> On Fri, 04 Apr 2008 23:26:56 GMT, Joerg
> >
> >
> >
> > wrote:
> > >Jim Thomps> >
> > >>> "Jim Thompson" wrote in
> > >>> messagenews: snipped-for-privacy@4ax.com...
> > >>>> Why does the BBC report that the US jobless rate at 5.1% represents
> > >>>> "serious recession", while reporting the UK rate _increasing_ to 5.5%
> > >>>> means the good times are here ?:-)
> >
> > >>> Well jobless rate and recession aren't the same thing. Recession, in
the UK
> >>> at least, is considered to be the case when we have two successive
quarters
> >>> where economic growth is negative (or not positive?), I'm sure US is
similar
> >>> if not the same.
> >
> > >>> The BBC shouldn't be reporting it in that manner, where did you see it?
> >
> > >> "Latest Headlines" section of Firefox...
> >
> > >>
> >
> > >> which quotes Europeon banks... I find it hilarious that they bought
> > >> bad US mortgage paper ;-)
> >
> > >They are just as guilty as many of ours. It boils down to a blatant lack
> > >of due diligence. If I had been that negligent during corporate
> > >aquisitions some companies would have me flogged.
> >
> > >> Then I googled on "jobless rate" UK and got the 5.5% number.
> >
> > >Don't know how it is in the UK but you can't always compare those
> > >numbers. AFAIK in the US someone whose unemployment runs out isn't
> > >counted anymore while in many European countries they can be on the dole
> > >for several years. Probably they were referring to the increase from 4.8%.
> >
> > In the US "unemployed" refers to those seeking a job... if you sit on
> > your hands you cease to get benefits and go off the unemployment
> > rolls. At least in Arizona (it varies state-by-state) you must report
> > weekly asking for a job placement, or you're history.
> >
> > ...Jim Thompson
> > --
> > | James E.Thompson, P.E. | mens |
>
>
> You more or less answered your own question. The unemployment rate in
> the US is not a true measure of unemployment. In Europe, they have
> more accurate statistics since their benefits don't expire.
Bullshit. The unemployment rate in the US has nothing to do with the number of people receiving unemployment insurance. It is the number of people "seeking employment". Though those on UI are certainly, by definition (or it would be fraud), "seeking employment" the statistics do *not* include these numbers.
There is some magic number of jobs that needs to be created each month
> just due to the growth of the country. So when the number of jobs
> declines, it is actually much worse than it sounds.
Those numbers are important, but they're not the same thing.
Funny how the H1B parade seems to go on uninterrupted as the economy
There is a lack of skilled people.
sinks further in the GOP-created mire.
Absolute nonsense.
It was less than two weeks ago
> that Bush was saying "tax cuts work."
They certainly do.