| HeraldNet - Snohomish County's online news source |
 TUESDAY, FEBRUARY 9, 2010 8:43 pm |
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Snohomish County jobless rate hits 10.1 percent Snohomish County unemployment jumped to 10.1 percent in September, the highest jobless rate the county has seen this year.September's total came in well above August's 9.4 percent rate and also edged June's adjusted rate of 10 percent, formerly the high point for unemployment in the county. The increase comes amid talk of an end to the recession that's plagued the economy this year, but economists say the jobless jump wasn't unexpected. “The thing to remember is that unemployment is a lagging indicator,” said Desiree Phair, a regional economist for the state Employment Security Department. “We have started to see overall signs of progress for the economy as a whole, but it takes a little while for unemployment to catch up.” Retailers need to see steady improvement in sales before they take on new employees, she said. And a spike in unemployment is typical for fall, when seasonal summer jobs end but holiday hiring hasn't started. “In some cases, jobs that were there in the summer are not there in the fall,” Phair said. The county's rate has not been seasonally adjusted. The state's jobless rate increased in September to 9.3 percent from 9 percent in August. The state lost an estimated 16,000 nonagricultural jobs in September, seasonally adjusted, after an estimated loss of nearly 12,000 jobs in August. Year over year, Washington had 131,200 fewer jobs last month than in September 2008, a 4.4 percent decrease. Nationally, employment declined by 4.2 percent over the past year. Snohomish County's jobless rate remained steeper than its neighbors. King County unemployment was pegged at 8.8 percent, Skagit County registered at 9.2 percent, and Island County's rate was 8.2 percent. Snohomish County had a jobless rate of 5.2 in September 2008. The county unemployment rate likely won't rebound quickly. The employment services sector tends to be an early indicator of when an uptick is coming, but that category was flat in recent months. Aerospace manufacturing work in the county decreased by about 1,200 jobs or 1.2 percent between August and September. Manufacturing jobs in general were down 5 percent year over year in September. Jobs rebounded slightly in the county's service sector, up by about 500 jobs from August — less than 1 percent. The industry remained down by more than 5 percent compared to last year. Read Amy Rolph's small-business blog at www.heraldnet.com/TheStorefront. Contact her at 425-339-3029 or arolph@heraldnet.com. |
- A revolutionary 747
- Fire breaks out at Everett car dealer
- Everett rethinks boutique wineries
- A tidy lawn could be law in Lynnwood
- Snohomish County's bargain housing won't last
- Boeing's 747-8 takes off after weather delay
- Plan for I-5 closures this week
- A new bowling alley for Monroe?
- Lake Stevens man homeless after fire
- I-5 bridge joint may give you a jolt, but it isn't damaged
- Vote on school levies by Tuesday
(11) - A tidy lawn could be law in Lynnwood (10)
- State Senate votes to toss I-960's tax-raising hurdle (9)
- Lynnwood sets height limit on grass: 8 inches (8)
- Everett rethinks boutique wineries (5)
- Everett police officers cleared in 2008 shooting death (5)
- 1949 travel aid shows how few places blacks were welcome in Washington (4)
- I-5 bridge joint may give you a jolt, but it isn't damaged (4)
- A new bowling alley for Monroe? (3)
- Toyota has powerful D.C. friends (3)
- Edmonds educator, famous announcer dies
- Mill Creek to appeal ruling on annexation
- Through the air, with the greatest of ease
- E-W thriving under new coach
- The path to citizenship
- EUUC puts on ‘Pants & Shoes’
- Wolfpack wins the ‘Battle'
- Lynnwood’s annexation plans OK’d
- Arlington's Cascade Valley Hospital celebrates expansion, national award and 100 years of service
- Business Licences Feb. 2010
- Technology tips for launching your own business
- Business Events Feb. 2010
- Tech Talk: No excuse today for going without a Web site
- State already raising fees and rates that restrict business growth
- Some legislators again targeting people’s initiative petition rights
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COMMENTS
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http://www.chartoftheday.com/20100108.htm?T
Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 85,000 in December while the data for November was revised upward and now shows a gain of 4,000 jobs. For some perspective, today's chart illustrates the percent increase in the number of jobs for every decade since the 1940s (the data goes back to 1939). As today's chart illustrates, the number of jobs at the end of a decade has been anywhere from 20% to 38% greater than 10 years prior. That 20% plus growth has been the case until the decade just passed during which the number of jobs basically ended the year where it began. This subpar job growth is particularly noteworthy due to the fact that the US population has increased by 10% in addition to a significant increase in global wealth during the same time frame.
Mark Nagel | Jan 10, 2010 1:35 am | 0 replies | Request removal
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But of course, people like you and I don't get PAID to write otherwise!
The Ponzi Scheme has yet to (which sooner or later it will have to). From a recent ZeroHedge post:
Fitch: Financial Companies Hold 99.7% of All Derivative
Contracts
Fitch has released a comprehensive study on derivatives held
by various corporations and has come out with some
disturbing results: as Zero Hedge's recent disclosure of
data from the Office of the Comptroller of the Currency
confirmed, the bulk of the derivative risk is concentrated
not merely in the "financial company" category (99.7%) but
in a subset of just five companies, which account for an
"overwhelming majority" of derivative assets and liabilities.
The companies in question (Total Notional Derivatives:
Assets & Liabilities, $ in Trillions)
* JP Morgan:$81.7;
* Bank of America:$80.0;
* Citigroup:$31.5;
* Morgan Stanley:$39.3, and of course
* Goldman Sachs: $47.8 (this is an OCC estimate:
Goldman has not disclosed notional amounts in their
derivative book, only # of contracts);
---
$280 trillion in notational debt. Entire world debt is $62 trillion (US is $12 trillion of that). If you think that it's been public/governments that will bury us, guess again (our beloved "free market" "private sector" has hung itself, and us with it).
And supposing that this elephant-in-the-room isn't really there we'd still be hosed. No way to crank up employment such that it would provide jobs for the younger crowd, not with the older crowd holding off retirement longer (and I'm sure that Congress, the "conservatives" looking to "fix" things, will push out the retirement age in order to try and stave off mounting social security debt).
To further rub salt in the wounds, jobs that we create can't be for OUR consumption- we've got creditors to pay! And in order to make our wares more attractive to our foreign buyers they'll have to be CHEAPER, cheap enough to compete with Chinese goods (whose quality, thanks to our profti-seeking US_based international corporations relocating manufacturing there)!
Pay attention to the U6 unemployment numbers, as these are the ones that more closely match how unemployment levels were during the great depression. We're not too far off NOW!
Mark Nagel | Oct 14, 2009 6:14 am | 0 replies | Request removal
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...
This is just unbelievable. People need to keep in mind that Boeing hasn't really attributed to this unemployment rate... YET.
I don't think i have ever heard of here in Sno-Co, when unemployment was this high, & Boeing IS NOT A major FACTOR!
Should Boeing really cut production to the bones, expect that 10.1% figure to jump as high as 15-20%, maybe more. Such an unemployment rate would trigger even more unemployment of the likes few have EVER witnessed.
With such odds looming... who wants to buy a house or spend their savings to create more jobs... when they might lose their jobs themselves? That attitude only attributes to even more unemployment. But what is one to do?
Now is the time to blame. I blame a run away real-estate market in conjunction with a runaway credit market. We all have to pay for their greed, & we're paying. I only hope we learn & set some standards to prevent this ponzi from happening again.
cme everett | Oct 14, 2009 1:13 am | 0 replies | Request removal
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