Up to 9.4%..... Your guess on when we see 10%??

redlineguy · Jun 5, 2009

Jobless rate hits 9.4 percent in May; layoffs slow
Jobless rate jumps to 9.4 percent in May, even as layoffs slow to 345,000
Jeannine Aversa, AP Economics Writer
On Friday June 5, 2009, 8:38 am EDT

Print WASHINGTON (AP) -- With companies in no mood to hire, the unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September.

The much smaller-than-expected reduction in payroll jobs, reported by the Labor Department on Friday, adds to evidence that the recession is loosening its hold on the country. It marked the fourth straight month that the pace of layoffs slowed.

Still, the increase in the nation's unemployment rate underscores the difficulties that America's 14.5 million unemployed are having in finding new jobs.

If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994.

Even with layoffs slowing, companies will be reluctant to hire until they feel certain that economic conditions are improving and that any recovery will last.

Since the recession began in December 2007, the economy has lost a net total of 6 million jobs.

Obama said he could stop this and Fix that.... Well when does is start??

.

Gainster · Jun 5, 2009

Heck @ this point I would be happy to be @ 9.4%, Some areas are way over 12%. Elkhart IN was @ 30%+ a few weeks back.

snowmobiler · Jun 5, 2009

its 15% here.must be working on his next expensive dinner date.

Blk88GT · Jun 5, 2009

Just for comparison, it's 4.6% here.

beer gut · Jun 5, 2009

Blk88GT said:
Just for comparison, it's 4.6% here.

Is that 4.6% Canadian or 4.6% American? :beer;

PJ-Hunter · Jun 5, 2009

He'll fix it as soon as we all give up our guns, stop believing in God, don a turban, give him all (what's left of) our money and build a mud hut and bow down to the King of Iran or something like that.

To all those who voted for him: How do you like your change NOW? Not all change is for good.

Gainster · Jun 5, 2009

Blk88GT said:
Just for comparison, it's 4.6% here.

Dang dude here in michigan we have not seen it that low in 12+ years

bonz50 · Jun 5, 2009

my guess is we see 10% national average by end of August... as christmas season approaches it'll drop slightly but sales will be WAY down this year and it will spike back up over 11 by january...

Ollie · Jun 5, 2009

I agree with Bonz.
10% by end of august. I think it will top out at around 11 - 11.5.
Gonna be fun when people get reminded that Obama swore we had to pass the 787 billion stimulus, if we did, he would garantee us that the rate wouldn't go over 8%.

redlineguy · Jun 5, 2009

Ollie said:
I agree with Bonz.
10% by end of august. I think it will top out at around 11 - 11.5.
Gonna be fun when people get reminded that Obama swore we had to pass the 787 billion stimulus, if we did, he would garantee us that the rate wouldn't go over 8%.

I agree also with the 10% in August but not so sure on toping out at 11.5% next year, OB needs to get it down before Nov 2010. If its 10%+ next summer the Dem's will fall:face-icon-small-coo

.

bonz50 · Jun 5, 2009

redlineguy said:
I agree also with the 10% in August but not so sure on toping out at 11.5% next year, OB needs to get it down before Nov 2010. If its 10%+ next summer the Dem's will fall:face-icon-small-coo

I know plenty of people who voted from obama specifically so he WOULD fail in epic proportions and we'd get a reminder of what dems really stand for...

Wolfrun · Jun 5, 2009

But you have to realize that in the minds of Barack Hussien and so many of his sheep, IT"S STILL GEORGE BUSHES FAULT. I agree some of it is, like the 700 billion"Tarp fund" when we were told the world would end if it isn't passed tday,but the 787 bilion "stimilus" fund that was sold the same way without one person reading it and the next day Obutthead goes on vacation four 4 days and then spends 300 000 or so flying to Denver to sign it. He then signs a multi trillion dollar budget and now he wonders why we are not willing to spend money. I had intended to keep my business going and keep puttering around at it but I can't charge enough now to keep up with the fuel and repair costs on my old machines and I decided I will not pay him one more cent in taxes on my business so I retired in May. From what I see here I would expect to see average unemployment to be over 10 percent and gasoline close to 4 dollars a gallon by Labor day. Those who voted for him can keep hoping, I'll keep my change. We have been had.

POLZIN · Jun 5, 2009

The much smaller-than-expected reduction in payroll jobs, reported by the Labor Department on Friday, adds to evidence that the recession is loosening its hold on the country.

.[/QUOTE]

I I think this just means its slowing down because most of the good jobs have already been cut! Its absoultly amazing someone would call -345,000.00 jobs an improvment.WTF who is that stupid.

Ollie · Jun 5, 2009

LMAO!
that quote just says that the recession is getting worse at a slower rate.
Gee, and it only cost us 3 trillion dollars.

Gainster · Jun 5, 2009

Who knows what the true # is?

http://news.yahoo.com/s/ap/us_becoming_a_statistic

Beels · Jun 5, 2009

Blk88GT said:
Just for comparison, it's 4.6% here.

4.9 here in Saskatchewan in May. A year ago it was 4.0. Mostly attributed to the slowdown in the oil patch. That's ramping back up again though. Talked to a guy in the rig service business that just hired another 20 people a couple weeks ago.

Ollie · Jun 5, 2009

People have to remember.
A lot of the jobs that were lost permanently were high tech type jobs.
It's the DOT commers and white collar jobs that were lost permanently.
The blue collar jobs will come back.

BIG JOHN · Jun 5, 2009

Lol

C'mon guys...its the era of "fUNemployment"...a term that could only be coined by the liberal media and Nobama...what a joke-BJ

Beels · Jun 5, 2009

Blk88GT said:
Just for comparison, it's 4.6% here.

I just seen an article and your numbers are a little off.

http://www.winnipegsun.com/money/2009/06/05/9687356.html

Still, pretty damn good for both our provinces.

batman · Jun 5, 2009

the irony of this is that w/ infrastructures slimming down, when the economy comes back, companies won't hire back the same amount of people.

they will realize after current times, people can be more productive; hence, fewer people employed to get the job done.

with obama crushing new business opportunities, where does that leave the unemployed?

things won't go back to the numbers/employment levels they were when economy comes back. gov needs to support business by lowering operating expenses to incent growth...aka, lowering taxes- not raising them, barry.

and gov sure as F doesn't need to be nationalizing business in any way, shape, or form.

what most dems won't admit is the seemingly ironic statement that the overall result of lowering taxes will be a higher take for the government. just ask Ronnie...or slick willie.

Up to 9.4%..... Your guess on when we see 10%??

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