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Unemployment rose in 90 percent of U.S. cities in June
Unemployment rates rose in more than 90 percent of U.S. cities in June, according to a report released Wednesday by the U.S. Department of Labor.
Unemployment rose in 345 large metro areas during the month, according to the report. Rates dropped in 20 cities, and remained steady in seven.
The national unemployment rate increased in June to 9.2 percent.
The statistics show a drastic change in unemployment rates in recent months. In May, unemployment rates rose in only 210 cities. In April, rates decreased in nearly all metro areas.
In June, employers added just 18,000 jobs, the lowest number in nine months. It was also a sharp decrease from the average of 215,000 jobs that were added in February, March, and April.
Many of the highest unemployment rates were seen in metro areas that are college towns. Champaign-Urbana, Ill., the home of the University of Illinois, saw its unemployment rate rise from 6.9 percent in May to 9.6 percent in June. College towns in Read more…
NIA Releases U.S. Economic and Inflation Update
The official U.S. unemployment rate rose during the month of May to 9.1%, up from 9% in April, with only 54,000 non-farm jobs being created for the month. The real unemployment rate including short and long-term discouraged workers is now 22.3%. The Bureau of Labor Statistics (BLS) used the birth/death model to produce a positive monthly bias during the month of May of 206,000 jobs, up from 175,000 in April, 117,000 in March, and 112,000 in February. Without the birth/death model, 152,000 jobs were lost during the month of May.
By utilizing the birth/death model, the BLS is assuming that during the month of May, the number of new jobs created by start-up businesses were 206,000 greater than the number of jobs lost from companies going out of business. NIA finds this assumption to be Read more…
Shocking! Unemployment shoots to 17.3%
© 2011 WorldNetDaily
Editor’s Note: The following report is excerpted from Jerome Corsi’s Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and senior managing director of the Financial Services Group at Gilford Securities.
The Bureau of Labor Statistics appears to be intentionally understating the current unemployment rate, most likely with an aim to bolstering the Obama administration’s claim that the unemployment rate is improving as jobs are created in a recovering economy, Jerome Corsi’s Red Alert reports.
In a news release on Feb. 4, the unemployment rate was reported to have fallen 0.4 percent to 9.0 percent in January 2011, even though only Read more…
The Youth Unemployment Bomb
From Cairo to London to Brooklyn, too many young people are jobless and disaffected. Inside the global effort to put the next generation to work
Cairo, Egypt: A cloud of tear gas drives back antigovernment protesters on Jan. 28 Jorge Dirkx/Reporters/Redux
By Peter Coy
In Tunisia, the young people who helped bring down a dictator are called hittistes—French-Arabic slang for those who lean against the wall. Their counterparts in Egypt, who on Feb. 1 forced President Hosni Mubarak to say he won’t seek reelection, are the shabab atileen, unemployed youths. The hittistes and shabab have brothers and sisters across the globe. In Britain, they are NEETs—”not in education, employment, or training.” In Japan, they are freeters: an amalgam of the English word freelance and the German word Arbeiter, or worker. Spaniards call them mileuristas, meaning they earn no more than 1,000 euros a month. In the U.S., they’re “boomerang” kids who move back home after college because they can’t find work. Even fast-growing China, where labor shortages are more common than surpluses, has its “ant tribe”—recent college graduates who crowd together in cheap flats on the fringes of big cities because they can’t find well-paying work.
In each of these nations, an economy that can’t generate enough jobs to absorb its young people has created a Read more…
Employment Report: IT SUCKS
Wow…. if you remember on the ADP and Claims numbers, I said I was expecting +100k.
That was way off – we really got +36k.
The unemployment rate fell by 0.4 percentage point to 9.0 percent in January, while nonfarm payroll employment changed little (+36,000), the U.S. Bureau of Labor Statistics reported today. Employment rose in manufacturing and in retail trade but was down in construction and in transportation and warehousing. Employment in most other major industries changed little over the month.
Youch.
There’s no love in here. Worse, the benchmark revisions are out, and they show about 300,000 supposedly-reported jobs that didn’t really happen. No, really? How come that number seems to always be in this direction? That is, why is it that the BLS always seems to over-report reality in the establishment survey?
That inconvenient truth, incidentally, is why I always use the household numbers. They’re at least a real survey without BS “adjustments” applied and while they’re subject to Read more…
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