In April, a “mere” 322,000 people lost their jobs. That was part of the whole “bad news, good trend” thing that had everyone talking about green shoots. In May, economists predicted a pretty similar result: 350,000 lost jobs. They got it wrong. We lost 467,000 jobs in May. The unemployment rate rose to 9.5 percent. And that actually underplays the problems. It’s always worth remembering that the unemployment rate is, at best, a partial indicator of people who are unhappily unemployed. Tim Fernholz explains:
“Keep in mind that when we say 9.5 percent, we’re talking about people who have lost their job and are looking for a new one. But when you factor in people who “currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past” “plus total employed part time for economic reasons,” and you get a rate of 16.5 percent unemployment — nearly one in five potential workers has lost significant wages and work in the current economic environment”
Found by John Ligums.
20% of your income??
you must be bringing in some good money not to be affected.
A person bringing home $2000 per month.
30% tax -600=$1400
Rent -600 AT LEAST..=$800
Utilities -200-300=$500
Food single person is about -$150=$350
And you have wages in the $24,000 range. Or about $12 an hour.?? FUll time??
And in the USA the average low income person from bureau of labor and stats makes less then $7-$10 per hour which is over 60% of the USA..
OR $1600 per month?
$1600- tax(30%)= $1120
Rent -$600=$520
Utilities -$300=$220
minus food -$150=$70
and food is only <10% of his wages??
The OLD way was that RENT could be 1/4 of your wages. And you could even raise a small family. IF you can find rent at <$600, I hope you like your crappy trailer.
#21
Where are you seeing trailers for $600 a month? Even in Michigan $600 a month gets you a plot of land at the long term camp ground with ~1000 watts of electric and fresh water, nothing as nice as a trailer.
22,
I know..
But Im in Idaho, and the prices are abit cheaper.
$600 is about the starting price to RENT. If you want more then 1-2 rooms.
I was commenting to Bryans..
“When food costs represent more than 20% of my income, I’ll have reason to worry.”
20% of his income?? He would be needing to be PART TIME, and making MINIMUM WAGE at 20 hours per week. in which case, He couldnt afford a home. When rent and utilities cover 3/4 of your Monthly wages after taxes..something is wrong.
Has anyone here seen HARD data on money that has made it through the gov’t bureaucracy to actually employ new people in ANY meaningful numbers?
But Obama said the stimulus package is working!
# 25 brendal said, “But Obama said the stimulus package is working!”
It is, the economy is imploding even faster. Makes it easier to stampede the masses into agreeing with a socialist/communist style of gov’t…
Fun arriving back at this whining node – 4 months into what became a bull market. Four months after the bottom.
Taking a peek back at the conservatives who (1) refused to admit culpability along with their fearless leaders in Congress – and (2) absolutely confident the economy couldn’t possibly turn around.