Tuesday, May 31, 2011

ONE OUT OF EVERY FIVE




UNEMPLOYED IN WASHINGTON STATE




In what can only be described as a DISASTER the latest unemployment numbers have hit the Department of Employment Security and the Department of Revenue in Olympia like a sledge hammer. I talked to two Washington State economists who both told me that the latest numbers were “extremely depressing”. Speaking to me on the condition of anonymity one gentleman said this: “We have a major underlying economic problem in the state and I believe it has to do with housing. Housing construction has been the driving force for employment here in Washington for more than 20 years and now it is gone!”

If you look at these numbers I wish to explain: what is normally titled as the “unemployment rate” is actually the U3 number or the percentage of the workforce collecting unemployment benefits. The U6 number is the actual number of folks that are unemployed. Now there are morons in the media who want to say that the U6 number also includes the UNDER EMPLOYED. That is a load of male bovine excrement something I am very familiar with: I clean it out of barn every morning!

OK, let’s look at the numbers. They actually look better in April than in March. Unfortunately the reason they look better is the fact the 44,170 folks left the workforce because THEY COULD NOT FIND A JOB. Hard hit was King County where 18,220 left the workforce and in Snohomish County the number came in at 7,180! Based on my analysis it is youth from 16 to 25 years old, African-Americans, other minorities and WOMEN who are primarily the largest percentage of this group!

What is even worse is that so far this year 34,817 homes have been foreclosed on in this state. King County and Seattle have been hit hard with 1,077 foreclosures in April, alone. My sources are telling me that about 65,000 homes are currently in default in Washington. That means the housing industry is a mess and not likely to recover anytime soon.

On top of all of this is the fact the nationally durable goods orders dropped in April at the biggest rate since 1932. In Washington State we were dramatically affected because of airplane production deliveries at Boeing: major downslide.

What impact does all of this have on you? Read the leftwing newspapers and view and listen to the BS on KING, KIRO, and KOMO about the state’s budget based on the state’s revenue! YOU ARE GOING TO PAY FOR ALL OF THIS, FOLKS!




No comments:

Post a Comment