October U.S. Job Numbers Worse Than Expected…Underemployment in America now at 16.2%, According to Financial e-Letter Profit Confidential
Profit Confidential, the popular stock market and economic e-letter, says that the October U.S. job numbers were worse than expected and that the underemployment rate in the U.S. is at 16.2%.
- Bellingham, WA (1888PressRelease) November 16, 2011 - According to Profit Confidential, "Last month's job numbers disappointed again. But it's worse than what the job numbers tell us. The U.S. Labor Department says only 80,000 jobs were created in October, bringing the unemployment rate in the U.S. to nine percent. But we need to look at the underemployment rate, not the unemployment rate, to get a real picture of what is happening in America."
Profit Confidential says that the underemployment rate includes people who can only get part-time work and who want full-time work and people who have given up looking for work. When we include these statistics in the job numbers, the real unemployment rate, the underemployment rate as it is referred to, is 16.2%. To get sustainable economic growth, the U.S. needs to create between 150,000 and 200,000 jobs a month-job numbers we are nowhere near securing.
According to Michael Lombardi, lead contributor to Profit Confidential, when he looks at last month's job numbers, what he finds startling-and what he sees few in the media talking about-are the 22,000 jobs cut by state, city and local governments in October. He's been writing in PROFIT CONFIDENTIAL about "state and local governments needing to balance, or get close to balancing, their 2012 budgets. They are doing it by cutting payroll costs, which ultimately means that services to citizens are either delayed or cut back. The cuts to government jobs at the state and local levels are in their infancy."
Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it "begged" its readers to get out of the housing market...before it plunged.
Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.
To see the full article and to learn more about Profit Confidential, visit www.profitconfidential.com.
Profit Confidential is Lombardi Publishing Corporation's free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com.
Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi's current predictions for the U.S. economy, the stock market, the U.S. dollar, the euro, interest rates, and inflation. To see the video, visit www.profitconfidential.com/critical-warning-number-six.
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