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White House: Double-digit Unemployment Is Coming Sooner Than Previously Acknowledged.

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US Jobless Rate Likely to Hit 10% Soon: White House

(U.S.)By: AP | 22 Jun 2009 | 03:54 PM ET Text Size

The White House says double-digit unemployment is coming sooner than previously acknowledged.

White House spokesman Robert Gibbs says the president expects the nation will reach 10 percent unemployment within the next few months.

In an interview with Bloomberg last week, President Barack Obama said he expected the nation to reach 10 percent unemployment sometime this year.

The current unemployment rate reached a 25-year high of 9.4 percent in May.

While many analysts expect the recession to end by late summer, they warn that unemployment will stay high into next year.

"Many analysts expect the recession to end by late summer"

Is that when the depression starts? :lol:

I wonder how the bank stress tests would look now after breaking through the unemployment parameters so early?

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"Many analysts expect the recession to end by late summer"

Is that when the depression starts? :lol:

I wonder how the bank stress tests would look now after breaking through the unemployment parameters so early?

10% they say

over that level a while ago using undoctored figures

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Edited by lowrentyieldmakessense(honest!)

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10% they say

over that level a while ago using undoctored figures

sgs_emp.gif

Next stop 25% unemployed. Same as the Great Depression IIRC.

We can't have the plebs finding out about that sort of thing though.

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no riots would happen sooner then

Yep.

From an estimated annual rate of 3.3 percent during 1923-29, the unemployment rate rose to a peak of about 25 percent in 1933. The economy reached its trough in 1933; but although unemployment had reached its peak, economic recovery was slow, hesitant, and far from complete.

http://www.bls.gov/opub/cwc/cm20030124ar03p1.htm

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Next stop 25% unemployed. Same as the Great Depression IIRC.

We can't have the plebs finding out about that sort of thing though.

25% :lol::lol: Don't you undertsand that the recession is over and growth will be back.

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25% :lol::lol: Don't you undertsand that the recession is over and growth will be back.

You really are a f*cking clown.

Shadow Stats – US Unemployment is 20%

June 9, 2009

Shadow Stats is reporting that the Unemployment rate in the United States is at 20% if measured like it was in the 1930’s. Meaning for an apples to apples comparison, we are in the year 1933, with 1934 being the worst year at 25%.

Many people view the Shadow Stats economists as more “real†than the fudged government numbers that drop counting the unemployed as unemployed when their benefits run out. Shadow Stats also counts the former Banker that was forced into a minimum wage part time job at McDonald’s as unemployed, whereas the government accounting states he is employed now.

Even though his salary went from $10,000 a month to $500 a month and is facing foreclosure.

The fact is that the unemployment rate is at about 20%, already at great depression levels circa 1933 and with a completely valid potential to reach the depression level of unemployment.

To be honest, the worst of the great depression came at that time, and from that point moving forward we entered into an economic recovery, but even during the recovery unemployment was still staggering.

So you have put this in perspective, if unemployment was 50% one month and the next month it’s at 49%, you are in some sort of recovery… but try telling that to the 49% of the people looking for a job.

Now you know how the government views a recovery..

http://www.tribbleagency.com/?p=5220

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http://www.tribbleagency.com/?p=5220

"...Shadow Stats also counts the former Banker that was forced into a minimum wage part time job at McDonald’s as unemployed, whereas the government accounting states he is employed now.

Even though his salary went from $10,000 a month to $500 a month and is facing foreclosure."

That's a strike against their credibility as far as I'm concerned: they are fudging the figures too.

The saving grace is that there probably aren't enough bankers reduced to McJobs to really skew the numbers, but still, why can't they report it transparently?

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That's a strike against their credibility as far as I'm concerned: they are fudging the figures too.

The saving grace is that there probably aren't enough bankers reduced to McJobs to really skew the numbers, but still, why can't they report it transparently?

They are trying to use the data in the same way it was used in the 1930s. This allows a comparison between the severity of the current downturn and that of the Great Depression.

Typo

Edited by MOP

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They are trying to use the data in the same way it was used in the 1930s. This allows a comparison between the severity of the current downturn and that of the Great Depression.

Fair enough IF a 1930s banker-turned-shoeshine-boy would have been counted similarly, however the rationale given (admittedly not by shadowstats) was:

"Even though his salary went from $10,000 a month to $500 a month and is facing foreclosure"

i.e. the claim is not that that's how things were done in the 30s, but that he's in so much sh1t that he might as well be unemployed, so let's count him that way.

Sadly, I have no idea how to go about finding out how they would have counted such a circumstance in the 1930s :)

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Guest Parry

Sod it!

Everyone needs a break. The last decade has been a nightmare.

Put feet up!

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