more natives seeking out government benefits because they don't.

Fri, 06/03/2011 - 14:20 | 1336890 Glasater55
Glasater55's picture

I have been thinking along these lines for quite some time. Great idea.

Fri, 06/03/2011 - 09:27 | 1335551 Ying-Yang
Ying-Yang's picture

Yeah and who determines what someone is work? It is pretty sad when a person supporting a family tries to make ends meet on a Walmart job.....

You think most CEOs are worth their pay and bennies? What is the worth of a fireman when he saves your kid's life. Grow up!

Fri, 06/03/2011 - 09:45 | 1335640 tmosley
tmosley's picture

Uhhh, he's talking about a minimum wage, and you say the minimum wage is good because CEOs get paid too much when we have minimum wages in place?

You are saying minimum wages are good?  But the problems you describe exist NOW, in the presence of a minimum wage.

Don't you get it?  Just because a job is paid the minimum wage now doesn't mean that if you drop the minimum wage, the job will continue to pay that much, even if it goes to zero.  Those jobs will still pay the same amount.  It just means that new jobs will open.  Less capital will be deployed in the hopes of avoiding paying more people a minimum wage.  IE you will see self checkouts disappear, replaced with more human checkers.  Dishwashing machines are replaced with humans.  Automation is replaced with low paying jobs for the young and the desperate.

Yet you seem to prefer that the young and the desperate would have no options.  You would force them into perpetual poverty that crosses generations.

Pretty shitty of you, if you ask me.

Fri, 06/03/2011 - 10:17 | 1335791 TheTmfreak
TheTmfreak's picture

Probably one of your more coherent posts lately. Also probably the strongest. 

Fri, 06/03/2011 - 10:35 | 1335863 Katow-jo
Katow-jo's picture

Disagree completely.  A few years ago I used to work in retail; average raise given every year was about $.25.  They based this off a whole years performance, with a possibility of something like a $.75 raise if you kicked ass.  Well, about a month before reviews they would come down hard on every single employee for any and everything just to lower your raise as much as possible.  Long story short, the goverment approved a minimum wage hike and my pay shot up $1.50 immediately, equivalent to a few YEARS of raises.

 

Without government intervention in how employers treat their workers, they will pay everyone pennies, because where else will you work?  Government is needed in some form to create an even playing field against very powerful corporate interests, which means minimum wage,  minimum age, OSHA, etc. 

Fri, 06/03/2011 - 10:52 | 1335973 TheTmfreak
TheTmfreak's picture

Here we go.... "Because my pay increased minimum wage is justified."  Again go look at venezuela. If you need help finding this information let me know and I'll hook you up. They have HUGE minimum wage increases every year, guess what they don't work.

I've been in the same shoes as you but in my opinion you're completely off base with the blame.

Where else are they going to work? There are still PLENTY of places, in fact there used to be more, but due to ever increasing government intervention these mega companies have grown larger. (Also you could always work for YOURSELF) Guess what, retail used to be mom and pop shops that didn't do what you claim business does. Let me guess you buy products and shop at these big business you hate so much? Stop buying into the scheme and bitching about it. (I'm making the assumption you do, especially since this is probably the most common thing). You still have a choice, don't support them.

You really think the government and corporations work differently? Government creates unintended concequences just as much as corporations do. Corporations do things like "minimum wage increases" as well. Thats your .25 given every year. Because of the extreme top down dynamics of those companies they try to skirt around and improve their looks by doing exactly what you said. Government does the same shit. Don't blame business, blame BIG business and big government for that.

One last statement. For every minimum wage increase is less people employeed to employ you. Look around you at  youth employment numbers. Nobody can afford to employ these people so while some may get raises, less people are employeed and they are required to do more work for arguably LESS pay.

Fri, 06/03/2011 - 10:36 | 1335866 Katow-jo
Katow-jo's picture

Double -post

Fri, 06/03/2011 - 10:30 | 1335847 Missiondweller
Missiondweller's picture

Also, we have 11 million illegal immigrants.

Here in CA, many of the make work jobs someone might take to make ends meet are done by illegal aliens. An unemployed citizen can't get a temp job as a painter for example.

Fri, 06/03/2011 - 10:59 | 1336011 TheTmfreak
TheTmfreak's picture

BING.

Someone living in reality.

I tell people all the time that if I didn't have student loan debt I'd quit my job and become a construction worker. But then I know when I say that, its not true because there is no way I'd get hired.

Fri, 06/03/2011 - 16:18 | 1337427 blunderdog
blunderdog's picture

There are few million young folks working what used to be considered lower-middle class jobs FOR FREE because there's not enough work out there, and you're harping on the minimum wage.  Uy uy uy.

Newsflash: you can't do better than FREE.  And there's not enough work.

Fri, 06/03/2011 - 09:03 | 1335425 misterc
misterc's picture

America is in the trash!

 

(Seriously, my fellow Germans who live in SoCal are astounded how expensive food items have become)

Fri, 06/03/2011 - 09:13 | 1335460 DeltaDawn
DeltaDawn's picture

Tone down the rhetoric...we are in the recycling bins.

Fri, 06/03/2011 - 09:17 | 1335474 Use of Weapons
Use of Weapons's picture

PC term is freeganism these days - its moved up a social class

Fri, 06/03/2011 - 09:56 | 1335704 topcallingtroll
topcallingtroll's picture

Freegan chics are really fun.

Join your local chapter of food not bombs.

Fri, 06/03/2011 - 10:11 | 1335774 serotonindumptruck
serotonindumptruck's picture

Another new PC term:

Urban Foraging (aka, dumpster diving)

Fri, 06/03/2011 - 09:25 | 1335526 magpie
magpie's picture

Meanwhile on this side of the Atlantic, let us combine our charity for Greece with genuine PM-buggery, say instead of Eurobonds the government starts minting the silver 10 € for 20 , the seigniorage mostly going to help the poor Hellenic Republic.

The Notgroschen could have a nice engraving of the exploding Acropolis and an empty Ouzo bottle.

Fri, 06/03/2011 - 10:29 | 1335854 Missiondweller
Missiondweller's picture

a nice engraving of "the exploding Acropolis and an empty Ouzo bottle"

NICE!

 

 

 

 

Fri, 06/03/2011 - 10:21 | 1335799 earnyermoney
earnyermoney's picture

I'll bet they can get some real discounts on European produce at the moment.

Fri, 06/03/2011 - 09:07 | 1335426 PaperBear
PaperBear's picture

I have seen some parabolics on charts since coming to ZH 8 months ago but DAMN.

Fri, 06/03/2011 - 09:03 | 1335427 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

... and more Quantitive Easing fixes this how?

Fri, 06/03/2011 - 09:13 | 1335467 ziggy59
ziggy59's picture

..because this time will be different..honest!

Fri, 06/03/2011 - 14:39 | 1336957 RKDS
RKDS's picture

The best part is the super rich and their lackeys crying about lowering the minimum wage even as their purchased government prints us into hyperinflation.  Hey, assholes, maybe if you didn't print so much free money for your bankster buddies, the minimum wage wouldn't have to push higher?

Fri, 06/03/2011 - 09:04 | 1335428 Conrad Murray
Conrad Murray's picture

How long until there is a Tahrir Square in America?

 

Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, DC  20551

(202) 452-3000

Fri, 06/03/2011 - 09:06 | 1335436 TheTmfreak
TheTmfreak's picture

Drove by there just the other day, the girlfriend pointed the building out, and promptly gave them the finger.

I was impressed. Sometimes you just know when you love a girl.

Fri, 06/03/2011 - 09:18 | 1335495 redpill
redpill's picture

Sounds like a keeper!

Fri, 06/03/2011 - 10:16 | 1335792 earnyermoney
earnyermoney's picture

FED shill must be reading ZH this morning. Only one who would junk this post. Hope you and your significant other donned ski masks when offering the proper salute of the FED.

Fri, 06/03/2011 - 12:19 | 1336359 TheTmfreak
TheTmfreak's picture

I do find it very funny I was junked for that post haha. Nice observation.

My girlfriend is proof that people can figure shit out. I mean I knew she was good to go when i met her even though she claimed she was a "liberal." To her (and probably most others) liberal means "I don't like neocons who want to dictate other people's life." A completely justifiable position.

 

Fri, 06/03/2011 - 09:04 | 1335431 Cvillian
Cvillian's picture

Love watching Gary Kaminsky slam Leisman and groupthink.

Fri, 06/03/2011 - 09:05 | 1335437 homersimpson
homersimpson's picture

Someone better tell Leo to put in his next article that the economy has been "up" the past few years strictly due to deficit spending..

Fri, 06/03/2011 - 09:06 | 1335438 lizzy36
lizzy36's picture

Looking forward to non transitory "extended period" language. And perhaps non transitory QE.

BOOYAH.

LMAO at Goldmans prediction of 4% growth in December 2010.

You know who get it right time after time.......that fringe conspiracy blog:ZH (FTMFW)

Fri, 06/03/2011 - 09:21 | 1335493 Raynja
Raynja's picture

"that fringe conspiracy blog" got referenced on bloomberg a couple minutes ago concerning birth death model article. Someones reading Tyler

Fri, 06/03/2011 - 09:39 | 1335600 augie
augie's picture

Why is GS up .5% right now?

Fri, 06/03/2011 - 09:10 | 1335441 Ancona
Ancona's picture

Now where did I leave my pitchfork.....?

Fri, 06/03/2011 - 09:15 | 1335480 ziggy59
ziggy59's picture

remember the Hamptons! LIE(east) to exit 70 make right...27East to you get there. 

Fri, 06/03/2011 - 09:07 | 1335443 Fantasy Planet
Fantasy Planet's picture

Great.  I'm in week 1 of my search.  With trending I may only have about 50+ search wks. left!   

Fri, 06/03/2011 - 09:26 | 1335552 topcallingtroll
topcallingtroll's picture

Not to be too trollish, but statistically you odds of finding a job are inversely correlated with the richness of unemployment benefits and severance pay.

Fri, 06/03/2011 - 09:11 | 1335447 orangedrinkandchips
orangedrinkandchips's picture

these fucking charts DO NOT LIE.

Funny, everybody is worried about the Jamie Diamonds (who cant say anything else but good-vibed bullshit) getting all the money...

 

well folks...it's all about confidence in this toilet paper we exchange for goods/services. It's cloth really, not worth a few cents per bill.

 

When the music is over,  turn out the lights

Fri, 06/03/2011 - 09:20 | 1335513 topcallingtroll
topcallingtroll's picture

Charts dont lie but people do.

To claim you want a job, but arent going to go out looking for one means you dont really want a job.

U6 is for liars. U6 people really arent that interested in finding a job or they would actually make some effort.

Fri, 06/03/2011 - 09:26 | 1335550 Medea
Medea's picture

And I'm sure your claims are backed up by piles of evidence.

Fri, 06/03/2011 - 09:32 | 1335561 topcallingtroll
topcallingtroll's picture

Look at the definitions of U3 and U6 unemployment statistics.

If you really wanted a job dont you think you would have looked at least once in the last thirty days?

Fri, 06/03/2011 - 14:41 | 1336968 RKDS
RKDS's picture

I would love to see you lose whatever digit or paper shuffling "job" you do and run right out to flip burgers for a fraction of the pay.

Fri, 06/03/2011 - 09:11 | 1335450 becky quick and...
becky quick and her beautiful mouth's picture

i always take these stories with a grain of salt. i was talking with the manager of a menards here (big box building store like home depot). he can't find anyone to stock shelves from 5 am to 9 am. pays $12 an hour. no applications at all, and this is in a college town where you'd think there would be tons of kids lining up.

Fri, 06/03/2011 - 09:14 | 1335476 Hephasteus
Hephasteus's picture

Man you cnbc people love that fucking cocaine don't ya.

http://www.youtube.com/watch?v=9PR_rzF8ofw

Fri, 06/03/2011 - 09:20 | 1335487 topcallingtroll
topcallingtroll's picture

So true.

I cant find anyone willing to take my jobs at $15 an hour except latinos who are excellent workers. I live in a college town too.

Bunch of phucking pussies and whiners. Apparently our unemployed are not yet properly incented to accept the available work.

Fri, 06/03/2011 - 09:31 | 1335557 Medea
Medea's picture

Are you really this dumb?

Fri, 06/03/2011 - 09:32 | 1335579 topcallingtroll
topcallingtroll's picture

Explain yourself, mister, and let's find out.

Fri, 06/03/2011 - 09:37 | 1335603 Medea
Medea's picture

That you use anecdotal (and I suspect personally spiced) evidence to support a general principle.  It's lazy thinking. Simple as that.

Fri, 06/03/2011 - 10:09 | 1335766 topcallingtroll
topcallingtroll's picture

Anecdotal....check
Personally spiced....well if you are talking about my hyperbolic writing style.....guilty as charged!

However if you are talking about how hard it is to find " real" americans willing to do manual labor jobs even you will have to admit no one wants them but the latinos.

Fri, 06/03/2011 - 10:17 | 1335782 Medea
Medea's picture

Well, if we're proving points with anecdotes... I had a tree removed from my property last week, and my pool was opened. All in all, about 8-10 laborers. All white dudes. We can do this all day, but it gives us zero understanding of the bigger picture.

Fri, 06/03/2011 - 14:49 | 1336996 RKDS
RKDS's picture

topcallingtroll is a liar, on drugs, or both.  Home Depot in PA pays all of about $7.25 per hour (concidentally, minimum wage) and that's it.  All of the retail stores are from there to perhaps $8 tops if you go "full" time and they won't even return calls from someone looking for a 2nd or 3rd job.  He probably hires illegal Mexicans because he's a cheapskate and when the work is done runs them off screaming "la migra! la migra!" because he's a jerk too.

Fri, 06/03/2011 - 10:17 | 1335794 serotonindumptruck
serotonindumptruck's picture

+1 Mexican Backhoe

Fri, 06/03/2011 - 10:43 | 1335909 MissCellany
MissCellany's picture

The only reason I can see for no one applying for the stock job, is that it conflicts with commute/start times at regular day jobs. But you'd think there would be one or two college kids who could schedule around that AND wouldn't complain about the early hours, 'cuz it would leave the evenings wide open. Sheeit, I'd have taken on that job in a heartbeat while I was in school...

Fri, 06/03/2011 - 09:12 | 1335454 orangedrinkandchips
orangedrinkandchips's picture

In other words.....

 

THIRSTEN HOWELL THE THIRD!!!! case in point....all that money cant buy jack shit when nobody takes it.

Fri, 06/03/2011 - 09:09 | 1335456 John McCloy
John McCloy's picture

Mark my words. If anyone ever wanted to question how matrixed up and against the welfare of the people this Wall Street run govt is then make sure to watch the 5 oclock news tonite.
This will be a blurb and the death of Dr. Kevorkian will be the most alloted segment.

Fri, 06/03/2011 - 10:00 | 1335723 earnyermoney
earnyermoney's picture

Wonder who administered Last Aid to Dr. K?

Fri, 06/03/2011 - 09:15 | 1335463 101 years and c...
101 years and counting's picture

without QE3, the bankers get to scalp all that money put into 401k's, ira's, pensions, hedge funds, etc. over the last 2+ years.

explain to me again why there is QE3......if the goal of the equity markets is to steal the wealth from the bottom 95%.

 

Fri, 06/03/2011 - 09:13 | 1335468 topcallingtroll
topcallingtroll's picture

Ooh....this always brings out the troll in me.

IF YOU CLAIM YOU WANT A JOB BUT HAVEN'T LOOKED IN OVER A MONTH THEN YOU REALLY DON'T WANT A JOB.

THAT IS JUST LIKE MY MOOCHING BROTHER IN LAW WHO SAYS HE WANTS A JOB BUT JUST LIVES OFF OTHERS.

IF YOU REALLY WANT A JOB I GOT SOME DRAINAGE DITCHES TO DIG AND GENERAL LABOR NEEDED, BUT YOU UNEMPLOYED PUSSIES ARE TOO GOOD FOR THAT.

there...I feel much better.

Fri, 06/03/2011 - 09:17 | 1335488 becky quick and...
becky quick and her beautiful mouth's picture

exactly. see my comment above. there are shitloads of unemployed people where i live, yet all of hem are too important to work for $12 an hour.

Fri, 06/03/2011 - 09:36 | 1335582 VisualCSharp
VisualCSharp's picture

Devil's advocate here. It's a simple matter of economics, i.e., people will do the least amount of work for the most payoff. Why would people choose to work for $12/hr when they can enjoy leisure time while being paid by the government?

Fri, 06/03/2011 - 21:55 | 1338410 cranky-old-geezer
cranky-old-geezer's picture

The whole damn nation is imploding and you make a big deal about U6.  

What a moron.

Fri, 06/03/2011 - 09:17 | 1335472 jkruffin
jkruffin's picture

Now, we will see the effects of QE ruin the economy further, just as it did from 1929-1932. When stocks crashed into the abyss in 1932, and a full blown depression erupted.

The period from 2008-2011 is exactly identical and it is time to pay the piper.  Benny and Timmy can only watch and hope they are not charged with Treason.

Fri, 06/03/2011 - 09:19 | 1335483 monopoly
monopoly's picture

Even the idiots on cnbc not trying to spin this. One more piece to our puzzle is in. And we have a chance to get rid of Obama, never has a president been re-elected with unemployment over 8%. We have some hope.

Fri, 06/03/2011 - 09:26 | 1335530 the not so migh...
the not so mighty maximiza's picture

Replaced by whom? Banking schill Romster.

Fri, 06/03/2011 - 09:57 | 1335712 earnyermoney
earnyermoney's picture

exactly if it's someone other than Ron Paul.

Fri, 06/03/2011 - 09:19 | 1335485 Caviar Emptor
Caviar Emptor's picture

Welcome to the Long Hot Summer

Fri, 06/03/2011 - 09:20 | 1335489 monopoly
monopoly's picture

Gold up 10, silver down-.55. A little concerned here. Miners still nada.

Fri, 06/03/2011 - 09:17 | 1335492 FoieGras
FoieGras's picture

First chart needs to be normalized vs. total labor force. Absolute numbers such as "persons not in labor force" are meaningless because the total labor force is flucuating year over year.

Fri, 06/03/2011 - 09:24 | 1335523 monopoly
monopoly's picture

Good points all. What is wrong with picking lettuce, onions, flipping tacos or working for a septic tank company. if those are the only jobs available for now. But, just keep accepting govt. handouts for 99 weeks first. We, as Americans have to get over that. We have immigrants taking thousands of jobs because "we are too good for them". That has to stop and they will mostly have to go home. We have no jobs for good people trying to immigrate to this country. US first.

And on a side note, get us out of these wars. We have no money to support them. Time for others to take over the helm.

Fri, 06/03/2011 - 09:26 | 1335534 augie
augie's picture

halfed out of my spy 131 puts yesterday right before the close in anticipation of some manipulated numbers rallying the market. My question is, are we going lower, or is this going to be the first down friday in recent memory and i should sell some calls in anticipation of a blood bath?

Fri, 06/03/2011 - 09:29 | 1335547 LookingWithAmazement
LookingWithAmazement's picture

Hey Americans, how long you're gonna sit down and watch the whole bailout/moneyprinting/dollar-destroy-circus? Even the Tea Party hasn't shown up with a presidential candidate. Watch out, you'll end up with another Obama-term together with his fellow, the Bernank! Don't you want CHANGE?

Fri, 06/03/2011 - 09:53 | 1335692 Josh Randall
Josh Randall's picture

Who you talking to ? What do you want people to do other than riot in the street ? The smart ones that get this stuff already are working on state legislators to pass Gold and Silver backed currency proposals, North Dakota styled banking bills, and banning the TSA.

Its got a long way to go but progress is being made - if Kusinich and Paul can get us out of Libya - we can really get this party started 

Fri, 06/03/2011 - 22:05 | 1338424 cranky-old-geezer
cranky-old-geezer's picture

I'm not lifting a finger to solve the problems in America.  I want the whole thing to collapse. I'm ready for it. I look forward to it. 

It's the only thing that will bring down the corrupt government / bankster cartel.

Banksters are desparately trying to avoid collapse and civil war in Greece.  They're giving lots of ground, making concessions, extending maturities, etc, trying to stave off collapse and civil war.

They've revealed their Achilles heel, their weak spot, the thing they fear most.

Fri, 06/03/2011 - 09:58 | 1335696 earnyermoney
earnyermoney's picture

I'm voting for Ron Paul in 2012. I'm 100% certain I'll have to write his name on the ballot as the fascist Democrats and Republicans running this country will put forward their respective puppet.

Fri, 06/03/2011 - 10:10 | 1335770 augie
augie's picture

yep. just like 08'

Fri, 06/03/2011 - 14:53 | 1337039 RKDS
RKDS's picture

Me too...I wish enough people would figure that out so we don't end up with the same or different clowns again but I won't hold my breath and neither should you.

Fri, 06/03/2011 - 23:12 | 1338571 cranky-old-geezer
cranky-old-geezer's picture

RP doesn't have a prayer of being president.

If he managed to get elected he'd be assasinated in short order, just like Kennedy.

Fri, 06/03/2011 - 09:30 | 1335567 johny2
johny2's picture

Top of the world!

But really who still believes any of this stuff matters? We have bankrupt USA, bankrupt EU, bankrupt Japan, and we have bankers still getting their bonuses.

Disgrace.

Fri, 06/03/2011 - 09:30 | 1335570 FreeNewEnergy
FreeNewEnergy's picture

A TRULY GREAT DAY FOR AMERICA AND FREE MARKET CAPITALISM...

because the jobs data and all the other bad data from the past three weeks show that central planning doesn't work. Mark this day down because it is the date upon which Wall Street, the Fed and the federal government are shown to be frauds (throw in the mainstream media for good measure).

America can and will survive. Watch for more of the following, strictly from the private sector:

Innovation

entrepreneurship

rent parties

barn raisings

barter clubs

independent contractor

tax evasion

home business

cottage industry

buy American!

back yard garden

handymen (and women)

underground economy

black market

and forget the following:

mortgage payment

property tax increase (or any tax increase for that matter)

bank loan

TBTF (at least two of the big four BAC, JPM, WFC, C) will fail within a year

minimum wage

health insurance

The restructuring of America can begin apace! Get the insurance companies out of health care and let doctors earn their livings like they should, treating their patients individually.

National banks will become much smaller.

The Fed has to go.

Back to the gold standard or some semblance of sound money.

I'm also in the repeal the minimum wage camp, along with severely limiting all the other BS, like unemployment benefits, worker's comp, ss and medicare deductions, etc.

Start putting up WE WIN! signs and people will first think you're nuts, until they start seeing you living better than them by rejecting the status quo.

That's all I've got, for now. Happy Days!

Fri, 06/03/2011 - 09:38 | 1335590 augie
augie's picture

even CNBC is calling these numbers "paltry." oh how quickly they turn on their own.

Fri, 06/03/2011 - 09:41 | 1335607 urbanelf
urbanelf's picture

How about we give the unemployed free college educations?  Then in 4 years, when they have degrees, we will have 0% unemployment.

Fri, 06/03/2011 - 11:06 | 1336026 falardea
falardea's picture

I'm unemployed with a college education (aerospace engineering)... it doesn't help me in the least, since there are more people sitting in the wings than there are jobs... when you're seen as overqualified to work a manufacturing line (which I would gladly do)... when there are men out there that have more experience picking fruit than I have, why would you hire me for that job?

 

How about we send people to trade schools to learn to be welders, machinist, carptenters, plumbers... jobs that can't be outsource, and that will be needed as long as there are people who live in houses.  The uber rich are still going to need groundkeepers.

Fri, 06/03/2011 - 12:16 | 1336353 TheTmfreak
TheTmfreak's picture

If you give people free education the costs of education go up. Its already happened with credit from student loan industry.

There is no silver bullet that can be done through the institution doing an action. Unemployment doesn't exist because of a lack of government intitative I can assure you that. Otherwise the LBJ war on poverty would have worked.

Fri, 06/03/2011 - 09:42 | 1335611 CTS
CTS's picture

Can someone please shut Hilda Solis up....I'm getting dizzy from all of the spin today....bad is bad people, there is no way to polish this turd.

Fri, 06/03/2011 - 09:46 | 1335645 rsnoble
rsnoble's picture

Don't forget the republicans want to end everyones unemployment(don't forget medicare--but long live the wars).  They hate lazy people who won't get a job.  I think these charts show how fucking stupid they are.  Now sure some are lazy and taking advantage but when the ratio is so off balance they have no argument whatsoever.  If they were smart they could've at least created local work projects, but we're not into rebuilding our own country only those we blow up.  Really, the idea that these programs are at fault for all our problems is the biggest joke of all time.  They wouldn't think twice about buying a solid gold dildo for their favorite whore but would push grandma off the cliff and laugh.

Maybe we should encourage them to end all these gov't programs.  Then maybe, just maybe, we could get this revolt started.

My next big worry is all this internet war talk.  I'm sure all the elite just love us getting the latest bs in a blink of an eye. 

Fri, 06/03/2011 - 09:48 | 1335680 rsnoble
rsnoble's picture

BTW im not a dem either.  I pretty much hate the majority of them.  All I know is the worse things get the crazier the shit coming out of DC is going to get.

In a previous rant we were discussing adjusting to decouple and make a living under the radar--which I currently do and someone suggested keeping $ aside for property tax.  I already knew that---that is one group of assholes that refuse to join the depression and will sell your house to keep what they got.  You know, I do feel sorry for them in a way but when myself and many of my friends have been thrown to the wolves---im sorry we just can't afford to continue to fund your lifestyle.  This problem is huge and needs to be dealt with.

Fri, 06/03/2011 - 09:47 | 1335649 AldoHux_IV
AldoHux_IV's picture

Time to end the fed, IMF-- all these bogus institutions that do nothing but continue to rape and pillage the peasantry over meaningless things like fiat.  Our policymakers do nothing to solve the greater problems our society faces and shit has gone nowhere (actually worse) since mortgaging the future generations of peasantry into the slavery of debt.

Fri, 06/03/2011 - 09:44 | 1335653 earnyermoney
earnyermoney's picture

Austin G. stumbling over his talking points as Betty Liu decides to ask some decent questions concerning the pathetic NFP numbers.

Fri, 06/03/2011 - 09:48 | 1335663 Anonymouse
Anonymouse's picture

I'll fess up to being a curve-wrecker.  I'm at 173.6 weeks.

Fri, 06/03/2011 - 10:03 | 1335721 topcallingtroll
topcallingtroll's picture

Not looking very hard, are you?

Nice thing about anonymity is we can be honest!

Fri, 06/03/2011 - 11:12 | 1336052 falardea
falardea's picture

"Not looking very hard, are you?"

 

Right, because we just have to look harder... What do you not get, the fact that there are not enough jobs, or that there are so many people out of work that the few jobs that are out there have more competition than any time since the great depression?

 

Oh, did I feed a troll?

Fri, 06/03/2011 - 12:22 | 1336367 Parth
Parth's picture

I have a job, but I also have my resume out looking for another one. I posted on Monster. In 1 year I got no calls or inquiries for any salaried position. (Some commission only calls from insuarance sales). Mind you I have an engineering degree good experience and a good job.

Its for real- you could be out of work for long loooooooooooonnnggg time.

 

Fri, 06/03/2011 - 12:25 | 1336372 TheTmfreak
TheTmfreak's picture

Sell yourself to the government and you'll be fine.

Fri, 06/03/2011 - 17:48 | 1337695 Anonymouse
Anonymouse's picture

Bite me topcallingtroll.  You have no idea what I've done, or how far I've gone (1/2way across the world) to look.  You have no idea what it's like to be middle-aged and senior management, with broad skills in a specialized world.  Too senior for most jobs, too generalist for the few mid-to-senior level jobs that are there.  I also have no desire to go to NY where the few jobs that exist in finance tend to be.  Of course they will only be there until the government stops printing money.

I could get a job as an aspiring assistant manager at McDonalds, but I'd hate to be in competition with you for that spot.  Ass

Fri, 06/03/2011 - 09:53 | 1335689 Racer
Racer's picture

"White House advisor Goolsbee says economy has faced serious headwinds but is creating jobs, private sector."

HAHA HAHA

Give that man a medal for the most idiotic statement about jobs after the figures today!

Fri, 06/03/2011 - 10:00 | 1335706 Skyprince
Skyprince's picture

Safety nets of all colors keep unemployment high, and the unemployed depressed.  Get rid of minimum wage, get realistic about disability claims and fraud, and look at food stamps, aid to dependent children, etc.  Without all these taxpayer funded "programs" you have to believe people would work for food and shelter, have something to do all day other than sit in front of their flat screens, and feel better about themselves.  

Fri, 06/03/2011 - 09:58 | 1335714 Silver Dreamer
Silver Dreamer's picture

The military will never need a draft with those numbers.  Citizen, your unemployment benefits have expired.  You have two choices.  Either you join his majesty's army, or you go to debtor's prison.  Which shall you choose?

Fri, 06/03/2011 - 10:03 | 1335724 virgilcaine
virgilcaine's picture

WS makes billions 'trading commodities'.. jobs are 20th century!

Fri, 06/03/2011 - 10:25 | 1335821 Printfaster
Printfaster's picture

The massive steaming mounds of regulation are what is killing employment in this country.  The government steps in a million ways between adults in making employment relationships.

Simple examples include, employers needing to "contribute" to social security, medicare, and health insurance.  Frankly you do not need OSHA.  If an employer harms an employee, simple torts and laws take care of that.  Same for EPA.  If the government wants to create guidlines and methods I am fine with that, but stay out of our way.  Even the USDA gets in the way of good, healthy businesses, witness a business that made linguisa in California for over 30 years, then one day the feds came in and wanted to close the business because it did not conform to regulations.

The federal government is regulating the country out of business to force small business out so that big business can take over.

 

Fri, 06/03/2011 - 10:38 | 1335897 bbq on whitehou...
bbq on whitehouse lawn's picture

It now seems to be 4x as diffucult to find work then it was in the 60'-70' even into the 80'.

If you found work during this period it does not mean you would find work today given your skills.

On minimum wage: If you only need one janitor you will only hire one janitor at 1000$/hour or 1$ it matters not, a business will only hire one.  That is why there are minimum wages.  You all know this so stop talking your book. 

The real reason for unemployment is not the price of labor, its the price of production. What margin are you operating at. Cost of labor only matters if you are not profitable or greedy (chance of becoming more profitable).  Labor is often just a scapegoat to add conflict or to confuse.

It's a nonsence issue. How many buisnesses complain about shipping or desks or other objects that are used in operation. Labors input costs are supported at the most marginal level, for benifits other then just your business.  But then you all know this already.

When production is no longer profitable, that business has 2 choices: a self fix (such as reduceing labor costs) or complain to government to change the rules so that they become profitable. 

When self fixes no longer work and government can or woun't change its rules then that business must close.

So thats the fight now. Can rule changes work?  No, they cannot the economy is to small for its government's needs.

"What do you do when an anchor is to big for its ship?"

- Shel Silverstein

 

 

Fri, 06/03/2011 - 10:56 | 1335989 Byronio
Byronio's picture

Over and over again see articles in papers in Cali:if you are white, over 50 and unemployed you may never work again.

Fri, 06/03/2011 - 11:10 | 1336001 virgilcaine
virgilcaine's picture

I think the Fiat engine is kapoot, the Guvmnt spent two trillion and got Zero back in growth.  Fiats end game . It was all 'phony Greenspan paper' anyway from 1982 onward.. thats when The Fed lowered  rates  18% to now Zero.

My 'flipper landlord' just lowered the rent.. see there are benefits to this.

Fri, 06/03/2011 - 11:01 | 1336020 poor fella
poor fella's picture

At least the duration graph isn't in 'years'... yet

Fri, 06/03/2011 - 11:49 | 1336258 falardea
falardea's picture

I wonder what would happen if the employers that over-classify "exempt" employees were forced to pay for all hours they make individual-contributers work?  How much tax revenue might be generated in wages, how many more jobs might be created when an employer can't just make the grunts work 60+ hours a week for 40 hour wages?

 

 

Fri, 06/03/2011 - 12:16 | 1336347 Parth
Parth's picture

Sometime ago another prominent economist made a prediction. If we have Chinatown, little Italy, and such neighbourhoods in America expect the 21st century where China may have "Yankeetown", Bangalore India may have "little America" and across the world. The loss of jobs in USA is guaranteed. Get your passport if you are longterm unemployed and immigrate. Its going to be a very difficult adjustment for Americans to make. From land of immigrants to expats.

Fri, 06/03/2011 - 13:03 | 1336542 mickeyman
mickeyman's picture

BLS has recently changed its methodology for calculating average duration of unemployment, for once in a manner that makes the data look worse rather than better.

A plot of average time of unemployment against unemployment rate looks like a dive in to a black hole. 

http://worldcomplex.blogspot.com/2011/06/unemployment-data-dives-further-into.html

From a dynamics standpoint this is a system that has crossed the separatrix and is diving towards a new state of stability. Unfortunately, this stable state looks like it will be one where a lot of people are unemployed for a very long time.

Recovery!!

 

Fri, 06/03/2011 - 13:49 | 1336782 PulauHantu29
PulauHantu29's picture

What I don't understand is the folks who have job offers but would rather stay on unemployment. ....odd.

Fri, 06/03/2011 - 14:15 | 1336869 mayhem_korner
mayhem_korner's picture

We call them "liberals"

Fri, 06/03/2011 - 15:01 | 1337064 RKDS
RKDS's picture

I call them "imaginary."

Fri, 06/03/2011 - 14:15 | 1336867 mayhem_korner
mayhem_korner's picture

Cue rioting.

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