There are eight million more people with only part-time work who can’t find full-time work,” Lombardi points out. “It’s hard to feed a family on part-time work, hence it’s no surprise more people are turning to food stamps.
Past News ReleasesRSS
New York, NY (PRWEB) September 18, 2012
According to Michael Lombardi, lead contributor to Profit Confidential, the poor U.S. jobs report and new unemployment rate shouldn’t surprise Wall Street. While the numbers are lower than predicted, Lombardi reports that the true underemployment numbers are worse than what the reports are claiming, adding that the labor force participation rate has declined to only 63.5%—its lowest since September 1981.
“I’m sure politicians will focus on the new unemployment rate of 8.1%, because it’s a better number than the 8.3% unemployment rate number of July,” says Lombardi. “But people are not stupid. They know this is a statistical number that doesn’t take into account the 368,000 people who left the labor force in August.”
In the article “The Four Big Kickers in Today’s Pathetic Jobs Report…,” Lombardi notes that the jobs that have been created in America since the credit crisis are mainly in low-wage sectors, reporting that employment in food services and drinking places increased by 28,000 jobs in August, or over 29% of all jobs created during the month.
“There are eight million more people with only part-time work who can’t find full-time work,” Lombardi points out. “It’s hard to feed a family on part-time work, hence it’s no surprise more people are turning to food stamps.”
Lombardi notes that in August, there were 844,000 discouraged workers who are not counted in the unemployment rate, since they are no longer actively looking for work due to their belief that there are no jobs available.
“The underemployment rate, the important number economists like me look at, now stands at 14.7%,” says Lombardi. “That’s closer to the true unemployment rate.”
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 http://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, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six.