Friday, Nov 06, 2009

1 in 10 here again! - A great environment for rising house prices throughout the West.

Bloomberg: Unemployment in U.S. Jumps to 10.2%, Payrolls Fall

The unemployment rate in the U.S. soared to a 26-year high of 10.2 percent in October and employers cut more jobs than forecast, underscoring why Federal Reserve policy makers say interest rates will remain near zero

Posted by tyrellcorporation @ 02:10 PM (856 views)
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6 Comments

1. mark wadsworth said...

I quote again from The Home-Owner-Ist Party Manifesto, page 29:

"Increased unemployment means that there are fewer commuters clogging up roads and public transport, thus making our towns and cities far nicer places in which to live, with a corresponding boost to house prices."

Friday, November 6, 2009 03:47PM Report Comment
 

2. techieman said...

Well i'm not sure about 1 in 10 actually because that depends how you count em!

http://www.shadowstats.com/alternate_data

who to believe eh! And I wonder if anyone has worked out at what stage the peeps employed cannot support the peeps that aren't. I can feel a massive excel spreadsheet coming on.

Friday, November 6, 2009 04:04PM Report Comment
 

3. techieman said...

Also

"The average work week held at a record low of 33 hours in October"

So its not like those nasty employers are asking their staff that are left to do more work..... the work just aint there.

Friday, November 6, 2009 04:07PM Report Comment
 

4. general congreve said...

@1 - Thinking about it, the 10% that aren't needed are generally going to be the most useless individuals that no one wants to employ. Not only that, but they're a drain on resources and pointlessly add to further environmental destruction of our world for no reason. Turn 'em into Soylent Green!!!

Friday, November 6, 2009 04:21PM Report Comment
 

5. nomad said...

I'm 60+ General so well past being of any use to anyone - where's the nearest collection point?

Friday, November 6, 2009 07:56PM Report Comment
 

6. taffee said...

Schiff comment:

"Today's release of the October jobs report showed the loss of another 190,000 jobs had pushed the official unemployment rate to 10.2%, only the second time since the Great Depression that unemployment was quoted in double digits (factoring in workers who had given up job hunting altogether or have settled for part-time work would push that rate to 17.5%). That didn't stop Wall Street pundits from trying to fashion a silk purse of this sow's ear. The 'green shoots' crowd focused on the slowing pace of job losses, the nascent economic 'recovery' (even if it is jobless), and the projected improvement in 2010. No mention was even made of the quality of what few jobs were being created.

The analysts completely ignored the continued trend of replacing goods-producing jobs with those jobs that require production from other sources. For example, we lost 61,000 manufacturing jobs last month, but added 45,000 jobs in education and health services. In particular, the addition of health workers is nothing to celebrate. Just as a family's economic position is not improved by higher medical bills, the country as a whole does not benefit from increased health-care spending. Until this trend reverses, our unbalanced economy will not regain its stability, a real recovery will never take hold, and the overall job outlook will get much bleaker."

Saturday, November 7, 2009 06:10AM Report Comment
 

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