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By Bob Clark | 09/15/09 | 4:32 PM EDT |
3 Comments Latest Numbers are Terrible! In what appears to be
a major economic disaster, the August unemployment rates
were released today, and they are worse than ANYONE expected.
Washington State unemployment shot up from 8.9% to 9.2%
unemployed (this is the U3 number). That means that some 319,130
folks are now collecting unemployment benefits statewide. The
reason that this is significant is the fact that AUGUST is sometimes
referred to as a full employment month because of high employment
in the fair weather building and construction trades.
If we had this many additional unemployed in August, that means
that a terrible problem is just around the corner with the September
numbers which will show a big jump in unemployed as contractors
begin their layoffs and as I mentioned in a previous piece, this year those layoffs are going to be massive around the state. So far during this recession the state has lost more than 128,000 jobs. I put it to the reader here, do you expect these jobs to come back anytime soon? The economists say they are mostly gone and Obama's Green Jobs czar was fired last week!The U3 number is the number of folks collecting unemployment benefits only! If one factors in all of those folks whose benefits have run out, have given up trying to find a job, or whatever that is called the U6 number.
That means that right now in the State of Washington about 570,131 people are unemployed! That’s more than a half million or a total of 16.6% of the total workforce of 3.5 million! To make matters worse, I am waiting retail sales and consumer sales numbers out next week for the state and I believe that they will show a major drop in sales because of this high unemployment number. I checked and take my word for it; the Obama stimulus money that is coming down the road is NOT going to have any impact on this unemployment disaster in the state. To make matters worse, it was announced today that The Producer Price Index for Finished Goods advanced 1.7 percent in August. That means that inflation is beginning to be a factor in this situation. I for one am sick and tired of hearing idiot media reports about a double dip recession when we have yet to finish going down the first dip! In Snohomish County Aaron Reardon, the County Executive had been saying he was hoping for a slight decrease in unemployment. Well, Aaron, I’m sorry to report that the U3 number remained basically unchanged at 9.6% or some 37,070 folks collecting unemployment benefits in August. The U6 number is now at 64,100 or 16.6% really unemployed at that is the highest number since the Boeing supersonic transport downturn in 1970 for the county! And as you have read in my blog piece quoted above, experts are expecting that Snohomish County unemployment should shoot up to over 10.5% by November with a possible rate of some 11% for the holidays. Anyway they try to spin this number, it is a disaster. Everett is being particularly hard hit right now, with no end in sight.Put on your seat belts folks, we have a very rocky economic ride ahead of us not only in Sno County but all over the State of Washington as well.
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Glen R. Stockwell
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