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State Unemployment Ticks Up In 29 States, Mass Layoff Events Pick Up Once Again
BLS data confirms that the unemployment pictures is getting worse with 29 states reporting an increase in state joblessness levels. The states with the highest levels on unemployment levels were the usual suspects: Michigan (15.1%), Nevada (13%), Rhode Island (12.9%), California (12.5%), South Carolina (12.1%) and D.C. (11.9%). The numbers continued to deteriorate in California (2.5% increase in unemployment), D.C. (4.4%), New York (1.1%), with some of the worst monthly performance noted in the traditionally better states: Wyoming (8.8%), Arkansas (7%), Mississippi (6.5%) and Alaska (6%).
Additionally, mass layoff event data released by the BLS indicated that non-seasonally adjusted initial claims and mass layoff claims reached yet another upward inflection point. After tapering off in the mid 120k's in August and September, the initial claims number once again surged to 193,904 in October, with a comparable trends in mass layoff events, which hit 1,934 last month, compared to 1,371 in September.
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More evidence that Timmy was right during this testimony this week...the economy is really, really, really in recovery.
Paper Street Soap Company is hiring new space monkies. Good product. I'll be interested once they decide to go public. Check out the jobs section.
http://www.paperstreet-soapcompany.com/
They have their own training program, too. Let all your disaffected, single relatives know. Here are some of the entry requirements from the website:
Interested in our internal education? For all recruits we have a severe Three-Days-Test.Are you interested? Do you have three days of spare time? You have two black shirts? Two pair black pants? One pair black boots? Two pair black socks? One black jacket? Three hundred dollars personal burial money? Alright.
Contact us and ask for information:
recruiting@paperstreet-soapcompany.com
makin soap and mixin gasoline!
everything's ok, nothing to see here....move along....
Merry Bustmas.
That headline is impossible and needs to be cancelled.
11-20 10:12: US mass layoffs eased in October
RAN...
I asked about the Reuters headline (I assume that is where the RAN summary comes from). Here is the response. They are using the "seasonally adjusted" values. [Wonder if those will be revised next month? :)]
The numbers come from the seasonally adjusted table. You are looking at the not seasonally adjusted table. We don't quote the not seasonally adjusted figures for obvious reasons. Looking at the seasonally adjusted figures there has been a marked decline in both the number of mass layoffs events from 2,690 in August to 2,127 last month. Also the number of workers involved has come down from 259,307 in August to 217,182. Given the severity of the job destruction during the recession, it doesn't feel like things are getting better in the labor market, but they sure are. Very, very slowly, is the message coming through from the various labor market gauges eg weekly jobless claims, the Philadelphia Fed's manufacturing survey employment index and the insured unemployment rate. Hope this helps.
Table 1. Mass layoff events and initial claimants for unemployment insurance, November 2005 to October 2009,
seasonally adjusted
Hi Lucia,
these BLS numbers don't match the numbers in yr article. also, the conclusions don't match, as the October numbers are an increase from Sept 2009, though they are down from Oct 2008. curious.
http://finance.yahoo.com/news/US-layoffs-fall-in-rb-3937027765.html?x=0&...
"The Labor Department said the 2,127 mass layoff actions reported in October,,, The layoffs affected 217,182 workers"
http://www.bls.gov/news.release/mmls.t02.htm
Initial Initial
Events claimants
2009
September .. 1,371 123,177
October .... 1,934 193,904
as I keep saying, we are just entering the Greatest Depression this country has ever seen. The Fed's actions have made things worse, much worse, not better.
Absolutely!!
In a comment yesterday, Peter Schiff indicated, that with all this government intervention we are now entering a period never before seen in human history... Time to fold up the tents..
IMO forget the inflation/deflaiton debate for the moment...as relates to economic activity on the ground, if one is selling things it is increasingly harder to make a profit on what is sold, and if one is buying things then they are seeing the cost of something relative to their income increase.
There is nowhere to hide.
tipping point reached...unemployment begets unemployment...consumer driven economy..fail. Time for a reset.
Cannot wait to see the spin masters on CNBS tell us why this is a good number!
Have they been checked for a pulse or are they all Mr and Ms Robotos..
I heard that you tell a lie enough times people eventually begin to believe it. Or you get lockjaw. Something happens. Let's find out.
The CON requires confidence in our economy and ourselves, for there's very little left of real substance underlying our economy anymore. I'm sure that comment will bunch up a few panties but I ask that we stop looking at incremental items and start looking at large time frame comparisons, such as 20, 30 even 40 years ago compared to today. From that point of view, we are extremely sick and getting sicker.
Just because financial engineering can make something happen in the short term doesn't mean we should do so or that it's healthy long term. Why is the government managing our economy on a quarter to quarter basis? Is it because it needs constant resuscitation and manipulation just to make it to the next quarter?
Let us all remember that a confidence game won't work unless there is a willing sucker, someone who has underlying greed and thus a conflict of his/her own interest that can be exploited. As George C Scott famously said in the 1967 classic "The Flim-Flam Man" you can't con an honest man. Nor can you con a con.
http://en.wikipedia.org/wiki/The_Flim-Flam_Man
Let's just stop this madness. It begins within ourselves. As long as the political and corporate leadership think they can get away with something, like any self respecting 6 year old, they will try to get away with it. Since there remains no adults left in leadership (certainly arguable if there ever were) maybe it's time for the citizens to step up and lead. After a while, like ants attracted to crumbs on the floor, the leaders will follow.
A saying I experienced in corporate America was, "if you have a job on thanksgiving, you'll have a job next year". I wonder how that will play out this time?
Warren Buffett was interviewed by Becky Quick in a walk up talk, and said don't mess with the Fed. He supports "Fed Independence" (whatever that means).
Warren has been the benefit of taxpayer support for many billions of dollars. 30% of his portfolio is from TARP companies. 30%! Do you realize these are/were bankrupt companies? The tax payer is creating the conditions to keep them alive.
Maybe thats why Warren likes the Fed?
Why change what's working for him!
Buffett is a Fascist scumball, no surprise he supports the Fed.
I don't know about a Fascist but Buffett has made a ton of money by knowing all the Fed and its ilk. Don't let the 'grandpa' facade fool you.
Peeps on this site don't get fooled easily.
Buffett just borrowed $8 Billion at 1.27% interest from those same banks that just cut your credit lines and raised your rates to 29%.
Thank you JPMorgan and WellsFargo.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJl8PxR0EsuM&pos=4
Yeah, I saw that, isn't it ILLEGAL to lend to your largest shareholder?
Our financial system gets more corrupt by the day.
State and local governments are finally realizing the furlough programs won't get the job done. Cali still expects a $ 21B deficit next year.
Uncle Slam will need to re-stimulate local gubmint jobs or many more heads will be rolling after the New Year.
makes sense. unemployment will only rise. we now exist in an oligarchy that is masked my socialism. wealth transfer from the middle classes to upper and lower... lower have no assets, big business stock prices up as they dump entrenched employees or shake them down for lower wages, under cover of the recession. main street suffers; wall street and asset holders rally as the dollar drops.
What's in a name then. Let us consider the juxtaposition of 'Warren BUFFET' with 'Eat the Rich'
interesting.
Could Aerosmith have presciently penned the anthem of a new generation of cannibals? We shall see what we shall see.
Digalert I cannot stop staring at your avatar...help.
Sorry - starring-
Every generation needs a new revolution.
and
Every citizen should be a soldier. This was the case with the Greeks and Romans, and must be that of every free state.
Thomas Jefferson
A strong body makes the mind strong. As to the species of exercises, I advise the gun. While this gives moderate exercise to the body, it gives boldness, enterprise and independence to the mind. Games played with the ball, and others of that nature, are too violent for the body and stamp no character on the mind. Let your gun therefore be your constant companion of your walks.
--- Thomas Jefferson to Peter Carr, 1785.
If you haven't read; 'The Fourth Turning', now is a great time...and keep in mind while reading...it was written in 1996...
m.g - I think we have become too apathetic and numb to do anything and the political gangstas know it thats why they will lie right into the camera without hesitation or fear.
Wait a minizzule I got to go back to listening to Snoop Dog.
if that's the case then give me another beer....thnaks(burp)
My impression:
1) The stimulus job creation for 2009 was seasonal for most of the larger contracts. When these jobs end, first time filing should increase. IMHO the seasonally adjusted BLS first time claim number is discombobulated, due to stimulus and other government actions. Not seasonally adjusted data is probably more useful.
2) Mass layoffs indicate that the balance sheet is more important than workers. Is this a trend? Have we entered another period of cost reductions through payroll reduction? If so, this would indicate that companies are not turning the corner on production.
It would be ironic that by propping up equities, more jobs are lost. That is, through FED actions and speculation, companies now fixate on their elevated stock price in case they need to issue more stock to shore up equity. As a result, the short term balance sheet has taken on even greater importance than saving jobs.
3) Looking at the data, after all the infusions of stimulus and bailouts, its hard not to see that there is something very different about this recession.
Mark Beck
The goose is cooked. Take a look at MULT, TOTASL, RSBKCRNS, BOPI, and realize that taken together, they are roadsigns that we entering the zone where each new dollar of debt does not contribute to GDP. Range Rider puts it in better words than I can: http://rangerider.blogspot.com/2009/11/are-we-living-in-zero-hour-now.html
Anyone know why I can't comment on story posts but only get reply buttons to other comments?
yes, that is a very important concept, the marginal utility of debt. basically, at this point we are just throwing money down a black hole.
This stimulus money went to organizations that helped Ds get elected. The vast majority of the $ actually created/saved zero jobs - it went to raises for already secure jobs, or outright theft (fraud that will never be found). The truth is finally being reported, but the pork is already out of the pigpen; nothing will come of it.
Hmmm....Why should those numbers be belived at all?
My State's sales tax and income tax collections are not up Sept-Oct. Yet, the first chart claims that my State is among the best in improved employment.
It would also help to have a total check count and dollar amount for Oct "unemployement checks issued".
Racherik
We love Fox News!
+1
If you're a business owner why in God's name would you hire anyone right now?
Yes, I'm talking about the healthcare gun aimed at every productive business' and citizen's head.
The laugh out loud interpretation of the libs, that Obama's cratering ratings will go back UP, if he can jam through the worst piece of legislation in the history of the country is awe inspiring.
Harry Reid is going to try to jam home a "country buster", and then get voted out for doing so.
If you're a business owner why in God's name would you hire anyone right now?
...because you don't want to paint a target on yourself. I'm talking about offshoring, something that Republicans have supported(as well as some Democrats) in some form or name since the 70's. The unintended consequence of such activity is that you're harming citizens(immigration law abuse and violation), and not the original target.
Why should business (and only business as you refer to it) be treated as if they were the Almighty? That's what you're asking, and never should get. If government gets a humbling, so shall business for its misdeeds in prompt time.
Businesses are quite necessary to the health of this nation, but you don't look away if they bring loaded dice to the table.
Reinforcement of the Principle that you cannot have your cake and eat it at the same time.
Don't worry guys, I found this beauty from the AP:
"WASHINGTON - In a sharp improvement, more than half of U.S. states added jobs in October"
Combat every peice of bad news with good news
Combat every peice of really bad news with rediculously good news.
The only unbias news you find nowadays is through outlets such as this blog. (Thanks ZH)
The mainstream media is so bought and paid for and they wonder why newspapers are going out of business.
Not fast enough in my mind.
Tell me about it. The only reason I subscribe to the local city paper is so I can stay married. WTH she's still worth it. Only a matter of time before they go out of business, then no more!