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Real Unemployment Hits 17.5%, Up From 17% In September

Tyler Durden's picture





 

The ever increasing unemployed are buying Kindles to read all about their predicament.

 


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Fri, 11/06/2009 - 09:42 | Link to Comment E pluribus unum
E pluribus unum's picture

Do these people count? REAL AMERICANS always have jobs.

Fri, 11/06/2009 - 10:50 | Link to Comment Anonymous
Fri, 11/06/2009 - 11:52 | Link to Comment Anonymous
Fri, 11/06/2009 - 17:38 | Link to Comment snorkeler
snorkeler's picture

???  Did you have a point to make???????

Fri, 11/06/2009 - 09:48 | Link to Comment Keyser Soze
Keyser Soze's picture

Time to buy. CNBC will be sure to point out the lagging nature of jobs.

Fri, 11/06/2009 - 10:06 | Link to Comment assumptionblindness
assumptionblindness's picture

Mark Haynes is all over it

Fri, 11/06/2009 - 09:49 | Link to Comment Oxytan
Oxytan's picture

If we extrapolate the trend it will be 100% by 2012.

Fri, 11/06/2009 - 10:17 | Link to Comment curbyourrisk
curbyourrisk's picture

2012....will it really matter then?

 

Fri, 11/06/2009 - 09:51 | Link to Comment thebone
thebone's picture

As long as the bank of obama keeps extending unemployment benefits, who gives a shit? Nobody is working, but everyone is still getting paid.

 

Fri, 11/06/2009 - 09:54 | Link to Comment Careless Whisper
Careless Whisper's picture

dewd, those unemployment bennies amount to taxi fare in nyc. 

Fri, 11/06/2009 - 10:18 | Link to Comment Anonymous
Fri, 11/06/2009 - 09:52 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:33 | Link to Comment Anonymous
Fri, 11/06/2009 - 14:32 | Link to Comment Problem Is
Problem Is's picture

Is that you Lloyd and Jamie? Or is it your male secretaries?

I would think you guys were busy with all the looting...

Only the anonymous knows for sure...

Fri, 11/06/2009 - 09:57 | Link to Comment lizzy36
lizzy36's picture

Change You Can Believe In

And in other news Hermes is expecting a strong Christmas after a 4.2% increase in sales (fx adjusted) in q3.

Looks like the bankers bonuses are going to be spent buying their wives and girlfriends (likely both) new Birkins for Christmas.

If memory serves in March the White House expected unemployment to peak @ 8.3%. Wasn't stimulus 1.0 going to prevent @ 10% print? Perhaps stimulus 2.0 will prevent @ 15% print?

 

Fri, 11/06/2009 - 10:02 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:04 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:30 | Link to Comment Sqworl
Sqworl's picture

As I say, this Dog's dancing up a storm!!!

http://www.liveleak.com/view?i=650_1257390788

Fri, 11/06/2009 - 10:46 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

Paul (I've never had a real job) Krugman is whining for Stimulus II - what a shocker. 

http://www.nytimes.com/2009/11/06/opinion/06krugman.html?hp

'And more is needed. Yes, the economy grew fairly fast in the third quarter — but not fast enough to make significant progress on jobs. And there’s little reason to expect things to look better going forward. The stimulus has already had its maximum effect on growth.'



Fri, 11/06/2009 - 11:50 | Link to Comment Anonymous
Fri, 11/06/2009 - 09:57 | Link to Comment spades434
spades434's picture

As a couple of my unemployed (and couldn't give them a job if you tried) tenents said to me...."Alll rightttt!!! Gonna get me some more of that Obama money !!!"

 As long as you keep the bottom feeders happy, and they are growing in number, things will get progressively worse for all those who have a job and are fighting to survive.

Fri, 11/06/2009 - 10:18 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:36 | Link to Comment Bob
Bob's picture

Not to mention those who feed on the bottom feeders (did I miss some intentional irony in your post?), working their poor fingers to the bone on things of real value, e.g., stock trading. 

Good to hear that GS isn't alone in exploiting opportunity . . . God Bless America. 

Yo, dawg, you may be underestimating those loser tenants, though--try offering them a job posting for you.  You might be pleasantly surprised!

You're right: You shouldn't have to do all the hard work. 

Fri, 11/06/2009 - 10:55 | Link to Comment spades434
spades434's picture

Intentional irony? Nope.

An abundance of ASSumptions on your part? Yes.

Fri, 11/06/2009 - 11:24 | Link to Comment Bob
Bob's picture

You'll be returning at least a portion of the illicit rent money to the Treasury, then?

Peace Out (gotta work now.) 

Fri, 11/06/2009 - 12:18 | Link to Comment Sam Malone
Sam Malone's picture

Spade434 nails it. No one is even checking on whether the unemployed are looking for jobs anymore (that used to be a prerequisite for continued $$ assistance from Uncle Sam). There is an abundance of folks who would be unemployed regardless of the job outlook…this is turning into de facto welfare and perhaps the best way to stem it is by turning off the faucet. Money (and its absence) is a great motivator.

Fri, 11/06/2009 - 12:47 | Link to Comment cbxer55
cbxer55's picture

I have been unemployed for 11 months, and so far my records of my job search have been asked for one time. SO, auditing layed off folks records is probably done randomly. If you do get a letter asking you to show up with your proof, ya better have it. If ya don't, you will have to pay back all the money you have received so far, and will get no more.

Anyways, I am starting a job at Tinker AFB on 11/16. So looks like my unemployed days are over. 8>)

Fri, 11/06/2009 - 13:10 | Link to Comment Bob
Bob's picture

Am I missing something fundamental in this argument, which seems to hold that more people looking for jobs would create more jobs--regardless of whether we call the alternative welfare or "job benefits"? 

Sure, the prospect of starvation would push many into action, but just what would this do for employment?  Or is the unstated supposition that the population needs to be culled of slackers and losers?

 

Fri, 11/06/2009 - 17:42 | Link to Comment snorkeler
snorkeler's picture

"No one is even checking on whether the unemployed are looking for jobs anymore "

Sam, how do you know this?

Nice hair by the way.

Fri, 11/06/2009 - 10:00 | Link to Comment Racer
Racer's picture

No worries, people don't count, jobs don't matter... this is a casino run by GS and they will push the market up to end higher on the day... they will use it to lure more shorts in to get burned again

Fri, 11/06/2009 - 10:02 | Link to Comment fatjezus
fatjezus's picture

request for 2nd stimulus is on its way.

Fri, 11/06/2009 - 10:19 | Link to Comment curbyourrisk
curbyourrisk's picture

Correction:  DEMAND for 2nd stimulus is on its way.

 

The same people that elected this frootloop will be sticking their hand out once again...asking to pay their rent, their heating bills and for their abortions.

Fri, 11/06/2009 - 11:21 | Link to Comment NYPoke
NYPoke's picture

Well, dang.  We all got new Golf Carts.  WE NEED NEW CLUBS...NOW.

Fri, 11/06/2009 - 13:48 | Link to Comment aldousd
aldousd's picture

haha, I guess that's what they mean by Aggregate Demand. The Aggregate of folks without free money Demand it from the government.

Fri, 11/06/2009 - 10:03 | Link to Comment Racer
Racer's picture

Hmm, now I wonder how the stress test is faring with these numbers?

But that won't matter when they squeeze the new shorts

Fri, 11/06/2009 - 10:04 | Link to Comment Ivanovich
Ivanovich's picture

Futures back in the green!  Up we go!

Fri, 11/06/2009 - 10:09 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:06 | Link to Comment thebone
thebone's picture

$500/week is a little more than a nyc cab fare. Not exactly rolling in the dough, but its enough to subside people for 18-24 months if you have a little cash on the side. I know people who have been unemployed for 18 months and haven't even gotten off the couch to start looking. Why work when you can get paid to do nothing and still get by.....Not my philosophy, but just saying...

Fri, 11/06/2009 - 10:37 | Link to Comment Anonymous
Fri, 11/06/2009 - 12:25 | Link to Comment Sam Malone
Sam Malone's picture

So it's safe to assume you're unemployed?

Fri, 11/06/2009 - 17:44 | Link to Comment snorkeler
snorkeler's picture

122150, tell us what is really bothering you?

Or is it something with your meds?

Fri, 11/06/2009 - 10:08 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:13 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:23 | Link to Comment sondog
sondog's picture

10% in jail? No. Do you need to borrow my google for a few minutes maybe?

Fri, 11/06/2009 - 10:10 | Link to Comment Anonymous
Fri, 11/06/2009 - 21:41 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:12 | Link to Comment palper
palper's picture

Ritholz on why the markets will be going up on bad news...

http://www.ritholtz.com/blog/2009/11/non-farm-payroll-preview/

 

 

 

Fri, 11/06/2009 - 11:11 | Link to Comment MsCreant
MsCreant's picture

TBTF = Welfare

People on Welfare have a time limit, and then they have to get off of it. What is the time limit for corporations on welfare?

Fri, 11/06/2009 - 10:13 | Link to Comment Remus
Remus's picture

I think this will bring on the waterfall

Fri, 11/06/2009 - 10:15 | Link to Comment Racer
Racer's picture

no chance, PPT just gave GS the green light and lots of free money to gun it higher

Fri, 11/06/2009 - 10:16 | Link to Comment geopol
geopol's picture

John Williams Calculations.

 

http://www.shadowstats.com/alternate_data

 

Fri, 11/06/2009 - 17:46 | Link to Comment snorkeler
snorkeler's picture

20% to 22% would be my guess

Fri, 11/06/2009 - 10:19 | Link to Comment JackTheTrader
JackTheTrader's picture

The unemployed here in Wisconsin are using their $330.00 a week check to buy call options on GS.

Fri, 11/06/2009 - 10:21 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:22 | Link to Comment pezhead
pezhead's picture

for (Iterator banksters=collection.iterator(); banksters.hasNext(); ) {
Object bankster = banksters.next();
bankster.action( action.gotoJail );
}

Bernanke.action( action.gotoJail );
Geithner.action( action.gotoJail );
Paulson.action( action.gotoJail );
Bush.action( action.gotoJail );
...

Fri, 11/06/2009 - 10:31 | Link to Comment sondog
sondog's picture

Uh mostly humans use this site. Typical of a programmer to program something of no use and then be proud of the efficiency of the code.

 

You could just say "Send Bernanke, Geithner, Paulson and Bush to jail." and you would have saved on having to code at all and would more effectively communicated your point.

 

Also, those people aren't all really "banksters" or "bankers".

Fri, 11/06/2009 - 10:39 | Link to Comment Anonymous
Fri, 11/06/2009 - 12:45 | Link to Comment Anonymous
Fri, 11/06/2009 - 13:53 | Link to Comment aldousd
aldousd's picture

I'm a programmer, I get it. True enough that sondog overreacted, but there is a good point and lesson in all of this: Programmers and business people mean different things when they say efficient.  Perhaps now it's less of a mystery why entrepreneurs who invent things make bad CEO's much of the time... (Maybe the failure to realize this and act on it is why 85% of new small businesses fail!)

Fri, 11/06/2009 - 14:59 | Link to Comment sondog
sondog's picture

Oh I program too (not sure I'd call myself a programmer as it's only about 1/3 of my job but I digress...) and I was just bustin his balls while I waited for the market to open and rejoice in all the good news.

 

Give me a break. I'm short financials for the last 2 months or so.

Fri, 11/06/2009 - 17:48 | Link to Comment snorkeler
snorkeler's picture

I don't think sondog over reacted at all. I sure do think 122152 did though.

Fri, 11/06/2009 - 10:25 | Link to Comment Racer
Racer's picture

Now just imagine how bad the numbers would be if Obama hadn't saved all those jobs!

Fri, 11/06/2009 - 10:27 | Link to Comment Jewelsnorth
Jewelsnorth's picture

Someone let Kudlow that Goldilocks is looking for a job. Perhaps they'll be an opening for her soon at Comcast in that 7pm slot.

Fri, 11/06/2009 - 10:30 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

I tuned into Kudlow for a few minutes, last night. The first words out of his mouth were, "I've been bullish all year!"

Does this man have any self-awareness? He's been bullish all year, EVERY YEAR!

Fri, 11/06/2009 - 10:28 | Link to Comment gossamer
gossamer's picture

U-6 @17.5%

S&P PE @ 140+  Thanks to the man behind the curtain.

The Squid paying record bonuses.

Green shoots abound.

How does it get any better than this???

It's a great day to be a sheep.  baaaa  baaaa

Fri, 11/06/2009 - 17:50 | Link to Comment snorkeler
snorkeler's picture

Lamb chops for all this holiday season!

Fri, 11/06/2009 - 10:30 | Link to Comment Racer
Racer's picture

V shape recovery anyone?

 

V as in Very long that is?

Fri, 11/06/2009 - 10:39 | Link to Comment TraderMark
TraderMark's picture

Apples to apples to how we measured unemployment in the late 70s, early 90s we are now in mid teens, about 14.2%.

http://www.fundmymutualfund.com/2009/11/official-unemployment-rate-hits-...

 

Why the stock market is not surging on all these "costs" being washed away is beyond me.  This only means higher profits and easy money for as long as the eye can see.  Also more stimuli!

 

Celebrate people.  the Asians do our work, and we get to shop.  What's not to love?

Fri, 11/06/2009 - 10:41 | Link to Comment JamesBrrando
JamesBrrando's picture

lol

"lagging" but keeps going up and getting worse....

Fri, 11/06/2009 - 10:41 | Link to Comment rhinotrader
rhinotrader's picture

Look at this mkt rip back up, up 1% in 7 minutes. Up 150 pts today

 

Fri, 11/06/2009 - 10:44 | Link to Comment pbmatthews
pbmatthews's picture

Who needs a job?

Just get a Fannie Mae mortgage, stop paying on it, and you can live rent free for the next year.

At the end of the year, go get another Fannie Mae mortgage and start the process all over again.

Work is so passe.

Fri, 11/06/2009 - 10:45 | Link to Comment pbmatthews
pbmatthews's picture

Who needs a job?

Just get a Fannie Mae mortgage, stop paying on it, and you can live rent free for the next year.

At the end of the year, go get another Fannie Mae mortgage and start the process all over again.

Work is so passe.

Fri, 11/06/2009 - 10:46 | Link to Comment Plainview
Plainview's picture

market's just tracking GE tick-for-tick .... genius.

Fri, 11/06/2009 - 10:52 | Link to Comment Racer
Racer's picture

Announcement just out... the world is ending in 5 days... Dow soars 20,000 points on the news

Fri, 11/06/2009 - 10:53 | Link to Comment mdtrader
mdtrader's picture

Continuing to make the right shoulder of a H&S top on the SPX.

Fri, 11/06/2009 - 20:48 | Link to Comment Anonymous
Fri, 11/06/2009 - 10:55 | Link to Comment Brett in Manhattan
Brett in Manhattan's picture

Hmmmm, what kind of rationalization will the media provide if the market ends the day green?

"The market rose today on the expectation that a worse-than-anticipated jobs report will spur lawmakers to pass a second stimulus bill."

Fri, 11/06/2009 - 10:57 | Link to Comment Racer
Racer's picture

the madness of crowds

Fri, 11/06/2009 - 10:59 | Link to Comment Ben Graham Redux
Ben Graham Redux's picture

It was a good number.  The previous two revisions make this a relatively good number.  I expect the market to close up on the day.

Fri, 11/06/2009 - 11:09 | Link to Comment Anonymous
Fri, 11/06/2009 - 11:39 | Link to Comment Ben Graham Redux
Ben Graham Redux's picture

Anon,

August and September were revised up by a combined 90K which takes a lot of the bite out of the 209K number.  The net number "beats" Street estimates. 

Fri, 11/06/2009 - 15:44 | Link to Comment tallystick
tallystick's picture

Gotta love the birth death model jobs.

Fri, 11/06/2009 - 11:18 | Link to Comment mdtrader
mdtrader's picture

All I want is a head and shoulders for Christmas lol!

http://highfrequency.tumblr.com/

Oh there's a treat for Elisha Cuthbert fans too, scroll down and check out the high frequency vremix. Hot as Hell.

Fri, 11/06/2009 - 11:18 | Link to Comment Racer
Racer's picture

With a fifth of the population out of work I am sure the economy can recover in an extremely quick fashion, after all it isn't as if they are the ones with all the money is it? The banksters will do all the spending with their fat bonuses. Just think how lucky we are to have them sort things out for us

Fri, 11/06/2009 - 11:20 | Link to Comment Anonymous
Fri, 11/06/2009 - 11:29 | Link to Comment Paul S.
Paul S.'s picture

Dow and S&P both in the green.  Today is the apex of moronia.

Fri, 11/06/2009 - 11:41 | Link to Comment Paul S.
Paul S.'s picture

Don't laugh when you read some of these economists take on the U #'s.

Here is my favorite:

  • Cyclical recovery is evident as job gains rise in temporary help and education/health and smaller job losses in retail and financial services. Turn in the labor market is very evident. Do expect job gains in 2010. –John Silvia, Wells Fargo

http://blogs.wsj.com/economics/2009/11/06/economists-react-conflicting-s...

 

Fri, 11/06/2009 - 11:56 | Link to Comment You Cant Handle...
You Cant Handle the Truth's picture

We can either spend trillions (1) on banks or (2) on temporary jobs to put people back to work, as FDR did.  Choice (1) has lead to banks throwing their money into the casino.  Sooner or later we'll end up on #2, but how many people will be fucked over in the meantime?

Fri, 11/06/2009 - 12:14 | Link to Comment Bob
Bob's picture

A whole lot, I suspect.  Slackers not looking for work is being blamed by the brilliantly ignorant for the lack of jobs and the "eliminate the minimum wage and entitlements" crowd is out in full force to focus our attention on what really matters. 

Fri, 11/06/2009 - 12:14 | Link to Comment Bob
Bob's picture

A whole lot, I suspect.  Slackers not looking for work is being blamed by the brilliantly ignorant for the lack of jobs and the "eliminate the minimum wage and entitlements" crowd is out in full force to focus our attention on what really matters. 

Fri, 11/06/2009 - 13:17 | Link to Comment Anonymous
Fri, 11/06/2009 - 15:31 | Link to Comment Bob
Bob's picture

How about the X shaped recovery, showing the divergence of the stock market from the real economy?

Fri, 11/06/2009 - 15:11 | Link to Comment Anonymous
Fri, 11/06/2009 - 21:47 | Link to Comment Anonymous
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