Thursday, December 17, 2009
Continuing Claims also worsened in the week to 5.186 million people collecting unemployment benefits during the week of 12/5/2009.
Tuesday, December 15, 2009
Maximum Weekly Unemployment Benefit By State
- Alabama - $255
- Alaska - $370
- Arizona - $240
- Arkansas - $409
- California - $450
- Colorado - $475
- Connecticut - $519
- Delaware - $330
- District of Columbia (Washington DC) - $359
- Florida - $275
- Georgia - $330
- Hawaii - $545
- Idaho - $362
- Illinois - $385
- Indiana - $390
- Iowa - $443
- Kansas - $423
- Kentucky - $415
- Louisiana - $284
- Maine - $496
- Maryland - $380
- Massachusetts - $628
- Michigan - $365
- Minnesota - $566
- Mississippi - $230
- Missouri - $320
- Montana - $407
- Nebraska - $308
- Nevada - $362
- New Hampshire - $427
- New Jersey $584
- New Mexico - $455
- New York - $405
- North Carolina - $494
- North Dakota - $385
- Ohio - $372
- Oklahoma - $392
- Oregon - $482
- Pennsylvania - $539
- Rhode Island - $528
- South Carolina - $326
- South Dakota - $285
- Tennessee - $275
- Texas - $378
- Utah - $444
- Vermont - $409
- Virgina - $378
- Washington - $541
- West Virginia - $424
- Wisconsin - $363
- Wyoming - $387
Thursday, December 10, 2009
California's Unemployment Office (EDD) has a computer glitch that is preventing unemployment checks from going to 111,000 out of work Californians. There's too many unemployed Californians for the 30 year old computer system (Even though they were given funds in 2002 to upgrade the departments IT system).
Hat tip to Unemploymentality.
This Channel One story reports how recent graduates from college are having a tough time finding work. Just 5 years ago the unemployment rate for college graduates age 20 - 24 was just over 2%. Today it is almost 10%---And many more grads are forced to work jobs that don't match their major.... And Sadly, many students graduate with tens of thousands of dollars in student loans---consequently, they boomerang back into their parents' home.
This little 2 minute video does a good job in explaining how the Bureau of Labor Statistics measures who is Unemployed, who is not in labor market, who is marginally in the labor market and who is working part time for economic reasons.
Only people who are "Unemployed" are counted in the (10%) unemployment rate. The other 3 categories may or may not be included in the U-6 Broader measurement of unemployment (~17%). The video pokes fun that the government would rather have the public and media focus on the smaller number in order to keep optimism high.
Wednesday, December 9, 2009
Consequently, in the last year the rate of Obesity has gone up 1 percentage point to 26.4%.
Personally, I don't quite believe that there is a cause & effect relationship here. This is because, in my own anecdotal conversations, the unemployed have discovered the gym in their down-time and according to stats, hours worked each week has actually gone down in the last year... My guess is that it's just the continuation of the trend that Americans are getting fatter.
Tuesday, December 8, 2009
According to the Houston Business Journal, the state of Texas is going to raise the taxes from 0.46% to 0.72%.
That means an employer will pay $64.80 in tax per employee in the 2010 calendar year compared with $23.40 per employee in 2009.
The TWC attributed the rate hike from 0.26 percent to higher unemployment insurance outlays this year.
The tax revenue replenishes the fund that pays workers who involuntarily lose their jobs. About 67 percent of experience-rated businesses pay the minimum.
Meanwhile, the maximum tax rate - paid by 3.3 percent of Texas employers - will increase to about 8.6 percent, up from 6.26 percent, this calendar year. The average tax rate will rise to 1.83 percent from 0.99 percent in 2009.
Wednesday, December 2, 2009
HARRISBURG, Nov. 6 – State Rep. Marc Gergely lauded President Obama for signing federal legislation today that will provide up to 20 additional weeks of unemployment benefits to jobless workers.
Gergely is the architect of state legislation that was enacted in September that provided seven additional weeks of benefits.
"This important action means many Pennsylvania families that are struggling to find work will have access to a total of 99 weeks of state and federal unemployment compensation benefits," Gergely said. "On the state level, it builds on the change to the law that I sponsored which extended benefits for seven additional weeks to 79 weeks using federal dollars."
Gergely said the state's seasonally adjusted unemployment rate of 8.8 percent in September means Pennsylvania is automatically eligible for the additional 20 weeks of benefits for a total of 99 weeks. Under the federal legislation, all states receive 14 more weeks and states with unemployment rates above 8.5 percent will receive 6 additional weeks of benefits on top of that.
"Extending this critical safety net helps thousands of Pennsylvania families who have exhausted their benefits or are close to having their modest unemployment compensation checks come to an end. Hard-working people who are trying to find work will be able to pay their mortgage or rent, feed their children and live with dignity."
Gergely said that in Pennsylvania, regular unemployment compensation benefits are available for 26 weeks, but about one-third of the nation's unemployed have been out of work for a longer period.
"The global economic downturn continues to make it difficult for many workers to find employment, so Congress and the states have appropriately responded by extending emergency federal unemployment compensation benefits several times in the past few months."
The Pennsylvania Department of Labor and Industry will contact unemployed people who are eligible for the extended benefits directly by mail. More information about unemployment compensation in Pennsylvania is available on the department's Web site at www.dli.state.pa.us.
In order to get the additional 20 weeks, your state would need to have had an unemployment rate in excess of 8.5% during the previous 3 months.
Tuesday, December 1, 2009
The Detroit Free Press is reporting that the subsidy lasts 9 months---so for millions of people who signed up for the coverage in March 2009, they are seeing their health insurance coverage rates rapidly increase. These people will be forced to either pay the higher COBRA rates or shop around for online health insurance quotes.
Even though, congress has extended unemployment insurance benefits to up to 99 weeks, I am not sure if Obama will extend the COBRA subsidy.
Tuesday, November 24, 2009
Odds are if you're no longer driving to work, your total miles driven will be lowered. Consequently, it's the perfect time to shop around on sites like esurance.com and geico.com to see if you can save money on your car insurance---Look to lower your miles and possibly raise your deductible in order to reduce your premiums.
Fortunately, the state of New York has issued several health insurance options for the unemployed. These options include:
- You have the right to continue your group plan through a COBRA policy. If your group has less than 20 employees, you have a similar right under the NYS continuation of coverage law. You will be required to pay the full cost of the coverage, including any portion your employer formerly paid on your behalf. Your employer should notify you of your right to this coverage upon termination of your employment. If you have not received notice, contact your employer or call this Department for assistance at 1-800-342-3736.
- The federal stimulus package includes a COBRA premium subsidy for eligible people who were involuntarily terminated. For more information on the federal subsidy, please select this link.
- Individual Insurance Plans---You may purchase individual health insurance for yourself and your family on a direct payment basis regardless of your health status or income. However, these policies may exclude coverage for certain pre-existing conditions if you have not had health insurance coverage within the past 63 days. It is therefore very important not to wait to purchase this type of policy. Individual direct payment policies are offered by all HMOs in New York State. For a list of the HMOs currently offering these plans in your county and the rates, please select this link, or call 1-800-342-3736.
- Healthy New York-- Healthy New York program offers discounted coverage to individuals who have lost group coverage because they have lost their job and meet certain criteria, including income limits. To learn more about the eligibility for this program, please visit the site at http://www.healthyny.com, or call 1-866-HEALTHY-NY.
- Child Health Plus--Child Health Plus is a program run by the NYS Department of Health. The program provides free or low cost health insurance coverage to children under the age of 19 whose families meet the program’s income guidelines. To find out more about the Child Health Plus program and its eligibility criteria, you may call 1-800-698-4543, or visit the Web site at: http://www.nyhealth.gov/nysdoh/chplus/index.htm.
For the 12 months from November 2008 to October 2009, Michigan had 21.1% of workers either out of a job, or working part time for economic reasons.
Of Michigan's 83 counties, unemployment ranges from ~6% (Mackinac) to ~25% (Baraga County).
If you look at data for our Nation's most populous state, you'll see that for the first time ever it has more than 2.2 million people out of jobs (This doesn't include the likely 1 million more who are working part-time jobs even though they want full time work). According to the Bureau of Labor Statistics, in just a few short years the jobless ranks more than doubled from less than 1 million to greater than 2 million.
One thing to note however, is that from 1976 to 2009---The state of California has seen a huge increase in population and hence a big increase in the size of its labor force. In fact over 33 years, it has increased almost 80% from less than 10 million workers to around 18 million workers.
The unemployment rate is just the # of jobless workers divided by the labor force---As you can see, California is seeing record high unemployment rates of 12.5% as of October 2009.
Click on Charts for Larger Image
What is interesting to note is that from April 2009 to October 2009, the BLS thinks that California's labor force dropped by almost 300,000 workers---If you think cynically and say that those people probably really are still in California and not working---The unemployment rate in October would have been closer to 13.9% in California...
Monday, November 23, 2009
Well the Chinese did this on a grand scale. They built a city for 1 million people in inner mongolia that sits empty---because the existing city (30 miles away) is still vibrant and affordable. Essentially, they wasted capital and jobs on an asset that won't be viable for years to come.
Tuesday, November 17, 2009
According to statistics released by the state of Michigan and BLS.gov the state of Michigan had an unemployment rate of 15.3% in September 2009, while jobs in Detroit were twice as difficult to find --- as its jobless rate from September 27.9%.
While you might find it comforting that Detroit's unemployment rate dropped from July 2009 to September; you'll be interested to know that during the same time the labor force shrunk by 8,000 people from 391,000 to 383,000. And the number of people employed dropped from 278,000 in July to 276,000 in September----So in other words, the number of jobs is still on the decline---it's just that the work force was declining at a faster rate.
Latoya Egwuekwe is the creator of the multimedia graphic that shows you just how quickly and how broadly that jobs disappeared from the Midwestern, Eastern, Southern and Western parts of the US. And since the graphic shows the rolling 12 month average, you can rest assured that the next 4 - 6 months will be showing even more of the US losing jobs.
Monday, November 9, 2009
The picture isn't pleasing---You can see that as broad unemployment rate increased from less than 10% to 17.5% (in October, 2009)---The delinquency rate on home loans for Fannie & Freddie (which are typically Prime Loans) have increased by almost 6 - 8 Fold!
Let me repeat that---In Late 2006 and Early 2007, the prime mortgages were delinquent at merely ~0.5%. Now Freddie Mac has a 3.33% Delinquency Rate (September, 2009) and Fannie has a Delinquency Rate of 4.45%.
People should remember that in 2007, the economy & markets started tanking because sub-prime mortgages started going delinquent... Granted, those loans were going bust a significantly higher rate than the Freddie & Fannie notes---but also remember that Freddie & Fannie loan out significantly more money than what was ever given out to sub-prime borrowers... I don't have the data, but I'd venture to say that in order-of-magnitude--these loan delinquencies could be as bad or worse than the sub-prime crises.
If you look at the jobless rate during the last 40 years, there were 6 distinct cycles of increases in the jobless rate and the related improvement in the economy. (1969 to 1973, 1973 to 1979, 1979 to 1989, 1989 to 2000, 2000 to 2007 and 2007 to the present (October 2009).
As you can see below the current Great Recession (Green Line) has taken unemployment to the highest point since the 1980's and it has done so at a faster pace.
Click on Images for a larger image
If you just want to concentrate on the change in the unemployment rate, you can see that this recession (Green Line) has risen from the trough at the fastest rate we have seen.
If this recession is going to have the duration of hard-times seen in the 1980's the peak unemployment rate won't happen for another 11 months (September 2010)... And worse yet, you can see from the chart that it usually takes 5 - 6 YEARS before enough jobs are created to bring the unemployment rate back down to pre-recession levels.
Click on Chart for a Larger Image
Sunday, November 8, 2009
- Americans are carrying a lot more debt.
- People are taking at least 10 more weeks on average to look for work.
- Fewer people have health insurance
Friday, November 6, 2009
Hat tip on the Chart to Jake at econopicdata
The jobless rate for October 2009 spiked to 10.2% and if you include the underemployed, it jumped to 17.5%---That's almost 1 out of every 5 workers is looking for a better job.
The average work week remained at a low of 33 hours a week (Usually employers will start increasing hours worked, before they start hiring new employees)...
Friday, October 16, 2009
It is the highest unemployment rate for the sunshine state since 1975, and it's up over 4 percentage points in the one year since September 2008.
Fort Walton Beach, Gainesville and Tallahassee – regions known for government, education and military employment – had the lowest unemployment rates, all less than 7.5 percent.
Friday, October 2, 2009
EconomPicData does a great job of plotting all types of economic data and today I'm pulling a nice chart that he created that shows just how tightly correlated the Unemployment rate and the U-6 Unemployment rate are.Another disturbing trend that EconomPicData picks up on is the fact that the number of hours worked per week times the # of people employed divided by the population (essentially the number of hours per week worked per capital). And what is disturbing is that it is at a multi-decade low and still dropping; additionally, before companies start hiring new workers they usually start increasing the number of hours worked by their existing work-force.
Wednesday, September 30, 2009
The Top 20 Cities for Job Searches are:
|Rank (Last Qtr Rank)||Metropolitian Area||Job Postings Per 1000 People|
|1 (1)||Washington, DC||133|
|2 (2)||Baltimore, MD||90|
|3 (3)||San Jose, CA||80|
|4 (7)||Austin, TX||56|
|5 (6)||Hartford, CT||54|
|6 (9)||Seattle, WA||53|
|7 (8)||Salt Lake City, UT||52|
|8 (11)||Denver, CO||50|
|9 (5)||Boston, MA||49|
|10 (4)||Las Vegas, NV||49|
|11 (15)||Charlotte, NC||49|
|12 (10)||San Francisco, CA||47|
|13 (12)||Milwaukee, WI||41|
|14 (30)||Atlanta, GA||40|
|15 (13)||Cincinnati, OH||39|
|16 (14)||Oklahoma City, OK||39|
|17 (22)||Orlando, FL||37|
|18 (23)||Richmond, VA||37|
|19 (24)||Jacksonville, FL||36|
|20 (16)||Dallas, TX||36|
meanwhile the 10 major cities with the fewest jobs per capita are:
|40 (44)||St. Louis, MO||30|
|41 (39)||Portland, OR||30|
|42 (42)||New York, NY||28|
|43 (41)||Birmingham, AL||28|
|44 (46)||Chicago, IL||27|
|45 (43)||Riverside, CA||26|
|46 (45)||Los Angeles, CA||24|
|47 (47)||Buffalo, NY||24|
|48 (48)||Rochester, NY||19|
|49 (49)||Miami, FL||17|
|50 (50)||Detroit, MI||15|
It probably isn't surprising that Detroit has the fewest jobs per person, and that Washington DC has the most jobs per person. Government jobs and lobbying jobs are in demand as the government runs the printing press to try and save jobs and support the economy. Meanwhile Detroit, LA, Miami, and Chicago are having slimmer pickings.
Tuesday, September 8, 2009
Payscale.com has put out a comprehensive list for people by college major (not counting people who have attained a graduate degree). You can see what people currently earn (1 or 2 out of college) and what they earn after ~15 years out of school (i.e. graduated around 1995). It may not surprise you, but the more quantitative the field of study, the more opportunity there is for a higher income.
For many of today's unemployed, this is not a possibility, but if you have a child in high school or college, this is important data that you can provide them when they are trying to decide what major to study.
Friday, September 4, 2009
Today, the Bureau of Labor Statistics stated that the seasonally adjusted unemployment rate in the United States increased 0.3 percentage points in August 2009 to 9.7%. This is the largest percentage of unemployed workers in America since 1983.
Thursday, August 27, 2009
According to the State of Michigan, Detroit's Unemployment Rate for July 2009 topped 28.9%--According to the Detroit Free Press, it's the highest jobless rate since records began (in 1970).
In this great recession, the United States has the highest rate of unemployment (9.4%) that it's seen in years, and Michigan has the highest rate of any state in the Union (15%) and Detroit is seeing tougher times than most cities as it lacks a diversified economy and for years has suffered from a corrupt political system and poor educational standards.
GDP for Q2-2009 came in at -1.0%
Wednesday, August 26, 2009
The States with the highest rates of unemployment are:
- Michigan 15%
- Rhode Island 12.7%
- Nevada 12.5%
- Oregon 11.9%
- California 11.9%
- South Carolina 11.8%
- Ohio 11.2%
- North Carolina 11%
- Kentucky 11%
- Florida 10.7%
- Tennessee 10.7%
If you're one of the jobless in those states and asking yourself, "How many weeks of unemployment do I get?" you'll most likely find that you may be elligable for up to 79 weeks of UI benefits.
Thursday, August 20, 2009
The report also showed that 6.24 million people are currently receiving unemployment insurance benefits.
Two other interesting tid-bits from the report include:
States reported 2,877,756 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Aug. 1, an increase of 92,384 from the prior week. There were 1,406,779 claimants in the comparable week in 2008. EUC weekly claims include both first and second tier activity.
The highest insured unemployment rates in the week ending Aug. 1 were in Puerto Rico (7.3 percent), Oregon (6.2), Pennsylvania (6.1), Michigan (5.9), Nevada (5.9), Wisconsin (5.5), California (5.3), Connecticut (5.3), New Jersey (5.3), North Carolina (5.1), and South Carolina (5.1).
Tuesday, August 18, 2009
Saturday, August 15, 2009
Tuesday, August 11, 2009
As of August, 2009---the maximum unemployment insurance benefit check in CA was $450/week (Plus another $25/week from the Obama UI increase).
The folks at EDD have developed a UI checklist---you'll need:
- your SSN, name(s), mailing address, phone #, Drivers License #
- employer name, address, and last day worked
- Gross Earnings over the last 18 months
- You must have worked for the last 18 months and be able, available and looking for work
- To file you can apply over the phone, online, via fax or snail-mail.
- To file for benefits immediately after losing your job
Hat-tip to unemploymentality for finding this video.
Saturday, August 8, 2009
According to the Detroit Free Press, over 40,000 Metro-Detroiters in Macomb, Oakland and Wayne Counties are likely to lose their UI benefits by the end of 2009.
In the next 6 weeks, about 10,000 will lose their unemployment benefits and the other 30,000 will have coverage expire prior to 12/31. This will likely result in an increase in people heading to food-banks and seeking other types of government assistance.
The key reasons for this drop are speculated that fewer people are choosing to have children, and as jobs dried up, the number of hispanic immigrants has slowed---and hispanc immigrants on average have a higher number of children then the rest of the US population.
Friday, August 7, 2009
Additionally, the seasonally adjusted U-6 Unemployment Rate for July also went down (16.3% in July vs. 16.5% in June). However, the non-seasonally adjusted figure stayed at16.% in both June and July. There were two other bits of good news in this week's jobs report.
#1 It was the smallest amount of job losses in about 1 year (~250,000)
#2 The average work week climbed up 0.1 hours compared to the prior period---so the people with jobs are getting a few more hours.
Wednesday, August 5, 2009
The Guardian reports that Trina Thompson is suing Monroe College in the Bronx for $70,000 because the money she spent on obtaining her bachelor's degree hasn't landed her a job yet.
In my (non-expert) opinion, this court case is going to get thrown out of court faster than a fat man's fork at a smorgasbord.
The story also provided one interesting statistic:
According to a May survey by the National Association of Colleges and
Employers, just 20% of US college students from 2009 who applied for a job had
one when they graduated, down from 51% for the class of 2007.
Friday, July 31, 2009
So just how many people are collecting unemployment insurance benefits? As of July 2009, there are more then 6 million Americans collecting UI benefits---This is a record high amount and there is several reasons for this. First, the population is bigger than it has been in the prior 40 years and the amount of availabe workers is also larger than what it was in the decades past. Additionally, many more states are offering extended UI benefits--Tier 1, Tier 2 and Tier 3 benefits can stretch benefits out to over 70 weeks in many states.
Nonetheless, there just aren't that many jobs out there and the continuing claims is bound to decrease in the coming weeks---aided of course by people finding jobs, but also from people exhausting all of their benefits.
Looking at the chart, you can see that sometimes continuing claims plateaus and other times it shoots down as fast as it shot up---what will this great recession do? It's anybody's guess---but I feel comfortable in guessing that it will stay above 5 million people for at least another year.
Thursday, July 30, 2009
That would bring the number of weeks of unemployment benefits to over 80!
Monday, July 27, 2009
The retailer Sears is offering a plan that provides some peace of mind. If you spend over $399 on your Sear-Citibank credit card through August 1st, and within the next 60 days to 1 year, you lose your job, Sears will make the monthly payments.
Now for those of you who are already jobless this won't do much good, but if you know of people who are working for a company that is likely to lay-off many workers and they happen to need a new appliance, they should definitely consider looking into Sears for this program.
Saturday, July 25, 2009
Tuesday, July 21, 2009
Currently, 170,000 Nevadans are out of work, and hoping that things turn around soon.
Monday, July 20, 2009
From business wire:
Web Site and Toll-free Line Will Help Unemployed Workers Appeal Denials of COBRA Premium Assistance Under Recovery Act
WASHINGTON--(BUSINESS WIRE)--The Centers for Medicare & Medicaid Services (CMS) today announced a new Web site ContinuationCoverage.net and helpline (1-866-400-6689) where certain unemployed workers may request expedited review of a denial by their former employers of eligibility for COBRA premium assistance under the American Recovery and Reinvestment Act of 2009 (ARRA).
CMS has contracted with MAXIMUS Federal Services, Inc., a subsidiary of MAXIMUS, Inc., to review requests for expedited review of denials and make recommendations — subject to CMS’s review — on whether individuals are eligible for health insurance premium assistance under the Recovery Act’s expansion of COBRA continuation coverage. MAXIMUS will also answer questions about the premium assistance program and the expedited review process. Contact information for the Web site and helpline is provided below.
To help displaced workers maintain health care coverage for themselves and their families, the Recovery Act provides a 65 percent subsidy for health insurance premiums for workers who have elected COBRA after they have been involuntarily terminated from their jobs. “COBRA coverage” generally refers to the continuation of coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), which apply to employers with twenty or more employees. The ARRA-established subsidy is also available to eligible Federal, state, and local government employees, and, if state law requires certain continuation coverage, to workers for private sector employers with fewer than twenty employees.
The Recovery Act’s premium assistance applies to periods of continuation coverage beginning on or after February 17, 2009 (when ARRA became law), and lasts for up to nine months.
To qualify for premium assistance, a worker must be involuntarily terminated between September 1, 2008, and December 31, 2009, and elect continuation coverage. The subsidy ends when the worker is offered any new employer-sponsored health care coverage or becomes eligible for Medicare. Workers who were involuntarily terminated between September 1, 2008, and February 16, 2009, but who failed to elect COBRA coverage at that time, most likely because it was unaffordable, or who elected COBRA after September 1, 2008, but let it drop because it was unaffordable, would be given an additional 60 days after employer notifications are released to elect COBRA and receive the subsidy.
Friday, July 17, 2009
The state lost 5,400 construction jobs and 2,800 manufacturing jobs in June. The total number of unemployed Illinoisans in June was 683,300. That's more than in any month since November 1983.
Thursday, July 16, 2009
As of June 2009, the states that qualify for 79 weeks of UI benefits include:
- North Carolina
- New Jersey
Wednesday, July 15, 2009
According to the Detroit News, the unemployment rate in June for the state of Michigan jumped to 15.2% in the month of June. This is a 110bp jump from the 14.1% jobless rate seen in May 2009.
The ranks of the unemployed continue to swell in Michigan as GM and Chrysler and their suppliers slog through the bankruptcy process.
As bad as things are in Michigan, things are even worse in Detroit---where the May unemployment rate topped 25%.
And the state as whole has already borrowed over $2 billion from the federal government to keep making unemployment insurance payments to the swelling ranks of laid-off workers.
Here's an interesting youtube clip about how tight water controls in California are causing tough times in California's bread basket. Farms outside of Fresno have gone fallow and "George" speculates that as farming and construction jobs continue to disappear in this part of California, you'll see a reverse migration that was seen during the Dust-Bowl migration of the Great Depression (i.e. people will be forced to leave California and move to the midwest, and south where there is more water and more jobs).
Thursday, July 9, 2009
Click on Chart for a bigger image.
You can see that the increase in foodstamp usage correlates with the steady increase in the unemployment rate. And as the great recession continues to slug along, you can be sure that both California's foodstamp usage and number of unemployed workers looking for jobs will continue to increase.
The agency will send eligible recipients the proper paperwork in the mail and is also accepting applications via its Web site at http://www.floridajobs.org/.
Tuesday, July 7, 2009
Click Image for a Larger Chart
Monday, July 6, 2009
You can see on the table to the left which states have the highest minimum wage (Washington, Oregon, Vermont, California, CT, IL, MA, Nevada, New Mexico, Michigan, Rhode Island, Ohio and Colorado)---It's interesting to note that many of these states have extremely high rates of unemployment already, and according to economists there is a risk that when the price of labor goes up---the demand for labor goes down. This could cause yet more increases in the unemployment rate in the US during Q2 and Q3 2009. (Watch out 10% here we come!)
Thursday, July 2, 2009
Click on Chart for a Bigger Image
The U6 Unemployment Rate (which includes the unemployed, the underemployed, and the discouraged) rose to a record high of 16.5% (records only go back to 1994)
According to Reports 467,000 jobs were cut in June 2009, while the continuing claims data actually decreased---But Continuing Claims dropped by 53,000 to 6.7 million---at first glance this may seem like a good thing---But I believe that the amount of people who have used up all of their UI claims more than made up that 53,000 person decrease.
Sunday, June 28, 2009
Click for a Larger Image
According to Data from May, 2009---14 states have borrowings from the federal government for funding of their depleted unemployment insurance funds---and in the coming months several more states will be added to the list.
Michigan, California, New York, Ohio and Indiana have borrowed the most money---while Arkansas, Kentucky, Missouri, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina and Wisconsin also have borrowed funds.
Saturday, June 27, 2009
The current rate is almost 50% of UI recipients are slated to have their benefits expire in the coming year. This is the highest rate since around 1940---And as you can see in the chart below---by far the highest rate seen in the last 25 years.
Click Image for a Clearer View
So what's the significance of this? On a social stand-point that means more and more people will be losing the government safety net this year and may be forced to look for other government assistance (food-stamps, welfare)---and it also means that in the coming months when economic reporters start telling us about how the "Continuing Claims" for UI benefits is declining, we'll have to be asking, "sure, but how many people have exhausted all their benefits rather than actually finding work?"
Thursday, June 25, 2009
The data is plotted below
Click image for a larger chart
What is most noticable is that 5.4 million jobs were lost in the American manufacturing sector---This is a result of cheaper foreign labor driving more Americans from the goods-producing sector and into the service sector.
In total, a little over 3 million jobs were created---With 2.9 million of thoes jobs coming from Private Health Care... It's easy to understand why---health care inflation has significantly outpaced overall inflation for the entire decade, and with the aging baby boomers---more and more people are qualifying for government care---People go to where the money is and money is in health care.
Wednesday, June 24, 2009
The 3 minute story also includes a couple of human interest stories about some jobless Americans.
Monday, June 22, 2009
According to the Portland Business Journal, the maximum weekly unemployment insurance benefit for Oregon's jobless is going to climb to $493/week beginning June 28th, 2009.
Oregon reported an unemployment rate in May 2009 of 12.4%--This is one of the nation's worst unemployment rate and the state's jobless will really be able to put the increased weekly payments to meaningful use.
Now with the may unemployment rate being 9.4% and more than a dozen states suffering from double-digit unemployment, it's all but guaranteed that you'll be seeing the average unemployment rate breach double-digits in July 2009.
Sunday, June 21, 2009
Things continued to worsen in the month of May for many states. An additional 5 States (TN, IN, KY, FL & IL) and Washington DC saw their unemployment rates jump to over 10% in May 2009.
Now 13 states have unemployment rates breaching double digits with Michigan, Oregon, South Carolina, Rhode Island and California rounding out the top five.
In two short months the states that make up this list have seen, on average, their unemployment rate rise by 0.8 percentage points.
Click for a Larger Chart
The State of California reported that things got worse in May 2009 as the unemployment rate for the Golden State jumped to 11.5%.
This is the highest rate of unemployment since records began being kept over 30 years ago---And there are currently over 430,000 Californians who have been without a job for over 6 months... California is ground zero of a negative feedback loop where property prices are falling, causing more people to lose their jobs, cause more people to lose their homes.
Friday, June 19, 2009
According to the AFP, Chinese government officials have an idea to reduce the ranks of the nation's unemployed.
China is likely have over 40 million people lose their jobs this year as manufacturing and construction jobs evaporate as the export heavy communist country suffers from a severe slow down in exports. So what's their idea to reduce the unemployment rate? Train people to become housekeepers---The thought is that as the ranks of China's middle class continues to grow and there are plenty of Dual-Income families, the demand for housekeepers is not currently kept.
My guess is that this initiative while it makes for interesting news---it won't cause a meaning decrease in the unemployment rate in China.
Wednesday, June 17, 2009
According to the Detroit News, the jobless rate in Michigan reached 14.1% in May 2009---This compares to 9.4% in the entire United States in May.
The unemployment rate for Michigan was the highest in nearly 3 decades and comes as both Chryler and GM entered bankruptcy.