Some June Unemployment Data
The Labor Department's Bureau of Labor Statistics recently reported that, of the nation's largest metropolitan areas, with populations over at least one million, Detroit had the highest unemployment rate in June (8.1%), followed by Cleveland (6.3%). Keep in mind, the nation's overall unemployment rate has averaged 4.6% for 2007, so these areas are well above the national average. Of course, these stats are all well and good, but what they don't show us is how many people have had to take jobs at lower pay and, or, lower benefits.
Of all the metro areas of the country, 208 showed rates below the national average, but 152 had unemployment rates above the national average. There were 9 areas with the same unemployment rate as the national average.
On Friday, August 3rd, with the stock market shaky, one analyst on CNBC who follows energy futures (I don't recall which brokerage firm he represents) said that we all should be rejoicing at the fact that oil reached a new record high per barrel this week, since that shows how strong the economy is. (It should be noted that oil prices dropped after reaching that new record high, including on Friday.) So why aren't there people dancing in the streets? Well, the only ones who can afford to celebrate about the high oil prices are the multi-millionaires and billionaires, since they make even mo' money, mo' money, mo' money off the high prices, and they can afford to fill their vehicles, no matter the cost.
Then Larry Kudlow, a CNBC anchor, came on and told us just how well off American workers really are. He said that inflation is running at a 2.3% annual rate and workers' incomes are running at a 3.9% annual increase. Well now! We can all sleep better tonight knowing that info!
The problem is, the inflation info doesn't tell us how much more we're paying for the items we need to survive on. I don't know about you, but I see food prices escalating. With high gas prices, companies are starting to pass along the higher costs of transporting just about everything. So Larry, how about coming down to Mother Earth and living with the rest of us for awhile. I'll bet that super pro-business, dog-eat-dog, anything goes for Capitalism stance changes quickly then.
By the way folks, I'm almost positive that Larry Kudlow has a shrine to a "golden calf" somewhere in his house, or office, or maybe both. Further, around that shrine, I'm sure he has pictures of history's most famous, ruthless exploiters.
Of all the metro areas of the country, 208 showed rates below the national average, but 152 had unemployment rates above the national average. There were 9 areas with the same unemployment rate as the national average.
On Friday, August 3rd, with the stock market shaky, one analyst on CNBC who follows energy futures (I don't recall which brokerage firm he represents) said that we all should be rejoicing at the fact that oil reached a new record high per barrel this week, since that shows how strong the economy is. (It should be noted that oil prices dropped after reaching that new record high, including on Friday.) So why aren't there people dancing in the streets? Well, the only ones who can afford to celebrate about the high oil prices are the multi-millionaires and billionaires, since they make even mo' money, mo' money, mo' money off the high prices, and they can afford to fill their vehicles, no matter the cost.
Then Larry Kudlow, a CNBC anchor, came on and told us just how well off American workers really are. He said that inflation is running at a 2.3% annual rate and workers' incomes are running at a 3.9% annual increase. Well now! We can all sleep better tonight knowing that info!
The problem is, the inflation info doesn't tell us how much more we're paying for the items we need to survive on. I don't know about you, but I see food prices escalating. With high gas prices, companies are starting to pass along the higher costs of transporting just about everything. So Larry, how about coming down to Mother Earth and living with the rest of us for awhile. I'll bet that super pro-business, dog-eat-dog, anything goes for Capitalism stance changes quickly then.
By the way folks, I'm almost positive that Larry Kudlow has a shrine to a "golden calf" somewhere in his house, or office, or maybe both. Further, around that shrine, I'm sure he has pictures of history's most famous, ruthless exploiters.
posted by Randy at 12:32 AM
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