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Tim McMahon, Editor of UnemploymentData.com

My grandfather lived through the Hyperinflation in Weimar, Germany--to say he was an original “gold bug” would be an understatement. I began reading his “hard money” newsletters at the age of 16 and the dividends from gold stocks helped put me through college. I began publishing the Financial Trend Forecaster paper newsletter in 1995 upon the death of James Moore editor of Your Window into the Future and the creator of the Moore Inflation Predictor©. FTF specializes in trends in the stock market, gold, inflation and bonds. In January of 2003, I began publishing InflationData.com to specialize in all forms of information about the nature of Inflation. In 2009, we added Elliott Wave University to help teach you the principles of Elliott Wave analysis. In January 2013, we began publishing OptioMoney. Connect with Tim on Google+.

New Jobless Benefits Claims Rise Despite Downward Trend

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Washington — (Associated Press) More Americans signed up for unemployment benefits last week, but the broader trend in layoffs points to a slowly healing jobs market.

The Labor Department says new claims for unemployment aid rose last week by a seasonally adjusted 26,000 to 436,000. The previous week’s claims were revised up slightly to show applications had tumbled by 31,000 to 410,000. The figures are often volatile during the weeks around the Veteran’s Day and Thanksgiving holidays.

Even so, the longer-term trend has shown a downward drift.

The four-week moving average of claims, which smooths volatility, fell to 431,000 last week, a two-year low.

Read more: FoxNews

October 2010 Unemployment Rate Unchanged

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Nonfarm payroll employment increased by 151,000 in October, and the unemployment rate was unchanged at 9.6 percent, the U.S. Bureau of Labor Statistics reported today. Since December 2009, nonfarm payroll employment has risen by 874,000.

In October, 41.8 percent of unemployed persons had been jobless for 27 weeks or more.

The number of persons employed part time for economic reasons (some- times referred to as involuntary part-time workers) fell by 318,000 over the month to 9.2 million, partially offsetting large increases in the prior 2 months. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

September 2010 Unemployment Rate

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October 8, 2010

The Bureau of Labor Statistics released their report for September today. The number of unemployed persons, at 14.8 million, was essentially unchanged in September, and the unemployment rate held at 9.6%.

Among the major worker groups, the unemployment rate for adult men was 9.8%, adult women was 8.0%, teenagers was 26.0%, whites was 8.7%, blacks was 16.1%, and Hispanics was 12.4% showing little or no change in September.

The number of long-term unemployed (those jobless for 27 weeks and over), at 6.1 million, was little changed over the month but was down by 640,000 since a series high of 6.8 million in May. In September, 41.7 % of unemployed persons had been jobless for 27 weeks or more.





Seasonally Adjusted Unemployment Rate September 2008 - September 2010 Source: U.S. Bureau of Labor Statistics www.BLS.Gov




One in Seven in Poverty

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September 2010

The Census Bureau reported,  in its annual report for 2009 that the overall poverty rate climbed to 14.3 percent or 43.6 million people. The poverty rate climbed from 13.2 percent, or 39.8 million, in 2008. Another way to look at this is one out of every seven working-age Americans (18 – 65) is now classified as being in poverty. This is the highest level for this rating since the 1960s.

What exactly is the poverty level for the US? According to an official government calculation that includes only cash income before tax deductions, the poverty level in 2009 stood at $21,954. This amount excludes capital gains or accumulated wealth such as home ownership. Although this figure takes into account the effects of some of the stimulus programs such as unemployment benefits or jobs created or saved by government spending, it does not factor in non-cash government aid such as tax credits and food stamps.

Beginning next year the US government plans to publish new supplemental poverty figures that are expected to show even higher numbers of people in poverty than previously known.

The new figures will include the rising costs of medical care, transportation and child care.

Another figure that has risen dramatically is the number of uninsured. Americans without health coverage rose from 15.4 percent to 16.7 percent, or 50.7 million people.

Total Compensation Costs

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From The Bureau of Labor Statistics

Compensation costs for civilian workers increased 1.8 percent for the 12-month period ending June 2010 while the overall inflation rate (CPI-U) was only 1.05%. This was the same Compensation cost increase as the 12-month period ending in June 2009. Wages and salaries increased 1.6 percent for the current 12-month period, compared to a 1.8 percent increase for the 12-month period ending in June 2009. Benefit costs rose 2.5 percent, up from a 1.8 percent increase for the 12-month period ending June 2009.

[Read more…] about Total Compensation Costs

Work in the Future

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Back in 1963  Bob Dylan wrote

Come gather ’round people
Wherever you roam
And admit that the waters
Around you have grown
And accept it that soon
You’ll be drenched to the bone.
If your time to you
Is worth savin’
Then you better start swimmin’
Or you’ll sink like a stone
For the times they are a-changin’.

Those lyrics seem eerily appropriate almost fifty years later.

In that time many things have changed, change seemed rapid and incessant. Over the years the way we work has also changed. Back in the 1960’s the U.S. was primarily made up of Blue collar workers.  Now we are increasingly white collar telecommuters.

A recent special report in Time magazine entitled “The Way We’ll Work” explained the work situation in this way:

Ten years ago, Facebook didn’t exist. Ten years before that, we didn’t have the Web. So who knows what jobs will be born a decade from now? Though unemployment is at a 25-year high, work will eventually return. But it won’t look the same. No one is going to pay you just to show up. We will see a more flexible, more freelance, more collaborative and far less secure work world. It will be run by a generation with new values — and women will increasingly be at the controls.

Unemployment Rate Falls, but Momentum Weak in Job Market

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By Neil Irwin–
Washington Post.com


The nation’s unemployment rate fell in June, though hiring by the private sector remained soft, according to a government report Friday. The figures suggest the economic recovery is moving forward this summer, but with weak momentum in the job market.

The jobless rate was 9.5 percent last month, down from 9.7 percent in May, a surprising decrease that came as hundreds of thousands of workers dropped out of the labor force. Private employers added 83,000 jobs in June, more than double the rate in May but still below the six-figure job creation numbers that would suggest a strong recovery in employment.

Read More

“$100,000 A Year for Part-Time Work”

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Job Security May Not Be What It Used To Be for Some Government Positions

By Robert Jay

 


When these are the facts….
 
  • 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
  • 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.
  • 24 percent of American workers say that they have postponed their planned retirement age in the past year.
  • Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
  • Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
  • In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
(Business Insider, 7/15)
 
… Then people tend to get agitated when they learn that some part-time city employees are earning $100,000 a year.
 
Yes, it’s another “can you believe this?” financial story of a California town …  MORE
 

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AP reports New Jobless Claims Jump

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WASHINGTON — New jobless claims in the U.S. jumped last week by the most since February, reversing a sharp fall two weeks ago. The rise is partly a result of seasonal factors but also reflects the job

The Labor Department says new claims for unemployment insurance jumped by 37,000 to a seasonally adjusted 464,000. Analysts expected a smaller rise, according to a survey by Thomson Reuters.

The sharp increase comes after claims fell steeply two weeks ago to their lowest level since August 2008. But much of that drop was driven by temporary seasonal factors and not necessarily by an improving job market.

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Two weeks ago, General Motors and other manufacturers reported fewer temporary layoffs than usual this time of year, the Labor Department says.