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Record 40% Of Unemployed Without Job For 27+ Weeks
Any way you look at it, 40% of the unemployed, or 4% of the workforce, a record number of people, or 6.1 million, are now unemployed for over 27 weeks. In November this number was 5.9 million, and a year ago it was a meager 2.5 million. Green shoots.
The average duration of unemployment has surged to 29.1 weeks, from 28.6 weeks in November, and 19.5 a year ago.
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Gloom, Despair, and Agony on me.
Interesting observation:
If you look at the two graphs, you will notice that there is a pronounced spike in each decade period. Furthermore, the strength of the spike is always close to or exceeding the previous spike. Although based only on these two graphs, I think there is a strong probability that the next decade will see a similarly sized spike, if not one which is larger.
Looks that way. Oh well its something
to look forward to after the "lost
decade".
You are both assuming that it will be business as normal in the coming decade. I'm however of the opinion that we are seeing the transfer of wealth, the likes of which humanity has never seen. The western world is in for a tough ride. The jobs are not returning and nor is the wealth. It's really time for a wake up call.
I'm long goats and chickens. Statistically better than a wife these days - you get out what you put in and they only require 30 minutes a day. Once they begin the decline of usefulness you can have them for dinner. And they'll never get tired of you if you give them all of your attention. Did you know they talk?
From 5:20:
http://www.youtube.com/watch?v=4wZP1rgjkV4
Goats it is then!
I wonder how many goats and chickens I could get in trade for my wife and kids?
I'll offer 4 chickens for the kids and 2 goats for the wife if she's a good cook. My people will contact your people to finalise details.
I didn't say how many kids...you may want to lower your offer. ;-P
Three goats for the wife. Will pick up today. Too many goats and not enough milkers. Keep the kids - too much in start-up costs.
kids are goats..
I want the Au, not the GLD
I will pay you to take my wife and kids lol!!
Yes they do talk. Human-like indeed.
Actually way more reliable than humans.
"Furthermore, the strength of the spike is always close to or exceeding the previous spike."
I find these longer time period graphs extremely helpful when looking for a bigger picture overview. And clearly each recession results in us never quite returning to the way things were. Meaning that from the point of view presented in the graphs, things really are getting worse over time.
I think this explains two things. The reason behind the ever increasing financial engineering to juice the economy and the ever increasing use of spin and MSM manipulation to keep the population dazed and in the dark.
I wonder how anyone can be surprised by these graphs...ALL of the job growth was in FIRE and homebuilding.
All of the builders, RE pimps, mortgage people, debtspinners...they're all out of work. And the securitization business is dead and never coming back. I mean, shit, we just lived through a national ponzi and all the people employed in that ponzi have seen their jobs die in the collapse.
We've systematically hollowed out our economy for decades and replaced lost productive jobs with government and FIRE
And this while that maggot, Geithner, conspires to fix the AIG numbers. Average unemployment now above 27 weeks long and obviously lengthening bespeaks an unmitigated horror for these human beings. If anything is needed as part of the future its justice for these folks, a peoples' justice.
Its allright. They tell us nearly half
of the AIG retention bonuses are paid
to Americans.
I prefer to think of him as an immature butterfly
Maggot therapy
Certain live maggots have been employed since antiquity as an economical, safe and effective type of wound debridement (cleaning). In controlled and sterile settings by licensed medical practitioners, maggot therapy introduces live, disinfected maggots into non-healing skin or soft wounds of a human or other animal. They eat the dead old tissue, leaving the live tissue alone. It is uncertain if maggot secretions have any effect on bacterial growth, since different studies have produced contradictory results,[1][2] and some species of bacteria may be naturally resistant to maggot secretions.[3] As of 2008, maggot therapy was being used in around 1,000 medical centers in Europe and over 800 medical centers in the United States. [4]Here you're thinking of maggot therapy while I'm thinking of therapy for maggots. :-)
I have to agree, it is therapy for maggots.
Soooo not good, but downright scary!
Hearing without birth/death adjustment the jobs loss was 406K.
looks like a full-fledged channel breakout with accelerating velocity ... from mid-80's cyclical peak, an ABCDE downward retrace appears to have recently ended with the initial upward reverberation well in force today.
Houston: we have (collective failure) lift-off
great look, TD.
Just think of it this way.
An exhausted consumer is resting up for the coming rebound. Like a NFL player on injured reserve, they are only going to be out for a short duration and when they return they are fully rested and ready to win the championship ring.
"Moderation is a fatal thing. Nothing succeeds like excess."
bloat on....bloat, bloat, bloat on....
No problem. We're having a "jobless recovery". Remember?
Part of the increase is the result of the unemployment benefit extensions. People are less motivated to look for work when they can stay on the dole for another six months.
That's probably part of it and that sort of incentive is going to have to be gradually removed to prevent future abuses or enforcement of the job search requirements for benefit recipients will have to step up.
I wonder, though, if there's another reason, which is that unemployment is reaching higher into the ranks of white-collar workers. They say that a decent rule of thumb is that your job search should take 1 month for every $10K you make in salary, meaning that anyone making over $60K should take more than 6 months to find a new job. That's in a relatively "normal" hiring environment, too, so in today's environment, I'm sure that number could be 1.5 or even 2 months for every $10K in salary.
Bullshit.
There aren't any jobs out there. Freakin McD's is getting 600 applications for every job. Everyone is. Read the news blurbs on the floods of applicants for every new position anywhere.
Blaming this ponzi on the little people is asinine. The little people didn't run the Fed or Wall Street. THEY needed this credit growth.
The size of the residential mortgage market gamed by NINJAs is DWARFED by the size of the synthetic debt markets. The NINJAs were only the tip of the iceberg, the physical signature that was the only nexus to the real world for a pyramid of bullshit leverage and credit. Foreclosures are clawing back the gains of NINJAs, where is the clawback for the entire rest of the credit foodchain?
The notion that the little people just need to run faster on the treadmill to get themselves out of debt is absurd.
"The notion that the little people just need to run faster on the treadmill to get themselves out of debt is absurd."
That rocked!
I keep hearing about unions killing everything, and I am willing to demand they make concessions just as soon as Wallstreet takes paycuts.
Same thing is true for every executive.
They complain about labor costs, fuck them...we hear daily about how every exec must be paid ever-more otherwise they're going to lose the talent that ran the company into the toilet.
Outsource the executive class. Disgorge corporate profits as dividends to the OWNERS.
Nobody who runs a business lets their management keep all the profits by making a "management decision" to bonus it all to themselves.
The unions didn't kill GM, all the shitty products did. Unions didn't come up with the Aztek.
GM killed GM NA only to expand abroad. Callous and calculated. Sure they blamed it on the unions, then the economy only to dump the rust heap onto the tax payer for the glimmering shine of Shanghai.
When you hear bickering and blame towards the unions, you know it's a middle class squeeze with the money up and living standards down.
+100.
Bullshit.
There aren't any jobs out there. Freakin McD's is getting 600 applications for every job. Everyone is. Read the news blurbs on the floods of applicants for every new position anywhere.
Gotta go with this one.
My spouse and I were laid off April 2008, cannot get jobs. Hey, at least I beat the averages for once in my life!!!
My older son got laid off, started his own computer type biz, barely making it, well educated, tried to get a job at Tim Horton's on the night shift....no dice.
While there is certainly truth in the theory of some folks sitting around and just taking the money, it is much less so in a 10-17.5% unemployment environment. The vast majority of employable Americans want to go to work every day. Even if they don't want to go to work, nobody is making ends meet on unemployment alone unless it's someone who moved back in with mom and dad and can live and eat for free.
There are jobs for the children and relatives and buddies of the connected class. I personally know some.
They picked the right womb.
What is most disgusting is their constant smug sense of superiority and entitlement even though their own merit had exactly zero to do with their favorable circumstances.
I had a business partner who was a National Merit Scholar, old guy. It got him into Harvard a long time ago. I, too was a NMS...that plus $.50 gets you a dialtone these days. Merit doesn't cut it, family and political connections do.
Our nation is already Brazilified even though people don't recognize that. The executive class has no sympathy for anyone born into unfavorable circumstances. Their only goal is to make themselves as rich as possible and live the good life and f#ck you. The arrogance of these people is seriously enough to make you want to punch their lights out after a few hours around them.
What some folks would like to think is class envy really is classless avoidance.
Hey deadhead,
Funny thing was that six to eight months ago I found only one family member had lost a job. Now when you look at cousins, aunts, friends of family and you start hearing things about how long folks have been unemployed it is scary. Then I lost my job too. So my point is, that it is happening to many families and not just one member of a family. That is the scary part. It is happening to the well educated and the experienced as well. Again scary. My younger brother has his four best friends from high school are all unemployed. My aunt said that 8000 people put in apps at a new health care clinin for 135 jobs.
No, no...all the legacy rich and connected people i know tell me that these people are just unmotivated, unlike they themselves, who worked real hard to be born into a rich womb.
Guy who lives in a $10M house said at the party, "I just don't see a housing crisis, all the people I know, all my friends are full speed ahead." This was in 2008. Total lolz at that.
We just need to scurry faster on the hamster wheel to get where we're going.
I'm sorry to hear you lost your job Doctor....
As my oldest is mid 20s and we have many friends with similarly aged, it is amazing how many of these kids have 4 and 5 yr degrees and cannot get work or only part time at the grocery store.
in all seriousness (and I am a HUGE believer in education), one needs to think about the cost benefit of a college education in terms of future work. i know all the old models that one will earn more, but i'm afraid we have a new paradigm. that said, my number 2 is at a great college now and i encourage it. number 3 may just go to a community college in another year cuz he's not sure what he wants to do.
I hope things turn out well for you and your family and I do mean that.
I have a BS and couldn't find work, so I went to trade school and was able to find work for a couple years. My trade (a trade based upon mainly disposable/discretionary income) then got hit hard by this depression. Now I have incredible amounts of debt for my age (28, at least it seems incredible for me) and no job. That being said, my one major regret in life is ever bothering to go to college. Almost everyone i know who has a degree would have done better earning the same money they make now 10 years ago. With the exception of friends who became dentists and doctors, all it amounted to is debt and a piece of paper that, supposedly, shows you are overqualified for your job selling jewelery/cars/whatever.
My son is 14. He is kind of nerdy and a good student, not terribly good with hand eye coordination. He is currently attending a highschool for the "college bound." A bit aimless. If you had him by himself and he asked your advice regarding college, what would you say?
I'd say that's a very difficult question to answer. Everyone's situation is so different. He and I seem to have a few things in common, being smart but aimless. When I went to college I found it very distracting because I had no goals specifically for college and MANY interests (e.g. I spent a semester translating Beowulf as part of an independent study). It was torture for an autodidact like myself.
If I could do it again I'd probably have gone to trade school right out of high school worked a couple years, refining my interests and adult personality, then gone to college. Or, I would have just worked out of high school for a couple years then went to college. I think I would have had much more focus because I would have been able to form goals. Good goals, in order to be well formed, require a little more grounding in real life and are indispensable for a good education, in my humble opinion.
Of course, in some states you lose a lot of eligibility for financial aid (lottery scholarships etc) if you don't go right out of high school. In this case I would say to chose a hard science (physics, biology, chemistry) or a career focused major (like engineering) and just stick with it no matter how much it seems to suck. One of my best friends struggled through an engineering degree and hated every minute of it. Now he designs and builds commuter trains and absolutely loves his job. The opportunities afforded by hard degrees very often outweigh the difficulties in obtaining them.
These are just some rambling opinions I have developed with some retrospection. Most important, to me, being the necessity of focusing ones energy on specific goals and not getting distracted. I have never attempted to put them to words so I'm sorry if they are difficult to follow.
This was a thoughtful and focused reply. Thanks. I have been backing off the college thing hard, but there are indeed scholarships and other age related things to consider about paying for it. That does need to be in the equation, but not if college is actually a waste of time. My fear is he will go in because it is what everyone else is doing and it will just end up 4 more years of highschool. Big picture, it is his life.
I am a professor. So many times students go to school but they don't own their education as their own. They have to go through me before they graduate (I teach a required course in the major) and so often they are clueless about "what's next" have not even given it any thought or effort. It is worse now because of the employment situation. These days, when they can't get work, I feel like I am part of a Ponzi scheme.
Thanks for your time. I may show your post to my son. Your name will make him laugh.
I feel like there are two parts to the problem of owning your education (I like that phrase). First, the university system has become so much more about making money by pumping out graduates than about teaching people knowledge and skills necessary to be productive in the real economy. Second, many kids go, like you said, simply because they are expected to, and of course most graduate with a BA in business or some equally useless degree. 4 year degrees seem to have become so inflated they are no longer a good gauge of knowledge and commitment like they were, say, in the 1970s.
I feel like knowing the answer to "what's next?" is necessary to get the most out of college. Universities have a lot to offer people who know the answer, but, very little for people who do not.
Good stuff, I will show my son every bit of it, though probably not on this blog. :-)
You know, at 28, and this is not derogatory, I know you are a man, but still, still, you are a babe yet. You sound like you have had some hardship and it is helping you do some of the harder thinking and focusing which is needed at a time like this. I understand you are having difficulties with the job/debt situation, but I don't think I will worry about you.
I sound trite with this but it is just true, in difficult times you find out who you are, and when you have navigated it, and can look back, you will be grateful for the experiences and have both confidence in yourself and your future and compassion for others. You are the average age of the average student where I teach. The 4 year degree takes an average of 5 years to complete these days and we have many, many, many, returning students. The term almost does not make sense any more.
Thanks again for your reflections.
Man, both you guyses! What a great sub-thread!
I can relate to all of this, but I only hope I can add to it, and also that if you read this post it is relevant.
So, I am 30, BS in Geographic Information Science, and no one is offering internships that are worth quiting my "paid to surf the internet, job" at the moment. Much can be said about taking a paycut to get one's foot in the door, but entry level qualifications are an employer's wish-list! - H1-b visas are snatching up offers, methinks (I could be very wrong, but how am I to know - I can't even get a decent internship for $10+ an hour, or so it seems), because Americans don't qualify out of college with a BS, let alone BA, anymore. And nobody is hiring anymore! - in the grand scheme of our economy.
Anyway, MsCreant, my mother never gave a shit about my actual success - she just expected it to happen. You, on the other hand, appear very enlightened, wisely concerned, and in an almost conflict-of-interest scenario when it comes to guiding your son into college.
I would be astounded if you do not already frequent LewRockwell.com, but I present to you one of their many fascinating articles about college, and how not to be part of the herd:
http://www.lewrockwell.com/north/north748.html
So, in my view, I would have skipped college and gone for a trade instead. I work in IT, but deal with many HVAC, electricians, fire alarm techs, etc on a regular basis - a monthly visit from each flavor. The HVAC guy brought in an apprentice a few months back. Blue collar to the core, funny, engaging, and crossing his fingers to keep food on the table. This apprentice mentioned that his better, who I see on a monthly basis, makes ~90 grand a year! These blue collar guys have joked with me before about getting treated like a second class citizen in offices, but they know their job has less drama and they make the same as the YUPies, if not more, in a 5 - 10 year period. The apprentice asked me how much I make and then tried to recruit me! I actually looked up local union shops to see what training schedules offered!
Anyway, I still haven't gone down that path. I'm in limbo right now. I can't really afford grad school (at least a "respectable one"; without more slavery loans from the gubbmint) and I'm too frozen (contemplating our collective near (?) future).
Now I'm getting long-winded. I'll try to summarize:
Lew Rockwell and his wonderful ilk have wonderfully demonstrated alternative methods of enriching the brains of future generations. What a paradox that 14-year-olds rarely listen to their mothers - even if they are freaking ZH alumni!
I use a lot of exclamation points. You should hear me in person.
Okay, wait, I'm not finished. Considering the very dire and fascinating circumstances we face your son would do well to learn a more folksy trade, like making attractive soaps from goat milk, lye, and other necessaries, to please the betrodden masses in the upcoming time of despair that awaits us all.
I'm just sayin'.
+1 for the avatar (funny as hell!), Shortbus Bully.
His avatar is Bubbles from the Canadian TV show The Trailer Park Boys. And it is hilarious BTW.
Those Canucks sure have some great comedy. Strange Brew is comedy Au.
Oh, I also wish I had had the mind to get internships and start social networks with professors, fellow students, etc. I didn't consider the fact that I was surrounded by people that might someday in the future offer me an opportunity. I just wanted the diploma and expected it to get me where I wanted to go. What a fatal error of judgement. I believe that any passionate student can learn what they need to while in school with the internet these days - the real value is being able to bounce thoughts around with other passionate students and professors. Being able to externalize and receive feedback is what makes the comments section here so great.
Help your son find his passion, and I think he'll do the rest. A trade can be a great way to make a living, but I think I would find myself bored and surrounded by uninteresting folk.
True. I just applied for a job which had 300 applicants for 1 position. It is a VERY competitive market out there.
Dude, you are my hero today.
+1000.
And yes, I can also personally attest to the fact that except for an occasional government job, pretty much NOBODY is hiring (unless you're an H1B).
Obviously you've had the good forture not to find yourself unemployed during this mess.
27 weeks?! I was unemployed for 27 MONTHS!!!
Marla or Tyler,
Idea for a new ZH poll. I could see where you might want to tinker with the question, but here it is:
Are you currently unemployed?
1. Yes
2. No
great idea MsC!
with a comment section for people to detail their experience, age, education, and where they live!
I agree. We've become a welfare state. If I lose my job, I'm taking my $420 a week and travelling through South America. I've heard from people at the Labor Department that they are so utterly disorganized and understaffed that they would have no idea if you were in Egypt or New York City applying to every job you see.
is the unemployment office hiring?
change that leaves us bereaved then
I'm not sure. But here's something that will juice the numbers in the not-too-distant-future:
The U.S. Census Bureau is about to start hiring as many as 1 million workers at up to $24 an hour as it gears up for the once-a-decade counting of every American this year.
http://www.economicpolicyjournal.com/2010/01/coming-soon-million-man-pho...
Didn't make so much as a dent the first time they hired (last year).
And "up to"... Those highest wages are for management (<3% of the workforce).
I can't get my head around why you need 1 million workers to carry out the census. So, there are 120 million households but how long can it take to find out the number, sex and age of people in each house? Or maybe half of the census workers are going to be too busy going to meetings to get out and knock on the doors?
Yes, it will soon be announced that the Feral Government is going to conduct the census on an annual basis.
Those 1 million census workers will thereafter be permanently employed. With nice fat Feral Government health insurance and pension benefits too.
Problem solved. Partially, anyway.
This is just malinvestment. Seriously, the govt. wants to look good. All of the census workers don't even need to be hired because all you would have to do is issue a code on their census paperwork and allow citizens to input the data online. Ridiculous.
great, lets just borrow more money to pay people to count heads. this is absurd, borrowing more to do a head count...really, people have gone off the deep end.
I heard they are going to be sending out forms for everyone to fill out, and that they'll only come knock on your door if you don't fill out the form and send it back.
So, even less reason to hire a million people, as I'm sure the forms will be able to be read/counted by a computer.
Nice chart. I'd buy that dip!
Message for now and the future is - make your own money through either investing or owning your own business of some kind (selling goods or services in demand) and DO NOT rely on corporate anywhere.
If you don't have a plan for yourself someone else will.
Spot-on. If you wait for someone else to hire you to do what you already do, it'll be a while, you'll go bankrupt waiting, and if they do hire you, you get to feed their family first before you feed your own. Lucky me; I do a thing few people want to keep a guy on staff to do, and I can easily sell directly. The point is, most people could figure out how to take their skills direct to the user, but are extensively trained not to. Bad Deal.
What are you, a free-lance undertaker?
Problem with this theory is that it takes capital to compete in capitalism. One guy working from his basement can sell services, he can't build an industry, and so he will always be less productive than as an employee of a capitalist.
Also, productive enterprise has to compete with FIRE ponzi enterprise. It can't. That's why all the jobs and industries migrated.
Who can compete with an interest that gets to borrow from the Fed at 0%? Their cost of "capital" is free, yours...sheesh, good luck with that business loan. They'll require REAL collateral and crawl up your ass to value it. If you're a bank, you can write "Toxic CDO" on used toilet paper and M2model it at $100M and swap it for FRNs.
At what point does extended-extended benefits end, or will they continue ad infinitum?
Here's a W.A.G. (Wild Ass Guess); either 11/3/10, or 11/7/12. Not ad infinitum.
EUC provides up to 53 additional weeks at this point. I believe I had read somewhere that Feb. would be went the first groups should start dropping off (although I dont have a source, so do your own math).
These have been extended several times though, so you can probably expect them to continue to do so. Keeping some money flowing into the unemployed, even if it is a minor amount, is probably one of the major factors in keep the giant asleep. Start putting enough people at poverty level and things tend to get nasty.
Keep the mob entertained and happy, and you can do anything you want.
the grand total authorized at this stage of the game is 99 weeks.
Jan. 8 (Bloomberg) -- U.S. House lawmakers may agree to pay for the nation’s health-care overhaul by adopting versions of Senate proposals to raise Medicare payroll taxes and tax health benefits for the first time, Democratic aides said.
House leaders may also discard a plan to impose a surtax on the wealthiest Americans, which has come under fire from some Senate Democrats, aides said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ahxbGWxdoqbQ&pos=9
So let's get it straight. The average guy and gal pays twice through payroll tax increases and taxed medical beenfits while the wealthiest (many of whom don't pay medicare tax and don't use health insurance) pay nada. Change you can believe in!
Friend. Lemme help with your spelling.
"Chains you can believe in."
There go. Alllll better.
http://www.copsplus.com/prodnum4937.php
+1
Get your supplies for our march to DC, today!
http://zioneocon.blogspot.com/pal%20poster%20girl%20in%20chains.jpg
BTW, looking for this I saw the NEW Alice in Chains. Took a listen. Not liking it...trying to hard to be what cannot be. Your thoughts Miles?
It just goes to show that Again is so on the money...
http://www.youtube.com/watch?v=dYfDIs4LdSA
To me AIC without Layne would be like the Stones without Mick.
The health care bill is one reason why companies aren't hiring. It's difficult to hire when you can't forecast how much you'll have to pay them.
Who cares about unemployed? I'm getting 0% interest money by the billion every day to bid up stawks!
As one of those "on the dole" I can tell you that my $1100 monthly maximum benefit does not exactly replace the $8000+ per month I was making before being laid off. Extended benefits are hardly a disincentive in hunting for work, at least for me. In the past 2 months I have sent out over 600 resumes and cover letters. Total interviews to date: 0
Now THAT is a disincentive.
The two projects I did have lined up, one in Brazil and one in Malaysia have both been postponed indefinitely...
Nice to see you MsCreant, I hope your holiday festivities were enjoyable!
Jump! you Fuckers.
I haven't submitted that many resumes online, but I will tell you this. I submit the resume, find out the HR person, call them and leave a message several times and don't get called back. I would be happy if they told me to go to hell. Of all my time looking for jobs this has by far been the worst time to even get a hold of a warm body to talk to on the phone!
I've been a contractor since 1997 or 96. Every time I've had a sudden job dislocation, I've put my resume up on Dice or something and had to take it down because the phone rang too much. I would get calls within minutes and the thing would start ringing off the hook.
Gov slashed a big contract I was on last april and so I waited around to see if the stopwork would get lifted and it didn't. Started looking in May. Entire MONTHS went by without a callback. I had to start actively hitting up recruiters. I'd send in, they would not call back. I would call them just to see if they got the resume and their attitude was if we need you, we'll call you.
Had never seen ANYthing like this, ever. My typical out of work time was usually no more than a few weeks, sometimes less. This time, 7 months. I came close early in the search but there was always much more of an applicant pool this time around, a lot more people for them to choose from and extract rate concessions etc.
There was nothing out there in the middle of the year, I finally got reengaged in October.
Hey trav7777
Do you have any other pointers for contractors? I haven't worked for one before but I have submitted resumes to them and got the same line as you. However, I have to relocate to a metro area and currently I am two hours away. I fear that they are not even considering me. And when relocating, I hope that I can find something more permanent to justify the move.
Thanks.
Hi Tom,
I suggested a poll upthread to poll our collective employment rate here. There are a lot of folks visiting this blog who are looking for work. Clearly smart, on the ball, compassionate, competent (and funny as hell) people. Puts an icy chill up my spine.
I won't trivialize my post to you by saying "have hope" or "keep your head up." I might hit me if I heard that at this stage in the game. I think the truth we don't want to hear yet is we are going to have to lower our expectations, or ...
(we really have over used the bitches meme, but it works)
TORCHES AND PITCHFORKS BITCHES
Made in the USA (of course).
Tom, those Fuckers will jump!
JP Morgan (for profit) public benefit payments business much stronger on increase in Food Stamp Use
Bloomberg Video January 8, 2010
http://tinyurl.com/ygn3rs4
Chris Paton the director of that business unit shares how his business is up sharply and an important contributor to JPM's bottom line.
It is nice to know that Jamie Dimon profits off the hardship of others
TomJoad I recommend you network with everyone you know to find a position if you are not already. Applying to anything on-line is less productive then standing at an intersection handing out your resume to passer-bys.
I was in the same boat. The only job interview I got from an on-line apllication was from a company offering me 1995 wages and who wondered why I was not calling them everyday after the interview begging for the job... they know they can pull that crap currently.
Good luck out there.
True. Sending out resumes has always been a low percentage way to get a job, even in good times. You'll always find yourself competing with hundreds if not thousands of people.
Thanks Gimp, I have feelers out with everyone I know, but being the misanthropic bastard that I am, that is a disappointingly small number. That's OK though, I have plenty of free time to spend at the gun range, and in the garden, though the crazy Florida freeze put a damper on things. Fortunately my wife is still working, so we are floating along fairly evenly, and not making a dent in our savings yet. I can likely find work out of the US in oil and gas project management, but I am still hoping for something in the environmental field closer to home , which is where I have been focusing my search.
Back to my earlier point though- unemployment compensation (or the lack thereof) has absolutely no bearing on my job search. It is an extra $1100 a month which does help slightly defray expenses, but the cancellation or continuation of it has no bearing on my decision to look for work or my level of effort.
I did know people and it didn't help me much either.
Everything was just at full-stop. So don't take it personally or start second-guessing. I had a resume that used to be so good that I couldn't leave it up on a jobsite because the phone would ring too much. Now? LOL. I would actively hit up req's and hear nothing, not a single ring of the phone, for entire months last year.
I ended up landing something because of being on Dice, but the market right now is absolutely pathetic. I continue to get req's from other states and there's work for a time if you're willing to move, but my kids are in school and I'm it for them. I am not ready to start dragging them all over and moving every 6-12 months. It may come to that though, who knows?
I was looking at taking a 40% paycut to land something "right now."
Connections can help but not if they aren't sufficient to carve a slot out for you
On a long enough timeline we're dead.
In the meantime let's get something to eat!
--roboslob
Potential Market Bombshell:
Retiree Annuities May Be Promoted by Obama Aides (Update2)
Share http://images.bloomberg.com/r06/news/shared2.gif); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: transparent; height: 16px; width: 20px; display: inline-block; vertical-align: bottom; background-position: 0px -112px;" href="javascript:shareBusinessExchange();">Business Exchangehttp://images.bloomberg.com/r06/news/shared2.gif); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: transparent; height: 16px; width: 20px; display: inline-block; vertical-align: bottom; background-position: 0px -128px;" href="javascript:shareTwitter();">Twitterhttp://images.bloomberg.com/r06/news/shared2.gif); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: transparent; height: 16px; width: 20px; display: inline-block; overflow-x: hidden; overflow-y: hidden; vertical-align: bottom; background-position: 0px -32px;" href="javascript:shareFacebook();">Facebook| Email | Print | A A A
By Theo Francis
Jan. 8 (Bloomberg) -- The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awbc6h6fJjT4
Man-o-man could this sink the market! A white house directive to shun "risk" and take money out of equities and shift the giant meatball into fixed income! WHew! What a statement on prospects for "Growth" in the American economy! What would Lil' Bush say?
Good post Caviar. I was wondering if that plan to seize private retirement savings would rise again. Some congressman, I don't remember who, proposed doing just that at the end of 2008. When the administration uses words like "encourage" and "promote", I get very nervous. It usually means some form of carrot and stick - probably more stick.
Such a plan raises some good questions. Who exactly would be the trustee for the funds? AIG, Hartford, or Social Security? I wouldn't voluntarily invest with any of them given their track record.
It is probably a trial balloon to test the following assumption: "Seven in 10 U.S. households would object to a requirement that retirees convert part of their savings into annuities". You're right Caviar, this could be a huge development if it is received without protest.
People would be willing to do it if they get their guaranteed return. I thought I heard 3% which is a freaking joke considering the inflation we will be getting. So, basically buy our treasuries for protection and in the future your money will be worth less than it was before.
Would they offer TIPS as an investment vehicle? I mean heck they can just print the money to pay back the treasuries right? Talk about a Ponzi scheme! *rolls eyes*
For the life of me I can not understand how anybody can hold the belief that people prefer doing nothing and collecting government dole to being productive.
That is an incorrect belief about human nature.
Human beings are busy beings. They feel good about themselves by PRODUCING.
Admittedly, if you want to pounce on so-called "welfare mothers" you could argue that they don't want to work but heck, they are raising kids....that's the dirtiest and least ego-boosting job of all and more work than most corporate jobs.
Secondly, this so-called "free" government dole isn't free at all. There are myriads of constant, unrelenting bureaucracy that has to be gone thru to get a peanut check that hardly pays for a month's rent.
GIVE ME A BREAK.
HaHAHahahahAHahha bullshit.
What sort of fantasy world utopia do you live in? Are they accepting new members?
Sure there's MILLIONS of people on the dole that would much prefer to have a job. I genuinely feel sorry for them and wish them the best. But there are MASSIVE amounts of people that are perfectly happy doing three parts of jack shit and getting 'paid' by the government to do so.
Your idea of human nature applies to some of us, but you're deluding yourself if you think it applies to all of us.
"There are myriads of constant, unrelenting bureaucracy that has to be gone thru to get a peanut check that hardly pays for a month's rent."
I was on unemployment about 15 years ago. During the six months, the myriads of constant, unrelenting bureaucracy you speak of amounted to one trip to the unemployment office to show my work search record which was looked at by someone for about 10 seconds, and a once a week phone call to the automated system to get my check.
I never expected saying this in ZH... but I've been unemployed for 13 f**kin' months! Thank Godman Sachs I had just started an investment portfolio by Oct08 which has given me enough money to survive. However, I'm hitting the road again, moving to London. Let's hope I can make a living out there.
If anybody's hiring and might be interested in a 32-year old asskickin' economist, I'm your man!! thanks a lot in advance.
By the way, to anyone interested on my story and/or my qualifications, my email address is caravendano@gmail.com. All the best in 2010 to you all ZeroHedgers!! let's show 'em what we've got!
Online resumes have worked so far, that doesn't mean it will continue. My philosophy is that first I am looking for a job, but just as importantly, I want my resume in the database of as many recruiters as possible. So here's what I do. When I get search agent results, I don't even read the job description, but send my resume to that recruiter. In this way, I have my resume in hundreds and after doing this for six years, it's not beyond reason that my resume is in a couple of thousand recruiter databases. After I do start work on a new project, I continue to receive calls from recruiters for the next six months.
I use Dice for online job searching and send anywhere from 20 to 40 resumes a day. I have been doing this between projects for the last six years. I have always received many responses and interviews leading to a new project. I'm a technical writer so I take jobs going anywhere from 3 months to a year, and then I'm out again. I also work nationally so I fly back and forth to the site. Up until the beginning of 2009, I could get a wage to cover my expenses and still make decent money, but that all changed in 2009. Wages are being offered that cannot accommodate travel expenses, and the bottom has fallen out of wages generally. I'm talking even for formerly top-wage jobs such as SAP consultants. I've been living project to project for the last six years because permanent positions are rare.
I have finished my last project Nov 6 so I'm on unemployment and things have been tougher throughout 2009. Unless you are a perfect match to the job description, you are not going to get an interview. I have situations where my resume is a perfect match at the 99% level, but I did not have one item on the list, and I was not even considered because I lacked that one item.
Generally, though, there is no doubt in my mind that the Government and Corporations are traitors to this country.
Do you do this without even qualifying for the job with your skill set? I guess I see your perspective but I just figure you would have to qualify with a lot of the skills they need.
Yes, I don't care what they want. I want my resume in their database for something that might come along later. I
request in my cover letter, that they keep my resume in their database for something later on, if I am not a match for the current position.
I concur with many, this is the toughest job market I have ever witnessed. I have been out for 15 1/2 months, but finally had an interview today. We'll see. I was the dumbest fuck on the block, I quit a good paying job just before this mess hit, and I knew it was coming. I was so sick and tired of corporate America and the ass kissing, pretty boy, robot managers I couldn't take it anymore. My boss was the most pompous jackass on the planet and if you didn't worship his incompetent ass you were toast. I figured quitting was better than getting fired on your resume.
Through a software support site you could sign up and get e-mails for jobs in your expertise, which I had done years ago. Always looking you might say. I used to get 5 - 10 a day, until about a year ago. Now I'm lucky to get 1 or 2 a week. It's really not good at all.
As someone said above, and I've hear it all the time, people want to work, they just can't find it. But as they said, and I agree, there are many who consider anyone without a job nothing but a lazy welfare queen wanting to suck off the governments teat. I haven't collected a penny of YOUR money asshole, I used the money I have saved. I have saved that money because I didn't choose to buy a McMansion, which I could have. I have no debt other than my house, and fortunately I made double payments or more for years. I feel fortunate compared to many. So for those who think people like me are lazy bastards wanting free money - go fuck yourself. Wonder where you got that idea to begin with? I have a pretty good idea, and fuck them too.
On CNBC this morning they said a the only people complaining about the lack of stimulus was the Republicans.
Apparently the millions of unemployed don't count.
"The notion that the little people just need to run faster on the treadmill to get themselves out of debt is absurd."
I'm working on a film script. Can I use that line?
Hopefully it'll be out for sale and film production before the crisis gets really bad( Hint to PTB controllers: you better get accelerating on your crisis in totally crashing the world's economies before it hits Hollywood if she could.
Wouldn't want a littler sheepleton like myself and others to actually get off that treadmill now would.
Well I've got news for you via movie show tunes. As Moby would sing: Nothing can stop us now, cause we're all made of stars.
Can't fight the future, can't fight what I see.
http://funy1.blogspot.com/
"The executive class has no sympathy for anyone born into unfavorable circumstances. Their only goal is to make themselves as rich as possible and live the good life and f#ck you. The arrogance of these people is seriously enough to make you want to punch their lights out after a few hours around them."
Let this go on much longer and exec's, their families, and friends will pray the retribution they face is to only have their lights punched out.
When it gets seriously ugly and the masses really get pissed the rich SOB's last memory on earth will be of wild dogs greadily feasting on their evicerated innards as they lie helplessly screaming and watching the carnage. Yep, J6P does not take well to being f#cked then spat on.
Pitchforks, torches, tumbrils and guillotines
on Fri, 01/08/2010 - 16:18
#187549
You said it!!! This is beyond true. The entitlement knows no bounds.
I saw this post comparing a depression era cartoon called
Prosperity Blues. In it this poor little cat that is forced to sellapples for a living on a street corner either can't sell them to the poor people,
gets them stolen by the big fat cat or when he thinks his bad luck is over and
a limo pulls up with two rich cats approaching his apple stand, the huge fat cat comes
in and puts up his own shiney apple stand for less money that the poor cat selling his apples for 5 cents.
go to www.beforethehays.com to see the Tinker Bell economy compared to the
Prosperity Blues.
You should have taken the Red Pill.
Got riffed. Unemployment is 2K/mo. Cobra is $40 more than I paid when I was working thanks to the "Architect." Otherwise it would have been $1000/mo more for COBRA. Add $300/mo for food debit card, and I could get used to the Matrix! On the job front, have sent out 2500 resume's. Got 1200+ NFW's, rest didn't even say no. I'm a boomer and age discrimination is very real. Responded to postings that read like my resume...NADA. They always ask for Degree's and date granted and even HR can do simple math. Gotcha.
If you've got a place to stay the Matrix isn't bad. File a Chapter 7. It will take them 2 years before your house gets to a sheriff sale. About the same as when your UE checks may run out.
Find a cash paying part time dumpster job and you can spend some quality time in the Matrix.
Film at 11.
Flim Flam at 11:30.
Don't worry - the US Census is going to be hiring a million in February. Good to keep people hired for at least 6-8 weeks.
Jobs Jobs Jobs
http://www.youtube.com/watch?v=5zjPws7usVM&feature=player_embedded
Congrats Tyler. The Watchdog on Wall St show just gave you kudos for your unemployment data analysis....