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angie1

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Jobless rate tops 10 percent in 15 states and DC, endangers economic recovery

WASHINGTON (AP) -- Fifteen states have crossed a painful threshold: 10 percent unemployment. More states, and the nation, likely will follow, one of the biggest dangers to an economic recovery.

How consumers behave in the face of rising unemployment will figure prominently in shaping a broader rebound. If they go back into hibernation and sharply cut spending like they did at the end of last year, the recovery could cave in. More likely is that consumers will stay cautious, making for a fragile and slow-moving national economic turnaround, economists said.

The Labor Department on Friday said unemployment topped 10 percent in 15 states and the District of Columbia last month. And the jobless rate in Michigan surpassed 15 percent, the first time any state hit that mark since 1984.

The Federal Reserve this week projected that the national unemployment rate, currently at a 26-year high of 9.5 percent, will pass 10 percent by the end of the year. Most Fed policymakers said it could take "five or six years" for the economy and the labor market to get back on a path of long-term health.

"With so much uncertainty, companies will stay in cost-cutting mode and consumers will watch their spending," said Steve Cochrane, managing director at Moody's Economy.com.

The news was not all bad. North Dakota, helped by the oil business, reported the lowest unemployment rate of 4.2 percent in June. It was followed by Nebraska at 5 percent and South Dakota at 5.1 percent, supported by farm businesses. None of those states ever got carried away with the housing boom, either, so their residents didn't suffer as big a hit to household wealth.

Still, the state unemployment report underscored the damage that the longest recession since World War II has inflicted on companies, workers and communities, and the challenges the economy faces getting back on its feet.

A common theme running through states suffering from high unemployment was heavy layoffs tied to the troubled auto industry and the collapse of the housing market. Workers in manufacturing, construction, retail and finance have been the hardest hit.

"A lot of older industries are having to shut down and many of these jobs will never come back," said Bernard Baumohl, chief global economist at the Economic Outlook Group.

Take Michigan, ground zero of the recession.

Home to the nation's struggling auto makers, Michigan has been clobbered by lost factory jobs. Its jobless rate of 15.2 percent in June was the nation's highest. It was the first time in 25 years that any state has suffered an unemployment rate of at least 15 percent.

If laid-off workers who have given up looking for jobs or have settled for part-time work are included, the state's jobless rate was 22.5 percent, according to Michigan's Department of Energy, Labor and Economic Development. Nationwide unemployment by that measure was 16.5 percent in June, the highest on government records dating to 1994.

"In Michigan and elsewhere, the unemployment rate is just the tip of the iceberg of the extensive adverse impact of this 'Great Recession,'" said economist Lawrence Mishel, president of the left-leaning Economic Policy Institute.

Many workers have seen hours trimmed, their pay cut and have lost benefits. Combine that with a dismal housing market making it difficult for people to sell their homes and move to other places to find work, some jobseekers are trapped.

The other states where unemployment topped 10 percent last month were: Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Nevada, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee. In May, 13 states plus the District of Columbia watched their jobless rates surpass 10 percent. Alabama and Georgia joined the list in June.

Rhode Island had the second-highest unemployment rate in the country in June at 12.4 percent. When including people who stopped looking for work and those forced into part-time jobs, the state's unemployment rate was 22.7 percent, Mishel estimated.

Oregon had the third-highest unemployment rate at 12.2 percent, which was 21.6 percent by the broadest measure. South Carolina's jobless rate of 12.1 percent jumped to 22 percent when underemployed workers were included. It was followed by Nevada with a jobless rate of 12 percent, or 21.6 percent by the broadest measure, Mishel said.

The June jobless rates for Nevada, Rhode Island and South Carolina were the highest ever for those states in records dating to 1976. Other record-highs: Florida at 10.6 percent, Georgia at 10.1 percent and Delaware at 8.4 percent.

Associated Press Writer Tim Martin in Lansing, Mich., contributed to this report.
 

1982vett

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This is a darn good read, even if it was written by Ben Stein.

Get It Right Today, Be Glad Tomorrow
by Ben Stein

Posted on Thursday, July 16, 2009, 12:00AM
My training in economics was in theories and in history.

Like all students of economics, I was trained in Keynesian economics. This basically holds that it is possible, contra Adam Smith, David Ricardo and Jean-Baptiste Say, the great geniuses of economics, for there to be prolonged periods of high unemployment if there are chronic failures of demand.

I also had a teacher who taught us about the Austrian School. Nice guy, but his accent was so thick I could barely make out a word he said. I think his lectures were about how rigidities in the system could interfere with economic equilibrium at full employment and also about how bad deficits are.

Additionally, I learned about Irving Fisher's law, which states that the quantity of money in circulation times the velocity of money equals prices times transactions. Fisher's law was meant to illustrate how all of these variables affect economic activity, prices and employment.

Then I was trained on Friedman and Schwartz's monumental work, "A Monetary History of the United States." This attempts to explain, with great statistical support, how real business activity, not just prices, is affected by money supply.

In other words, I had a lot of training in the theoretical. But now, in this bad recession, I find myself overwhelmed by the actual, as opposed to the theoretical. Friends are losing their jobs. Close friends, even very, very close friends, are losing their homes. Happy couples are turning their anger and fear against each other and losing their marriages and their children.

I see so much suffering that I never thought I would see. I am sometimes flattened by the tidings I get by phone, text and email. These are not stories in magazines or newspapers. These are terrible events happening to people who are close and dear to me.

Only You Can Take Care of You

Yes, of course I help them out. In fact, I worry that I help them so much I am setting myself up to be one of them. And if that happens, who do I call upon for help?

Now, let me be clear. Some people are simply not looking the reality of the situation in the face. There are some who, as my pal Frank Mottek from CBS describes them, are part of the "funemployed."

This would be the young woman I know, funemployed, with an immense monthly expense tab, just out of grad school, who used many of her borrowings for a vacation in Europe. Another simply had to spend time touring the fashion capitals of the continent -- on borrowed money. And there are many more.

Their turn to pay the piper is coming, and when it does there will be wailing and gnashing of teeth. Ernest Hemingway once quoted a friend on how he went broke: "Gradually, and then suddenly."

But let me go back a moment. I am approaching my mid-60s. My parents long ago passed away and are desperately missed. They left me an inheritance, but it was not enormous. I have a staggering number of dependents, all of whom are used to a standard of life that they assume will go on indefinitely. (It won't.)

Sometimes, when I contemplate the damage done by the recession, the stock market collapse and the utter rout in real estate, I get really scared. Who is there to take care of me if things get even worse? Who on earth is there to take care of me the way I take care of so many others?

Then, my old dad comes to mind. "You are there to take care of you," he once said. "The younger you is there to take care of the older you by virtue of the assets you accumulated when you were young."

My genius pals, financial manager Phil DeMuth and Ray Lucia, the father of the extremely sensible "Buckets of Money" strategy, say the same thing -- make your younger self the savior of the older.

Learn Your Lessons Now -- Not Later

Cicero said something similar in his famous essay on old age, "De Senectute," from which my father often quoted. Almost everything you have in your older years is by reason of having it passed down to you by your younger self. Your habits of life and health, your home, your family, your savings. So said Cicero. (That's alliteration, friends.)

This is a powerful lesson for us all. If we want to have a decent life in our latter years, especially with Social Security and Medicare nearing collapse, we need to accumulate while we are young. We most of all need to accumulate habits of sensible living -- and especially not spending beyond our means.

The young you can save money, teach the old you how to live sensibly and train the old you in decent habits of care. The young you might want to take a few minutes every day to imagine the old you, unable to work, possibly because of health, possibly because of the economy, and plan accordingly.

The young you might want to acquire skills that will be of use even if there is a downturn in one or more sectors of the economy. The young you might want to find a life partner who behaves sanely.

And this is the key part: The younger you is you right now. However old you are, you are younger than you will be tomorrow.

I see far too much pain among men and women in middle age or later in life who simply assumed something would happen to take care of them. It might, but then again, it might not. It makes good sense then to realize that for most of us, there is no one to take care of us but us, and that the best and strongest part of us is our younger self. Let that younger you give you an inheritance of safety and security


http://finance.yahoo.com/expert/article/yourlife/177033
 
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angie1

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Gelbvieh 5":rdytzhk6 said:
Other than reporting the bad news what is the point of this thread.
ummmmm...... to report bad news. Kinda along the lines of "We need rain.", "We have too much rain." "I can't afford to buy cattle", "I can't afford to sell my cattle.", "I don't have hay and can't afford to buy it because of the drought." "I have to give my hay away because you can't swing a cat by the tail without hitting a bale around here." "Its too hot." "Its too cold" "My tractor broke" "My dog died" "The stock market is falling" "The sky is falling" "I've fallen and can't get up" "My truck over heated." "My car water lines froze up" "Kids these days are nasty and disrespectful." "Immigration has gotten out of hand." "Neighbor was killed by a bull" "Neighbor killed my bull" "Need to kill my neighbor and/or my neighbors bull." "New calf ~ No hair, one eye and her ears fell off, please help."

Kinda get "the point"?
 

dun

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angie":8xxsc6rd said:
Gelbvieh 5":8xxsc6rd said:
Other than reporting the bad news what is the point of this thread.
ummmmm...... to report bad news. Kinda along the lines of "We need rain.", "We have too much rain." "I can't afford to buy cattle", "I can't afford to sell my cattle.", "I don't have hay and can't afford to buy it because of the drought." "I have to give my hay away because you can't swing a cat by the tail without hitting a bale around here." "Its too hot." "Its too cold" "My tractor broke" "My dog died" "The stock market is falling" "The sky is falling" "I've fallen and can't get up" "My truck over heated." "My car water lines froze up" "Kids these days are nasty and disrespectful." "Immigration has gotten out of hand." "Neighbor was killed by a bull" "Neighbor killed my bull" "Need to kill my neighbor and/or my neighbors bull." "New calf ~ No hair, one eye and her ears fell off, please help."

Kinda get "the point"?

Have a bad week did you?
 

BeefmasterB

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dun":86zu0es2 said:
angie":86zu0es2 said:
Gelbvieh 5":86zu0es2 said:
Other than reporting the bad news what is the point of this thread.
ummmmm...... to report bad news. Kinda along the lines of "We need rain.", "We have too much rain." "I can't afford to buy cattle", "I can't afford to sell my cattle.", "I don't have hay and can't afford to buy it because of the drought." "I have to give my hay away because you can't swing a cat by the tail without hitting a bale around here." "Its too hot." "Its too cold" "My tractor broke" "My dog died" "The stock market is falling" "The sky is falling" "I've fallen and can't get up" "My truck over heated." "My car water lines froze up" "Kids these days are nasty and disrespectful." "Immigration has gotten out of hand." "Neighbor was killed by a bull" "Neighbor killed my bull" "Need to kill my neighbor and/or my neighbors bull." "New calf ~ No hair, one eye and her ears fell off, please help."

Kinda get "the point"?

Have a bad week did you?


Did you? And if not, when will you, as a result of the unemployment rate? Do you not think that the unemployment rate will effect you? Are you sure? What happens when someone claims unemployment? Here's a clue. $$$$$$$$$$$$$$$$$$$ How do outgoing $$$$$$$$$$$$ effect you and the business's you deal with? And how does the effect on them, effect you? Trickle down? Bend over and smile? :cry2:
 

larryshoat

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10% ? What do you reckon it would be if you add in welfare and the like ? A more accurate number would be the percentage of people that are working.

Larry
 

larryshoat

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1982vett":7ey3ojlf said:
Send em down here. We gots fences need buildin and menden. Gots mesquites to grub. Waterlines need fix'n, plenty of ditch diggen thar. All kinds of trash them city folk thows out of them fancy caws need a picken up. Gots plenty of work needs doin but ain't nar one wants ta do it. ;-)

Believe me, if they came from around here, by the time you got them to do all that stuff, you could of done it yourself. A large portion of that 10% wouldn't be worth hiring.

Larry
 

ga. prime

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Those unemployment numbers aren't as bad as they sound. About 8% of people aren't going to work no matter what. Also, there's the underground economy which appears to be thriving.
 

BeefmasterB

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larryshoat":8vs5dqqv said:
10% ? What do you reckon it would be if you add in welfare and the like ? A more accurate number would be the percentage of people that are working.

Larry


That's thinking positive, Larry. But not realistic. 10% unemployment rates are not a good thing no matter how you cut it. Unless, you have so much money that you can buy out the low sellers and wonder if the core of the earth is liquid or solid. I ran two ads for an administrative assistant with document compliance experience and received over 350 responses. 3 were close. People are hurting out there.
 

MO_cows

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Yes, people are hurting. On the news yesterday that 400 jobs are going away from the KC Harley plant. My husband came within a whisker of losing his job earlier this year. But the company closed other facilities in other states instead. A friend who is self-employed said he used to do 3 or 4 bids to get 1 job, now it's more like 10 or 12 bids to get one job.
 

Gelbvieh 5

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Wasn't making light of it. Just choose not to dwell on it.

I read recently that; "That with which you fill your mind rules your life"

I choose to fill my mind with positive thoughts, for a positive outcome.

That's all. No more no less....... and for the record my business is down 30% from last year.

I choose to dwell on the 70% I still have.
 

Ryder

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Gelbvieh 5":vl97sa2f said:
Wasn't making light of it. Just choose not to dwell on it.

I read recently that; "That with which you fill your mind rules your life"

I choose to fill my mind with positive thoughts, for a positive outcome.

That's all. No more no less....... and for the record my business is down 30% from last year.

I choose to dwell on the 70% I still have.
Good attitude. :clap: You are right.
That is what seperates the winners from the losers.
But don't leave out factual objectivity.
Remember that question 'is the water glass half empty or half full?' In fact, it is half a glass of water.
How I choose to feel about it can be positive or negative. And that is what I put out into the future.
 
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angie1

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dun":lugovnoa said:
Have a bad week did you?
I didn;t think so but I must've. :???:

BUT I have been inspired to think positively :nod: , I am sure that everything will be coming up roses before long!! :banana:
 

1982vett

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angie":1jnwy60o said:
BUT I have been inspired to think positively :nod: , I am sure that everything will be coming up roses before long!! :banana:

:lol2: :lol2: :lol2: Yeah, I think I've heard that before too.
 

1982vett

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This is a darn good read, even if it was written by Ben Stein.

Get It Right Today, Be Glad Tomorrow
by Ben Stein

Posted on Thursday, July 16, 2009, 12:00AM
My training in economics was in theories and in history.

Like all students of economics, I was trained in Keynesian economics. This basically holds that it is possible, contra Adam Smith, David Ricardo and Jean-Baptiste Say, the great geniuses of economics, for there to be prolonged periods of high unemployment if there are chronic failures of demand.

I also had a teacher who taught us about the Austrian School. Nice guy, but his accent was so thick I could barely make out a word he said. I think his lectures were about how rigidities in the system could interfere with economic equilibrium at full employment and also about how bad deficits are.

Additionally, I learned about Irving Fisher's law, which states that the quantity of money in circulation times the velocity of money equals prices times transactions. Fisher's law was meant to illustrate how all of these variables affect economic activity, prices and employment.

Then I was trained on Friedman and Schwartz's monumental work, "A Monetary History of the United States." This attempts to explain, with great statistical support, how real business activity, not just prices, is affected by money supply.

In other words, I had a lot of training in the theoretical. But now, in this bad recession, I find myself overwhelmed by the actual, as opposed to the theoretical. Friends are losing their jobs. Close friends, even very, very close friends, are losing their homes. Happy couples are turning their anger and fear against each other and losing their marriages and their children.

I see so much suffering that I never thought I would see. I am sometimes flattened by the tidings I get by phone, text and email. These are not stories in magazines or newspapers. These are terrible events happening to people who are close and dear to me.

Only You Can Take Care of You

Yes, of course I help them out. In fact, I worry that I help them so much I am setting myself up to be one of them. And if that happens, who do I call upon for help?

Now, let me be clear. Some people are simply not looking the reality of the situation in the face. There are some who, as my pal Frank Mottek from CBS describes them, are part of the "funemployed."

This would be the young woman I know, funemployed, with an immense monthly expense tab, just out of grad school, who used many of her borrowings for a vacation in Europe. Another simply had to spend time touring the fashion capitals of the continent -- on borrowed money. And there are many more.

Their turn to pay the piper is coming, and when it does there will be wailing and gnashing of teeth. Ernest Hemingway once quoted a friend on how he went broke: "Gradually, and then suddenly."

But let me go back a moment. I am approaching my mid-60s. My parents long ago passed away and are desperately missed. They left me an inheritance, but it was not enormous. I have a staggering number of dependents, all of whom are used to a standard of life that they assume will go on indefinitely. (It won't.)

Sometimes, when I contemplate the damage done by the recession, the stock market collapse and the utter rout in real estate, I get really scared. Who is there to take care of me if things get even worse? Who on earth is there to take care of me the way I take care of so many others?

Then, my old dad comes to mind. "You are there to take care of you," he once said. "The younger you is there to take care of the older you by virtue of the assets you accumulated when you were young."

My genius pals, financial manager Phil DeMuth and Ray Lucia, the father of the extremely sensible "Buckets of Money" strategy, say the same thing -- make your younger self the savior of the older.

Learn Your Lessons Now -- Not Later

Cicero said something similar in his famous essay on old age, "De Senectute," from which my father often quoted. Almost everything you have in your older years is by reason of having it passed down to you by your younger self. Your habits of life and health, your home, your family, your savings. So said Cicero. (That's alliteration, friends.)

This is a powerful lesson for us all. If we want to have a decent life in our latter years, especially with Social Security and Medicare nearing collapse, we need to accumulate while we are young. We most of all need to accumulate habits of sensible living -- and especially not spending beyond our means.

The young you can save money, teach the old you how to live sensibly and train the old you in decent habits of care. The young you might want to take a few minutes every day to imagine the old you, unable to work, possibly because of health, possibly because of the economy, and plan accordingly.

The young you might want to acquire skills that will be of use even if there is a downturn in one or more sectors of the economy. The young you might want to find a life partner who behaves sanely.

And this is the key part: The younger you is you right now. However old you are, you are younger than you will be tomorrow.

I see far too much pain among men and women in middle age or later in life who simply assumed something would happen to take care of them. It might, but then again, it might not. It makes good sense then to realize that for most of us, there is no one to take care of us but us, and that the best and strongest part of us is our younger self. Let that younger you give you an inheritance of safety and security


http://finance.yahoo.com/expert/article/yourlife/177033
 

L Weir

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MO_cows said:
Yes, people are hurting. On the news yesterday that 400 jobs are going away from the KC Harley plant. My husband came within a whisker of losing his job earlier this year. But the company closed other facilities in other states instead. A friend who is self-employed said he used to do 3 or 4 bids to get 1 job, now it's more like 10 or 12 bids to get one job.


The harley plant here in Pa will be cutting 180 jobs.
 

Angus Cowman

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angie":3uhpv1yw said:
dun":3uhpv1yw said:
Have a bad week did you?
I didn;t think so but I must've. :???:

BUT I have been inspired to think positively :nod: , I am sure that everything will be coming up roses before long!! :banana:
ANGRIE
you have to remember not everyone understands you like Misty Morning and myself , Misty and myself should be up for saint hood :cowboy: for tolerating you like we do :lol:

Hey ANGRIE have a great day
 
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angie1

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Angus Cowman":12ngrayc said:
ANGRIE
you have to remember not everyone understands you like Misty Morning and myself , Misty and myself should be up for saint hood :cowboy: for tolerating you like we do :lol:

Hey ANGRIE have a great day
Angus Cowpie?! Seriously? I have seen your lovely wife, and I think "How does that poor woman put up with soooooo much sass??? She should be a saint!!" :nod:

If you and MM understand me, it is probably only because you 2 are as certifiable as I am :lol2: :help: (either that or you are a closet democrat.... :eek: :secret: ).

Have a groovy day AC! :tiphat:
 

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