US vs. Australian Unemployment

[condog]

15 Million unemployed in US and still rising????

Check out this graph from http://bilbo.economicoutlook.net/blog/?p=1160



Not sure exactly when this graph produced but its currently up around 10-11% depending which figures you trust... and we are 5.7%

This shows good old USA with its incredible debt and low productivity in a very bad position relative to us????

Whats your thoughts ....

 

[psychic]

Re: US v Aust Unemployment

Unemployment rates wil rise significantly is Australia as the GFC unwinds it ugly head. There is a few more years of this to go yet. There is a significant chance that the world will slip into a another recession (double-dip) and this time Australia will not escape. 2010 will be a significant year for the markets with another major leg down on its way

 

[Agentm]

Re: US v Aust Unemployment

just enjoy the ride while it lasts.

not sure if the fed will ever face the opportunity of printing the $1.4 quadrillion in notes which remarkably hold some value on todays markets.. but i think unemployment may be the least of your concerns when that happens..

 

[Agentm]

Re: US v Aust Unemployment

this might explain things just on the side of how good things are going to plan for obama

 

[Temjin]

It's also interesting to see that the correlation in unemployment rate between the two countries have been quite significant positive since the 1960s.

So if anyone really expect this correlation to disappear altogether, for whatever blinded, unrealistic optimism, then the history is certainly against you. (i.e. Australia will see unemployment to drop while US continue to rise)

 

[Bushman]

Whats your thoughts ....

Weaker USD will eventually start to help US manufacturing.

Aussie numbers are boosted at present due to 'under employment' as businesses try top ward off the next skills shortage by cutting hours rather than 'down sizing'.

 

[condog]

Re: US v Aust Unemployment

this might explain things just on the side of how good things are going to plan for obama

Wow, thats a cracker of a graph, I have not seen that one.....

Thats alarming and possibly highlights why GOLD is skyrocketing, because the US is heading back to the printing press real soon...

 

[Aussiejeff]

Re: US v Aust Unemployment

Wow, thats a cracker of a graph, I have not seen that one.....

Thats alarming and possibly highlights why GOLD is skyrocketing, because the US is heading back to the printing press real soon...

Maybe more to do with ChIndia buying up the glitter bigtime?

Anyway, who cares about "unemployment"? Wall Street is about to unleash a thunderous downpour of Big Bank Billion Dollar Bonuses. http://www.bloomberg.com/apps/news?pid=20601109&sid=acKzkgNEhfXI&pos=11 It's party time again......

Wheeeee!

 

[joeyr46]

It's also interesting to see that the correlation in unemployment rate between the two countries have been quite significant positive since the 1960s.

So if anyone really expect this correlation to disappear altogether, for whatever blinded, unrealistic optimism, then the history is certainly against you. (i.e. Australia will see unemployment to drop while US continue to rise)

I would have said that we were a year or 2 behind them as one would expect given our resource base and our reliance on the construction industry which ios just about to have major problems if you read between the lines

 

[sinner]

Real US unemployment figures even scarier.

From shadowstats.com



22% unemployed?!

 

[Aussiejeff]

No letup in burgeoning US under/un-employment yet.....

Jan. 22 (Bloomberg) -- Employment dropped in 39 U.S. states in December, seven more than in the prior month, indicating job losses were widespread.

Payrolls in California showed the biggest decline, falling by 38,800 last month, according to figures issued today by the Labor Department in Washington. Texas followed with a 23,900 decline and Ohio was next with a 16,700 drop.

With the national unemployment rate projected to average 10 percent this year, state budgets may continue to be strained by limited tax revenue and jobless insurance payments. While the pace of firings has eased over the last year, the time it is taking to find a job rose to a record 29.1 weeks in December.

and from the same article....

Exceeding 10 Percent

The number of states with at least 10 percent unemployment climbed to 16 last month, two more than in November, today’s report showed. Mississippi, with a jobless rate of 10.6 percent, and New Jersey, at 10.1 percent, joined the list. New Jersey’s rate was the highest in 32 years.

New York City’s unemployment rate rose to 10.6 percent last month, the highest since March 1993, the state’s Labor Department reported yesterday. The state’s jobless level climbed to 9 percent from 8.6 percent.

Michigan remained the state with the highest level of unemployment at 14.6 percent. Nevada followed at 13 percent and Rhode Island was next at 12.9 percent.

Joblessness in South Carolina, Delaware, Florida, North Carolina and the District of Columbia in December reached the highest level in monthly records going back to 1976.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNZFxL6vFWZE&pos=7

Somewhat sobering figures to counterbalance the recent market euphoria IMO.

 

[Garpal Gumnut]

The true unemployment rate in the US is much, much higher as they do not count prisoners in gaols, mentally ill in State care, or unemployed illegals.

gg