According to the Columbus Dispatch, the Ohio Department of Job & Family Services announced a jump in the unemployment rate from 5.6% in April to 6.3% in May, representing an increase of 45,000 job seekers in one month. This compares with an Ohio unemployment rate of 5.6% a year ago, and with a current US average of 5.5%. The Department attributes the increase to a sharp increase in the number of people beginning or resuming job searches.
Oh, and in other business news, worries about oil prices and credit markets caused the Dow Jones industrial average to fall 150 points, the dollar fell against most major currencies, and gold rose.
The economy as we know it clearly is not sustainable. I hope you are prepared for a crash.
2 comments:
Now we're hearing reports that investment bankers are losing their jobs.
Holy cow! Now that's bad economic news.
Think how bad it is for us little guys!
Total unemployment (the Department of Labor's U-6 figure) is 9.4% for May 2008. The U-6 figure is closest to how unemployment is calculated in the EU.
So, let's compare... the most recent EU unemployment figure I can find is for April 2008:
http://www.robert-schuman.eu/breve.php?num=6259&typ=art
Total EU unemployment at that time was 7.1%, the U-6 figure for the US for April 2008 was 8.9%:
http://www.bls.gov/news.release/empsit.t12.htm
I know I've made a similar post before, but I just want to make the point that our government is lying to us with their statistics. They're lying when they boast that US unemployment is lower than Europe's-- you can only say that if your arriving at your numbers the same way.
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