Saturday, June 06, 2009

US Jobless Rate Hits 9.4 Percent

Friday, June 5, 2009, 11:05am EDT

U.S. jobless rate hits 9.4 percent

South Florida Business Journal
by Paul Brinkmann

The U.S. economy lost 345,000 nonfarm jobs in May, which is about half the average monthly decline for the prior six months, the U.S. Department of Labor’s Bureau of Labor Statistics reported today.

The BLS said the unemployment rate continued to rise, increasing to 9.4 percent from 8.9 percent. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries.

The number of unemployed persons increased by 787,000, to 14.5 million in May.

Since the start of the recession in December 2007, the number of unemployed people has risen by 7 million, and the unemployment rate has grown by 4.5 percentage points.

Unemployment rates rose in May for adult men (9.8 percent), adult women (7.5 percent), whites (8.6 percent) and Hispanics (12.7 percent).

The jobless rates for teenagers (22.7 percent) and blacks (14.9 percent) were little changed over the month.

The unemployment rate for Asians was 6.7 percent in May, not seasonally adjusted, up from 3.8 percent a year earlier.

Among the unemployed, the number of job losers and people who completed temporary jobs rose by 732,000 in May, to 9.5 million. This group has increased by 5.8 million since the start of the recession.

The number of long-term unemployed – those jobless for 27 weeks or more – increased by 268,000 over the month, to 3.9 million, and has tripled since the start of the recession.

The BLS’ May report said the jobless rate for management, business and financial operations hit 4.6 percent, up from 2.7 percent last year, and the rate for professional and related occupations hit 4.2 percent, up from 2.5 percent last year.

1 comment:

THE SHADOW said...

Today was a great day of hope for the 46 million Americans who are uninsured, as well as the estimated 40 million Americans that are under insured.

For decades, private insurance companies have discriminated against people by denying coverage to people with preexisting health conditions. By providing health coverage to cherry-picked healthy individuals, and allowing unhealthy people to rely on emergency rooms as primary care outlets, the insurance premiums rise for the previously mentioned healthy people. Simply put, insurance policies create a scenario where the insured pay INORDINATELY HIGH INSURANCE PREMIUMS TO PAY FOR EMERGENCY ROOM TREATMENT RENDERED TO PEOPLE WHO ARE UNINSURED. Therefore, the insurance companies REAP ENORMOUS PROFITS, TO THE DETRIMENT OF THE DUMB AMERICAN PUBLIC.

LIKE ALL OF THE OTHER WHITE COLLAR CRIME THAT'S THREATENING TO DESTROY AMERICA, THIS CRISIS HAS BEEN CREATED BY DESIGN.

If a healthy person gets sick, they may receive treatment, but their coverage either decreased or dropped by the insurance company. They then become uninsured, and some other healthy, cherry picked individual is placed on the insurance companies roll. To make matters worse, insurance companies have routinely awarded doctors with as much as $10,000.00 bonuses to cut costs by providing substandard care. Substandard care is made possible by arrangements made with pharmaceutical companies, where cheap, less effective medicine is selectively given to "certain people" to keep costs low.

YOU WILL NEVER HEAR THIS ON THE FOX " NEWS " FINANCIAL SHOWS !

The important thing to remember is this ; ANYONE WHO OPPOSES A GOVERNMENT OWNED INSURANCE COMPANY REAPS FINANCIAL GAINS OFF OF THE CURRENT CORRUPT SYSTEM. THE PEOPLE YOU SEE ON FOX " NEWS ", WHO ARE PART OF THE LARGER CORPORATE STRUCTURE, HAVE MASTERED WHAT I CALL "MATHEMATICAL PARASITOLOGY." They never create anything, and don't want real jobs ; they simply want to use clever mathematical schemes to blood suck money from people who invest money into corporate America.

Our only savior is Neo-Socialism. Not the Socialist System that failed the former Soviet Union, but an extension of the hybrid Socialist and Capitalist system that we already have. Fire fighters, university researchers, the Centers for Disease Control, police and ambulance services, public schools, THE MILITARY, the Courts, and many other entities are Socialist in nature. THEY ARE SERVICES PROVIDED BY THE GOVERNMENT. As soon a the dumbed down American public realizes this, the Neo-Socialist agenda hinted upon by President Barack Hussein Obama earlier today will be unstoppable.

Private insurance will eventually be eliminated in the following way. The government, by eliminating the trickery I mentioned above, will make it impossible for the private insurance companies to compete. Even if they clean up their act, WE WILL STILL LOWER PREMIUMS TO A POINT THAT THEY CANNOT. THIS WILL CAUSE THE INEVITABLE DEMISE IN PRIVATE INSURANCE.

Ultimately, sales taxes will be used to raise the money needed to create a government insurance company. Everyone will have affordable insurance, because the government owned insurance company will create low premiums that no private company could provide to consumers. Small business owners will have NO PROBLEMS providing insurance to their employees.

Since all THREE HUNDRED MILLION Americans will be paying small premiums, and/or sales taxes, and incremental property taxes, THE SOCIALIST NATIONAL BANK OF AMERICA (or whatever Barack decides to call it) will be overflowing with money. Doctor's offices and hospitals will continue to be run privately, with a health CZAR monitoring private businesses for deceptive tactics that some may use to reap unearned profits.

Some of the money above can be diverted to deficit reduction. Other reductions will become inherent with a healthy population. Any other necessary funds will easily be raised by continuing to tax corporate wealth, and the top 2% of wage earners, as was done during the great Clinton Presidency.