Dismal Job Numbers Coming for June
From the Washington Post:
The recession has directly hit more than half of the nation’s working adults, pushing them into unemployment, pay cuts, reduced hours at work or part-time jobs, according to a new Pew Research Center survey.
The story focuses on how the economic devastation will cause people to live more austerely and save more money, which would certainly be good.
“We’re going to see much lower consumption going forward,” said Dean Baker, co-director of the Center for Economic and Policy Research. He blames diminished spending on the drop in housing prices. “People who thought they had equity in their homes have seen it disappear,” he said.
Again, consuming less is certainly not a bad thing – except that our largely service based economy is fueled by consumer spending. If people are saving money instead of buying new stuff or going out to eat, more jobs will be lost. And speaking of job creation….
The numbers look dismal for June:
The private sector of the U.S. economy added only 13,000 jobs in June, according to ADP employment services, a disappointing number that came in below estimates and portends bad things from the government’s June jobs report due out Friday.
In May, according to ADP, the private sector added 57,000 jobs. But in June? Statistically, across a workforce as big as the United States’? Zero job growth; 13,000 new jobs is a statistically meaningless number.
It’s also a realistically meaningless number, in the face of the 22 million jobs that need to be created in order for the US to even be approaching full employment.
There is no such thing as a “jobless recovery.”
Tags: unemployment
Note for the future:
DO NOT plow any stimulus money into Wall Street or auto companies. ROI sucks! All the financial people did was pocket the money.
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Keep reporting your unemployed status. This will keep the official unemployment more accurately reflecting reality.
Keep calling your US Senators & Representatives.
Make the above comments on articles and in forums. Tell anyone who claims they are paying for you to be unemployed that they are WRONG. Unemployment tax is paid by employers, not employees. They can check their pay stubs or better yet, do a little research and check for themselves:
“The Federal Unemployment Tax Act (FUTA), with state unemployment systems, provides for payments of unemployment compensation to workers who have lost their jobs. Most employers pay both a Federal and a state unemployment tax. A list of state unemployment tax agencies, including addresses and phone numbers, is available in Publication 926, Household Employer’s Tax Guide. Only the employer pays FUTA tax; it is not deducted from the employee’s wages. For more information, refer to the Instructions for Form 940 (PDF). ”
http://www.irs.gov/businesses/small/international/article/0,,id=104985,00.html
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Glorious info here. This attention-grabbing put up made me smile. Maybe for those who throw in a couple of pictures it’s going to make the whole thing more interesting. Anyway, in my language, there are usually not a lot good supply like this.
Small Business Loans
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