Unemployment Edges up to 9.6 Percent as Weak Job Growth Continues + Real unemployment for August 2010

[mEDITate-OR:
not see that what "They" are telling U.S. is simply an untruth.

The 1st chart shows U.S. in red what is "reported" to U.S. each week.
However, what you see in blue is the REAL number...
or as close to it as we probably can get.

The 2nd chart shows U.S. that not all unemployed are equal...
that black & Hispanics are far more out of work that whites are.
However, while that may be true, some other things are too:
middle age white men are much more out of work - literally & figuratively - than white women are, and they probably will never get the same jobs back.
black teenagers are totally out of work, for this summer.

Ugly, wherever, you look.
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The government has traditionally represented unemployment as those people who are currently seekin full-time employment. Anyone who has surrendered the job hunt is 'on the margin', and not counted.

Total unemployment from mid-1997 to the present.

The blue line represents everyone out of work, whether or not they are currently job hunting ('U-6').

The red line is the number the government publishes, which only represents people who are actively seeking employment ('U-3').

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Unemployment Edges up to 9.6 Percent as Weak Job Growth Continues
http://yubanet.com/usa/Unemployment-Edges-up-to-9-6-Percent-as-Weak-Job-Growth-Continues.php
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Real unemployment for August 2010
http://www.csmonitor.com/Business/Paper-Economy/2010/0903/Counting-the-margin-Real-unemployment-for-August-2010
=======

THE Politically Correct Job Losses chart

[mEDITate-OR:
----------   Politically Correct Job Losses chart
here is, a different homemade chart, showing monthly job losses/gains in the private sector since the start of the Great Recession. The image makes a distinction -- red columns point to monthly job totals under the Bush administration, while blue columns point to job totals under the Obama administration.

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UNEMPLOYMENT RATE TICKS HIGHER, BUT PRIVATE SECTOR JOBS GROW
http://www.washingtonmonthly.com/archives/individual/2010_09/025513.php
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Home Equity Lines of Credit, the Next Looming Disaster?

[mEDITate-OR:

miss the latest, greatest article by Keith Jurow.

{with addresses for the two prior must read articles}

While this "scenario" played out possibly somewhat differently in the other sand states - Nev, Fla & AZ - what is clear is that "everybody was doing it". And, many of them, and most of U.S. got Pucked in the process.

Clearly, some were able to not only pull out all of their speculative equity, but many were able to "save" it in other investments. Far more were not, and are now - again clearly - looking at doing a strategic default to extricate themselves from the underlying debts.

Notice, IF they did pull out most if not all of their equity, the remaining HELOC that they have, is relatively very small. That loss they MIGHT have to still take. But, even with that loss, the total "profit" has been totally extricated.

IF they pulled it out in time, and reinvested it safely, they got away "like a bandit".

If they spent it on bling, they are now BK candidates.

WE are all "The Losers" in this house of card sharks.

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Madness of HELOC Lending During the Bubble Years
Aided by the seemingly limitless desire of banks to lend money, homeowners opened an incredible number of HELOCs during the bubble years of 2004-2006.
Nowhere was the madness of HELOC borrowing more astounding than in California.  During the two key years of 2004 and 2005, a total of 1.43 million HELOCs were originated in California just for the purchase of homes according to figures received from CoreLogic.
Wait a minute, you say.  That's more than the total number of homes sold in California during these years.  Correct.  A total of 1.25 million existing single family homes were purchased in California in 2004-2005 according to the California Association of Realtors.
-------------
One example:
"The original sales price is not clear from my records, but it looks as if the buyers paid about $1,200,000 in 1997. There was a $900,000 loan which I assume was 80% of the total purchase price. The original owners were a couple, and after the point where only the wife is on title in 2004 -- presumably after a divorce -- the HELOC abuse became truly remarkable.
On 3/11/2004 the wife appears alone on title, and the first mortgage is $999,800.
On 8/30/2004 she refinanced with a $1,000,000 first mortgage.
On 12/28/2005 she refinanced with a $2,170,000 first mortgage.
On 2/1/2006 she got a HELOC for $250,000.
On 8/22/2006 she refinanced with an Option ARM for $2,500,000.
On 11/15/2006 she opened a HELOC for $490,000.
On 8/1/2007 she refinanced with another Option ARM for $3,225,000.
On 10/22/2007 she opened a HELOC for $500,000.
Total property debt is $3,725,000.
Total mortgage equity withdrawal is $2,725,200 during a four-year stretch."
============
Home Equity Lines of Credit, the Next Looming Disaster?
http://www.realestatechannel.com/us-markets/residential-real-estate-1/housing-bubble-home-equity-lines-of-credit-heloc-second-mortage-lien-holders-home-foreclosures-bank-failures-the-new-york-times-keith-jurow-3122.php
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Is Massive Refinancing During Bubble Years a Ticking Bomb?
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-mortage-refiancing-real-estate-bubble-fdic-financial-crisis-inquiry-commission-president-obama-home-equity-lines-of-credit-heloc-2633.php
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Investors Played a Key Role in Creating Housing Bubble
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-real-estate-investors-real-estate-speculators-home-foreclosure-crisis-realtytrac-national-association-of-realtors-home-foreclosure-rates-in-2010-2136.php
============

U.S. Lost 54,000 Jobs in August; Rate Rose to 9.6% + The Ten Things The Government Could Do To Cut Unemployment In Half

[mEDITate-OR:
miss all that "diversity", now that middle age white men are out of work, permanently...
{oh, we know, that is argumentative.}
{however tis true that they make up a larger share of long term unemployed}

Disirregardless, these are some different charts, looking at the same situation, but from different perspectives.

The 2nd chart shows U.S. the direct correlation between net job creation & unemployment.
The 3rd Catherine Rampell's chart similar to Jim's at CR
The 4th starkly shows U.S. who is working, and who is not.
The 5th shows U.S. that those who ARE left employed are earning more per hour.

For those of U.S. who like to read, and think, the article listed below the charts is VERY interesting, and good.
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The Ten Things The Government Could Do

To Cut Unemployment In Half

http://247wallst.com/2010/09/03/the-ten-things-the-government-could-do-to-cut-unemployment-in-half/

==========

Unemployment Ticked Up to 9.6% in August - Again Driven by Census Firings

[mEDITate-OR:

miss Daniel's monthly very good charts...

Once again, Daniel provides U.S. with a variety of views of that data, and what it means to US.

Then he shocked U.S. with this:

"One striking observation from this chart is the decline in temporary workers. This is worrying. They had been growing since the unemployment rate began to decline. This month's drop could imply that some firms are going from tentative hiring -- through temp jobs -- to a more pessimistic view of the future. That would then result getting rid of those temporary workers."

As he points out to U.S., that is NOT very good news.

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Unemployment Ticked Up to 9.6% in August
Again Driven by Census Firings
http://www.theatlantic.com/business/archive/2010/08/jobs-decline-by-131-000-in-july-unemployment-rate-steady-at-95/61039/
==============

August jobs report: Signs of life for employment + Strongest jobs recovery in decades. Seriously

[mEDITate-OR:
watch everyone else get excited that it wasn't as bad as "They" predicted...
If you have ever been married, you will understand that it could have been worse.


Disirregardless, this is good news.
The bottom might still be there, but we might also be moving up.
-----------

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August jobs report: Signs of life for employment
http://money.cnn.com/2010/09/03/news/economy/august_jobs_report/index.htm
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Strongest jobs recovery in decades. Seriously
http://money.cnn.com/2010/09/02/news/economy/jobs_recovery/index.htm
===========

Problem bank list climbs to 829 + Bank failures take a breather = FDIC Q2 Banking Profile: 829 Problem Banks

[mEDITate-OR:

wonder why more have not failed, already...

As CR and CNN report to U.S. more and more banks are being added to the "problem" lists.

Fast than they are being removed - by fixing themselves, or being shut down.

What another article points out is that the increased "profits" that most banks are reporting, or for smaller local community banks a smaller loss, is based almost solely on their reducing their loss reserves.

At same time as commercial RE loan problems are escalating - go figure.

And then there is the Fortune chart that show The Banks massive shift of funds INTO Treasuries.

Not loaning the money back to U.S., but rat hole it in TBills.

Unbelievable..., not just, that they are doing it...

but that we are letting them get away with it!

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

Map

Where the banks are failing
Bank failures and foreclosures keep mounting

View Map

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==========
Problem bank list climbs to 829
http://money.cnn.com/2010/08/31/news/companies/fdic_problem_bank_list/index.htm
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Bank failures take a breather
Bank regulators are getting a welcome late summer respite.
http://wallstreet.blogs.fortune.cnn.com/2010/08/30/bank-failures-take-a-vacation/
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The bedridden banking recovery
The banks are feeling less woozy but have yet to get back on their feet
- let alone lend a struggling economy a hand
http://wallstreet.blogs.fortune.cnn.com/2010/08/31/the-bedridden-banking-recovery/
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FDIC Q2 Banking Profile: 829 Problem Banks
http://www.calculatedriskblog.com/2010/08/fdic-q2-banking-profile-829-problem.html
===========

State Tax Revenues Tick Up + Where States Get Their Money + States That Received the Most Federal Funds

[mEDITate-OR:
not know whether you are incoming or going to Hell in a hand-basket...

----------

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

-------------    Two interactive maps from Economix articles:
Per-Capita Federal Government Expenditures by Category, FY 2009
State/Loc Tax Rev by Major Source as a % of Total, FY 2008
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State Tax Revenues Tick Up
http://economix.blogs.nytimes.com/2010/08/30/state-tax-revenues-tick-up/
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Where States Get Their Money
http://economix.blogs.nytimes.com/2010/08/30/where-states-get-their-money/
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States That Received the Most Federal Funds
http://economix.blogs.nytimes.com/2010/08/31/states-that-received-the-most-federal-funds/
=========

Number of illegal immigrants in USA down + Migrants say Arizona worth risk of crossing + Calif has 23 percent of illegal immigrants

[mEDITate-OR:

not notice that the law was changed AFTER the problem started to go away...

and after "they" did to...

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----------    Interactive Pew Map of U.S.

Unauthorized Immigrants in the U.S.

There were an estimated 11.1 million unauthorized immigrants living in the United States in March 2009, a number that declined by about a million since 2007, according to Pew Hispanic Center estimates. Although they are more geographically dispersed than in the past, most live in California, Texas, Florida, New York, Illinois and New Jersey. The vast majority of unauthorized immigrants come from Mexico and other Latin American countries. They are more likely than legal immigrants or U.S.-born residents to be in their 20s and 30s

http://pewhispanic.org/unauthorized-immigration/

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Number of illegal immigrants in USA down

http://www.usatoday.com/news/nation/2010-09-01-illegal-immigrants_N.htm?csp=34news
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Migrants say Arizona worth risk of crossing
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/31/AR2010083104150.html
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Calif has 23 percent of illegal immigrants
http://latimesblogs.latimes.com/lanow/2010/09/decline-in-illegal-immigration-in-california-and-across-the-country-report.html
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Survey: Employers Pass on More Health Costs to Workers + US workers see higher health costs, less care

[mEDITate-OR:

not see that this really began five (5) years before the new medical law...

or not care what the truth might be.

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Survey: Employers Pass on More Health Costs to Workers
http://prescriptions.blogs.nytimes.com/2010/09/02/survey-employers-pass-on-more-health-costs-to-workers/?partner=rss&emc=rss
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Employers Push Higher Health Insurance Costs Onto Workers
http://www.kaiserhealthnews.org/Stories/2010/September/02/kff-employer-survey.aspx
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Family insurance costs skyrocket 14%
http://money.cnn.com/2010/09/02/news/economy/kaiser_employer_benefits_report_2010/
========

Productivity in U.S. Falls More Than First Estimated Labor Costs Increase

[mEDITate-OR:

not even know your ship is sinking...

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Productivity in U.S. Falls More Than First Estimated Labor Costs Increase
http://www.bloomberg.com/news/2010-09-02/productivity-in-u-s-falls-more-than-first-estimated-labor-costs-increase.html
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Productivity falls while labor costs increase
============

Economic effect of tax cuts

[mEDITate-OR:
not see what works best...
and what did not.

---------


=======
Economic effect of tax cuts
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Personal Bankruptcy Filings: Down from July, Up from August 2009

[mEDITate-OR:
think that not being "as bad"...
will make them think your "as good" as they are...

-------

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Personal Bankruptcy Filings: Down from July, Up from August 2009
http://www.calculatedriskblog.com/2010/09/personal-bankruptcy-filings-down-from.html
===========

U.S. 30-Year Mortgage Declines to 4.32% Setting Record Low for 11th Week

[mEDITate-OR:
not even understand why a REFI might help you, a lot.



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U.S. 30-Year Mortgage Declines to 4.32% Setting Record Low for 11th Week
http://www.bloomberg.com/news/2010-09-02/u-s-30-year-mortgage-rate-declines-to-record-4-32-update1-.html
==============

Jobless claims decreased by 6000 to 472,000 Last Week + but not enough

[mEDITate-OR:
wallow in this mess, and not see any way up or out...

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Jobless claims decreased to 472,000 Last Week
http://www.bloomberg.com/news/2010-09-02/jobless-claims-fell-to-472-000-last-week-signaling-job-market-still-weak.html
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Jobless claims decline but not enough
http://money.cnn.com/2010/09/02/news/economy/jobless_claims/
===========