The U-6 unemployment number was up to 15 percent in July. The overall unemployment number is currently at 8.3 percent.
The DRUDGE REPORT posted the following links today:
THEY BOTH CANT BE RIGHT:
Reuters: Labor market slowed sharply after strong gains in winter, spelling trouble for Obama…
AP: Stronger job creation could help Obama’s re-election hopes…
The unemployment number announced today is 8.3 percent, but that number only includes those people who are currently looking for work. If every unemployed worker stopped looking for work, the number would drop to 0 percent–which logically makes absolutely no sense.
CNBC posted a story today about the U-6 number, which includes discouraged potential employees who have quit looking, and those who are underemployed — wanting to work full-time but forced to work part-time. The U-6 numbers in various states are alarming.
The article at CNBC reports:
Consider: Nevada‘s U-6 rate is 22.1 percent, up from just 7.6 percent in 2007. Economically troubled California has a 20.3 percent real rate, while Rhode Island is at 18.3 percent, more than double its 8.3 percent rate in 2007.
Those numbers compare especially unfavorably to the national rate, high in itself at 14.9 percent though off its record peak of 17.2 percent in October 2009.
Only three states — Nebraska (9.1 percent), South Dakota (8.6 percent) and North Dakota (6.1 percent) — have U-6 rates under 10 percent, according to research from RBC Capital Markets.
Note that the states with the low U-6 rates are the states involved in developing America’s energy resources contained in the Bakken Shale Oil Formation. That might be a clue as to what we need to do to turn around America’s economy.
Meanwhile, the bottom line is simple–the current recovery is as bad, if not worse, than the recession. It’s time to change the people in charge.
Investors.com reports today:
Looked at another way, the labor force participation rate fell to 63.7% in July. That’s down from 65.7% in June 2009, and it’s just above the lowest since January 1982. Back then the economy was in the midst of a deep 16-month recession and the share of women in the work force was still significantly lower.
This continues a trend set since the economic recovery officially started in June 2009. Sluggish job growth has failed to keep pace with population growth, creating an ever larger pool of people who either don’t have jobs or have given up looking for one.
In fact, since June 2009, the number of people in the labor force has climbed just 283,000, while the number of people not in the labor force has exploded by 7.5 million.
This is not a recovery.
So why is the stock market going up today? I suspect it is factoring in the fact that these numbers will make it more difficult for President Obama to be re-elected. Governor Romney is an experienced businessman. If anyone can turn this mess around, he can.