Jobs Situation? Bleak. And the Democrats? Weak = Jobs: Is It Really This Bad? = Canada's Unemployment Rate Falls to 7.6%, Lowest in 2 Years

[mEDITate-OR:

assume that all sectors of the economy are the same...

they are not.

The 1st and 2nd charts provide only the most basic U-3 data

the 3rd also provides the higher U-6 data

The 4th & 5th tables provide U.S. with a more detailed look at WHO and WHERE the changes are.

The news article below is from the McClasky Group, and is much better than the generic AP, AFP and Reuters stories.
----------

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NOVEMBER BY THE NUMBERS:

Retail, down 28,100

Trade, transportation and utilities, down 13,000

Manufacturing, down 13,000

Government, down 11,000

Financial services, down 9,000

Construction, down 5,000

Leisure and hospitality, up 11,000

Health care, up 19,000

Temporary help services, up 39,500

Professional and business services, up 53,000

--------------
 UNEMPLOYMENT RATE BY GROUP:
(Numbers in percentages) Nov. Oct. 
White: 8.9 8.8 
Black: 16 15.7 
Hispanic: 13.2 12.6 
Asian (not seasonally adjusted): 7.6 7.1 
Adult men: 10 9.7 
Adult women: 8.4 8.1 
Teenagers: 24.6 27.1 
20-24 years old: 15.9 15.2 
25-54 years old: 8.8 8.5 
55 and over: 7.3 7.3 
No high school diploma: 15.7 15.3 
High school graduates: 10 10.1 
Some college: 8.7 8.5 
College graduates: 5.1 4.7
DURATION OF UNEMPLOYMENT:
Average length (weeks): 33.8 33.9 
Jobless 6 months or more (pct.): 41.9 41.8
JOB CHANGES BY SECTOR:
(number of jobs) 
Private employers: 50,000 160,000 
Manufacturing: -13,000 -11,000 
Retail: -28,100 13,000 
Financial services: -9,000 0 
Education and health care: 30,000 64,000 
Temporary help: 39,500 34,700 
Restaurants and bars: 11,200 12,800 
Construction: -5,000 3,000
========

Unemployment rises to 9.8%

http://www.mcclatchydc.com/2010/12/03/104693/unemployment-rises-to-98.html#ixzz175tEutZ0

==========

Unemployment jumps to 9.8 percent – highest since April + Full-time unemployment rate 10.7 percent + Unemployment persists: Half of jobless waiting six months

[mEDITate-OR:
think that Jim @ CR is the ONLY game in town...
well, are we not lucky, now he is not.

What we get handed to U.S. by most of the media is a simple AP chart. However, recently, not only does MSNBC, not carry it anymore; neither to Yahoo News OR, gasp, Google.
Now, IF you want to see the AP chart you have to hunt for it, in of all places, Macon Ga.

But, now, we also have THIS web site for multiple economic charts:
Scary Unemployment

Some of the most frightening unemployment data!
http://www.blytic.com/DashboardView.aspx?dashboardid=970B0FF3F6F544D98FBC2F2E9088FC1E

------------
Below are three VERY different employment charts, and IF you read the article you will see that they are not only quite different, but very informative.

These are by "Sold at the Top", who appears now in the CRMonitor and SeekingAlpha, along with his own web site.

As "They" tell U.S...: "What you DO know, will help you!"
or something like that.
-----------------
The 1st chart shows the "real" unemployment number U-6 vs the faux U-3
The 2nd shows U.S. a "corrected" U-3. Very interesting.
The 3rd is a simpler 27 weeks chart. His full 27 weeks chart is much better.
------

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The Christian Science Monitor - Paper Economy

Unemployment jumps to 9.8 percent – highest since April

Unemployment, as traditionally reported, climbed upwards to 9.8 percent in November. Total unemployment remained at 17 percent.

http://www.csmonitor.com/Business/Paper-Economy/2010/1203/Unemployment-jumps-to-9.8-percent-highest-since-April

-------------

Full-time unemployment rate 10.7 percent

While the national unemployment rate was 9.8 percent in November, 10.7 percent of those seeking full-time work remained unemployed.

http://www.csmonitor.com/Business/Paper-Economy/2010/1203/Full-time-unemployment-rate-10.7-percent

-------------

Unemployment persists: Half of jobless waiting six months

Almost half – 42 percent – of all jobless now need half a year or more to find a job.

http://www.csmonitor.com/Business/Paper-Economy/2010/1203/Unemployment-persists-Half-of-jobless-waiting-six-months

=========

November Employment Report: 39,000 Jobs, 9.8% Unemployment Rate + Part Time Workers, Unemployed over 26 Weeks + Seasonal Retail Hiring: Retailers remain cautious

[mEDITate-OR:

finally understand why "economics" really IS the "dismal science"

While my first impressions, below, was that no body should have to read about this mess, upon more sober reflection - aka, having finished my morning Starbucks Sumatra coffee - we think that YOU really do NEED to read Jim's observations.

This IS truly ugly.

How ugly it really is, and where we are going, will be better understood if you read CR's posting.

----------

The part time and the over 26 week charts

show U.S. that what looks bad, is in fact even more horrible.

---------

[mEDITate-OR:

not know that CR's great charts are now permanently available, even if you missed them.

If that give you a "feel good" moment...

do not, we repeat, do NOT read the CR articles below

AND

do NOT look at the CR charts.

Vote Republican, again, and not give a Shiite.

------------

Graphics Gallery for Employment

http://cr4re.com/charts/charts.html#category=Employment&chart=EmploymentRecessionsNov.jpg

========

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=========
November Employment Report: 39,000 Jobs, 9.8% Unemployment Rate
http://www.calculatedriskblog.com/2010/12/november-employment-report-39000-jobs.html
---------
Employment Summary and Part Time Workers, Unemployed over 26 Weeks
http://www.calculatedriskblog.com/2010/12/employment-summary-and-part-time.html
-------------
Seasonal Retail Hiring: Retailers remain cautious
http://www.calculatedriskblog.com/2010/12/seasonal-retail-hiring-retailers-remain.html
=========

November jobs report: Unemployment rate up - a seven-month high = job creation down, govt layoffs up + Weak jobs report sets back recovery hope

[mEDITate-OR:
wonder if tis worth going on living...
This is bad...
very bad.
----------

------------

Click on the chart to see the full results of the CNNMoney.com exclusive survey of economists.

http://money.cnn.com/news/economy/storysupplement/economist_survey_november/?iid=EL

{ED:  Please, note, every single one of them was wrong - this month!

But, on the other hand, some day they will, statistically, be right.

As my logics prof pointed out - "IF you mcCain't be correct, at least try to be funny."

:}

==========
November jobs report: Unemployment rate up - a seven-month high
http://money.cnn.com/2010/12/03/news/economy/november_jobs_report/index.htm?eref=mrss_igoogle_business
------------
Weak jobs report sets back recovery hopes
http://www.msnbc.msn.com/id/40491146/ns/business-eye_on_the_economy/
=========

How the Bailouts Hurt Small Banks and Benefited Big Finance - And Could Do So Again

[mEDITate-OR:
think the YOU, too, still have a life line to pull you out of the swamp.
-------------

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==========
How the Bailouts Hurt Small Banks and Benefited Big Finance - And Could Do So Again
http://seekingalpha.com/article/239776-how-the-bailouts-hurt-small-banks-and-benefited-big-finance-and-could-do-so-again?source=dashboard_macro-view
------------
Too Big to Succeed
http://www.nytimes.com/2010/12/02/opinion/02hoenig.html
=========

A Deeper Look at Jobless Claims

[mEDITate-OR:
drop off the charts...
and not even "know", in the economic sense..
where you've gone..
---------
Sold, ma man, did you miss something?

Ms C at the NYTs has covered both the fact that many of the long-term unemployed are older = 55 to 65; and that many of those above 62 have exhausted all their "savings" and assets, & not being able to find any job, are electing to take early SS retirement. When they do, they are dropped from your charts, are they not?

Do we have any way to quantify/identify how many there are doing this?

Of course, those under 62 cannot "retire". Having also exhausted everything they worked their lives to assemble, are they also not dropped from the roles? Do we have any way to quantify/identify how many there are that are being forced to do this?

Does your wife "know" - in the economic sense - how much time your are spending on all of these great charts for U.S.? Has her "marginal propensity to consume" you, dropped off The Charts, so much that she may not "care enough to give her best" anymore?
---------

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=========
A Deeper Look at Jobless Claims
http://seekingalpha.com/article/239745-a-deeper-look-at-jobless-claims?source=dashboard_macro-view
========

October Construction Spending: Still Slow

[mEDITate-OR:
buy into an inferior product..., don't you see...!!!

Below we show Jim @ CR's charts.
These provide U.S. with another view of the data.
What both show U.S. is that "construction" is WAY down, and seems to be unable to get back up.
--------
We're Sold on your graphs.
We've been following Jim @ CR for a few years now, and recognized his as far superior to any other media versions.

Sold's, which have been picked up on CSMonitor, are the only ones we have seen that make full use of color for data differentiation.

What almost NO media do is separate single family from condo/apartment permit applications, construction starts, and/or sales. Bcuz multi-units are far more volatile that singles, they skew the data, every month. They do not even parse out condo foreclosures. With CR and Sold we are part way there.

Sold (good) on ya, ma man.
As Tony the Tiger oft said to U.S. GREAT work. (or something like that)
-------------

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========
October Construction Spending: Still Slow
http://seekingalpha.com/article/239545-october-construction-spending-still-slow?source=email_the_macro_view
============

Buyer Demand for Foreclosed Homes Down in Q3, Even with 41% Price Discount + Buy a foreclosure - save 30% on the price

[mEDITate-OR:
be at a loss, trying to figure out how much is being lost, in the shuffle, of ownerships.

While the 2nd article in interesting, and shows U.S. that even CNN Money is aware of the problem, the 1st article is the most interesting. Worth reading.
And the table is very illuminating as well.
Enjoy.
-----------
 
==========
Buyer Demand for Foreclosed Homes Down in Q3, Even with 41% Price Discount
http://www.realestatechannel.com/us-markets/residential-real-estate-1/home-foreclosure-rate-us-home-foreclosures-realtytrac-jim-saccacio-bank-reo-inventories-loan-default-rates-2011-foreclosure-trends-distressed-property-sales-3571.php
----------
Buy a foreclosure - save 30% on the price
http://money.cnn.com/2010/12/02/real_estate/distressed_properties_discounts/index.htm
=========

US adds 93,000 private jobs in November - largest monthly gain in 3 years

[mEDITate-OR:

not see that this is only half of the story...

There are three quite different developments this month, in addition to the ADP numbers, which are very good.

The 1st graph is from FinFacts, in Ireland, who provide U.S. with many economic reports and graphs that are simply not available to U.S. from our own media.

The 2nd graph is from Sold on the Top, who provides U.S. with charts now available from Christian Science Monitor, that use color in a very interesting way. Obviously, most newspapers simply cannot afford to show U.S. these. USAToday could, but does not, normally.

The last item is from the AZBJ, and it provides U.S. with a brand new private sector view - from Intuit.

Not better than ADP, but new and different.

-------------

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===========
US adds 93,000 private jobs in November - largest monthly gain in 3 years
http://www.finfacts.ie/irishfinancenews/article_1021158.shtml
--------
Private-sector November jobs increase largest in three years
http://money.cnn.com/2010/12/01/news/economy/challenger_ADP_jobs_reports/index.htm?eref=mrss_igoogle_business
-----------
Small business hiring rises in Arizona
http://www.bizjournals.com/phoenix/news/2010/11/30/small-business-hiring-rises-in-arizona.html
=======

putbacks could surpass robo-signing mortgage controversy = One-third of Fannie, Freddie mortgage repurchase requests 120 days or older

[mEDITate-OR:
not even care how bad the situation is for The Big Bad Bailed Out Banks...

What we are, now, finally being told is what FMae&FMac are sending back to the BBBoBs

Please, note, that these are showing U.S. the charts ONLY for FMae&FMac.
They made most of their questionable RE loans very late in The Game.
So, there numbers are worse for 07, then 06, they 05
The Wall Street investment banks made most of their bad ARM and subprime RE loans between 03 and 07 - they started much earlier and made a lot more bad loans. Those numbers are not only NOT reflected here, they are almost impossible to find, anywhere.

After the end of non-agency bad ARM and subprime loans, the mortgage brokers switched over to making bad FHA and VA loans. Again, those numbers are NOT shown here

However, what IS very important is that FMae&FMac now ARE sending back the bad RE loans that were sent to them. Will this bail them out? Who knows?
Will this cause the BBBoBanks a world of hurt, you betcha!!!
-----------

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=========

putbacks could surpass robo-signing mortgage controversy

http://www.housingwire.com/2010/12/01/tarullo-testifies-putbacks-could-surpass-robo-signing-mortgage-controversy

--------------

One-third of Fannie, Freddie mortgage repurchase requests 120 days or older

http://www.housingwire.com/2010/11/30/one-third-of-fannie-freddie-mortgage-repurchase-requests-120-days-or-older

===========

Private Residential & Non-residential Construction Spending increases in October

[mEDITate-OR:
not be able to parse out home vs commercial construction...

One of the more unique charts that is produced for U.S. by Jim @ CR is this comparison of residential vs non-residential construction.
-----------------
As Jim points out:
Private residential spending increased in October
private non-residential construction spending is still declining
Residential spending is 66% below the peak early 2006
and non-residential spending is 39% below the peak in January 2008. 
----------
Remember, for the larger charts & Jim's commentary, go to the CR site.
------------

========
Private {Residential & Non-residential} Construction Spending increases in October
http://www.calculatedriskblog.com/2010/12/private-construction-spending-increases.html
========

Mortgage rates rise to 4.5 percent - going up as the economic outlook brightens + Third Week in a Row

[mEDITate-OR:
not even know there IS a question.

With the FED telling U.S. that they will buy more TBills in order to keep mortgage interest rates down, why, then are mortgage interest rates going UP???

And, with rates going up, why are pending sales going up?

Please, note, that IF the pending sales are with a "locked" mortgage interest rate, we s/w/should interpret that as a wise move by buyers to move quickly before rates skyrocket.

However, IF the sales do NOT have any "locked" mortgage rate, there is a problem.

Can the borrower obtain a RE loan that they can still afford? Or, will they be "priced out of the market" and the RE deal flip?

Ah, this could get very interesting.
------------

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============
Mortgage rates rise to 4.5 percent - going up as the economic outlook brightens
http://www.csmonitor.com/Business/Latest-News-Wires/2010/1202/Mortgage-rates-rise-to-4.5-percent
--------------
U.S. Mortgage Rates Rise Again, Third Week in a Row
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-primary-mortgage-market-survey-rising-mortgage-rates-pmms-current-mortgage-rates-best-mortgage-rates-30-year-fixed-rate-mortgages-3575.php
==========

U.S. Pending Home Sales Rebound 10.4% in October = Home sales up 10 percent from last month - but down 20 percent from this time last yea

[mEDITate-OR:
be as perverse as you want to be...
----------

Said they:
"Mortgage Rates Jump 10%" in 3 Weeks"
AND
"U.S. Pending Home Sales Rebound 10.4% in October"
Said we:
So, please, explain to all the rest of U.S. how the buyers tax credit moved forward ALL of the rest of this years home sales?
And, why these home buyers appear to be doing something everyone told U.S. they c/w/should not do?

"The People" truly are perverse.

--------------

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==========

U.S. Pending Home Sales Rebound 10.4% in October
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-phsi-national-association-of-realtors-nar-pending-home-sales-index-signed-sales-contracts-fannie-mae-freddie-mac-homes-for-sale-foreclosure-inventory-3573.php
---------
Home sales up 10 percent from last month - but down 20 percent from this time last year
http://www.csmonitor.com/Business/Paper-Economy/2010/1202/Home-sales-up-10-percent-from-last-month
----------
Is the Housing Market on the Verge of a Rebound?
http://www.theatlantic.com/business/archive/2010/12/is-the-housing-market-on-the-verge-of-a-rebound/67329/
==========

Mortgage applications fell 16.5% during holiday week + Private mortgage insurance application volume decreased in October

[mEDITate-OR:
not see the spread - between the rise in interest rates
and
the rise in pending home sales
AND
what everyone told us would happen.

Go figure.

----------

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==========

Mortgage applications fell 16.5% during holiday week

http://www.housingwire.com/2010/12/01/mortgage-applications-fell-16-5-during-holiday-week

--------------

Private mortgage insurance application volume decreased in October

http://www.housingwire.com/2010/11/30/private-mortgage-insurance-application-volume-decreased-in-october

---------

Mortgage Refinance Activity Continues to Drop as Rates Rise

http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-mortgage-bankers-association-weekly-mortgage-applications-survey-mortgage-apps-refinance-rates-refinance-index-3568.php
=========

U.S. Weekly Jobless Claims Rise By More Than Expected = 26000 to 436000 + Jobless claims near 9 million including 5 million on 'extended' benefit

[mEDITate-OR:
not see how differently we are shown "The Numbers"

The 1st chart is the monthly RTT graph that emphasizes the lack of change this year.
The 2nd, 3rd & 6th charts show U.S. how much we have come down, since W
but they do not emphasize how much we went up in W's last two years.

The 5th chart is from Jim@CR and shows U.S. how far we DID go up, AND how much father down we need to go, before we will reduce the true level of un-and-under-employed.

The 4th chart is a new entry from the Christian Science Monitor, who have started to provide U.S. with "Sold at the Top's" wonderful economic charts. Sold is one of very few that fully use color.
What Sold shows U.S. is not only the total UI, but each of the component UI claim programs, which also show U.S. how many have been long-term unemployed.

Enjoy.
--------

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=========

Jobless claims near 9 million including 5 million on 'extended' benefit

http://www.csmonitor.com/Business/Paper-Economy/2010/1202/Jobless-claims-near-9-million-including-5-million-on-extended-benefits

--------------

U.S. Weekly Jobless Claims Rise By More Than Expected
http://www.rttnews.com/Content/TopStories.aspx?Id=1496195&SM=1
------------
Initial unemployment claims tick back up
http://money.cnn.com/2010/12/02/news/economy/initial_claims/
===========