Waiting for the California report…
…but not “eagerly.”
CNN has just reported that the August unemployment rate in the U.S. soared to 6.1% (from 5.7% in July). The first article states that the U.S. economy has lost 605,000 jobs so far this year, and that recent filings for initial jobless benefits by newly unemployed folks is running at more than 400,000/week, a level that is usually associated with a “recession.”
I don’t believe that all of the job losses result from “offshoring,” but suggestions from some Harvard Business School authors that up to 42% of U.S. jobs are “offshorable” surely do not help (especially if you are out-of-touch enough to BELIEVE them! 
).
(Speaking of “offshore,” 
I noticed all of the Exxon Mobil commercials during the Republican National Convention coverage last night [yes, I watched the Democratic National Convention coverage, too]. Exxon Mobil once again posted the largest quarterly profits of ANY company in U.S. HISTORY last quarter, $11.68 billion [yes that is a “b” and that is a “quarter”]).
But I digress…
The so-called “underemployment rate,” which also includes the unemployed who have stopped looking for work, and those who want full-time jobs but can find only part-time jobs, jumped to 10.7%, the highest level since 1994.
California’s unemployment was one of the highest in the country in July, at 7.3% (with inland areas approaching 9%) . I am still waiting to hear the figure for August, and I expect it in a day or two.
(Update September 17, 2008: How could a man be SO WRONG?!!! According to the Bureau of Labor Statistics page, the Regional and State Employment and Unemployment numbers for August 2008 are scheduled to be issued on Friday, September 19 [International Talk Like a Pirate Day] at 10:00 A.M. Eastern Time [7:00 A.M. for those of us on the Left Coast]. The release of the unemployment numbers on International Talk Like a Pirate Day could provide some comfort, for you rum drinkers out there.)
(Note added September 19, 2008: The California numbers, as well as those for other states, have been released by the Bureau of Labor Statistics.)
Economists believe that unemployment will continue to rise for awhile even if the economy stabilizes, since the unemployment rate is a “lagging indicator” of the economy.
Hang in there.
-Bill at Cheshire Cat Photo™
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