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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 | 122051 E pluribus unum
E pluribus unum's picture

Do these people count? REAL AMERICANS always have jobs.

Fri, 11/06/2009 - 10:50 | 122169 Anonymous
Anonymous's picture

82.5 percent of working Americans are employed.

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

Fri, 11/06/2009 - 11:52 | 122253 Anonymous
Anonymous's picture

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

Fri, 11/06/2009 - 17:38 | 122830 snorkeler
snorkeler's picture

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

Fri, 11/06/2009 - 09:48 | 122062 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 | 122095 assumptionblindness
assumptionblindness's picture

Mark Haynes is all over it

Fri, 11/06/2009 - 09:49 | 122063 Oxytan
Oxytan's picture

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

Fri, 11/06/2009 - 10:17 | 122118 curbyourrisk
curbyourrisk's picture

2012....will it really matter then?


Fri, 11/06/2009 - 09:51 | 122070 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 | 122075 Careless Whisper
Careless Whisper's picture

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

Fri, 11/06/2009 - 10:18 | 122120 Anonymous
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.


Fri, 11/06/2009 - 09:52 | 122072 Anonymous
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.

Fri, 11/06/2009 - 10:33 | 122146 Anonymous
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!

Fri, 11/06/2009 - 14:32 | 122529 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 | 122077 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 | 122085 Anonymous
Anonymous's picture

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

Fri, 11/06/2009 - 10:04 | 122089 Anonymous
Anonymous's picture


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

Fri, 11/06/2009 - 10:30 | 122141 Sqworl
Sqworl's picture

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

Fri, 11/06/2009 - 10:46 | 122161 Sancho Ponzi
Sancho Ponzi's picture

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

'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 | 122252 Anonymous
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!"

Fri, 11/06/2009 - 09:57 | 122079 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 | 122119 Anonymous
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.

Fri, 11/06/2009 - 10:36 | 122149 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 | 122181 spades434
spades434's picture

Intentional irony? Nope.

An abundance of ASSumptions on your part? Yes.

Fri, 11/06/2009 - 11:24 | 122219 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 | 122280 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 | 122326 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 | 122361 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 | 122835 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 | 122081 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 | 122084 fatjezus
fatjezus's picture

request for 2nd stimulus is on its way.

Fri, 11/06/2009 - 10:19 | 122123 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 | 122216 NYPoke
NYPoke's picture

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

Fri, 11/06/2009 - 13:48 | 122427 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 | 122086 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 | 122088 Ivanovich
Ivanovich's picture

Futures back in the green!  Up we go!

Fri, 11/06/2009 - 10:09 | 122098 Anonymous
Anonymous's picture

Those unemployed all become day traders.

Fri, 11/06/2009 - 10:06 | 122093 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 | 122150 Anonymous
Anonymous's picture

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

Fri, 11/06/2009 - 12:25 | 122286 Sam Malone
Sam Malone's picture

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

Fri, 11/06/2009 - 17:44 | 122837 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 | 122097 Anonymous
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.

Fri, 11/06/2009 - 10:13 | 122108 Anonymous
Anonymous's picture


Fri, 11/06/2009 - 10:23 | 122132 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 | 122103 Anonymous
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...

Fri, 11/06/2009 - 21:41 | 123138 Anonymous
Anonymous's picture

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

Fri, 11/06/2009 - 10:12 | 122106 palper
palper's picture

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




Fri, 11/06/2009 - 11:11 | 122199 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 | 122109 Remus
Remus's picture

I think this will bring on the waterfall

Fri, 11/06/2009 - 10:15 | 122114 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 | 122117 geopol
geopol's picture

John Williams Calculations.


Fri, 11/06/2009 - 17:46 | 122843 snorkeler
snorkeler's picture

20% to 22% would be my guess

Fri, 11/06/2009 - 10:19 | 122122 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 | 122129 Anonymous
Anonymous's picture

Isn't this what the bank stress tests feared?

Fri, 11/06/2009 - 10:22 | 122131 pezhead
pezhead's picture

for (Iterator banksters=collection.iterator(); banksters.hasNext(); ) {
Object bankster =;
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 | 122144 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 | 122152 Anonymous
Anonymous's picture

go fuck yourself bitch

Fri, 11/06/2009 - 12:45 | 122322 Anonymous
Anonymous's picture

I liked it. New language. No longer Javascript... now Obamascript.

The old english major sondog needs to settle a bit.

Fri, 11/06/2009 - 13:53 | 122444 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 | 122590 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 | 122845 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 | 122134 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 | 122137 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 | 122143 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 | 122138 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 | 122847 snorkeler
snorkeler's picture

Lamb chops for all this holiday season!

Fri, 11/06/2009 - 10:30 | 122142 Racer
Racer's picture

V shape recovery anyone?


V as in Very long that is?

Fri, 11/06/2009 - 10:39 | 122153 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%.


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 | 122155 JamesBrrando
JamesBrrando's picture


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

Fri, 11/06/2009 - 10:41 | 122156 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 | 122158 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 | 122159 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 | 122162 Plainview
Plainview's picture

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

Fri, 11/06/2009 - 10:52 | 122171 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 | 122174 mdtrader
mdtrader's picture

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

Fri, 11/06/2009 - 20:48 | 123101 Anonymous
Anonymous's picture

Looking at it too. Undid my shorts one day late and lost most of the gain since the H... So rigged I wonder why I lose time betting. Expect the right shoulder to be higher though, cause of the ongoing printing... That's where the inflation is already showing. Bubble-inflation?!

Fri, 11/06/2009 - 10:55 | 122179 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 | 122186 Racer
Racer's picture

the madness of crowds

Fri, 11/06/2009 - 10:59 | 122190 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 | 122198 Anonymous
Anonymous's picture

Please expand on "relatively good number"? Not bashing, would truly like to know...

Fri, 11/06/2009 - 11:39 | 122234 Ben Graham Redux
Ben Graham Redux's picture


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 | 122651 tallystick
tallystick's picture

Gotta love the birth death model jobs.

Fri, 11/06/2009 - 11:18 | 122206 mdtrader
mdtrader's picture

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

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 | 122211 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 | 122214 Anonymous
Anonymous's picture

Here are some interesting facts. The three things .gov can do to create stimulis are: food stamps (1.73), extending unemplyment benefits (1.64) and infrastructure (1.59). The three that have the most negative returns: accelerated depreciation (.27), permanent income tax cuts (.29) and a corporate tax cut (.30). Hell, a paroll tax goliday creates 1.29!

Keep trading suckers...

Milton Friedman's Ghost

Fri, 11/06/2009 - 11:29 | 122225 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 | 122236 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


Fri, 11/06/2009 - 11:56 | 122258 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 | 122275 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 | 122276 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 | 122376 Anonymous
Anonymous's picture

Screw v; I dub this the y shaped recovery. We're 3/4 up the right side of the y so far.

Fri, 11/06/2009 - 15:31 | 122636 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 | 122615 Anonymous
Anonymous's picture

I've been a ZH reader for a while now, and I've got no skin in the investment game but I like keeping an eye on this sort of news. Here's an angle that might include a decent portion of the population that also might skew that unemployment number once again.

I was laid off in January 2009 from a marketing company (that targets commercial real estate, dumbly I knew my days were numbered the day I started but didn't actively look for another job while I was there). I looked for a professional job from Jan 2009 - June 2009 with no success. After June I decided to call it quits on that and decided to use my GI Bill benefits and return to college (I already hold one Bachelor's). I've continued to look for part-time employment with no luck as of yet, but I'm getting by (barely) on the GI Bill. My point in mentioning this, is that Veteran's Affairs was so hammered by the huge increase of GI Bill benefit claims, it took them nearly 3 months to start paying anyone. Do full time students count as unemployed? I don't think so. I'm at the University of Missouri and the number of returning veterans is so massive they've had to hire up 2 more liaisons just to answer their questions.

Fri, 11/06/2009 - 21:47 | 123141 Anonymous
Anonymous's picture

Sir, without any disrespect, there is a eduction bubble as you described.

Do NOT follow this link or you will be banned from the site!