Friday, December 03, 2010
The Moment Of Truth Two
I'll probably cover this in detail after I recover from the wretched shock of it, but that might take major mood-altering life steps.
Among the horrible clarifications this thing contains, the paradox of low wage tax receipts combined with falling initial unemployment claims can only now be reconciled with this report by persons losing jobs but now being unable to qualify for unemployment. So it's a fool's paradise. Job losers rose by 390,000 in November.
I will eventually go into this in more detail, but right now I need to recover from the shock of it. And you know, I was expecting something much worse than most. Yesterday I was reading the expectations and hollering at the screen "In what universe, you $(##!!;! Lay off the egg-nog, suckers, you're obstructing the blood flow to your brains!"
But this morning I have to apply the same language to myself. I actually expected a marginal gain in Census employed, about 20K. Instead, -173,000. There is nothing like missing by 200,000 to wake you up in a very unpleasant manner.
According to household, the October/November combined employment loss from September is 503,000 jobs. Going to the specialty tables makes it worse. Emp/pop ratio is down again to 58.2%.
The more you read of this thing the worse it gets. The 25-years and over unemployment rate for those with a four year college degree or better rose an epic 0.4% in one month, rising from 4.4% in September to 4.7% in October to 5.1% in November. This is dreadful.
Here's a graph of the 25 and older, BA and over (LNS13027662) data:
Meeting and exceeding our former unemployment achievements!
Unfortunately one must conclude that the US no longer has enough people in positions of authority who actually understand how to create an atmosphere in which business can thrive. It being abundantly clear that the leader of this movement is none other than the President himself, a man who appears to think that driving up energy costs will create jobs. A destructive ideology that permeates his entire administration.
Only a new practical leader can overturn this, until that arrives the US will go on declining.
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