Pronk Pops Show 31: Segment 2: June 2011–Unemployment Situation Worsens–9.1% Official Unemployment Rate (U-3) with 13,900,000 Unemployed and 15.8% Total Unemployment Rate (U-6) With 24,283,000 Americans Looking For Full Time Jobs!–Great Obama Depression (GOD)!–Videos

Posted on June 8, 2011. Filed under: Budgetary Policy, Business, Economics, Federal Government, Fiscal Policy, Government, Government Spending, History, Labor Economics, Monetary Policy, Philosophy, Politics, Private Sector Unions, Radio, Security, Social Science, Tax Policy, Unions, Videos, War | Tags: , , , , |

Pronk Pops Show 31:June 8, 2011 

Pronk Pops Show 30:June 2, 2011 

Pronk Pops Show 29:May 26, 2011 

Pronk Pops Show 28:May 18, 2011

Listen To Pronk Pops Podcast or Download Shows 30-31

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 2: June 2011–Unemployment Situation Worsens–9.1% Official Unemployment Rate (U-3) with 13,900,000 Unemployed and 15.8% Total Unemployment Rate (U-6) With 24,283,000 Americans Looking For Full Time Jobs!–Great Obama Depression (GOD)!–Videos

http://www.shadowstats.com/

http://www.shadowstats.com/alternate_data/inflation-charts

Gallup Finds U.S. Unemployment at 9.2% in Mid-May

Underemployment is 19.1% — essentially the same as a year ago

by Dennis Jacobe, Chief Economist

“…The government’s not seasonally adjusted unemployment rate is down from last year, even while its data show a total increase between 2010 and 2011 of about 360,000 in the number of Americans employed. This relatively small increase seems closer to what might be expected given Gallup’s estimates of the year-over-year change in the unemployment rate as opposed to the government’s.

Overall, it appears that much of the reason for the decline in the government’s unemployment rate over the past year has to do with the approximately 1 million workers who left the workforce — that is, they stopped looking for work — between April 2010 and April 2011, and the government’s re-benchmarking in January 2011. Gallup’s data were not similarly affected by that re-benchmarking.

Implications

Gallup’s U.S. unemployment data suggest little improvement in the jobs situation from mid-May 2010 to mid-May 2011. This contrasts sharply with the government’s not seasonally adjusted unemployment data, which show about a one-point decline. As a result, the question arises as to whether there is significant underlying job growth taking place in the U.S.

More important than the year-over-year change in the U.S. jobs situation may be the lack of overall job growth during the first several months of 2011. Gallup data suggest that the improvement in the jobs situation from February of this year through mid-May could be largely due to seasonal hiring factors, given the similar unemployment patterns of 2010 and 2011. This seems consistent with government data showing a seasonally adjusted unemployment rate that began at 9.0% in January 2011, dipped in February and March, but ended up at 9.0% once again in April — reflecting essentially no improvement in the jobs situation over the first four months of this year.

Interpreting the jobs situation is further complicated by other government data. The government reported that the private sector created 268,000 new jobs in April — the highest number in five years, and consistent with Gallup’s Job Creation Index. At the same time, jobless claims have been running at more than 400,000 during recent weeks — a bad sign for future unemployment. …”

http://www.gallup.com/poll/147578/Gallup-Finds-Unemployment-Mid-May.aspx

Obama defends economic policies [CNN: 6-03-2011]

9.1% US Unemployment Rate May 2011

Morning Market Update for June 3, 2011

May Jobs Report: Unemployment at 9.1% [NBC: 6-03-2011]

Romer Says `Struggling’ U.S. Economy Justifies Concern

Mike Ryan, SVP of Madison Performance Group Discusses May Unemployment Rate on Fox News Live

U.S. Employment Rose Far Less than Expected

Is U.S. recovery stalling? [CNN: 6-02-2011]

‘Double-Dip’ Recession?

Markets swoon on double dip fears

Obama Spending

Obama cops to ‘bumps’ on road to recovery [NBC: 6-03-2011]

2012 – The next Great Depression

The Collapse of America – 2012 begins a Trajectory of No Return

Mythical Green Shoots and the Big Government Lie on Unemployment

Unemployment Rate (U-3)


Series Id: LNS14000000
Seasonally Adjusted
Series title: (Seas) Unemployment Rate
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 years and over


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.8 5.1 4.9 5.4 5.6 5.8 6.1 6.2 6.6 6.8 7.3
2009 7.8 8.2 8.6 8.9 9.4 9.5 9.5 9.7 9.8 10.1 9.9 9.9
2010 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4
2011 9.0 8.9 8.8 9.0 9.1

Unemployment Level (U-3)

Series Id: LNS13000000
Seasonally Adjusted
Series title: (Seas) Unemployment Level
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7100 6900 6721 6836 6766 6980 7149 7085 7191 7272 7261 7664
2008 7653 7441 7781 7606 8398 8590 8953 9489 9557 10176 10552 11344
2009 11984 12737 13278 13734 14512 14776 14663 14953 15149 15628 15206 15212
2010 14842 14860 14943 15138 14884 14593 14637 14849 14746 14876 15041 14485
2011 13863 13673 13542 13747 13914

Total Unemployment Rate (U-6)

Series Id: LNS13327709
Seasonally Adjusted
Series title: (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status: Aggregated totals unemployed
Type of data: Percent or rate
Age: 16 years and over
Percent/rates: Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.1 8.0 8.2 8.2 8.3 8.4 8.5 8.4 8.4 8.5 8.8
2008 9.1 8.9 9.0 9.2 9.7 10.1 10.5 10.9 11.2 11.9 12.7 13.6
2009 14.1 15.0 15.6 15.8 16.4 16.6 16.5 16.8 17.0 17.4 17.1 17.2
2010 16.5 16.8 16.8 17.0 16.5 16.5 16.5 16.7 17.1 17.0 17.0 16.7
2011 16.1 15.9 15.7 15.9 15.8

Civilian Labor Force

Series Id: LNS11000000
Seasonally Adjusted
Series title: (Seas) Civilian Labor Force Level
Labor force status: Civilian labor force
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153133(1) 152966 153054 152446 152666 153038 153035 152756 153422 153209 153845 153936
2008 154060(1) 153624 153924 153779 154322 154315 154432 154656 154613 154953 154621 154669
2009 154185(1) 154424 154100 154453 154805 154754 154457 154362 153940 154022 153795 153172
2010 153353(1) 153558 153895 154520 154237 153684 153628 154117 154124 153960 153950 153690
2011 153186(1) 153246 153406 153421 153693
1 : Data affected by changes in population controls.

Labor Participation Rate

Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.0 66.1 66.0 66.0 65.8 65.8
2009 65.7 65.7 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.1 65.0 64.7
2010 64.8 64.8 64.9 65.1 64.9 64.7 64.6 64.7 64.7 64.5 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2

Background Articles and Videos

Economist John Williams on Real Unemployment Rate

Unemployment Statistics – John Williams on Economics 101

Employment Situation Summary

Transmission of material in this release is embargoed                   USDL-11-0809
until 8:30 a.m. (EDT) Friday, June 3, 2011

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                         THE EMPLOYMENT SITUATION -- MAY 2011

Nonfarm payroll employment changed little (+54,000) in May, and the unemployment
rate was essentially unchanged at 9.1 percent, the U.S. Bureau of Labor Statistics
reported today. Job gains continued in professional and business services, health
care, and mining. Employment levels in other major private-sector industries were
little changed, and local government employment continued to decline.

Household Survey Data

The number of unemployed persons (13.9 million) and the unemployment rate (9.1
percent) were essentially unchanged in May. The labor force, at 153.7 million, was
little changed over the month. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (8.9 percent),
adult women (8.0 percent), teenagers (24.2 percent), whites (8.0 percent), blacks (16.2 percent), and Hispanics (11.9 percent) showed little or no change in May. The
jobless rate for Asians was 7.0 percent, not seasonally adjusted. (See tables A-1,
A-2, and A-3.)

In May, the number of long-term unemployed (those jobless for 27 weeks and over) increased by 361,000 to 6.2 million; their share of unemployment increased to 45.1 percent. (See table A-12.)

The civilian labor force participation rate was 64.2 percent for the fifth consecutive month. The employment-population ratio remained at 58.4 percent in
May. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred
to as involuntary part-time workers) was essentially unchanged in May at 8.5 million. These individuals were working part time because their hours had been cut
back or because they were unable to find a full-time job. (See table A-8.)

In May, 2.2 million persons were marginally attached to the labor force, about the
same as a year earlier. (These data are not seasonally adjusted.) These individuals
were not in the labor force, wanted and were available for work, and had looked for
a job sometime in the prior 12 months. They were not counted as unemployed because
they had not searched for work in the 4 weeks preceding the survey.
(See table A-16.)

Among the marginally attached, there were 822,000 discouraged workers in May, a decrease of 261,000 from a year earlier. (These data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they believe
no jobs are available for them. The remaining 1.4 million persons marginally attached
to the labor force in May had not searched for work in the 4 weeks preceding the
survey for reasons such as school attendance or family responsibilities. (See
table A-16.)

Establishment Survey Data

Total nonfarm payroll employment was little changed in May (+54,000), following gains
that averaged 220,000 in the prior 3 months. Private-sector employment continued to
trend up (+83,000), although by a much smaller amount than the average for the prior
3 months (+244,000). In May, job gains occurred in professional and business services,
health care, and mining. Local government employment continued to trend down. Employment
in other major industries changed little over the month. (See table B-1.)

Employment in professional and business services continued to increase in May (+44,000).
Notable job gains occurred in accounting and bookkeeping services (+18,000) and in
computer systems design and related services (+8,000). Employment in temporary help
services was little changed.

Health care employment continued to expand in May (+17,000). Employment in the industry
had risen by an average of 24,000 per month over the prior 12 months.

Mining added 7,000 jobs in May. Employment in mining has risen by 115,000 since a recent
low point in October 2009.

Employment in manufacturing changed little in May (-5,000). Job gains in fabricated metal
products and in machinery were offset by losses in transportation equipment, paper and
paper products, and printing and related support activities. The manufacturing industry
added 243,000 jobs from a recent low point in December 2009 through April 2011.

Construction employment was essentially unchanged in May. Employment in the industry
has shown little movement on net since early 2010, after having fallen sharply during
the 2007-09 period.

Employment in local government continued to decline over the month (-28,000). Local
government has lost 446,000 jobs since an employment peak in September 2008.

Employment in other major industries, including retail trade, transportation and
warehousing, information, financial activities, and leisure and hospitality, changed
little in May.

The average workweek for all employees on private nonfarm payrolls remained at 34.4 hours
in May. The manufacturing workweek for all employees increased by 0.2 hour to 40.6 hours
over the month, while factory overtime was unchanged at 3.2 hours. The average workweek
for production and nonsupervisory employees on private nonfarm payrolls was 33.6 hours
in May. (See tables B-2 and B-7.)

In May, average hourly earnings for all employees on private nonfarm payrolls increased
by 6 cents, or 0.3 percent, to $22.98. Over the past 12 months, average hourly earnings
increased by 1.8 percent. In May, average hourly earnings of private-sector production
and nonsupervisory employees rose by 6 cents, or 0.3 percent, to $19.43. (See tables B-3
and B-8.)

The change in total nonfarm payroll employment for March was revised from +221,000 to
+194,000, and the change for April was revised from +244,000 to +232,000.
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