Tuesday, July 29, 2014

Real Unemployment Rate Is at Least 18 Percent

 http://www.shadowstats.com/imgs/sgs-emp.gif?hl=ad&t=1404393100

The Labor Department on Friday is expected to report the economy added 235,000 jobs in July, and the unemployment rate remained steady at 6.1 percent, but that hardly tells the story.

The jobless rate may be down from its recession peak of 10 percent, but much of this results from adults, discouraged by the lack of decent job openings, have quit altogether. They are neither employed nor looking for work.

Only about half of the drop in the adult participation rate may be attributed to the Baby Boom generation reaching retirement age. Lacking adequate resources to retire, a larger percentage of adults over 65 are working than before the recession.

8 comments:

  1. I can believe that. Every day, all day the traffic around here is crazy. It's to the point where I here other people commenting on it. I think most of the unemployed are just driving around!

    I hope all is well Brock :)

    Irish

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    1. I think most of the unemployed are just driving around!

      :) Thanks, still alive and kicking!

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  2. I read somewhere the other day that when you look at the internals of the unemployment picture you find that all of the jobs created in the last year or so have
    gone to immigrants and most of them illegals.

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    1. Yes and I believe it was mentioned briefly in this piece also.

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  3. While I don't doubt that there is a lack of certain types of jobs, there are also a lot of jobs that are not filled due to lack of applicants, or applicants refusal to take pre-employment drug tests.
    We had an opening in our small rural company for 4 months and only had two applicants -both unqualified and just looking to show the unemp. office, as well as other companies in the area that have openings. Might not be the rock star jobs that some desire after spending 100K in college, but not minimum wage jobs, either. Skilled trade jobs which don't require driving into the city and dealing with the hassle of urban commute.
    A lot of people are just giving up. It's easier just to collect and live as a parasite. Develop a condition that prevents someone from "working".
    Work ethic? What's that? When I placed the ad for the position in our company, I was wondering if the 50hrs a week minimum was a deterrent,rather than a motivator (OVERTIME).

    We have reached the tipping point, and are descending quickly.

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    Replies
    1. It's easier just to collect and live as a parasite. We have reached the tipping point, and are descending quickly.

      Sad to say. What was the job?

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    2. diesel mechanic with emphasis on heavy equipment.

      We finally hired a young kid fresh out of tech school, but that means he needs OTJ training in the older stuff. They only teach on brand spanking new equipment in college, which no one in the real world of mining, agriculture, logging, & well drilling is using. Or at least not many.

      Other local companies are constantly looking for CDL drivers, HVAC techs, machinists and support for the fracking boom.

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    3. Thanks and I have been parroting all not to go to college, but a trade school and of course don't even thing about joining the services these days.

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