Jobless claims sink to near 2-year low

[classicman]

Well I went looking and found this. I'm not so sure I agree, but still is is food for thought.

In the immediate policy case, Democrats are going so far as to subsidize more unemployment. If you subsidize something, you get more of it. So if you pay people not to work, they often decide . . . not to work. Or at least to delay looking or decline a less than perfect job offer, holding out for something else that may or may not materialize.

The economic consensus—which includes Obama Administration economists in their previous lives—couldn't be clearer on this. In a 1990 study for the National Bureau of Economic Research, labor economist Lawrence Katz found that "The results indicate that a one week increase in potential benefit duration increases the average duration of the unemployment spells of UI recipients by 0.16 to 0.20 weeks."

A March 2010 economic report by Michael Feroli of J.P. Morgan Chase examined several studies and concluded that "lengthened availability of jobless benefits has raised the unemployment rate by 1.5% points."

A 2006 NBER study by Raj Chetty of UC Berkeley on a related subject begins, "It is well known that unemployment benefits raise unemployment durations."

The current recession is bearing this out, as a record 6.7 million Americans have now been out of work for at least six months. That's 45.5% of the total jobless, close to the highest share ever recorded. The number was 23.4% in February 2009. Americans tend to support jobless benefits on compassion grounds, but at some point such a policy becomes the false compassion of welfare by keeping people out of the job market and thus not learning new skills.

Link

Although this may be the case in normal circumstances, I do not know if it applies as much, more or less in the current mess we are in.

[xoxoxoBruce]

A March 2010 economic report by Michael Feroli of J.P. Morgan Chase examined several studies and concluded that "lengthened availability of jobless benefits has raised the unemployment rate by 1.5% points."

Maybe because when their benefits run out they drop off the radar.

[Shawnee123]

Originally Posted by TheMercenary

"Millions of Shovel Ready Jobs!"

Not. And none for the last 2 years as the Dems drive us to becoming bankrupt. No jobs, record level deficits, spending like whores, and no plan to pay for it.

Oh goody! I knew something was missing from the Cellar.

[ZenGum]

You want shovel ready jobs?

Go dig up a potato like Spudcon. That's shovel-ready for ya!

[TheMercenary]

I picked a pepper.

[Shawnee123]

I pricked my pecker.

Fixed it for ya.

[classicman]

Jobs Picture Worsens With 131,000 Losses

U.S. employment fell for a second straight month in July as more temporary census jobs ended while private hiring rose less than expected, pointing to an anemic economic recovery.

Non-farm payrolls fell 131,000, the Labor Department said on Friday as temporary jobs to conduct the decennial census dropped by 143,000. Private employment, considered a better gauge of labor market health, rose 71,000 after increasing 31,000 in June.

In addition, the government revised payrolls for May and June to show 97,000 fewer jobs than previously reported.

"It still feels like a recession," Jay Feldman, economist at Credit Suisse, wrote in a note. He pointed out that private jobs are still down 0.3% compared with 13 months ago, when the economy started to grow again. By contrast, private jobs were up by 3.5% on average in the job market recoveries of the 1960s, 70s, and 80s.


Friday's report showed that manufacturing jobs were among the few that continued to trend up, rising by 36,000 after a 13,000 increase in June. Motor vehicles and parts had fewer seasonal layoffs than normal in July, the Labor Department said. Construction, a sector of the economy that is still suffering, lost 11,000 jobs in July.

Total government employment fell by 202,000 last month, hurt by the laying off of the census workers and by 48,000 jobs lost in state and local governments, which have significant budget strains.

In a sign of the labor market's continued weakness, Friday's report showed that 45% of unemployed Americans, or 6.6 million people, were out of work for more than six months in July. The longer someone is without a job, the harder it is to find work. With time, people lose skills--and employers are often loathe to hire someone who hasn't been working for long periods.

From the WSJ

[classicman]

From Huffpo

[Lamplighter]

Hmmmm... is there any correlation ?

1948 - D - Truman (1945 - J/1953)
1953 - R - Eisenhower (1953 - J/1961)
1958 - R - Eisenhower (1953 - J/1961)
1960 - R - Eisenhower (1953 - J/1961)
1969 - R - Nixon (1969 - N/1974)
1974 - R - Ford (N/1974 - J/1977)
1980 - D - Carter (1977 - J/1981)
1981 - R - Reagan (1981 - J1989)
1990 - R - Bush Sr (1989 - J1993)
2001 - R - Bush Jr (2001 - J 2009)
2007 - R - Bush Jr (2001 - J 2009)

except for Nixon, all presidents took office in Jan as usual.

[Shawnee123]

Oooh, look at the pretty colors.

[classicman]

Originally Posted by Lamplighter

Hmmmm... is there any correlation ?

Yeh - they all suck.

I was noticing the impact of the census workers this year. Made a substantial bump in there.

EDITED - Word choice ....

[xoxoxoBruce]

It's just all the lazy bastards taking the summer off.

[TheMercenary]

"Millions of shovel ready jobs...." Nancy Pelosi.....

Fuck them.

[tw]

Originally Posted by TheMercenary

"Millions of shovel ready jobs...." Nancy Pelosi.....

A two percent reduction in the American income - eight years of George Jr.

The destruction of a surplus followed by massive deficits? Eight years of George Jr.

The massacre of 4000 American soldiers for the greater glory of wacko extremism - George Jr.

Widespread corruption from K-Street to Katrina. George Jr.

Protection of bin Laden - George Jr.

Destruction to the American space program - George Jr.

More children left behind. George Jr.

Wacko extremism - that ignores who creates these and so many other problems? Oh. Let's blame Pelosi because she created the worst recession since 1929. All praise George Jr and the hate necessary to promote wacko politics.

[Griff]

Originally Posted by xoxoxoBruce

It's just all the lazy bastards taking the summer off.

Shush. You've been warned.