The jobs numbers for August just came in from the US BLS. Wicomico lost another 1,120 jobs in August 2013 when compared to August 2012.
Period Labor Force Employed Unemployed Unemply Rt. Change over prior year
August -12 53372 49007 4365 8.2%
August -13 52252 48208 4044 7.7% -1120 less employed
So there are 1120 FEWER people working
ReplyDeletebut the unemployment rate dropped from 8.2% to 7.7%?
How exactly does that work?
Shouldn't the unemployment rate go up to reflect fewer people working?
cooking the books
ReplyDeleteTo 12:35 - Not necessarily. The unemployment rate will go down as people fall out of the system. Even though the unemployment rate is dropping - that is not as important as looking at the overall Workforce numbers.
ReplyDeleteThis is what FOX, MSNBC, CNBC, MSN and virtually all of the networks have been exposing - there is no job recovery as the overall US workforce is substantially shrunk. People are simply retiring, on disability, or are going underground. This is why our nations GDP is not expanding. It is a very serious problem - especially for the States & Localities because their revenue base has evaporated. Soon - you will truly see the fallout - very soon.
Joe - do you realize that Wicomico has been shedding over a 1000 jobs month for the past few months.
ReplyDeleteA lot of these people have decided to go on welfare and housing assistance. It just doesn't pay to work anymore.
ReplyDeletePretty soon we will look like a ghost town. There aren't going to be any workers left to work.
ReplyDelete12:35 - I'll tell you what is happening, your state and local governments are steadily raising your tax rates. They are doing this in an effort to help cushion the income tax revenue blow for less workers. You could say our economy is going --SS backwards.
ReplyDeleteThis scenario is unsustainable. The number of job loses cannot continue much longer or there is going to be a major crisis.
ReplyDeleteIt's called the aging of America. This has been predicted for years and years, the baby boomers are retiring. no news here.
ReplyDelete356...so whats this generation going to be called ....The lazy ass welfare generation.?
ReplyDeleteTo 3:56 - I know that America is aging - but really, do you actually believe that there are that many people falling out of the system. I have been watching the US Bureau's labor numbers for wicomico each month and I know that no municipality can sustain these kind of job loses. I cannot recall the exact numbers but 1:27 is right, wicomico has been losing over a 1000 a month and I recall one month was almost 2000 less workers.
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ReplyDeleteCondensed explanation for both fewer at work and lower unemployment rate.
Number at work is calculated from payroll tax headcount info.
Unemploy rate has a number of wiggles built in to smooth the numbers a bit(side issue) but the main driver is that when unemploy benefits are exhausted the person drops off the unemployed list even though they are still not working and still are looking.
That aspect pretty much defies common sense but it is primarily why the national rate has gradually dropped even as minimal jobs are being created.
Add to those who lost jobs the new prospective entrants to the workforce (HS & college grads) who don't qualify for unemployment benefits.
Not keeping tabs on or counting those with lapsed benefits is the major criticism and weak point in the published rate.
The unemployment rates go down because people are not receiving checks from it anymore. It doesn't mean that went back to work....
ReplyDeleteSo, in other words, the Government is purposely not telling the truth.
ReplyDeleteThere is no Obama recovery, in fact the economy is growing worse, exponentially and the Obama regime is lying through it's teeth and the main stream media is covering his butt.
The truth is Democrat policies DO NOT WORK. THEY FAIL. Just like Socialism and Communism around the world has always FAILED and cost MILLIONS of lives in the process.
America, a once GREAT nation is FAILING under Obama. There is no other explanation. PERIOD.
816 has the correct answer. Although,passing this test ends in fail. We are losing America.
ReplyDeleteTo 6:07 & 8:16 - you are both correct, and O'Malley telling that we have recovered all of the lost jobs is simply a falsehood. Sure - O'Malley is trying to 'sugar coat' the data, but the fact of the matter, THERE IS NO OBAMA RECOVERY - plain and simple.
ReplyDeleteThe economy is getting worse. There is no job recovery. Just look at this mornings national news - 'Economy Weakens'
ReplyDeleteSome places are showing slight gains - but here in Wicomico we have been losing ground.