Bad news on the economic front today, as the jobless rate for May was 5.5 percent, up from 5 percent in April. That’s the largest swing in a single month since 1986, the Washington Post reported, as the number of jobs fell by 49,000.
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38 Comments
Unemployment always goes up in May, every year like clock work – school related jobs – duh.
It picks back in the summer and then goes back up in the fall, picks up in December.
duh, duh, duh, duh, duh
Regular, I’ve heard just the opposite, thanks to summer jobs. And in most states, school isn’t out until June, not May, so maybe a closer look at the reason for the increase in unemployment would be wise.
“Unemployment always goes up in May, every year like clock work – school related jobs – duh.”
And tourism goes up in the summer like clock work – tourism related jobs – duh.
Well Predestined, unemployment is defined as those who are “unemployed seeking employment.”
What large portion of people population do we have that seeks employment May and June? Students maybe?
The really good news is that this is the year that the Shrub enters unemployment!
You go George!
Technically it’s next year, but I couldn’t resist sharing that happy thought.
Considering the way that unemployment is under reported, this is not good.
I’m just glad the economic stimulous plan worked so well. Or was it the gas tax holiday? No, wait. The Democratic congress caused the unemployment? It’s hard to keep them straight.
I hate it when I have to agree with Regular. Unemployment is cyclical mostly.
But I think he is wrong about how unemployment is tracked. I’m pretty sure that Unemployment is measured by the number of unemployment claims. I don’t think the government can track the number of resumes or job applications that are filled out. I think they can track unemployment claims. Also, students have no basis for unemployment, because they seldom earn enough while going to school. But correct me if I am wrong.
The problems with the Dow are probably caused by volatle oil prices and the credit crisis. But then everyone already knew that.
The goal is keep the numbers within the criteria indicating the economy is growing, leave all the adjustments for accuracy until AFTER bush joins the unemployed. Make sure the OFFICIAL pronouncement of recession doesn’t come until March of 2009. Make it appear to the Republicans (who seem to be easily led and convinced) the recession didn’t really begin until President Obama took office.
While spouting this bit of misinformation continue to stress that the recession that OFFICIALLY began in March of 2001 had NOTHING to do with bush and was all the fault of Clinton.
Ignore all facts. IOKIYAR.
Way to go, Repukes!
Repuke “stewardship” of the economy has been an unmitigated disaster, and now the Repukes are going to nominate a candidate who “doesn’t really understand economics?” And who has as his economic advisor Phil Gramm, who helped to cause the mortgage lending crisis meltdown?
http://www.huffingtonpost.com/2008/01/21/short-on-economic-underst_n_82529.html
November can’t get here fast enough.
So CF and Linda tell me about Obama’s plan to stimulate the economy. Other than new taxes I have heard nothing. Please tell me I have missed his plan. What would that be?
Monkeyhawk,
I’ve heard two ways on the calculation for unemployment numbers. The first is how many are filing claims, as you said.
But a few years ago, possibly around 2004 or so, I read the following in an article:
The unemployment rate is calculated from a survey of around 60,000 households in which people are asked to state whether they have jobs or are looking for work. By that household survey, the number of people who found new jobs increased by 629,000 in July.
Frankly, I don’t believe either way is accurate.
CF2K,
Just keep repeating McCain’s comment on not understanding economics, and remind Republicans that their money it at issue here.
Oh, I LOVE IT!
He will use his charisma and stunning oratory to stimulate the economy. And we can all be bitter with our guns and God.
okobserver, here it is:
http://www.barackobama.com/issues/economy/
Why should Obama have to stimulate the economy? According to George W. Bush and his supporters, our economy is booming. Or was that the talking point last month?
ooopsy daisy………..what happened to the great “ownership” society of the bush regime???????
It’s there, spiro. They own us.
mom,
Also, they keep telling us that Dubya has nothing to do with how the economy goes. Of course, Bill Clinton did, but never Dubya. I’m sure it will be the same with Obama. Or McCain.
Spiro,
“ooopsy daisy………..what happened to the great “ownership” society of the bush regime???????”
Nothing happened to it. We’re now owned by Bush contributors and the Chinese.
“The unemployment rate surged to 5.5 percent in May from 5 percent, the largest monthly spike in more than two decades, as the economy shed 49,000 jobs for a fifth month of decline, the Labor Department reported on Friday.”
Business as usual, regular? Man, you love the status quo.
As the Titanic slowly takes on water, he’d say how much he likes admires the woodwork….
Unemployment rates are based on new Unemployment Compensation Claims filed. They obviously understate the real unemployment rate, as it does not take count of what is called “discouraged workers.”
Discouraged workers are those who have had no luck finding work and have essentially stopped looking for awhile.
We’re in deep doo doo, kids……. And McCain, the Maverick Republican, voted with the Bush administration 95% of the time……
ooohhhh the umemployment rate JUMPED up to a rate that is… STILL historically low for this country.
I guess anything that you can hang your hat on to continue the bush bashing and to continue to make yourselves think that obama is the messiah.
Yep DavidB, keep up the ol doom and gloom, its what the dems do best. I take it then that you are living outside of this horrible, horrible country.
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