Here's an article we will see 2 yars from now unless something changes: New York’s Unemployment Rate Is Nearly 50%, According to the New York Times December 16, 2011 Officially, New York’s unemployment rate is just under 30 percent. But the city's mayor and local leaders are suggesting a far more disturbing figure -- the actual jobless rate, they say, is closer to 50 percent. As many have noted,... [more]
Here's an article we will see 2 yars from now unless something changes:
New York’s Unemployment Rate Is Nearly 50%, According to the New York Times
December 16, 2011
Officially, New York’s unemployment rate is just under 30 percent. But the city's mayor and local leaders are suggesting a far more disturbing figure -- the actual jobless rate, they say, is closer to 50 percent.
As many have noted, the Bureau of Labor Statistics, which culls federal unemployment data, does not account for all of the jobless in its widely-quoted national unemployment figures. Among those omitted: part-time workers who are looking for full-time jobs and frustrated job seekers who abandon their job search altogether.
(For some context, the official national unemployment rate is 10 percent, but the "underemployment rate" is 17.2 percent.)
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Response by The_President
about 16 years ago
Posts: 2412
Member since: Jun 2009
New York City officials argue that, when workers who are underemployed are added to the calculation, the number of city residents who are out of work is close to one in every two.
The New York Times reports:
"The Bureau of Labor Statistics estimated that for the year that ended in September, Michigan's official unemployment rate was 12.6 percent. Using the broadest definition of unemployment, the state unemployment rate was 20.9 percent, or 66 percent higher than the official rate. Since New York’s official rate for October was 27 percent, that broader rate pushes the city's rate to as high as 44.8 percent."
The alarming numbers coming from New York City officials are supported by another set of recent data from the Bureau of Labor Statistics, which stand in harsh contrast to the more positive national employment picture. The jobless rate in the New York City MSA (metropolitan statistical area) increased 7.3 percentage points in just one year, the highest increase for any metro area in the nation.
Ignored comment.
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Response by The_President
about 16 years ago
Posts: 2412
Member since: Jun 2009
for those of you who think that this can never come true, it already has:
New York City officials argue that, when workers who are underemployed are added to the calculation, the number of city residents who are out of work is close to one in every two.
The New York Times reports:
"The Bureau of Labor Statistics estimated that for the year that ended in September, Michigan's official unemployment rate was 12.6 percent. Using the broadest definition of unemployment, the state unemployment rate was 20.9 percent, or 66 percent higher than the official rate. Since New York’s official rate for October was 27 percent, that broader rate pushes the city's rate to as high as 44.8 percent."
The alarming numbers coming from New York City officials are supported by another set of recent data from the Bureau of Labor Statistics, which stand in harsh contrast to the more positive national employment picture. The jobless rate in the New York City MSA (metropolitan statistical area) increased 7.3 percentage points in just one year, the highest increase for any metro area in the nation.
for those of you who think that this can never come true, it already has:
http://www.huffingtonpost.com/2009/12/16/detroits-unemployment-rat_n_394559.html
amusing how alpo thinks he's safe because he's in jersey. his house's value has already been cut in half.
But, its not like we didn't tell him so.
home values in NJ fell in half? Which Case Shiller Index are you looking at?