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National Unemployment Statistics: Job Losses At Record Highs

October 21, 2009 by Silicon Valley Blogger

Still keeping an eye on unemployment numbers: watching this is like rubbernecking at a train wreck.

Wonder what this stock market is rejoicing about. No, I’m not at all grumpy that it seems to defy logic but as I mentioned earlier, with the underlying threat of a double dip recession permeating our economy, I’m clearly flummoxed about the Dow still breaching 10,000.

Also, I am not really griping — I can’t complain since I’m more of a long term investor and the welcome rise I’m seeing in my retirement funds makes me “relax” a little. But only a little, since the behavior in the markets doesn’t seem all too logical (since when did it make sense…), prompting me to believe that this uptrend is being built up to eventually result in a nasty correction. What’s that saying again? The higher it rises, the harder it falls.

National Unemployment Statistics: Job Losses At Record Highs

Here’s what I mean: it just doesn’t look good out there. The Calculated Risk blog points out that the latest unemployment figures (for last September) were very dismal for many states, with the following info from the Bureau of Labor Statistics (click to enlarge):

Visit Calculated Risk for the bigger picture.

Michigan again recorded the highest unemployment rate among the states, 15.3 percent, in September. The states with the next highest rates were Nevada, 13.3 percent; Rhode Island, 13.0 percent; and California, 12.2 percent. The rates in Nevada and Rhode Island set new series highs. Florida, at 11.0 percent, also posted a series high.

Here’s another look at this through the eyes of Google. Check out the interactive graph for the whole scoop:

Let’s see: since I live here in California, how about I dwell on this a little. I’ve been following California’s unemployment rate for a while now, and it’s ugly. From what I hear and read, it’s dreadful. And from what I know, the numbers don’t tell the full story either: a local radio station here reported a state unemployment rate of around 20% if you count discouraged workers or those who’ve given up on unemployment benefits. This MSNBC article discusses just how underestimated and under-reported the job numbers are:

Counting people who are no longer collecting unemployment, never received unemployment because they didn’t qualify or people who are working part time just to have a little income – [the unemployment rate is] more like 19-22 percent.

My personal vantage point also coincides with these findings: for instance, at least one family member and one good friend are struggling with work issues right now, taking on jobs that aren’t really along their lines of work because there’s nothing else available. Call after call to headhunters aren’t yielding results, with interviews not really amounting to much at this time. I’m not participating in this job market right now, but I can feel the discouragement, frustration and pain from those around me. It’s contagious.

Oh yeah, there’s also the latest news bomb that Sun is slashing 3,000 employees from its workforce while waiting for Oracle to take on the reins (recall that Oracle is absorbing Sun). That’s 10% of Sun’s workforce, and another 3,000 more technologists, engineers and other personnel who will be competing with the unemployed, here in the Valley.

These days, I’m just urging and advising those around me to go after any job that catches their eye. Cast a wide net and take a job — any job. At this point, any kind of paid work is a good thing.

That was my piece. Now if you’re in the mood for a good rant, see how the Monevator goes off on bankers! For more on finance around the net, check out the articles below.

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