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

Tyler Durden's picture

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E pluribus unum's picture

Do these people count? REAL AMERICANS always have jobs.

Anonymous's picture

82.5 percent of working Americans are employed.

I don't see a problem here....

Anonymous's picture

You must be employed and own a house. Good luck.

snorkeler's picture

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

Keyser Soze's picture

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

Oxytan's picture

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

curbyourrisk's picture

2012....will it really matter then?

 

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.

 

Careless Whisper's picture

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

Anonymous's picture

Yea thebone that $3-400 bones a week is going to make Americans into American'ts. With all that gov't cheese after buying a ferrari and a new rolex they might even be able to buy some food for their kids.

Dope.

Anonymous's picture

According to CNBC this is a positive! Yep, 1 in 5 Americans un or under employed, having too much debt and not enough cash to pay the basics is always great. If you want an armed revolt...

Here's a clue: it's about job creation (not gov't make work nonsense, but real job creation). How about tax credits for hiring or letting "rich" folks keep more money and let it "trickle down." F^*&* healthcare.

Anonymous's picture

Exactly. The only thing wrong with this nation is oppressive tax rates on the uber wealthy. And all this talk of regulation! I am only for regulation if it does not apply to the rich and connected. The wealthy create jobs! In other words, we will die of starvation if high income earners pay logical tax rates! That is why we must genuflect before them -- and fellate them!

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...

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?

 

Anonymous's picture

As W said, this dancing does not have a clue. So, let's forgive him.

Anonymous's picture

Correction:

As W said, this dancing cat does not have a clue. So let's forgive him.

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.'



Anonymous's picture

"The stimulus has already had its maximum effect on growth."

Well, if we are going to be seeing diminishing returns going forward, that means we should cancel "Stimulus I," right? Right?

What's really laughable about Krug's analysis is the "growth" was almost entirely due to Cash 4 Clunkers and the First-Time Sucker's, er, Homebuyer's Credit which has helped to artificially keep home prices high. None of the other spending has had a lick of difference on GDP because the states have been using it to cover up their budget shortfalls.

Obama's team is also talking about the possibility of a second stimulus, even though they won't call it that to avoid getting blasted for incompetence. Campaign slogan in 2008: "Hope and Change!" Slogan in 2012: "We'll Get It Right the Second Time, We Promise!"

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.

Anonymous's picture

so how would things look if those 15.7 Million bottom feeders had zero cash flow? A whole lot better, right? You have got to be kidding me.

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. 

spades434's picture

Intentional irony? Nope.

An abundance of ASSumptions on your part? Yes.

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.) 

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.

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>)

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?

 

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.

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

fatjezus's picture

request for 2nd stimulus is on its way.

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.

NYPoke's picture

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

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.

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

Ivanovich's picture

Futures back in the green!  Up we go!

Anonymous's picture

Those unemployed all become day traders.

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...

Anonymous's picture

you're a complete stupid shit....and you're too
stupid for me to even explain your stupid ass
analysis...

Sam Malone's picture

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

snorkeler's picture

122150, tell us what is really bothering you?

Or is it something with your meds?

Anonymous's picture

17.5% real unemployment, being paid by government thank God, since that keeps the rabble off the streets ... but nobody mentions the additional 10% of the population that's in jail ... so we're effetively paying to keep almost 30% off the streets, figuratively and literally.

Oh yeah, this is sustainable.

Anonymous's picture

1+

sondog's picture

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

Anonymous's picture

When you add the 10% of the population in jail to the 17.5% getting unemployment, we're paying to keep almost 30% of the people off the streets and in front of television sets. Sustainable economics, this...

Anonymous's picture

You forget to count the senior citizen on social security paycheck.

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/

 

 

 

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?

Remus's picture

I think this will bring on the waterfall

Racer's picture

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