The 7.2% is the highest unemployment rate in over 15 years and job losses in 2008 of 2.8 million was the most job losses since 1945
Friday, January 9, 2009
December 2008 Unemployment Rate
The December-2008 unemployment rate for the United States climbed to 7.2%---Up 50 basis-points one month. This is higher than I expected and up from a revised 6.8% in November 2008.
The 7.2% is the highest unemployment rate in over 15 years and job losses in 2008 of 2.8 million was the most job losses since 1945
The 7.2% is the highest unemployment rate in over 15 years and job losses in 2008 of 2.8 million was the most job losses since 1945
Thursday, January 8, 2009
November 2008 Unemployment rate
On Friday morning the BLS will be unveiling the December 2008 unemployment figures. You can rest assured that the rate will be higher than the 6.7% experienced in November 2008--My guess is 7.0%.
The Ranks of the underemployed continue to rise
As I have mentioned before, it's not just the unemployment rate that is climbing, but the underemployment rate is also increasing. When I talk about underemployment, I usually include people who are working part-time, but would like to work full time. And people who are too discouraged to look for work--and hence are ignored from the unemployment figures that the government produces.
Well the Bureau of Labor Statistics recently published a report on people who are working part-time but would rather be working full time.
As you can see in the chart above the top (light-gray line) shows the number of people unemployed during the last 50 years, and the bottom (black line) shows the people who are working part-time for economic reasons . These economic reasons are shown in the chart below---you'll see a split between "part time due to slack work or business conditions" and "could only find part time work"
Click on Charts for Larger View
Well the Bureau of Labor Statistics recently published a report on people who are working part-time but would rather be working full time.
As you can see in the chart above the top (light-gray line) shows the number of people unemployed during the last 50 years, and the bottom (black line) shows the people who are working part-time for economic reasons . These economic reasons are shown in the chart below---you'll see a split between "part time due to slack work or business conditions" and "could only find part time work"
Click on Charts for Larger View
Walgreens to layoff 1,000 salaried staff
According to the Chicago Tribune, Walgreens is planning on laying off 1,000 people in 2009, adding more people to the ranks of the unemployed.
Wednesday, January 7, 2009
Logitech to layoff 15% of its workforce
According to an 8-K filed with the SEC today, Logitech plans on letting go 15% of its workforce, in order "to help align Logitech's cost structure with the current and expected economic environment. "---This would amount to over 1,000 people queuing up to the unemployment line.
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