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63,000 Jobs Lost in February and Many Workers Giving Up Looking For Jobs |
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The number of jobs plummeted in February, down by 63,000, the deepest dive in five years, according to the U.S. Bureau of Labor Statistics (BLS). Yet the unemployment rate theoretically improved, from 4.9 percent to 4.8 percent.
The conflicting figures out this morning on the nation’s latest jobs data highlight why some pundits and analysts have for months been insisting the U.S. economy is strong while most of America’s workers know otherwise. Such contradictory results are more apparent than real, however. The decline in unemployment reflects the fact that more people have given up looking for work, rather than more people on the payrolls.
Manufacturing employment continued to decline in February, losing 52,000 jobs, for a total loss over the past 12 months at a stunning 299,000. Construction jobs, hard hit by the bursting of the housing bubble, decreased by 39,000 in February and have fallen by 331,000 since its most recent peak in September 2006. A report out yesterday by the National Urban League highlights how the nation’s weak economy hits African Americans especially hard. The report found three times as many U.S. blacks as whites live below the poverty line, defined as an income of $20,000 for a family of four. The disparity between the races on unemployment narrowed slightly, but blacks were still twice as likely to be jobless.
In a fine column analyzing whether the current measures used by BLS accurately reflect the actual number of those without work, David Leonhardt writes:
Various studies shown that the new noenemployed are not mainly dot-com millionaires or stay-at-home dads. [snip]
Instead, these nonemployed workers tend to be those who have been left behind by the economic changes of the last generation. Their jobs have been replaced by technology or have gone overseas, and they can no longer find work that pays as well. West Virginia, a mining state, is a great example. It may have a record-low unemployment rate, but it has also had an enormous rise in the number of out-of-work men.
[snip] With such a large pool of people who aren’t employed—but willing to work for the right price—those who do have jobs find themselves with less bargaining power. Since 2003, total compensation, including the value of health insurance and other benefits, has failed to keep pace with inflation for most workers, according to Jared Bernstein of the Economic Policy Institute.
Most of us months or years ago figured out what it’s just now hitting media pundits: The economy isn’t working for working people. A Gallup Poll released this week finds 86 percent of Americans say their families’ financial situations have been very (57 percent) or somewhat (29 percent) negatively affected by the rise in gasoline and home heating prices. Some 58 percent say their financial situations are being negatively affected by more people losing their jobs; by the rise in the cost of a college education (57 percent); by outsourcing of jobs overseas (53 percent) and by problems in the housing market (47 percent).
Rising or falling monthly unemployment rates are only a fraction of the full picture. The number of us in long-term unemployment is growing. As is the length of time it now takes jobless workers to find work to support themselves and their families: 1.3million people have exhausted their 26 weeks of unemployment compensation, but are still actively trying to find work.
As Leonhardt writes:
[There] is no doubt that the unemployment rate is a less telling measure than it once was. It’s simply no longer the best barometer of the country’s economic health. A truer picture can be found elsewhere, by looking at compensation growth, for instance, or to changes in the percentage of the employed.
Leonhardt goes on to quote Tom Nardone, the economist overseeing the unemployment survey.
“Just saying the unemployment rate is 5 percent, without any other context, really doesn’t tell you much,” Mr. Nardone said. “It’s far more complicated than that.”
We at the AFL-CIO have been calling for legislation that would add 13 weeks of unemployment benefits to the current 26 weeks as a short-term means of addressing long-term unemployment. But as AFL-CIO President John Sweeney says, growing long-term unemployment is a sign of a much deeper crisis:
Important as it is, the extension of unemployment benefits is still a short-term fix for a long-term, systemic problem: This economy is broken. In the long term, we need policies that create real, long-term prosperity for the people who actually do the work in this country—when there is work available to be done.
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People who are losing good jobs with decent pay and benefits cannot afford to work. Minimum wage with no benefits just doesn’t cut it. They’re being forced to resort to welfare in order to provide their families with a roof over their heads, food in their mouths and healthcare. What a travesty. The ‘powers that be’ in this country see their fortunes growing beyond belief while the ‘working class’ see their incomes stripped from them. We’re heading for real trouble here. If things don’t turn around soon we could very well find ourselves living in a third world country.
And the dictator Bush insists there is no recession, he finally admits today the economy is slowing down. What is with that idiot? He lives in a cloud of denial, yet the Democrats in Congress cave to his demands, the latest is telecom immunity in Herr Bush’s spy program. (FISA)
Why isn’t impeached?
Obama and Clinton, can you hear me now??
Allow me to attach a joke:
George Bush was up late at night unable to sleep. He was worried about the polls and an upcoming speech to the nation. As he paced up and down a hallway where portraits of the past presidents hung, he stops at George Washington’s portrait. “George, eh… what can I do, my popularity is down, the war is not going as planned, but that’s all I got left before I leave office. What can I do? Washington then speaks: “George, you are in a pickle, you vetoed SCHIP, and the nation wants you to end this war, I think you should at this point in your administration, listen to the people”. Bush then growls, “What do you know” and keeps walking. He stops at Franklin Roosevelt’s portrait and asks, “Franklin, eh…what can I do,eh.. my popularity is way down, the war is not going as planned, but that’s all I’ve got left before I leave office, what should I do”? Roosevelt speaks: “George, you have not been very receptive to the American public, you vetoed SCHIP, and the nation wants you to end this war”. Bush then growls, “Oh the hell with you, you are a democrat, why talk to you!” He then walked up to Abraham Lincoln’s portrait and asks, “Abe, oh buddy, eh…. as a fellow Republican I ask you what should I do, my popularity is way down, the American people are all against me, eh…the party is defying me, and the war is not going as planned. What should I do”? Lincoln speaks: “George, yes the people don’t like you, you have put our party to shame. You should relax, have a drink or two. You just need to take it easy and quit worrying. You should take in a play, yes that’s it; why not go to the theatre”?
We noticed restuarants and other business places that were full a few months ago are half empty now. The outsourcing of jobs is finally telling and everybody loses including businesses because Americans can no longer afford to buy their products..
In addition to adding 13 weeks to unemployment benefits, the amount received needs to be increased also. The increases in revenue from gasoline taxes would be a good area for the funds to come from. The unemployment benefit in my state, Missouri is $250 a week. $25 is taken out for taxes leaving the recipient $225. I’ll bet this amount hasn’t been increased in 20 years! Most families mortgages are well over $1000.00 a month. It’s no wonder the unemployed are in a state of panic!
Some of this is our fault and I was guilty but now I buy everything made in America:
Joe Smith started the day early having set his alarm clock (MADE IN JAPAN) for 6am While his coffeepot (MADE IN CHINA) was perking, he shaved with his electric razor
(MADE IN HONG KONG). He put on a dress shirt (MADE IN SRI LANKA), designer jeans
(MADE IN SINGAPORE) and tennis shoes (MADE IN KOREA) After cooking his breakfast in his new electric skillet (MADE IN INDIA) he sat down with his calculator (MADE IN MEXICO) to see how much he could spend today. After setting his watch
(MADE IN TAIWAN) to the radio (MADE IN INDIA) he got in his car (MADE IN GERMANY) filled it with GAS (from Saudi Arabia) and continued his search for a good paying AMERICAN JOB. At the end of yet another discouraging and fruitless day checking his Computer (Made In Malaysia), Joe decided to relax for a while. He put on his sandals
(MADE IN BRAZIL) poured himself a glass of wine (MADE IN FRANCE) and turned on his TV(MADE IN INDONESIA), and then wondered why he can’t find a good paying job in AMERICA …
Found this website: http://www.sharedeconomicgrowth.org/
Interesting ideas here….