job losses: The "Real" Unemployment Rate Jumps To 16.4%
- 06/06/09 02:07 AM
According to the Bureau of Labor Statistics, the "real" unemployment rate, the U-6 rate, jumped from 15.8% in April to 16.4% in May as the labor market shed another "projected" 345,000 jobs during the month. The U-6 rate has jumped nearly 7 basis points from May of 2008 when it was 9.8%. As I have written about before, the U-6 unemployment rate includes three types of workers that are not part of the more publicized U-3 unemployment number: 1.) Marginally attached workers - people that want a full time job, have looked for one in the past, but are no longer looking for work. 2.) … (4 comments)
job losses: 620,000 New Job Losses Are Projected For April
- 05/05/09 08:41 AM
According to a Reuters survey of private economists, 620,000 job losses are projected for April. The Labor Department report is due out on Friday at 8:30 AM EST. In just the past five months, nearly 3 million jobs have been lost and the "real" unemployment rate has surged to 15.6%. The problem for the housing market is that the job losses continue to complicate a housing recovery. As more Americans lose their jobs, more homes are at risk of going into foreclosure and adding to the already bloated supply of houses. Additionally, as more people lose their jobs, there are fewer and … (1 comments)
job losses: Job Losses And A Housing Recovery
- 04/23/09 01:16 AM
Once again CNBC's Diana Olick hits the nail on the head with another insightful blog post about what is really going on with the housing market. With all of the talk about a housing recovery, the one thing a lot of talking heads have taken their eye off of is the job market and how that is going to complicate a housing recovery. According to the FHFA, "Prime loan delinquencies increased by 70 percent" from the previous three month period. In other words, the number of good loans that are going into default are surging as a result of the economy, … (7 comments)
job losses: "Bloody Monday" = Real Estate Headwind
- 01/26/09 10:41 AM
I wish I could take credit for the "Bloody Monday" headline but I owe that to CNNMoney.com writer Julianne Pepitone in an article she wrote today about the job losses that were announced today which totaled 71,400 - in one day. This brings the total to approximately 200,000 for the month, which puts us on pace with the 2.6 million jobs that were lost in 2008. Despite the fact that the existing home sales report published by the NAR did show a surprise increase in home sales for the month of December as a result of mortgage rates that plunged below … (0 comments)
According to the Bureau of Labor Statistics, the "real" unemployment rate, the U-6 rate, jumped from 15.8% in April to 16.4% in May as the labor market shed another "projected" 345,000 jobs during the month. The U-6 rate has jumped nearly 7 basis points from May of 2008 when it was 9.8%.
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