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Unemployment Rate Declines in 40 States Even As Economy Double Dips, Nevada Worst State Again
In June, 20 states posted a (seasonally adjusted) unemployment rate greater than the US average. At 14.2% Nevada was once again the state with most idle hands (excluding Puerto Rico, which since the earthquake nobody cares about anyway). Michigan is second at 13.2% as those unemployed for 20 years or longer (the vast majority of the population) are now presumed to be dead, thus causing a downward inflection point and a major improvement in the state's economic perspectives. California, Rhode Island and Florida rounded out the top 5 states. Yet the gimmickry at the Federal level is making the state picture better as well: in reality the main reason for the improvement on a state by state level is the decline in the labor force, so even as the unemployed in California declined by 30k, the labor force contracted as well, by 23k, and, carry the four, the net result was a loss of 27.6k workers. In other words, more data that is gradually becoming completely irrelevant.
From the press release:
Between May and June 2010, nine states recorded statistically significant changes in employment. The over-the-month statistically significant job gains occurred in Arkansas (+6,000), Montana (+4,100), and Alaska (+2,900). The largest over-the-month statistically significant job losses occurred in California (-27,600), New York (-22,500), and Tennessee (-20,800)...The West reported the highest regional jobless rate in June, 10.7 percent, while the Northeast recorded the lowest rate, 8.8 percent. Three regions experienced statistically significant over-the-month unemployment rate changes: the Midwest, South, and West (-0.2 percentage point each). The West was the only region to register a significant rate change from a year earlier (+0.4 percentage point).
The chart below shows the Seasonally Adjusted unemployment rate by state...
...and the MoM change by state.
Additionally, the BLS also reported statistics on Weekly earnings of wage and salary workers, which also showed deflationary deterioration as prevailing wages continued to drop.
Data on usual weekly earnings are collected as part of the Current Population Survey, a nationwide sample survey of households in which respondents are asked, among other things, how much each wage and salary worker usually earns. Data shown in this release are not seasonally adjusted unless otherwise specified. Highlights from the second-quarter data are:
- Seasonally adjusted median weekly earnings were $744 in the second quarter of 2010, little changed from the previous quarter, $748.
- Median weekly earnings were $740 in the second quarter of 2010 (not seasonally adjusted). Women who usually worked full time had median weekly earnings of $672, or 83.0 percent of the $810 median for men. The female-to-male earnings ratio was lowest among whites (81.4 percent), compared with blacks (92.6 percent), Hispanics (94.8 percent), and Asians (94.8 percent).Among the major race and ethnicity groups, median earnings for black men working at full-time jobs were $632 per week, 75.4 percent of the median for white men, $838. The difference was less among women, as black women's median earnings ($585) were 85.8 percent of those for white women ($682). Overall, median earnings of Hispanics who worked full time ($529) were lower than those of blacks ($607), whites ($756), and Asians ($873).
- Usual weekly earnings of full-time workers varied by age. Among men, those age 45 to 54 and age 55 to 64 had the highest median weekly earnings, $948 and $953, respectively. Usual weekly earnings were highest for women from age 35 to 64; median weekly earnings were $731 for women age 35 to 44 and age 45 to 54, essentially the same as the $730 median for women age 55 to 64.
- Among the major occupational groups, persons employed full time in management, professional, and related occupations had the highest median weekly earnings--$1,229 for men and $920 for women. Men and women employed in service jobs earned the least.
- By educational attainment, full-time workers age 25 and over without a high school diploma had median weekly earnings of $440, compared with $629 for high school graduates (no college) and $1,138 for those holding at least a bachelor's degree. Among college graduates with advanced degrees (professional or master's degree and above), the highest earning 10 percent of male workers made $3,297 or more per week, compared with $2,178 or more for their female counterparts.
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Crap.
This is going to be a class 5 explosion in the area, get cover you people in a 200 miles radius
U6, bitchez
Totally!
U6 plus now when you roll off UNextended UE you magically get employed (read: not counted as being UE).
Hey, a million here, a million there, who's counting? And if they aren't counted, they don't exist, right?
Wait. Puerto Rico? Earthquake?
less than better but still more than expected.
"disimprovement"
word play to keep the masses in an illusion they cannot understand - ever - because the authorities have authority over the words, the use of words and the definition of words.
a man that cannot feed his family, not even with 2 or 3 jobs.. is still a man. it's not his fault. there was a time when a man could feed the family and pay off a building lot and the house with a few months pay, maybe a years worth of pay.
then the women "fought" to work. then credit was introduced.
now everyone is fucked, men or woman. families are falling apart, kids aren't fed properly because toys like online poker games and facebook capture the hearts and minds of parents that are not working and even when they're working.
at the same time, a man named Steve Jobs is introducing yet another toy that is completely irrelevant and adds no value to our lives.
can we stop it all? no, absolutely no chance. can we avoid the coming collapse of society? again, not a chance. all each and every one can do for themselves is to prepare and to unplug from UNreality TV and think for themselves and fight for themselves.
it will happen.. soon.
"Bread & Circuses", Bro. Worked for that other Empire for a while too.
regards
When is the unemployment extension vote?
I think that it's today... if they got the new WV senator...
Looks like the BLS is releasing number to support the WH push to get the unemployment benefits passed sometime today.
It's like magic.
Unemployment is falling.
Employment is falling.
Now which one tells you the most about what is going on in this train wreck of an economy?
- yeah, they ran out of people to lay-off.
What the fuck is up with Puerto Rico?
Just change your wording slightly.
Unemployment is falling cause people are quitting the labor force.
There, 1 line. All you need to know.
more people falling off due to benefits running out without further extension.
It's nice to know Puetro Rico and DC are now states. Five more and Barack will be correct.
Haiti
Dominican Republic
Columbia
Mexico
US Virgin Islands
"states" for statistical purposes.
By Imperial Decree: Everyone who wants to work is working.
Therefore the BLS will publish no more reports as employment will be a given 100% from no on.
We're getting down to, "Pay me to live in your country"
Makes for a nice neat headline to put on the news though, doesn't it?
I'm sitting here starting at IYR in wonder. Worst housing numbers in over a year, and this thing takes out yesterday's high? I suppose they're doing everything they can to keep this market from completely collapsing. I bought DRV @ about 32 last week, and have had about 3 opportunities to sell it over 37, and yet each time they start pumping the housing sector.
I give up. Seriously. You can't win in this market.
-
Playing -3X ETFs and holding for days, no, you are right, you can't.
If you come to ZH and do not see the correlation of the market to carry trade, inflation/deflation expectations and finally that the banks are backstopped, you are hopeless.
Finally "The fund seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the MSCI US REIT"
Have you looked at what comprises that index?
Would you believe that at one time it had flotek (Oil & explorarion services company) and American Oil & Gas Inc?
Do you really think anything leveraged on 2x or 3x designed by bank associates is supposed to make you rich?
You may get lucky once in a while... or go bust.
With 3x leverage armageddon etfs is like putting all on black.
When the shit hits the fan and the music stops, your etf might reach the stratosphere.
Just allocate a certain percentage of your portfolio as a loss and be happy when it does come through on these leveraged bitchez.
Totally agree on the nature of these ETF's. Been known to short them in order to express an opinion - you get the time decay and the market movement.
ONE positive thing about the 3x ETF's is that IF you get a sustained move over a short period of time, they COMPOUND - look at the charts of FAS, FAZ, SRS, etc. they have HUGE spikes for a 1-3 month period.
So, yes, sort of like betting on a number in roulette. Or sort of like going long on an option. Odds are against you, but maybe the returns might be worth it...
past performance is not an indication of future returns on these e(t)ffers
SRS for example hitting $300 in 2008 and then sucked in so many unknowing players.
it was a classic pump and dump and something tells me, proshares is a compilation of fraud.
The 2X SRS Bear has similar correlation problems.
As some have already stated, the issue is in how the instrument is populated. All inverse ETFs have assuptions relating contrary historical macro-economic elements to the focus sector. But these correlations can be either violated or delayed depending upon historical trends at the time they were created. If the correlation is fundamentally valid, what you could see is a delay in the contrary elements.
The inverse correlation performer for Q2 so far is SKF (Inverse Financials). By performer I mean the correlation is very good in relation to the sector. Not performer in terms of pure price increase. But for inverse ETFs, we must first have a good correlation, and then we can try and understand perfomance based on its components.
Mark Beck
Right. After what we KNOW about market and stock manipulation.. we can surely conclude that ETFs which are DESIGNED by the same manipulators are just another tool to suck money from uninformed or unintelligent "investors" or day traders.
What is the objective of the stock market?
Make money.
I guess the 16 million people who disappeared from the national workforce since last year must of died from swine flu.
If a million unemployed-without-benefits fall over in the woods, do they make a statistical sound?
The falling over sound is not statistically significant. When the Fascists use suppressors the screams are the loudest noise, followed by the carrion dogs and birds that come to feed.
millions w/o paycheque vs. a few that make billions in bonuses.
won't last long.
No, they died of AIDS.
No, they were taken out by Y2K.
Of course this number has to do with the HHS which we all know has shown a butt load of people actually leaving the labor force.......this tends to skew the UER lower.......
More BS from The Bureau of Making Shit Up.
Be interested to know who, if anyone, is still consuming this Hopeium.
Lol, I don't really care about the Bureau of Making Shit Up because I can ignore them. It's the Bureau of Stealing Your Shit that is really starting to piss me off!
LOL too true!
Can anyone take government numbers seriously anymore? I guess it sells to the masses and that's all the politicos care about. Calling Herr Goebbels to the front office.
GF - Ever been to PR? Great food and people but 16-20% unemployment is normal. They ain't stupid, free welfare money why work?
http://finance.yahoo.com/news/Unemployment-rate-falls-in-39-apf-30764266...
see? on the bizarro world gnihtyreve si etisoppo except good news
bad news is good news and good news is great news.
its a win win to the 5th Dimension..
Sure it did, and there was no blue dress.
This is where the unemployed are going:
http://www.youtube.com/watch?v=WudBfRa0ETw
Shows like Twilight Zone etc. were created to dupe the masses into thinking there was more out there than we could possibly comprehend.
In the meantime, the theft and crime is committed right in front of our very eyes but we refuse to believe because it's not labeled accordingly.
The legalized mafia is getting away with it, thus making it the perfect crime.
http://www.bls.gov/cps/cpsaat2.pdf
One thing I like to track is the % of males who are employed. That number in 2009 was 64.5%. The last time it was that low since they started tracking it in 1973? Never. Back in 1973, it was at 75.5%. Again, this speaks to "real economy" issues, ie., people wonder why males have been feeling increasingly powerless and fucked over, not that hard to figure out. If this moves south of 60% like I think it's going to, and talk of revolution starts moving to the action phase.