Folks who think the true unemployment rate is 8.2% are not readers. At least they are not reading the news.
22,000 folks applied for 877 jobs at the Hyundai plant in Montgomery, Alabama. I believe last week the entire nation added about 70,000 jobs (I doubt many of them were "new"). 22,000 applications for one manufacturing plant. That one data point (about 22,000 apps for 877 jobs) tells me the real unemployment rate is much greater than 8.2%.
"The private sector is doing just fine." Please. Tell that to 21,123 Hyundai applicants in Montgomery.
We were living in Montgomery, AL, when this Hyundai plant was going up. I believe we left just as the plant was being finished. It was a big deal then; it looks like it's become a much bigger deal.
By the way, there is a reason why the automobile industry seems to be a bright spot in this economy. I don't think I've heard anyone talk about it on CNBC, and I don't think I've read about it anywhere. I know if someone wrote what I'm thinking regarding the automobile industry and its bound back, I would have linked it. I alluded to it in a link to a WSJ story yesterday.
What bothers me, is why more people have not moved to other parts of N.D. than the oil patch. Unemployment is very low across the state, and workers are desperately needed. If things are that difficult, why don't more folks move?
ReplyDeleteExcellent point. The observation you have made speaks volumes about the US economy. As bad as the economy is, it is nothing like the "Great Depression." The "social safety net" takes care (minimally) of many older individuals, and many younger individuals are being sustained/helped by their parents.
DeleteBesides the emotional challenge of moving, it is also, for most, a huge financial risk to pick up and move. In fact, it is being said in the Bakken that the entire population of Idaho has indeed moved to the oil patch.