Ga. unemployment ticks up again, but recession ending
Georgia’s unemployment rate rose to 10.3 percent in July, up two-tenths of a percentage point from the previous month, the state Labor Department reported Thursday.
“Although layoffs are moderating, nearly a half-million Georgians are officially unemployed,” said State Labor Commissioner Michael Thurmond. “These jobless workers could comprise a mythical unemployment line that stretches from Dalton to Atlanta, through Macon and down to Valdosta.”
The July jobless rate was up 4.1 percentage points from 6.2 percent in July 2008. Georgia’s jobless rate remained above the national rate of 9.4 percent for the 21st consecutive month, the Labor Department said.
July’s unemployment total was 493,748, an increase of 63.6 percent from July of 2008. Of that number, 163,839, or 33.2 percent, received state unemployment insurance benefits, while approximately 140,000 received federally funded extended benefits.
That’s a lot of people, and the real number of unemployed is probably considerably larger. That’s a lot of people scared, discouraged, perhaps afraid of losing their homes, worried about their kids and their futures. The sliver of good news is that we seem to be coming to the bottom, but it’s still the bottom of a very big hole.
I was also reading through some numbers compiled by Campbell Communications in a survey of real estate agents, and they give you a pretty good picture of why the real-estate market is so clogged.
Their survey found that 49 percent of the homes on the market are bank or investor foreclosures; another 14 percent are being offered at prices below what the seller owes. Only 36 percent are what are called “non-distressed properties.” Even among non-foreclosed homes, the vast majority — 69 percent — are on the market because the seller has no choice.
Officially, the recession has ended in several major nations, and that landmark is expected soon in the United States as well. Earlier this week, Abby Joseph Cohen, a senior investment strategist at Goldman Sachs, told Bloomberg that the U.S. recession is ending “right now.”
“The economy may grow by 3 percent in the next couple of quarters and expand by 1.5 percent to 2 percent next year, Cohen said. While consumer spending is likely to rise, it probably won’t increase as fast as at the end of prior periods when the U.S. was emerging from a recession, she said.”
And next week, the Obama administration is expected to announce lower deficit projections for the current fiscal year, from $1.84 trillion to a still massive $1.58 trillion.
As with so many economic numbers, that’s a little better, a little encouraging. But still very bad.
And probably even that little encouragement is lost on those out of a job.
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264 comments Add your comment
reality
August 20th, 2009
7:33 am
Every day the kenyan is in office, the economy gets worse.
reality
August 20th, 2009
7:34 am
http://www.youtube.com/watch?v=AYrlDlrLDSQ
reality
August 20th, 2009
7:42 am
Jay, a double digit unemployment rate is never a precursor to the end of a recession. Obviously no economics classes while you chased your journalism degree.
I Report/ Vast White Wing Conspirator (-: You Whine )-:
August 20th, 2009
7:42 am
Hopeandchange.duh
I Report/ Vast White Wing Conspirator (-: You Whine )-:
August 20th, 2009
7:44 am
Now let’s trash what’s left of the US economy by saddling it with a huge deficit producing health care “plan” and cap and trade monstrosity.
Don’t waste a good crisis.
Jay
August 20th, 2009
7:45 am
I generally try not to take issue with reality, but in this case, Reality is wrong.
A recession ends when growth resumes. You could have 20 percent unemployment and have a recession end. In fact, employment growth never occurs until well after a recession ends.
That’s reality, Reality.
Captain Underpants
August 20th, 2009
7:47 am
“And next week, the Obama administration is expected to announce lower deficit projections for the current fiscal year, from $1.84 trillion to a still massive $1.58 trillion.”
oh goodie…now we are playing the ole time honored tradition of the shell game.
I guess now we have enough to pay for OboboCare. Happy Days are here again.
mike
August 20th, 2009
7:48 am
Jay is right. Reality is wrong. Pretty basic economics.
Dave R.
August 20th, 2009
7:51 am
Geez, Jay, are you THAT desperate for some sunshine news regarding Hope & Change’s economic fumbling?
“The economy MAY grow by 3 percent in the next couple of quarters and expand by 1.5 percent to 2 percent next year, Cohen said. While consumer spending is LIKELY to rise, it PROBABLY won’t increase as fast as at the end of prior periods when the U.S. was emerging from a recession, she said.”
But the recession is ending “right now”.
Could she (and you) have used any more qualifiers to proclaim something as a fact, when it is still merely speculation on your part?
Redneck Convert (R--and proud of it)
August 20th, 2009
7:54 am
Well, I was awful happy to read last night about the lawbreaker @@ getting a ticket for going 82 mph. It’s good for Law and Order. If she pokes along like that we’re going to see alot of accidents on account of people running over her on I-285. No wonder so many people are getting kilt on the innerstates.
People asked for this joblessness when they voted for this Obama for President. If they’d of elected McCain, we could of went into a depression and maybe had 40 million unemployed and would of been done with it quick. But no, they had to go the slow route and put us deep in debt. Anyhow, the only ones without a job are the bums and the people that don’t want to flip hamburgers and sweep floors and stuff like that. There’s plenty of jobs out there if people would just get rid of their houses and learn to use Hamburger Helper without the meat and how to live on the minimum wage.
That’s the problem these days. Everybody wants to be in the middle class. Well, I got news for them. You can’t have a middle class if there ain’t a lower class. Alot of people have to learn to settle for being in the lower class. That’s how us Republicans and Conservatives see it, but too many people got to be all uppity. Now they can see what that gets you.
Have a good day everybody.
Eric
August 20th, 2009
7:54 am
Yes, those of us without full-time work see these times as quite bleak. Part of the blame might also be assigned to various companies themselves, which often required ridiculous levels of credentials, skills and mind-boggling, lengthy computer applications. Really now, who has everything asked for in a job description these days? Employers are fortunate they can be so picky (and unfairly) from the labor pool.
Doggone/GA
August 20th, 2009
7:55 am
“Every day the kenyan is in office, the economy gets worse”
Since Kenya ALWAYS has a Kenyan in office, does that mean the economy will NEVER get better?
sheehan baby
August 20th, 2009
7:55 am
“That’s reality, Reality.”
No, that is the democratic party’s reality. Not mine or anyone else’s.
Eric
August 20th, 2009
7:58 am
Why are my comments awaiting moderation? Who is modifying what I write, and thus, undermining my freedom of speech?
Doggone/GA
August 20th, 2009
7:58 am
“Could she (and you) have used any more qualifiers to proclaim something as a fact, when it is still merely speculation on your part?”
Still searching for that elusive “certainty” I see.
Joey
August 20th, 2009
7:59 am
It seems that Jay is as premature in labeling the and end of this recession now, as he was in labeling the beginning of the recession. Was it more than a year ago? What could be the cause of that desire?
reality
August 20th, 2009
8:01 am
“A recession ends when growth resumes. You could have 20 percent unemployment and have a recession end. In fact, employment growth never occurs until well after a recession ends.’
Most of those jobs are gone permanently. And there are thousands of jobs that are sucking funds out of the treasury with tarp and stimulus. Actual employment in this country is around 20% when you factor that in. C’mon Jay. Are you a Georgia graduate!?!?
reality
August 20th, 2009
8:05 am
http://online.wsj.com/article/SB125072573848144647.html
Doggone/GA
August 20th, 2009
8:06 am
“and thus, undermining my freedom of speech”
There is no freedom of speech on a private blog or forum. It’s all up to the owner.
Gale
August 20th, 2009
8:06 am
“A recession ends when growth resumes.” Rather like the stock market resetting after a period of “exhuberant growth” isn’t it? Our worth is diminished, but things are moving in the right direction… soon.
reality
August 20th, 2009
8:08 am
I thought the kenyan was going to pull us out of Iraq?
http://www.timesonline.co.uk/tol/news/world/iraq/article6802698.ece
Captain Underpants
August 20th, 2009
8:09 am
This will be a jobless recovery. Those out of work will probably be so for quite sometime and when if they find work the salary will be much lower.
Good news…Credit card relief starts today. Remember to read the fine print and between the lines. All is not as well as Obobo wants us to beleive.
Then again if one doesnt abuse credit cards then credit card reform is much ado about nothing. Just more glad-handing, behind kissing politics.
huh?
August 20th, 2009
8:10 am
“There is no freedom of speech on a private blog or forum. It’s all up to the owner.”
Who is a lib and only censors conservative comments. Libs can only debate when they control the debate itself. Enjoy your new-found socialism.
Mrs. Godzilla
August 20th, 2009
8:12 am
I don’t know ’bout y’all but we’ve been busy as heck!
So, short of time, let me post what I predict will be the general flavor
of the right wing comments to follow:
“nope, nope, nope, no, no way, never, no, negative, never happen, liar,
idiot, moron, no, muslim, no, nope, nuh-uh, slur, hell no, absolutely not, commie, by no means, socialist, no, no, negative, pinko libs, never, nix, nope, no way, not at all, not by any means”
That about covers it,
Thanks President Obama and hardworking members of the admisinistration
for preventing the Bush Depression!
Peadawg
August 20th, 2009
8:14 am
Mrs. Godzilla, you had a typo
Thanks President Obama and hardworking members of the administration for adding to the Bush Depression!
There, I fixed it for you. No thanks needed. Have a great Thursday.
dish
August 20th, 2009
8:14 am
Wow. The libs are going after US money in Switzerland. Hope they tipped off George Soros.
http://www.ft.com/cms/s/0/35879d72-8cd5-11de-a540-00144feabdc0.html
Mrs. Godzilla
August 20th, 2009
8:14 am
administration….. administration
Gale
August 20th, 2009
8:14 am
Heard this morning: Credit card debt has been reduced across the country as people pay down their cards. At the same time, people seem to be using credit cards for “essentials” such as gas and groceries. I don’t see the latter point as a problem. It is more of a money management issue as long as the cardholder doesn’t exceed his ability to pay. I think what we are seeing is a lot of people who have learned lessons about debt. The economy will not return to what it was before the downturn.
Doggone/GA
August 20th, 2009
8:15 am
“Who is a lib and only censors conservative comments. Libs can only debate when they control the debate itself. Enjoy your new-found socialism”
Which, OF COURSE, explains why even *I* have had posts get moderated. But please, don’t let reality get in the way of a good lie.
Bud Wiser
August 20th, 2009
8:15 am
Timing is everything, and as usual, the left is out of sync.
The recession is supposed to be ending this time next year, Jay, just as midterm elections start to really swing into play.
Don’t be so eager to leap out of the gloom and doom; that’s your crowd’s staple at dinner time anyway, isn’t it? Add a little ketchup, and there you have a fully balanced meal with all of the major food groups.
getalife
August 20th, 2009
8:16 am
The jobs are in China and India.
Get packin.
mary jo kopechne
August 20th, 2009
8:17 am
Looks like the death of the health care bill might hasten the death of the swimmer. Pity!
http://apnews.myway.com/article/20090820/D9A6IDR00.html
Mrs. Godzilla
August 20th, 2009
8:18 am
PeaDawg
Thanks for recognizing the Bush Depression…you’re half way into the light.
NRB
August 20th, 2009
8:19 am
I have to give it to Jay on this one. The economy IS improving…if not slowly. But it will still take time.
Just remember that the economy is improving IN SPITE of the useless,shiftless, worthless government. Not because of it. They still tossed billions of stolen taxpayer money down a blackhole.
And Jay regarding my McVeigh was framed comment yesterday ( I didn’t have time to reply)….what I meant was that he did not act alone. In that aspect, yes he was framed.
Gotta go work more to pay more taxes so that dumb liberals can pull more “rights” out of their butt that I have to pay for.
Peadawg
August 20th, 2009
8:20 am
And the other half is recognizing that Obama is adding to it…not fixing it.
ByteMe
August 20th, 2009
8:20 am
Yes, we’re leaving this part of the recession and will likely see a quarter or two of growth.
No, it’s likely not the end of “The Great Recession”. If you look at the GDP numbers, you’ll see that government spending is a large component of the uptick and that’s just not sustainable politically or economically. Inventories are coming down, which is good, but once they get replenished, will there be enough buyers? 69% of homes on the market are bank-owned or being offered below value, which will take some more money off the table. In Florida already HALF of all real estate is worth less than the mortgage on the property and the number I’ve seen is that half of ALL homes will be below water within 18 months. Either banks are going to end up with a LOT more properties on their hands (likely another 1,000,000 of them, based on latest projections) OR people are going to have to make up the difference when they sell their home (taking more money out of the economy) OR people are going to sit on their homes for a few more years. Either way, it’s not a recipe for asset growth or inflation, so any GDP gains are likely going to come and go as we bump along bottom for a few years.
Resume your talking points snarking now.
mike
August 20th, 2009
8:20 am
sheehan –
“No, that is the democratic party’s reality. Not mine or anyone else’s.”
Actually it is reality. There is one technical definition of a recession and it applied to all of us.
no cash for clunkers
August 20th, 2009
8:20 am
More cash for clunkers night mares! And these people want to take care of our health?
http://www.breitbart.com/article.php?id=D9A63RC81&show_article=1
Doggone/GA
August 20th, 2009
8:21 am
“The economy IS improving…if not slowly. But it will still take time.”
I think you mean “if ONLY slowly” – wouldn’t “not slowly” mean FAST?
mike
August 20th, 2009
8:23 am
Doggone –
” wouldn’t “not slowly” mean FAST?”
Nope. “Slowly” means less rapid than normal. “Fast” means more rapid than normal. “Not slowly” could mean normal or fast.
NRB
August 20th, 2009
8:25 am
I think you mean “if ONLY slowly” – wouldn’t “not slowly” mean FAST?
————————–
Yes, that’s what I get for multi-tasking…before drinking coffee..
I wonder if Oblami is going to have the brass ones to actually try and take credit for a recovery that he and the rest of the cronies in government had absolutely zero hand in improving. Like I have to ask.
I think a good question, especially at this point, is “did we really need the so called bailout, and can we get our money back”
NRB
August 20th, 2009
8:27 am
I’m not awake yet. So you’re both right. Let’s not turn this into an 80 post grammar lesson.
Taxpayer
August 20th, 2009
8:32 am
I was thinking about buying a few cheap houses myself until I looked at some of the junk that’s on the market right now. That stuff is way over-priced given the poor construction and obviously ignored maintenance. Whatever happened to standards and taking pride in one’s workmanship. If I have to tear it down and start over, I’m better off just looking for a deal on some land. And, don’t even get me started on some those materials. Anyway, house prices will continue to drop and more people will get the pink slips from their employers so I’ll wait for better deals before I look to pick up something to flip.
USinUK
August 20th, 2009
8:33 am
“The recession is supposed to be ending this time next year, Jay, just as midterm elections start to really swing into play.”
um. nope. the recession is ending as we speak – the 2nd half of the year is expected to be in growth.
reality
August 20th, 2009
8:34 am
“Resume your talking points snarking now.’
Hell, I agree. You want to really look at something scary look at what the deficit vs. gdp does in 10 years.
Davo
August 20th, 2009
8:36 am
“The sliver of good news is that we seem to be coming to the bottom, but it’s still the bottom of a very big hole. ”
Obama wants you to envision a new, better bottom. Because of his inability to let failing institutions fail, and his utter contempt for all things capitalistic and free-market, we’re going to see (at best) stagnation for years to come. Add to that the stone yolk that will be Obamacare and we set the stage for long term decline as a nation.
Don’t believe Bookman, or that fool Krugman. Wait til after this xmas season and the fallout from the commercial crash…then tell me the recession is ending.
reality
August 20th, 2009
8:37 am
Somebody might want to tell the CBO to change their projections.
http://www.cbo.gov/ftpdocs/70xx/doc7027/01-26-BudgetOutlook.pdf
Cherokee
August 20th, 2009
8:38 am
Sorry, NRB, but economists pretty well agree that the stimulus package prevented things from getting much worse. And now we’re beginning to see growth.
I know that folks like you will not in any circumstance give Obama credit. But it’s the truth, nonetheless.
joe matarotz
August 20th, 2009
8:41 am
The recession will end eventually, in spite of governement intervention, not because of it. After the Great Depression, the federal government learned lessons and put legislation in place to prevent it from happening again. Thanks to Messrs. Gramm, Leach, and Bliley, Congress, and President Clinton, the biggest piece of that legislation was undone, and the results were terrible. IF we learn from this, the pain and suffering will not have been in vain. Unfortunately, our government has not shown any sign that they have learned anything.
Dave R.
August 20th, 2009
8:42 am
Well, I guess it’s unanimous, with USinUK declaring the recession being over.
Of course, with less than $75 billion of the “stimulus” money having been spent (on temporary jobs no less), we really can’t claim that Hope & Change’s policies are the reason behind this alleged recovery, now can we?
Not saying the delusional out there won’t, however.