390,000 New Weekly Claims for Unemployment Benefits

by on July 5th, 2011
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Just take a look behind the scene. Pursuant to table-A-10 of the Bureau of Labor Statistics, there are roughly 13.9 million unemployed persons roaming the country. When using table A-15 – “alternate measures of labor underutilization” and part-timers unable to get full time work, you find almost 25 million individuals out of work.

With the “official” unemployment rate hovering at 9%, to make any significant dent into the unemployment numbers, we have to see new weekly claims for unemployment benefits to drop below the 250,000 mark and to continue at or below that level for two-three months. When that happens, we have an expanding economy and not before.

Have we forgotten, the thousands of troops coming home from Afghanistan? From Iraq? They will increase unemployment numbers in coming weeks. Every week, we hear of job cuts. Just today, October 11th, MF Global announced 1,000 layoffs. Although the Department of Energy (DOE) made billions in Federal loan guarantees to solar energy companies – (to create jobs) – the opposite seems to happen. Energy Conversion Devices of Auburn Hills said it will idle 400 workers. San Jose based solar energy provider SunPower Corp., receiving a federal loan guarantee of $1.237 billion September 30, 2011, said it will layoff 85.

Sunpower Corp. layoff’s come amidst a company report it lost more than $370 million in fiscal third quarter – doubling its second quarter loss. No wonder the company was eager to secure a federal loan through White House connections. Chinese solar-equipment makers produce solar panels at less than half the U.S. costs, causing U.S. solar panels makers to ask the U.S. government to slap tariffs on cheaper Chinese imports.

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