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Approx. 9 million US workers underemployed - 9/8/2010 4:19:55 PM

Vendaval

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Anybody else working with this reality? Seems like many of the people I meet are working way below their level of education and training.

Millions can find only part-time or lower-paying jobs
Underemployed workers can't spend as much. Those individual hardships add up to a drag on the economic recovery.
September 07, 2010|By Don Lee, Los Angeles Times

"The latest Labor Department report shows there are nearly 9 million people like Linehan who want full-time jobs but can't find them. In some cases, their formerly full-time employers have reduced their hours because of a lack of business.

The lack of full-time work is both a hardship for individuals and their families and a substantial drag on the still-feeble recovery. With consumer spending accounting for 70% of the nation's total economic activity, having millions of underemployed workers means a loss of economic vitality — along with lower tax revenues and more budget problems for governments at every level.

"It creates a huge macro effect on your ability to buy things and on the output potential for the country," said Andrew Sum, an economics professor and director of the Center for Labor Market Studies at Northeastern University in Boston."

http://articles.latimes.com/2010/sep/07/business/la-fi-jobs-underemployed-20100907

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RE: Approx. 9 million US workers underemployed - 9/8/2010 5:03:46 PM

Fellow

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Economic blogger M. Shedlock did the math recently:
Officially unemployed - 14.9 million unemployed
Marginally Attached Workers - 2.4 million
Part Time For Economic Reasons - 8.9 million
The total is 26.3 million

According to SNAP, there are 41,275,411 on food stamps. However, that total is understated because it does not include the homeless.

Homeless:
Thus, we are estimating on the high end of the study’s numbers: 3.5 million people, 39% of which are children.

Approximately 31.0 percent of the population had at least one spell of poverty lasting 2 or more months during the 4-year period from 2004 to 2007.

[ http://globaleconomicanalysis.blogspot.com/2010/09/destitute-index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29&utm_content=FeedBurner ]

The Third World for many with the developed world prices.

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RE: Approx. 9 million US workers underemployed - 9/8/2010 5:09:55 PM

servantforuse

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Anyone out there ready for some real hope and change ?

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RE: Approx. 9 million US workers underemployed - 9/8/2010 5:24:59 PM

StrangerThan

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Hang on for a bit, some Obama/Democrat defender will show up soon and paint a rosier picture for you. They will also get totally pissed and bitchy if you don't look at said picture and WOW a few times.

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RE: Approx. 9 million US workers underemployed - 9/8/2010 5:25:37 PM

Jeffff

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quote:

ORIGINAL: servantforuse

Anyone out there ready for some real hope and change ?

Sarah Palin

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RE: Approx. 9 million US workers underemployed - 9/8/2010 5:35:50 PM

servantforuse

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Drill baby drill....

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RE: Approx. 9 million US workers underemployed - 9/8/2010 5:44:23 PM

pahunkboy

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it is a jobless recovery.

Hopefully goldman will get their bonus.

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RE: Approx. 9 million US workers underemployed - 9/8/2010 8:04:28 PM

GT3000

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According to the international economic community, full employment is termed as 5% of the population or less without jobs. Right now we're looking at almost 10%. That's roughly 15 million from the number of employed which 155 million. Historically 5% is unemployed because they're termed unemployable. They're lazy, incompetent, not looking for work, and a multitude of reasons. However you have to remember that people in school are are considered employed because anyone over the age of 15 actively seeking work is employed even if they're desperately seeking work. My point is coming, just wait. As such, the U.S. is going into a tail spin at 10% because there are few times in American history when unemployment has been this high. Two notable examples are in the mid 1970s where oil prices skyrocketted due to outrage of helping the Israelis and the Market halt in '82-'83.

You're wondering my point? TO RELAX.

History shows that the ebbs of unemployment and the market to extend much farther back than the last two years. In fact it is being suspected that the current recession is due impart to the screeching of the brakes put into effect by the Clinton administration to keep the economy from getting too hot. We're feeling the ripples from the late nineties, now.

http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS14000000

Change the time frame from 2000 to 1960 so it reads 1960 to 2010 and hit "GO."

< Message edited by GT3000 -- 9/8/2010 8:14:02 PM >

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RE: Approx. 9 million US workers underemployed - 9/8/2010 8:10:40 PM

rulemylife

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quote:

ORIGINAL: servantforuse

Anyone out there ready for some real hope and change ?

Yeah, this just magically came out of nowhere when Obama took office.

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RE: Approx. 9 million US workers underemployed - 9/8/2010 9:25:18 PM

joether

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quote:

ORIGINAL: GT3000
History shows that the ebbs of unemployment and the market to extend much farther back than the last two years. In fact it is being suspected that the current recession is due impart to the screeching of the brakes put into effect by the Clinton administration to keep the economy from getting too hot. We're feeling the ripples from the late nineties, now.

http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS14000000

Change the time frame from 2000 to 1960 so it reads 1960 to 2010 and hit "GO."

Not wishing to dismiss the graph (I did all the way back to 1948 to 2010). But that graph has two major problems with it:

A) Doesn't account all other economic conditions in effect (debt, war, unrest, boom times, or neutral growth).
B) Unemployment rate is considered a 'trailing indicator of the times'. Meaning, it does not show what came before, to make those numbers as they are.

While, the unemployment rate is indeed an important economic concept to consider, it is by no means, the only tool to understanding the economy. The problem is, to many people consider this rate, a 'leading indicator of the times', and so, base their worries/hopes on it. And example of a 'leading indicator of the times' is the DOW. So, the better the DOW is doing, leads investors more often, to take a 'long position' in a company. These investments allow a company (traditionally), to expand themselves by buying new equipment and hiring more workers. In fact, when the economy is on the up-swing, it can take 2-3 quarters (3 month blocks of time each quarter), to have an effect on unemployment.

I would disagree with you, GT3000, on the US economy going in to a 'tail spin'. The numbers do not lend to that conclusion. Very slow growth, that with some time, and investors becoming more optimistic, could become a better grow cycle.

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RE: Approx. 9 million US workers underemployed - 9/8/2010 9:41:09 PM

GT3000

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I never concluded that the economy is going into a tailspin. Quite the opposite. I'm trying to calm the fears that it is indeed recovery although some markets haven't hit rock-bottom yet, like the Housing market. Our economy is based on good vibrations, and now someone is rocking the boat. Like everything, it will even out, people will crawl from their bomb shelters and realize the sun's actually rising.

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