Ilyce Glink Radio Show Notes November 7 2010
150,000 Jobs Created Not Enough To Lower Unemployment
It was an interesting week of business news. First, the stock market finally returned to a level not seen since the week before Bear Stearns collapsed. Next, the private sector created 100,000 new jobs, and added together with the public sector, a total of 150,000 or so jobs were created last month. While that was far above what most economists had estimated, the unemployment rate stayed at 9.6 percent because so many people have just thrown up their hands and walked out of the employment market.
There are roughly 15 million Americans who are unemployed. And, before you get excited about 150,000 new jobs, understand this: At the pace of job creation, it will take more than a decade to return to what economists call “full employment,” which is a level of unemployment of about 5.5 percent.
Creating 150,000 jobs per month just keeps pace with the growth in our population. It doesn’t do a damn thing for anyone who is currently out of work.
On the show today, I heard from a number of women who were downsized from a full-time job to a part-time job, and then lost that part-time job. But we also got messages of hope, calls from women who had been there and back and wanted to pass along words of encouragement.
I love that part of the show – when my listeners call in and help each other out. There’s only so much I can do – but providing a forum, a place where people can encourage each other and help, is a joy.
We only had an hour on the show today. Next week, we’ll be talking Medicare and Open Enrollment Season and Foreclosures. I hope you’ll tune in. We’ll have two weeks and then in a few weeks, football will be over and we’ll return to our regular 11a to 1p timeslot.
Please your comments on the blog.
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What’s New at Ilyce Glink’s MoneyWatch.com Blog?
Here’s a new video I shot for MoneyWatch on how to determine a home’s value (to you, the buyer). Enjoy!
Lost my job in September and had a few interviews. Many employers are looking for a particular person, I was qualified but not qualified enough even though I have worked in the field for 10+ years and have a bachelors degree in the field. It seems they are not willing to have the typical training time employers use to have such as 6 mos in the past. Its now maybe 1 week then into the fire.
Right on Ilyce! I’m a Real Estate Broker and have never been ‘broker.’ The unemployment % is a lie anyway…it likely exceeds 9.6%!
The first time home buyer has disappeared…who amongst this badly needed pool of buyers has the 3.5% – 5% down and the 3+% closing costs required?
What IS the total # of distressed properties the banks are holding back…and…how long will home prices continue to drop? I attended a Wells Fargo short-sale seminar ystdy and they said that 2011 would be the year of the short sale. Wow, huh? We’re mired in them now and not even there yet?
You have a son playing football and I have a grandson playing on the same team…where has the time gone? I still miss that beautiful back yard, and you have done wonders to the house. I congratulate you on your success, which is richlt deserved. It is lonely in the house without Barb, but I was blessed with almost 49 years with the sweetest woman in the world. I am staying busy and have joined two choirs nearby. I just signed up to be a naturalist at the Peggy Noetebart Nature in Lincoln Park on a volunteer basis. I would like you and your family to visit me. I can be your guide to Winnemac Park and Lincoln Park! In the meantime keep up the good work…I am so proud of you and what you have accomplished. Let’s arrange a time to get together.
4933 N Leavitt St., Chicago 60625
What I wouldn’t give to ride that old Wheelhorse tractor again!
You are a blessing from the LORD
Keep telling it like it is
I totally agree…it won’t be until the jobs are brought back over to the US (incentives for domestic employment for companies) that we will be able to really make strides in unemployment. We need to start taking care of home.
Now another wonder I have is what is going to happen to the economy when all the military personnel come back. In my field there are a lot of workers who are in place because someone was called to active duty. When that person comes back, then the person currently doing the job will be unemployed. It is like musical chairs!
This is really a sad and hard time for many. I just hope those of us who are fairing pretty well, remember those who really need our help in our communities.