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US unemployment hits four-year low of 7.7%
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nautilus



Joined: 26 Nov 2005
Location: Je jump, Tu jump, oui jump!

PostPosted: Fri Dec 07, 2012 9:38 am    Post subject: US unemployment hits four-year low of 7.7% Reply with quote

OK kids you can quit that hogwon and head home now if U want.

Quote:
US economy adds 146K jobs, rate falls to 7.7 pct.
December 7, 2012 12:06 PM ET
By By CHRISTOPHER S. RUGABER

WASHINGTON (AP) - U.S. hiring gains held steady in November despite disruptions from Superstorm Sandy and employers' concerns about impending tax increases from the year-end "fiscal cliff."

Companies added 146,000 jobs, and the unemployment rate fell to 7.7 percent the lowest in nearly four years from 7.9 percent in October.


http://money.msn.com/business-news/article.aspx?feed=AP&date=20121207&id=15877520
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sallymonster



Joined: 06 Feb 2010
Location: Seattle area

PostPosted: Fri Dec 07, 2012 2:38 pm    Post subject: Re: US unemployment hits four-year low of 7.7% Reply with quote

nautilus wrote:
OK kids you can quit that hogwon and head home now if U want.


Not necessarily.

That 7.7% rate doesn't take into account people who have given up looking for work, or under-employed people (people who work part-time but want to work full-time). The so-called "real" unemployment rate is somewhere between 15-20%, last time I checked.

Also, as of last spring, 50% of recent grads are unemployed, under-employed, or working jobs that don't require degrees:

http://www.huffingtonpost.com/2012/04/22/job-market-college-graduates_n_1443738.html

I'm back in the U.S. now, and my advice is don't comeback without at the very minimum $20,000 in savings, double that if you want to live in an expensive city like New York or San Francisco. Depending on your industry and work experience, you may be expected to work unpaid for awhile to "prove" your worth.

Even if you have somewhere to stay rent-free, you'll still have to buy a car (except in those few US cities that have decent public transit, but then you have to buy transit passes) along with gas (expensive) and insurance for the car. If you haven't paid off your student loans or other debt, you'll need to make payments. If you want to have any kind of social life, that costs money, too. Even career networking costs money, to pay for networking events and industry association memberships, and to buy people coffee at informational interviews.

Yes, you might have to spend a couple more years in Korea to obtain this kind of savings, but trust me, it's worth the sacrifice!

One more piece of advice: don't try to live the same lifestyle you had in Korea in the U.S. Follow this rule and the savings you do have will last longer.
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visitorq



Joined: 11 Jan 2008

PostPosted: Fri Dec 07, 2012 2:52 pm    Post subject: Reply with quote

Can't believe there's still people out there who believe the cooked numbers they hear on the news. Anyone who understands this stuff will simply google the proper figure and ignore what the government puts out in the media (which are a joke).

Anyway, U-6 unemployment figure for Nov. 2012 according to Bureau of Labor Statistics: 14.4%

http://www.bls.gov/news.release/empsit.t15.htm

Also, as the poster above mentioned, the unemployment rate for young people is much higher.
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Kuros



Joined: 27 Apr 2004

PostPosted: Fri Dec 07, 2012 2:54 pm    Post subject: Reply with quote

Visitorq is correct. The September estimate, the second to last estimate reported before the election, has just been reduced by 49,000 jobs.

Please disregard early employment estimates.
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schwa



Joined: 18 Jan 2003
Location: sokcho

PostPosted: Fri Dec 07, 2012 4:51 pm    Post subject: Reply with quote

The system needs relatively high unemployment. It keeps those who have jobs willing to work longer hours for substandard wages & benefits.
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Titus



Joined: 19 May 2012

PostPosted: Fri Dec 07, 2012 5:20 pm    Post subject: Reply with quote

If we measured unemployment as it was in 1930 today's would be worse than any year of the Great Depression. Fact.
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GENO123



Joined: 28 Jan 2010

PostPosted: Fri Dec 07, 2012 5:31 pm    Post subject: Reply with quote

http://www.shadowstats.com/alternate_data/unemployment-charts
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GENO123



Joined: 28 Jan 2010

PostPosted: Fri Dec 07, 2012 5:35 pm    Post subject: Reply with quote

Duplicate

Last edited by GENO123 on Fri Dec 07, 2012 6:32 pm; edited 1 time in total
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GENO123



Joined: 28 Jan 2010

PostPosted: Fri Dec 07, 2012 5:36 pm    Post subject: Reply with quote

Duplicate

Last edited by GENO123 on Fri Dec 07, 2012 6:32 pm; edited 1 time in total
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swigs



Joined: 20 Apr 2008

PostPosted: Fri Dec 07, 2012 5:43 pm    Post subject: Re: US unemployment hits four-year low of 7.7% Reply with quote

sallymonster wrote:
!

One more piece of advice: don't try to live the same lifestyle you had in Korea in the U.S. Follow this rule and the savings you do have will last longer.


Great advice. I second it.
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Sat Dec 08, 2012 1:37 am    Post subject: Reply with quote

Looking back about two hundred years at data the U.S. is about where it should be after the huge correction. Housing is starting to pickup, the oil boom in the U.S. and the change over to natural gas in energy production will trigger a boom. Also the next tech revolution is about to hit.
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detonate



Joined: 16 Dec 2011

PostPosted: Sat Dec 08, 2012 4:46 am    Post subject: Reply with quote

rollo wrote:
Looking back about two hundred years at data the U.S. is about where it should be after the huge correction. Housing is starting to pickup, the oil boom in the U.S. and the change over to natural gas in energy production will trigger a boom. Also the next tech revolution is about to hit.


Great news, gonna sleep like a baby tonight.
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Titus



Joined: 19 May 2012

PostPosted: Sat Dec 08, 2012 8:21 am    Post subject: Reply with quote

rollo wrote:
Looking back about two hundred years at data the U.S. is about where it should be after the huge correction. Housing is starting to pickup, the oil boom in the U.S. and the change over to natural gas in energy production will trigger a boom. Also the next tech revolution is about to hit.


Yet unemployment will remain extremely high, the government will continue to assert the unemployment isn't high and all the rest. The American economy doesn't need all that many workers anymore.

We're in a rut of high unemployment, declining wages and rising costs.

Also, if wages aren't increasing, why would rising housing prices be a good thing? Lastly, housing starts aren't impacting employment in the housing sector:

http://www.slate.com/content/dam/slate/blogs/moneybox/2012/12/07/housing_recovery_puzzle_we_re_building_more_houses_but_without_more_workers/1354893237889.png.CROP.rectangle3-large.png

The oil/gas industry is hot and will probably remain so for a while. The next tech revolution I doubt.
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recessiontime



Joined: 21 Jun 2010
Location: Got avatar privileges nyahahaha

PostPosted: Sun Dec 09, 2012 6:06 am    Post subject: Reply with quote

7.7% unemployment. Okay let's just pretend that this number is legit (it isn't). What are the QUALITY of jobs these American have? If they are all minimum wage jobs you might as well be receiving welfare. Even Canada is sporting a 7.2% unemployment rate but I know that all it takes is for me to go on the streets of Toronto to see how stagnant the economy is. Both countries have been plutocracies as long as I can remember. I won't ever go back to Canada in this life time.
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young_clinton



Joined: 09 Sep 2009

PostPosted: Sun Dec 09, 2012 7:19 am    Post subject: Reply with quote

Titus wrote:


Also, if wages aren't increasing, why would rising housing prices be a good thing?


Because more people have money to buy houses. That means the same people that are businessmen have money to expand thier businesses and more people also have money to buy things thus more demand overall.
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