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85,000 more unemployed: Why do Larry Summers and Christina Romer still have a job?

January 8, 2010 2 comments

How much longer will the Messiah get away with his bullshit pretense that shorter working time is not feasible?

Had the labor force not decreased by 661,000 last month, the jobless rate would have been 10.4 percent, say economists including David Rosenberg at Gluskin Sheff & Associates in Toronto and Harm Bandholz at UniCredit Research in New York. “The actual unemployment rate is higher than shown by the official numbers,” Bandholz said.

–Bloomberg

… Emergency Unemployment Compensation (EUC) benefits [ … ] jumped from 3,594,253 (11/07/09) to 5,143,410 (12/19/09), up 43% in just over a month! The increase in EUC more than offset the decline in continuing claims and we are now at a new record when combining all measures of unemployment benefits. Economists were pointing out that continuing claims and initial claims were falling as a bullish sign, however what was happening was that those benefits were exhausting for people who used up that benefit, leading to the decline in the numbers which is proved by a record (52.24%) exhaustion rate.

Mish’s Global Economic Trend Analysis

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