In 1 Out Of Every 5 American Families, Nobody Has A Job

If nobody is working in one out of every five U.S. families, then how in the world can the unemployment rate be close to 5 percent as the Obama administration keeps insisting? The truth, of course, is that the U.S. economy is in far worse condition than we are being told. Last week, I discussed the fact that the Federal Reserve has found that 47 percent of all Americans would not be able to come up with $400 for an unexpected visit to the emergency room without borrowing it or selling something. But Barack Obama and his minions never bring up that number. Nor do they ever bring up the fact that 20 percent of all families in America are completely unemployed. The following comes directly from the Bureau of Labor Statistics

In 2015, the share of families with an employed member was 80.3 percent, up by 0.2 percentage point from 2014. The likelihood of having an employed family member rose in 2015 for Black families (from 76.4 percent to 77.7 percent) and for Hispanic families (from 85.9 percent to 86.4 percent). The likelihood for White and Asian families showed little or no change (80.1 percent and 88.6 percent, respectively).

For purposes of this study, families “are classified either as married-couple families or as families maintained by women or men without spouses present” and they include households without children as well as children under the age of 18…

http://theeconomiccollapseblog.com/archives/in-1-out-of-every-5-american-families-nobody-has-a-job

Bad News, The Newly Released Economic Data Forecasts A Collapse

BP CEO Gets Huge Raise, After Record Loss, 5,000+ Layoffs

BP is facing a revolt from its shareholders over the salary of its CEO Bob Dudley.

Dudley’s salary jumped 20 percent in 2015 to $19.6 million, the same year in which BP reported a record loss of $6.4 billion and laid off more than 5,000 workers…

http://wolfstreet.com/2016/04/11/bp-ceo-gets-huge-raise-after-record-loss-over-5000-layoffs/

So typical of today’s economy!

 

Jobs Report Blues — Paul Craig Roberts

On Friday the Bureau of Labor Statistics reported that there were 215,000 new jobs in March.

John Williams of ShadowStats.com reports that these “new jobs” result from the the Birth-Death model that “artificially inflates headline month-to-month payroll gains with add-factors that currently average well in excess of 200,000 jobs per month.”

In other words, the jobs are the product of a model’s assumption that unreported new start-ups created 200,000 more jobs than unreported business failures lost.

To look at the jobs report in a different way, assume March did bring 215,000 new jobs and ask, “which sectors had jobs gains?” The answer is the same as has been the case since I began years ago reporting on the payroll jobs report:

Retail trade accounts for 47,700 of the jobs.

Health care and social assistance account for 44,000 of the jobs.

Waitresses and bartenders account for 24,800 of the jobs.

Manufacturing lost 29,000 jobs.

Part-time jobs without benefits comprise a rising percentage of US employment.

In the 21st century the main source of corporate profits has been lower labor costs achieved by offshoring US jobs and by bringing in lower-paid foreigners on work visas. This practice stopped the growth of US real median family income. Federal Reserve policy kept consumer demand alive by expanding consumer credit, which substituted a rise in consumer indebtedness for the missing growth in consumer income. Today the growth of consumer credit is limited by the absence of income growth to service the debt.

In short, corporations maximized short-run profits by ruining their domestic consumer market along with the personal income and sales tax base for government. It is unclear that this extraordinary mistake can be unwound.

http://www.paulcraigroberts.org/2016/04/02/jobs-report-blues-paul-craig-roberts/

 

23 Percent Of Americans In Their Prime Working Years Are Unemployed

Did you know that when you take the number of working age Americans that are officially unemployed (8.2 million) and add that number to the number of working age Americans that are considered to be “not in the labor force” (94.3 million), that gives us a grand total of 102.5 million working age Americans that do not have a job right now?  I have written about this before, but today I want to focus just on Americans that are in their prime working years.  When you look at only Americans that are from age 25 to age 54, 23.2 percent of them are unemployed right now.  The following analysis and chart come from the Weekly Standard

http://theeconomiccollapseblog.com/archives/23-percent-of-americans-in-their-prime-working-years-are-unemployed