The DOL has released Unemployment weekly claims.
New claims jumped to 667,000. That's just unreal and the increase from last week is 36,000
The advance number for seasonally adjusted insured unemployment during the week ending Feb. 14 was 5,112,000, an increase of 114,000 from the preceding week's revised level of 4,998,000. The 4-week moving average was 4,932,250, an increase of 89,250 from the preceding week's revised average of 4,843,000.
We're bleeding jobs!
We are not hitting the worst rates since 1982 and if anyone recalls this was the time period when interest rates were put on 20% range to stop stagflation, which of course caused an immediate deep recession in the readjustment period.
So, next stop for the worst unemployment rates is the Great Depression, unless I am missing some trough data somewhere.
Outsourcing is on the rise,
Outsourcing is on the rise, according to BLS numbers. The major companies doing it to cut costs here are Citigroup, Lockheed Martin, IBM, and a number of hi-tech manufacturing players. It may be that the current incentives (tax and otherwise) are not sufficient to stop this enormous outflow of U.S. jobs that's occurring right before our eyes.
not even close
and worse, I've been flaming one IBM as well as G.E. who are obviously running ad campaigns to get stimulus money because they are notorious to even promise! Promise to create U.S. jobs to get federal, state contracts...as in writing, on paper, agreed to, part of the deal...
and they do not create the jobs and yet the states never seem to say "hey, screw you IBM, give us back our incentive package".
Yes they surely will.