Good And Bad Unemployment Information
It seems that unemployment is becoming the new housing industry as far as conflicting information that makes you wonder if things are getting better or worse.
Let’s start with the supposed “better”. According to the Labor Department, jobless claims are dropping, and in the next to last week of March dropping to its lowest point in 19 months. They also reported that, overall, the number of people who are collecting unemployment has dropped.
That counters information by the outplacement firm Challenger, Gray & Christmas Inc, which came up with data suggesting that job cuts jumped drastically in March, around 61% from the previous month. They stated the biggest employer to drop jobs this time around is the federal government, which is eliminating more than 50,000 jobs, mainly in the postal service, as they’re going through financial pains once again. At the same time, they showed that the private sector cut the fewest jobs number of jobs since February 2008.
Here’s the thing. Many people are reaching their limits on collecting unemployment, and still haven’t found new jobs. Those people aren’t counted in any figures because there’s no real way to count them. Yet, if unemployment hasn’t been reduced, it’s easy to see that there are still way too many people who aren’t working.
There’s still more to come. My belief is that there will be many government employees, in all sectors, across the country losing their jobs because states are having problems with their budgets. There are going to be a lot of teachers losing their jobs; in one Rhode Island community, all the teachers are being released and being allowed to reapply for their jobs, and just over half of them will be rehired. And, we still haven’t felt much impact about the predicted coming of job losses because of the potential commercial real estate crash.
More grasping at straws; maybe one day there will be some actual positive substance in one of these reports.