Nov 2008 Unemployment #s out

BLS released the latest unemployment numbers on Friday right before Bush announced that he would push through an auto bailout. They are very bad.

In November, Michigan and Rhode Island reported the highest jobless rates, 9.6 and 9.3 percent, respectively. Four additional states recorded rates of 8.0 percent or more: California and South Carolina, 8.4 percent each, Oregon, 8.1 percent, and Nevada, 8.0 percent. The District of Columbia also had a rate of 8.0 percent. Wyoming posted the lowest unemployment rate, 3.2 percent, followed closely by North Dakota and South Dakota, at 3.3 and 3.4 percent, respectively. Over all, 9 states and the District of Columbia registered significantly higher jobless rates than the U.S. figure of 6.7 percent, 25 states reported measurably lower rates, and 16 states had rates little different from that of the nation. (See tables A and 3.)

Oregon recorded the largest over-the-month unemployment rate
increase in November (+0.9 percentage point). Seventeen additional states and the District of Columbia also experienced statistically significant rate increases. The remaining 32 states registered November unemployment rates that were not appreciably different from those of a month earlier, though some had changes that were at least as large numerically as the significant changes. (See table B.)

Table B. States with statistically significant unemployment rate changes
from October 2008 to November 2008, seasonally adjusted
-------------------------------------------------------------------------
| Rate |
|-----------------------| Over-the-month
State | October | November | rate change(p)
| 2008 | 2008(p) |
-------------------------------------------------------------------------
Alabama ........................| 5.5 | 6.1 | 0.6
District of Columbia ...........| 7.3 | 8.0 | .7
Florida ........................| 7.0 | 7.3 | .3
Georgia ........................| 6.9 | 7.5 | .6
Hawaii .........................| 4.6 | 4.9 | .3
Idaho ..........................| 5.3 | 5.7 | .4
Indiana ........................| 6.4 | 7.1 | .7
Maine ..........................| 5.7 | 6.3 | .6
Maryland .......................| 4.9 | 5.3 | .4
Massachusetts ..................| 5.5 | 5.9 | .4
| | |
Minnesota ......................| 5.9 | 6.4 | .5
Nevada .........................| 7.7 | 8.0 | .3
New York .......................| 5.7 | 6.1 | .4
North Carolina .................| 7.1 | 7.9 | .8
Oregon .........................| 7.2 | 8.1 | .9
Pennsylvania ...................| 5.8 | 6.1 | .3
Vermont ........................| 5.2 | 5.7 | .5
Virginia .......................| 4.4 | 4.8 | .4
Wisconsin ......................| 5.1 | 5.6 | .5
-------------------------------------------------------------------------

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ONLY 25 million?

That's only a global rate of .3%. That's ridiculous.

Ok, let's say half the people on the planet are unable to work, and should therefore not be counted as part of the labor force, that's still an overall unemployment rate of .6%.

I'd say it should be closer to 750 million unemployed/underemployed.

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Maximum jobs, not maximum profits.

size of global labor pool

The size of the global work force is estimated at 2.93 billion (reference pdf)

So, 25 million is about 0.85% but that's not what the report says. That's in addition to the current unemployment rates. Currently they are saying the global unemployment rate is 1.42% so add to that 0.85% and it becomes more relevant. global unemployment numbers

I'm also calculated based on estimates. You know that 25million is going to be spread primarily in 1st world countires, like the U.S., EU countries, Great Brittan and a few EEs (emerging economies).

Last rough tally I saw on the total US workforce population was about 100 million.

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Thanks for the reference

Global utilization of human labor is under 60%. I didn't know that, I was going on the total population instead of work force.

I knew US workforce population was only about 33% though....

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Maximum jobs, not maximum profits.

NP

I still question those levels of global unemployment rates and obviously depending on the true size of the global labor force that affects all things in terms of what is the real global unemployment rate.

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