Bad News For Unemployment In NY--Worse Than You Think

marmar

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Sat Sep-19-09 07:57 AM
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Bad News For Unemployment In NY--Worse Than You Think

from Working Life blog:

Bad News For Unemployment In NY--Worse Than You Think
by Jonathan Tasini

Friday 18 of September, 2009

The official news for New York City is grim:

Continuing layoffs on Wall Street drove New York City�s unemployment rate to 10.3 percent in August, a 16-year high that underscores the need to retrain former financial services workers for other jobs, state officials said Thursday.

Note that I said the "official" news. Because, statewide, the picture is a lot more grim then the official stats tell us, as the Fiscal Policy Institute points out:

And, the official unemployment rate is far from the end of the story. The "real unemployment rate" includes people forced to work shorter hours or who are so discouraged they have given up looking for a job. Using the same methodology as the Bureau of Labor Statistics, FPI found that the real unemployment rate for New Yorkers overall is 14.1 percent. For men in New York State it is 12 percent for whites, 17 percent for Hispanics, and 14 percent for Asian and others. For black men, however, the real unemployment rate is a staggering 27 percent. For women in the state, the rates are 11 percent for whites, 18 percent for blacks, 19 percent for Hispanics, and 11 percent for Asian and others.

Read the full, ugly picture here.

http://www.workinglife.org/blogs/view_post.php?content_id=14491

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Yuugal

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Sat Sep-19-09 11:52 AM
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1. Why do you hate Obama?

When the unemployment rate went from 9.5% to 9.4% for july, Obama was bragging about it and there were a 100 posts to ballyhoo the change..... When last months number came in at 9.7%, nary a peep on here. Eventually we are going to have to confront the question of why our govt hasn't done anything meaningful to create jobs or at least reduce the mass exodus of jobs to other countries. I don't see how we are going to run a good campaign in 2010 when all we will be able to run on is 1 trillion in socialism for rich banks, ins cos, and carmakers.......more war and more death.....and a wealthcare scheme so scumbag companies like united healthcare will never have to suffer from sickness again.

I remember fondly the days when the democratic party stood for labor and civil rights. If they know what is good for them they will remember those days too and start acting like democrats or all the corporate money in the world won't get them re-elected. FDR did things like the TVWA and WPA; all we got was a Citibank t-shirt.

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