Unemployment numbers - November 2008

[DavidS]

I refer you to this thread:

http://www.usmessageboard.com/elections-2008/63748-goodbye-stock-market.html

Unemployment 6.5%, 240,000 jobs lost in October, followed a steeply revised cut of 284,000 in September, the most severe monthly loss since November 2001 just after that year's September terror attacks. The department also revised August job cuts higher to 127,000 -- meaning a total 179,000 more jobs were cut in August and September than previously thought. The national unemployment rate jumped to 6.5 percent from 6.1 percent in September, the highest since March 1994.

Unemployment will now be at 6.8 or 6.9% with an estimated 350,000 jobs lost in November.

Story here:

I wonder if they're going to revise October's numbers to be more than 240,000 jobs lost.

 

[KittenKoder]

There is a flaw in the unemployment count, it's always lower than the actual number of unemployed. It doesn't count the 'unemployable' which are not really unemployable just that they can't work the jobs they are trained for and cannot afford schooling which is rather stupidly required now for other schools. It also doesn't count all the unemployed, the majority of the numbers they use are from those collecting unemployment which is not long term. So yeah, it's worse.

 

[DavidS]

I refer you to this thread:

http://www.usmessageboard.com/elections-2008/63748-goodbye-stock-market.html

Unemployment will now be at 6.8 or 6.9% with an estimated 350,000 jobs lost in November.

Story here:

I wonder if they're going to revise October's numbers to be more than 240,000 jobs lost.

Very scary breaking news...

Employers Cut 533,000 Jobs in November. Most in 34 Years; Unemployment Rates Rise to 6.7%.

 

[auditor0007]

Very scary breaking news...

Employers Cut 533,000 Jobs in November. Most in 34 Years; Unemployment Rates Rise to 6.7%.

The worst part of this is that these were mostly good paying jobs, not seasonal or minimum wage jobs. This in turn will lead to less spending which will lead to further job cuts at all levels. This cyclical spiral shows no end in sight.

What this will lead to is further government intervention and more government spending. We are beyond the point of trying to grow the economy. Now we are just trying to stabalize it. That is why you will see higher tax rates on the wealthy. There is going to be a huge redistribution of wealth, although it will not make the poor any better off. What it will do is keep things from completely collapsing.

The wealthy will not be spending their money while things continue to get worse, so it will actually be in their best interest to pay more in taxes, for the short term. Just as the Bush tax cuts were not permanent, any new tax increases on the wealthy should only be made for a limited amount of time.

If we continue allowing the governement to just print money, then those with money will lose more of it than they can imagine as the dollar will collapse. Again, good reason for the wealthy to pay a little more for the short term. There is no quick fix right now. Everyone will need to sacrafice some to get this turned around.