Posted on 04/20/2010 2:25:49 PM PDT by blam
Forget 10% Unemployment, The Real Job Loss Pain Number Is 54%
Vincent Fernando, CFA
Apr. 20, 2010, 2:03 PM
A March survey from Pew shows just how broad the unemployment pain has been felt. When you hear of 10% unemployment, you might imagine 1/10th of Americans experiencing extreme financial stress from the recent recession.
Yet given the unemployment rate's odd methodology whereby it drops people who stop looking for work out of the data, and the fact that American households usually have more than one person, the real 'pain' number is 54% -- over half of American households felt the direct impact of job losses:
Pew Research:
A majority now says that someone in their household has been without a job or looking for work (54%); just 39% said this in February 2009. Only a quarter reports receiving a pay raise or a better job in the past year (24%), while almost an equal number say they have been laid off or lost a job (21%).
Basically, if your household didn't experience un- or under-employment, then you are in the minority. Moreover, as shown above, fully 70% of American households experienced one of the serious financial problems above. Basically, the vast majority of American households was hit extremely hard.
[snip]
(Excerpt) Read more at businessinsider.com ...
My father has his 3rd interview thursday for a position he was contacted about back in late January. He was laid off last September.
Another trick is many places get rid of people who’ve gotten raises so they the can hire at the bottom pay.
Essentially a meaningless number unless compared with several data points from "normal" times.
BTW, isn't it interesting that we think of a good economy as normal, and a bad one as abnormal?
The majority of Americans know...
http://exposingtheleft.blogspot.com/2010/04/poll-americans-confidence-in-federal.html
“Another trick is many places get rid of people who’ve gotten raises so they the can hire at the bottom pay.”
That “trick” is called survival...
That’s a trick? Well, I suppose that in this day and age of interchangeably semi-trained employees one’s lack of commitment to one’s employer would be a consideration.
I retired at 47 y.o. with one employer.
This little factoid is going to cause the Dems more trouble in November than HCR. The Dems have fiddled while the nation burns. People would have given them all kinds of slack if they had made jobs their top priority early in 2009. But the just spent money and advanced left wing causes while people continued to lose their jobs.
Even if we are in recovery it will not benefit those looking for work for several more months since employment is a lagging indicator. Instead it will look like big banks and big corporations are benefiting. So Dems will look even more worthless.
Good for you. Helps to have employers that care about their employees.
I hope it goes well for your father. My husband was unemployed for 15 months. He held part-time jobs, had second and third interviews-you name it. I think some of those interviews were to get free information on how to update or improve their businesses.
This admin. and congress have no intention of “doing something” about jobs. They won’t because they too know what it takes. Business is not charity. Business does not create jobs, it hires employees when they are NEEDED. They are needed when the economy picks up, and business can do nothing to help the economy flow once it does start to pick up, because of the onerous regulations and taxes they are burdened with. Those two things, regulations and taxes, are what need to be lifted in order for businesses to need employees.
My brother has been layed off for over a year as well. I hear on the news over and over, that there are 5 people to every position open. He would beg to differ, there are 500 to 1000 applying every time he applies for a job.
Prayers up. Good Luck.
And every time the phone would ring with a message from a headhunter..it never went anywhere. The frustration was so hard...
It still is hard for my brother, he is still unemployed. Not being a wealthy man, but a hard worker, it has been very difficult all the way around.
Obama’s faux job creation should really be called his job killer number because we are in much worse shape unemploymentwise since he took office! When I read this one yesterday it really clearly shows just how bad it really is out there:
http://www.businessinsider.com/fully-70-of-american-households-are-still-experiencing-financial-problems-2010-4
OPPPSSS sorry I have two windows open and posted to the wrong place....:O
The whole thing is worse than anyone wants to think about.
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