Tags: Gallup | Unemployment | Higher

Gallup Poll: Unemployment Inching Higher This Month

Friday, 18 Nov 2011 08:50 AM

Unemployment rates hit 8.5 percent in mid-November, up from 8.3 percent in mid-October, the Gallup polling firm reports.

While Gallup's numbers are down significantly from 9.2 percent in mid-November of last year, they do show the government will likely report no change its November unemployment rates.

Officially, government unemployment rates stand at 9.0 percent.
__________________________________________________________

Economist Warns: 50% unemployment, 90% stock market drop, 100% inflation.
See the Evidence. Click Here to Watch the Aftershock Survival Summit Now.

__________________________________________________________

"Gallup's analysis suggests that the deterioration in November unemployment is essentially the result of seasonal factors," the firm says.

jobs200geytyt.jpg
(Getty Images photo)
"In turn, this implies the government is likely to report on the first Friday in December that there was no change in the U.S. unemployment rate for November."

Underemployment, a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full-time work, hit 18.2 percent in mid-November, up from 17.5 percent a month ago and even higher than the 17.7 percent rate in mid-November 2010.

"Possibly further reflecting the tenuous nature of the current economic situation, Gallup's underemployment data suggest that today's employers are increasingly relying on part-time employees who would prefer to work full time," Gallup says.

"Of course, a part-time job is better than no job and, in the past, part-time jobs often led to full-time employment. However, in the current economic environment, part-time hiring may reflect employers' caution more than anything else and could presage a sharp increase in unemployment once the holiday season ends and companies go back to minimizing their workforces for the winter."

On a more positive note, initial unemployment benefit claims continue declining, according to the Labor Department.

"Companies are hearing and reading about gloom, but seeing decent sales, so layoffs are falling," Ian Shepherdson, chief U.S. economist for High Frequency Economics says in a note to clients, according to CNNMoney.

© 2017 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
StreetTalk
Unemployment rates hit 8.5 percent in mid-November, up from 8.3 percent in mid-October, the Gallup polling firm reports. While Gallup's numbers are down significantly from 9.2 percent in mid-November of last year, they do show the government will likely report no change...
Gallup,Unemployment,Higher
1861
2011-50-18
Friday, 18 Nov 2011 08:50 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved