Not to put too fine a point on it, but this sucks:
In August, the number of unemployed persons increased by 466,000 to 14.9 million, and the unemployment rate rose by 0.3 percentage point to 9.7 percent. The rate had been little changed in June and July, after increasing 0.4 or 0.5 percentage point in each month from December 2008 through May. Since the recession began in December 2007, the number of unemployed persons has risen by 7.4 million, and the unemployment rate has grown by 4.8 percentage points. (See table A-1.)
You wanna know what table A-1 looks like? Here you go:
Oh, sorry, that's a graph. Anyway. U-6, the number that really tracks who's unemployed, is still discouraging, but hasn't changed since last month: 16.8 percent. Andrew Leonard, as always, has a better breakdown.
Wasn't the stimulus supposed to help by now? Well, yes and no. Von at Obsidian Wings makes a long and credible argument that the stimulus as passed was too back-loaded, providing to much money for job creation next year and not enough for the current year. I can see that logic, and as someone still without a job, I, too, wish there'd been a bigger investment early on.
But to say that the stimulus isn't working fast enough isn't quite true. The Treasury and Energy Departments announced just this week that they're investing about $500 million in 12 wind and solar farm projects in the U.S., an announcement that comes a month earlier than the deadline for making the awards. I'm particularly happy about this announcement, as Oregon -- the state with the second-highest unemployment in the country and, yes, my home -- will benefit most from the investments, with over $130,000,000 coming to three big projects. (More on that next week). You can argue that that money is still too late, and certainly it didn't boost today's numbers -- but the prospect of that money on the horizon (it's expected to be disbursed in the next month) will keep many people working and kick planning for these projects into higher gear. That will help next month's numbers, and the next, and the next.
I agree that the stimulus plan, as written, has problems, but it is in large part being deployed more quickly and often more efficiently than I had expected. Which doesn't make these numbers any easier to take, but does, at least, remind me that things are still scheduled -- sigh -- to get better soon.
<i>Update</i>: Apparently, there's a way to make these numbers seem much brighter. "Nation's Unemployment Outlook Improves Dramatically After Fifth Beer." The Onion never disappoints.
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Redstocking Grandma
cmnaylor
Kathy Riordan
aging hippie chick
Poet of Logan Square
Just Cathy
Salon.com
Comments
http://www.huffingtonpost.com/2009/09/02/rebecca-johnston-mother-o_n_274401.html
The job situation is horrible out there.
retail is not as fragile as it was, though people are making better and more careful choices about what they are buying.
the supply of cheap vehicles is also down from its high thanks to the junk heap swap meet called dump a wreck. so they have to make more of those too.
slowly, it is turning around. but it won't be the same look or feel as before. everyone is way to cautious, including the banks who are still sitting on piles and piles of money.
I hope you find a job you like soon Saturn.
They're doing this, but they are still some ways away from hiring the contractors and creating some construction jobs. And of course, if the ground if frozen when everything's authorized, they'll need to wait until spring.
The people ready to break ground promptly, probably already had the decisions made and the architectural plans in place. They probably would have built without stimulus money, unless poor tax receipts created too big a financial problem.
Actually being unemployed.