Can you figure out what these unemployment numbers mean? The headline reads that initial claims for state unemployment insurance benefits fell 24,000 to 601,000. This is being hailed as a piece of good news because analysts were expecting claims to drop to 615,000. In all fairness claims were down from the 621,000 the previous week.
The number of people staying on the unemployment rolls after collecting their initial week of unemployment rose to 6.82 million in the week ending May 30th.
The four-week average for new claims, which smooths out the numbers, fell to 621,750, the lowest since February 14.
With almost seven million people officially unemployed, it is difficult to say that this small blip in the number really signals any meaningful improvement. Add to these numbers the number of underemployed that the number could be almost double the official rate.
We have two major elephants on the table. One is the housing market and the other is unemployment. Neither seems to be making much progress. While we see a slight improvement here and there, we have yet to see anything that approaches a real turnaround in the economy. Even the Federal Reserve Beige Book said that the economy "remained weak or deteriorated further."
Ray of light: U.S. temp worker hiring increased by 34k in October
Closing Bell: Bulls gutting bears (ATVI, EWBC, GE, JASO, ENZN, MCD)
Goldman Sachs CEO Lloyd Blankfein pulls a Jeff Skilling in an interview
Reader Comments (Page 1 of 1)
6-11-2009 @ 3:01PM
ssaxena62 said...
We need that all unemployed people should get back to work. We can get all unemployed back to work by dividing total wealth by number of people eligible for work and then give employment to every person who can work. Nobody should profit on somebody’s misery, which is not created by people who are suffering but has happened due to current nature of society. We need to have society where everyone remains employed through out their working age.
People who are currently employed, and are part of current society techniques to save their own job should also become human and reduce their own salary by as much percentage point as much Reduction in Force is planned. If company as a whole is shutting down then its competitor should employ all the employees and cut salary of its employees. Every human should be treated with dignity. May be we just need one company through out the world which can employ every single person (21-70) if they are healthy now? If somebody is not healthy then see if they can be treated to make them healthy and they can also join the workforce.
All financial hardships will go away for everyone and only nature created problems need to be taken care of.
Who all can subscribe to this "Strong world view"? I want to see poll on it.
6-11-2009 @ 6:06PM
Iridium said...
What you are talking about is capitalist communism. you are still allowed to make money but your money supply is regulated by a governing authority. That is the last place we should go.
Because of taxation I can not take a hit in my salary and afford to live. I have a wife and a newborn baby. I have a mortgage on a small 1400 sq ft house. Losing $200 a month would cause me to lose everything.
My total tax bill every month is actually 50% higher than my mortgage payment. Do you see a little problem with that? The government essentially takes a house away from me every month. I could buy a second home and let someone who lost thier home to forclosure live in it for what the government takes from me. I could do that and not change my financial situation.
Instead of making people take a paycut in order to keep another person working how about we end excessive taxation. The economy would com eback and more people would gain employment if you cut taxes by 25% acorss the board.