Job hunting will apparently go from bad to worse and then beyond.
From Gallup yesterday:
Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September — up sharply from 9.3% in August and 8.9% in July.
Much of this increase came during the second half of the month — the unemployment rate was 9.4% in mid-September — and therefore is unlikely to be picked up in the government’s unemployment report on Friday.
And a warning to the federal statistics:
Regardless, the sharp increase in the unemployment rate during late September does not bode well for the economy during the fourth quarter, or for holiday sales.
In this regard, it is essential that the Federal Reserve and other policymakers not be misled by Friday’s jobs numbers.
The jobs picture could be deteriorating more rapidly than the government’s job release suggests.
And job seekers gird thy resume-loins.
(Illustration found here).
And not enough jobs were created last month to make much of difference, either.
In fact, the jobs market is still falling: Since the recovery began in June 2009, the private sector has actually shed an additional 205,000 jobs on top of the 7 million private sector jobs lost during the Great Recession, according to Labor Department data.
And not helping is theÂ dumb-ass foul-up with stimulus payments last year as $18 million went to nearly 72,000 dead people: Dead people were ineligible to get the payments. But, the report said, there is no provision in the law to recover payments incorrectly sent to dead people.
In another tweaked look at employment, the New York Times‘ Paul Krugman this morning discussesÂ another dumb-ass move in New Jersey.
One of the biggest jobs-building opportunities in the US is within the shitty state of the national infrastructure — bridges, roads, dams, etc., and the time was yesterday.
Krugman jumps New Jersey Gov. Chris Christie for shooting down a massive employment project during a period when such spending is right on the money.
But American politics these days is anything but rational.
Republicans bitterly opposed even the modest infrastructure spending contained in the Obama stimulus plan. And, on Thursday, Chris Christie, the governor of New Jersey, canceled Americaâ€™s most important current public works project, the long-planned and much-needed second rail tunnel under the Hudson River.
It was a destructive and incredibly foolish decision on multiple levels.
But it shouldnâ€™t have been all that surprising.
We are no longer the nation that used to amaze the world with its visionary projects.
We have become, instead, a nation whose politicians seem to compete over who can show the least vision, the least concern about the future and the greatest willingness to pander to short-term, narrow-minded selfishness.