The unemployment numbers grew worse this week. Hard to even imagine how bad it really is. Yuck. Let’s take a look at the numbers:
- On a net basis, no new jobs were created in August. That means the same number of people lost jobs as those who found them. Worse, the official number of jobs created was revised downward over June and July. In short, we lost about 50,000 jobs off the total – which more than offset the Verizon 45,000 employees who were temporarily laid off and applied for unemployment benefits.
- The official unemployment rate stands at 9.1 percent. That’s only counting people who are actively out and looking for a job.
- There are 14 million Americans who are official out of work. These are the folks who are out actively looking for work.
- There an additional 8.8 million Americans who work part-time but want a full-time job.
- 2.6 million Americans aren’t even counted in the unemployment numbers because they’ve completely given up any hope of finding a job and aren’t actively looking at the moment. Once they sense that the job market is turning, they may jump back into the job hunt, which would raise the unemployment rate.
- The U-6, which is the broadest measure of unemployment ticked up to 16.2 percent this month. That number includes the unemployed, under-employed and those who have given up looking for a job.
- The White House said it believes the unemployment rate will exceed 9 percent all though 2012 – and the presidential election. No president has ever been reelected with an unemployment that exceeds 7 percent, so it’s clear that President Obama has his eye on this.
- In a typical recession, you’d see job growth bounding back by this point. We should be creating 150,000+ jobs per month at this point (and that’s at the low). Instead, we’re creating no jobs, seeing stalled economic conditions. Very much a concern.
It will be interesting to see what President Obama decides to offer this Thursday during his much-anticipated jobs speech. I’ll tell you what I’d recommend: A massive infusion of money to rebuild our roads, bridges and schools in this country.
Yes, it would increase our deficit, but you’d take a lot of folks off of the unemployment rolls, and they’d be able to start spending again. I think it’s worth it. We need to start making real investments in this country. Let’s do some nation-building here at home and put our own people back to work.
Wells Fargo Atlanta Homeownership Preservation Workshop
They have room for 1,500 people on Tuesday and Wednesday (September 8 and 9) at the Georgia World Congress Center. Call and reserve your spot today: 1-800-405-8067
Documents needed for the event:
- Most recently filed and signed federal tax return with all schedules, including Schedule E – Supplemental Income and Loss
- Most recent statement for every Savings account, Money Market account, CD, bond, stock, IRA and 401K
- Most recent statement for every credit card/department store card, auto/student loan, other mortgages/liens
- For each salaried borrower: A month’s worth of recent paystubs and most recent W-2s
- For each self-employed borrower: Most recent quarterly or year-to-date profit/loss statement and 90 days bank statements
- For each borrower with income such as Social Security, disability or death benefits, pension, adoption assistance,public assistance, or unemployment: Benefits statement or letter from provider stating amount, frequency and duration of the benefit, and two most recent bank statements showing receipt of such payment
- For each borrower relying on alimony or child support as qualifying income:* Divorce or other court decree, or separation agreement or other written agreement filed with the court statingamount and period of time it will be received, and two most recent bank statements showing receipt of such payment
- For borrowers relying on rental income: Lease agreement(s)
*Alimony, child support or separate maintenance income need not be revealed if the borrower or co-borrower does not choose to have it considered for repaying the loan or for loss mitigation review of the loan.
Beware of foreclosure rescue scams
This is a Wells Fargo Home Mortgage workshop designed to provide options for homeowners who are having difficulty keeping up with mortgage payments. If you have any concerns about the validity of this workshop, go to www.wfhmevents.com/leadingthewayhome to view a video from past events.
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