This page has been archived and commenting is disabled.

Chart Of The Day: 25,792,000 Unemployed And Underemployed

Tyler Durden's picture





 

Sadly for the US labor force, today's number of reported unemployed people according to the Household Survey, which came at 12,544,000, or a drop from 12,794,000 (even as the number of employed declined as well from 142.2MM to 142.1MM), tells only half the story. As the following chart of the day, a bigger problem comes from the fact that in August another 8 million Americans were working part time, double what it was at the start of the Depression. Additionally, 5.2 million, also double the number 4 years ago, are marginally attached to the labor force. Combined, this adds up to 25.8 million, which is the real number of interest, even ignoring the nearly 400,000 who mysteriously dropped out of the labor force. As Bloomberg concludes, "It is likely firms have altered their hiring behavior following the recession, which has resulted in a low-wage bias that favors part-time and temporary workers." Sadly, this means that the change in the labor market is now secular, and the Fed will have to reassess everything it knows, just as it had to reevaluate its flawed understanding of Stock vs Flow, and why more and more are now calling for endless QE.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 09/07/2012 - 09:29 | Link to Comment caimen garou
caimen garou's picture

to be revised upward next month!

Fri, 09/07/2012 - 09:35 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Good advice......always wait for the revisions.

 

Fri, 09/07/2012 - 09:48 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

Here’s an innovative idea for fixing our unemployment problem: Doesn’t it bug you that America has so many unemployed people, and yet there are so many things that need to get done, like cleaning up the streets, modernizing our infrastructure and building new schools and hospitals? Why doesn’t the government just employ all our unemployed workers in these occupations? And I know what libertarians are going to say … “how do we ensure that we are employing people in the right occupations?”. Well, it’s simple. Every year we can have an election where the people vote on what needs to get done and our government will delegate the jobs accordingly. Who could disagree with that?? Is that good enough for libertarians???

Fri, 09/07/2012 - 09:50 | Link to Comment Everybodys All ...
Everybodys All American's picture

and you innovative way of paying for it is ...

Fri, 09/07/2012 - 10:07 | Link to Comment Vince Clortho
Vince Clortho's picture

for heaven's sakes, we live in a fiat money system.  Just print up whatever you need.

Fri, 09/07/2012 - 11:05 | Link to Comment Manthong
Manthong's picture

Gee, maybe government jobs for all will not work  /sarc.

This adds up, but just seems bizarre..

Employment and taxes do not seem to matter anymore.

If you took all 25,792,000 and gave them jobs that across that population paid the $46K average US income, they would earn, IN TOTAL, $1.186 Trillion Dollars.. not even enough to offset the current ANNUAL budget DEFICIT if you took every dime of that away in taxes.

It gets worse if any of those are government jobs.

Fri, 09/07/2012 - 12:29 | Link to Comment economics9698
economics9698's picture

The response to MDB’s argument that we should hire people to clean the streets is a solution was tried by FDR, Hitler, Mao, and many dictators with generally disastrous results.

First these workers will require pay and that pay must come from;

Taxes, removing money out of the private productive sector of the economy generally losing 2.2 jobs for ever government job created.  Exhibit A, Spain, 20% unemployment.

Borrowing, someone is not consuming so the government can borrow and consume, funds that would be better used in the productive private sector.  Google “crowding out.”

Printing, a tax on all 313 million Americans so we can employ people to produce nothing but a clean street.  Inflation is destructive and counterproductive.

The real answer to putting people back to work is eliminating minimum wage laws and barriers to employment, currently over $10,000 is required to hire a new employee to comply with workers compensation laws, social security taxes, and others requirements.  Kill the minimum wage law.

The second part is to lower the cost of government at all levels.  Despite the propaganda in the economic textbooks governments is a drag on the economy and when the economy is bad REDUCE government.  No more than 18% at the federal level.

Third, is there someone at GS that will throw a fucking baseball at Bernanke’s bald head about 90 mph and tell the mother fucker not to print.

 

Fri, 09/07/2012 - 13:34 | Link to Comment ScotlandTheBrave
ScotlandTheBrave's picture

Once they are unionized the cost will rise to 2.37T.

Fri, 09/07/2012 - 09:50 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Better yet, why doesn't the gubbmint launch a massive program to employ half the unemployed to dig holes and the other half to fill them in.  The economy'd be rockin!

/s

Fri, 09/07/2012 - 09:57 | Link to Comment krispkritter
krispkritter's picture

Following MDB's suggestion, Americans would have the same two choices every year; dig the holes or fill in the holes.  Same process we have now and they both involve voting for the same 'holes every time...

Fri, 09/07/2012 - 10:15 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

I up-arrowed you for segue of the year, kk.  Well done.

Fri, 09/07/2012 - 10:36 | Link to Comment g speed
g speed's picture

MDB  your thinking is sophomoric at best --- unintelligent uninformed scripted --becoming more boring with each comment. Take some advice and go back to Market Watch-- 

Fri, 09/07/2012 - 10:42 | Link to Comment bullet
bullet's picture

MDB = mindless douche bag (or typical progressive)

Fri, 09/07/2012 - 11:27 | Link to Comment Bananamerican
Bananamerican's picture

Bullet, you stupid shit...

you typical retarded partisan motherfucking right-wing mouth breathing dumbfuck!!!

MDB is PARODY!!!!!

Mon, 09/24/2012 - 09:04 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

No, it isn't. MDB crossed the parody line a long time ago.

Much more now it resembles a Turing Test. An actual Turing-test is for AI to see if it can fool a human to think it's human. Or at least be so far from detectable that one can only say "I'm not sure". In this case, see Poe's Law, the MDB algo is seeing if you can detect how much of an obtuse asshole such statements must come from, AND your own social awareness of others. It's a larger macro-test upon us all to see how we respond, are we nihilistic, do we care, will be get tired of using any rating and/or thumbs down on it, will some of us give up disagreeing over time and agree with it, and so on. It's too incessant to be parody, it's too far in.

The only sign it's a real test is the "easing up" because someone, possibly Tylers, determined the easing up was needed to drop just that little more hint to people less aware of what it is, for some reason. Maybe to ensure a criticality didn't happen where everyone tuned it out like Cap'n Snorgees or Fischer. If it's tuned out it can't be a good test/response system.

Fri, 09/07/2012 - 11:24 | Link to Comment Bananamerican
Bananamerican's picture

" Every year we can have an election where the people vote on what needs to get done"

we can start by getting rid of all the protestors in amerika. I know it's a small gig, but the sooner we get rid of those Liberulz™ the better

Mon, 09/24/2012 - 09:00 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

What brand of /sarc is that?

You realize a few, but only a few liberals, are part of the Occupy the Fed protests demanding a return to real money and a banishment of central planned currency?

Mon, 09/24/2012 - 08:59 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

No it isn't - with a real vote by wages & offerings for employment we can do this "vote" several times a day every day forever. Once a year is so infrequent as to ensure economic destruction.

However, with all the money-printing bank bailouts, if we could IMPRISON EVERY LAST BANKER and take EVERY LAST DOLLAR BACK they took, we could supplement wages for EVERYONE until they were all level with cost of living in their locale and save a TON of billions vs what's been spent on the banks.

Not that such a solution is in any way libertarian but it is cheaper than the current paradigm & ensures no one need starve short-term while also ensuring rioting will be to a minimum and bankers will be in prison who BELONG in prison, like Jon Corzine. That fucker should be raped every day and beat in the kidneys EVERY HOUR for what he's done. He's a top criminal mastermind thief and has no right to live anything but blood-spitting misery with a very sore asshole.

Fri, 09/07/2012 - 09:41 | Link to Comment midtowng
midtowng's picture

It will probably be revised SEVERAL times. Including a couple years in the future when no one cares anymore.

Fri, 09/07/2012 - 09:43 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

I stopped caring just before they printed the initial values.

Fri, 09/07/2012 - 09:43 | Link to Comment Eireann go Brach
Eireann go Brach's picture

Obamanomics...Print until it works, just like vote until you get the result you want!

Fri, 09/07/2012 - 09:48 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

I think it's more re-count the votes until you get the result you want...

Fri, 09/07/2012 - 09:30 | Link to Comment spastic_colon
spastic_colon's picture

they will soon be employed in the domestic civil war that will save the country from recession.....look at all of the indicators for this

Fri, 09/07/2012 - 09:31 | Link to Comment Flaming Ferrari
Flaming Ferrari's picture

They should have BTFD

Fri, 09/07/2012 - 09:31 | Link to Comment Tsunami Wave
Tsunami Wave's picture

Why stop at 400,000... why not more if the BLS is going "re-adjust" the NFP this much.

Fri, 09/07/2012 - 09:45 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

They need to keep some powder dry for when the election draws nearer.

Fri, 09/07/2012 - 10:10 | Link to Comment Vince Clortho
Vince Clortho's picture

Right on. We could easily have full employment, with everyone earning what GS employees make.  The money printers are just stingy when it comes to sharing with the muppets.

Fri, 09/07/2012 - 09:41 | Link to Comment Rainman
Rainman's picture

ObamaScare has worked its magic.....we is all Japan now.

Fri, 09/07/2012 - 09:43 | Link to Comment midtowng
midtowng's picture

Obama is simply doing what Wall Street is telling him to do. Just like Bush, Clinton, Bush, and Reagan did before him.

Fri, 09/07/2012 - 10:11 | Link to Comment Vince Clortho
Vince Clortho's picture

And Carter, Ford, Nixon, and LBJ before them.

Fri, 09/07/2012 - 09:49 | Link to Comment kito
kito's picture

hey rainman, which party ticket voted/supported the following:

 

tarp, bailout of gm/chrysler, medicare expansion, ndaa, patriot act, raising of the debt ceiling, mandatory health insurance

 

BOTH!!!!!

get a clue rainman..................vote 3rd party

Fri, 09/07/2012 - 10:01 | Link to Comment Rainman
Rainman's picture

voting 3rd party is code for re-electing Obama...I don't like the setup any more than you do !

Fri, 09/07/2012 - 10:24 | Link to Comment kito
kito's picture

ha!!!! as if there is a difference between the two!! oh lordie, i wish people would wake up.........two sides of the same coin rainman!!! step outside of the paradigm!!!! you cant be that naive, you have been a member here longer than most............shirley you understand only demuplicans/republicrats exist!!! its a two party oligarchy playing psyop with partisan parrots.......STOP THE INSANITY!!!!

Fri, 09/07/2012 - 10:39 | Link to Comment MilleniumJane
MilleniumJane's picture

Yep.  I found that out with Bush Jr. but I voted third party anyway.  It's all such a scam anyway so why not try to throw a couple of wrenches into their two party machine now and then?

Fri, 09/07/2012 - 10:45 | Link to Comment kito
kito's picture

egggggactly...........tryanny has two legs..............left and right...........................

Fri, 09/07/2012 - 12:07 | Link to Comment El Viejo
El Viejo's picture

... and Clinton repealed Glass-Steagall and Bush signed the 'anti' bankruptcy law of 2005 (legalizing rehypothecation) Watch your backside they are working towards making you all debt-slaves.

Fri, 09/07/2012 - 12:11 | Link to Comment Shell Game
Shell Game's picture

No, Obummer is sooo evil and sooo scary that we must change the rules of the system to ensure dictatorship from either 'side' in the future.  Nothing coming down the pike could be scarier than Oblahblah, right?!?

 

/s

Fri, 09/07/2012 - 09:41 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

The Kenyonesian's re-election campaign just might benefit from maximizing part-time employment.  That would drive up both the reported/land of Oz employment number and the number of people dependent on centralized hand-outs. 

Fri, 09/07/2012 - 09:42 | Link to Comment spartan117
spartan117's picture

That chart looks like a bull flag ready to break out to the upside. 

Fri, 09/07/2012 - 10:12 | Link to Comment Vince Clortho
Vince Clortho's picture

Back in the age when charts actually meant something.

Fri, 09/07/2012 - 09:47 | Link to Comment MFLTucson
MFLTucson's picture

 "...and why more and more are now calling for endless QE".

 

QE and stimulus is what got this country in the mess it is in.  If we had allowed these Jewish Gangsters on Wall Street to fail and prosecuted them for fraud and treason, if we had allowed they system to purge malinvestment, if we had allowed the system to reset, we would have been on the road to recovery by now but,  we had a clown in the White House and an arrogant know it all at the Federal reserve neither of which understood a godamn thing about free enterprise and true capitalism.  Crony capitalists have destroyed America as they destroyed Weimar Germany and now there will be hell to pay when this finally does reset. Now we sit with a 16 Trillion dollar deficit, billions if not trillions in off balance sheet account of these banksters in RE they cannot sell and we are all over the map with no plan for jobs, economic recovery and a new America.

Time for the medicine folks and time to get back on the Gold standard and get this man out of power, the Gold standard is the only way to contain this bloated bureaucracy and anchor our fading currency and end these fucking wars. We need new leaders and all the nice words at the DNC convention will not cure these ills

Fri, 09/07/2012 - 10:50 | Link to Comment g speed
g speed's picture

We need a new guy at the fed to remove the trillions off of bankster ballance sheets and a congress to seperate the savings business banks from the brokerage houses and "regs" to dis-allow accounts to move around the world to hypothicate collateral to infinity and changes to GAAP for enforcable mark to market every three months. These changes are do-able and a start. We just have to find the will to do it. 

Fri, 09/07/2012 - 09:49 | Link to Comment Hayabusa
Hayabusa's picture

Here's the formula:

(Unfudged unemployment/underemployment MINUS BLS reported unemployment/underemployment) + BLS reported unemployment/underemployment = REAL rate of unemployment/underemployment.

You want revisions... the BLS will give you "revisions" alright.

Fri, 09/07/2012 - 09:50 | Link to Comment JPL
JPL's picture

So cool that Ben's helicopter drops some bank notes onto Beverly hills !!

Fri, 09/07/2012 - 10:04 | Link to Comment hootowl
hootowl's picture

We live in a world where pernicious government jabberwocky tries to convince us that the more unemployed people that finally give-up trying to find a job, the lower the unemployment rate. People that promulgate these lies should be tortured, hanged, then, of course, be given a fair trial for criminal fraud and sedition.  Only the brain-damaged, moneysucking, obotic morons and the MSM will believe these odious excretions from the mutant beast east of the Potomac.  The rest of us better pray, sincerely and fervently, that there aren't more of them than there are of us.....yet. That is, until the next graduating classes pour forth from the socialist/fascist indoctrination centers fully inculcated with the delusions and deceptions fed to them by the decrepit old communist/progressive remnants still tenured in our schools and once-great universities.

God help us!

 hootowl

Fri, 09/07/2012 - 10:08 | Link to Comment Disenchanted
Disenchanted's picture

 

 

Funny how the bar on that chart for Jan 09 is just as high or higher than the last bar(Aug. 2012).

Looks like two (puppet)Presidents can share the blame. Both of them empty suits...

 

Maybe we'll get somewhere when the sheeple get over the blame "the other side" games.

 

Honey banksters don't give a shit which political party is in charge...and neither do I.

Fri, 09/07/2012 - 10:13 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

If we assum QEx (which is really a timing question), at what point does the metal value in a pre-1981 penny exceed a $1 FRN? 

Fri, 09/07/2012 - 10:15 | Link to Comment divide_by_zero
divide_by_zero's picture

Accidentally caught part of the Kenyan's speech on radio last night, whoppers came a mile a minute but almost had to pull over from laughing so hard when he said something close to the following;

"under this administration dependency on foreign oil imports have been reduced by the most ever, imports are now the lowest in over a decade"

Fri, 09/07/2012 - 10:25 | Link to Comment Uncle Remus
Uncle Remus's picture

Chutzpah. You're talking about chutzpah.

Fri, 09/07/2012 - 11:24 | Link to Comment De minimus
De minimus's picture

They are flat out lies and massive distortions, which he knows he will never be called on because the media belong to the hard core left and he is their "face."

Still if they lose and it looks like they might pay a price, they'll be glad to blame him and throw him under the bus, and anyone else they need to, to prevent the average person from realizing what they are doing and have done to them. They have skin in the game and can't afford too much risk. You might call it a hedge.

Considering the players, I'd call it good ole fashioned  Marxist hedge. Besides it will make more room in the Zil.

Sat, 09/08/2012 - 10:48 | Link to Comment Uncle Remus
Uncle Remus's picture

Rode in a Zil while in Uzbekistan back in the day.

Fri, 09/07/2012 - 12:21 | Link to Comment blunderdog
blunderdog's picture

Awesome.  See?  A bright side to EVERYTHING!

Meanwhile, in Japan, the residents near Fukushima are delighted that the aging and potentially dangerous power plant has been taken offline...

Fri, 09/07/2012 - 10:17 | Link to Comment Pure Evil
Pure Evil's picture

So, I guess all that Hope and Change is finally working. You keep hoping you can find a decent paying job, but nothing ever changes.

Fri, 09/07/2012 - 10:21 | Link to Comment NeedleDickTheBu...
NeedleDickTheBugFucker's picture

Back in the saddle again.

Fri, 09/07/2012 - 10:22 | Link to Comment max2205
max2205's picture

trending down?

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