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UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises

 
Chris Jusset
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User ID: 1202409
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02/16/2011 08:06 AM

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UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
From Zero Hedge:

Surging inflation? Check. Negative GDP growth? Check. Increasing unemployment? Check. Dropping wages? Check. Looks like we have a stagflation bingo. Per Bloomberg: "U.K. unemployment claims unexpectedly rose in January, underlining the fragility of the labor market a year after the economy emerged from recession and as public spending cuts start in earnest. The number of people receiving unemployment benefits rose 2,400 to 1.46 million, the Office for National Statistics in London said today. The median of 25 forecasts in a Bloomberg News survey was for a 3,000 drop. Unemployment based on International Labour Organization methods rose by 44,000 in the fourth quarter to 2.49 million."

[link to www.zerohedge.com]

--- UK employment fell by 68,000 to 29.1 million in the fourth quarter from the third;

--- Part-time work accounted for all of the increase in employment over the past year.

--- The ILO unemployment rate rose to 7.9 percent in the fourth quarter from 7.7 percent in the previous three months.

--- Consumer-price inflation quickened to a 26-month high of 4 percent in January, twice the central bank’s 2 percent target; retail-price inflation accelerated to 5.1 percent.

--- A third of the total unemployed had been out of work for more than 12 months, the figures showed. Joblessness among 16- 24-year-olds reached 965,000 in the fourth quarter, or 20.5 percent. Both measures were the highest since comparable records began in 1992.

[link to www.businessweek.com]
Chris Jusset (OP)

User ID: 1202409
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02/16/2011 08:16 AM

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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
--- A third of the total unemployed had been out of work for more than 12 months, the figures showed. Joblessness among 16- 24-year-olds reached 965,000 in the fourth quarter, or 20.5 percent. Both measures were the highest since comparable records began in 1992.
 Quoting: Chris Jusset


Excerpts from the Financial Times:

Unemployment among 16-to 24-year-olds in the UK has risen to a record high of 20.5%, prompting renewed concern that young people are bearing the brunt of weakness in the labour market. ... But the number of 16- to 24-year-olds without a job rose by 66,000 to 965,000, the highest since comparable records began in 1992. The total could exceed 1m in the next few months. The unemployment rate rose to a record 20.5 per cent of all those economically active in that age group, also a record. More than a quarter of these are full-time students looking for jobs.

----- Chris Grayling, employment minister, said he was “very concerned” about youth unemployment and that the coalition had inherited an “appalling situation” in which 600,000 young people had never had a job.

----- David Kern, chief economist at the British Chambers of Commerce, said: “The figures confirm that the economy is facing serious challenges over the months ahead, and we believe that UK unemployment will rise by a further 100,000 over the next year to around 2.6m.”

----- Graeme Leach, chief economist at the Institute of Directors, said: “Unemployment is up and employment is down. This really is the feel bad recovery.”

[link to www.ft.com]
Limpan

User ID: 1157816
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02/16/2011 08:19 AM

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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
England is not as good as the U.S. and to do magic with the numbers. U.S. has the same problem. But the Federal Reserve pumps money into the system and makes it look better then it is. Soon the facts will be known and then the depression will be a fact.

hiding
Anonymous Coward
User ID: 923740
Netherlands
02/16/2011 08:22 AM
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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
There isn't any recovery at all...just smoke and bullshit mirrors to keep the sheeple from panicking and transforming Piccadily Circus into a Tahir-circus....and then to think this whole "austerity" thing has yet to start...
Anonymous Coward
User ID: 923740
Netherlands
02/16/2011 08:25 AM
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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
England is not as good as the U.S. and to do magic with the numbers. U.S. has the same problem. But the Federal Reserve pumps money into the system and makes it look better then it is. Soon the facts will be known and then the depression will be a fact.

hiding
 Quoting: Limpan


It really becomes totally clear now, that evrything they tried has failed miserably....as guys like Roger, Faber and Schiff repeatedly said the last two years....this is going to be extremely ugly....
Chris Jusset (OP)

User ID: 1202409
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02/16/2011 08:28 AM

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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
England is not as good as the U.S. and to do magic with the numbers. U.S. has the same problem. But the Federal Reserve pumps money into the system and makes it look better then it is. Soon the facts will be known and then the depression will be a fact.

hiding
 Quoting: Limpan


You are spot on, Limpan. The UK lacks several cheating mechanisms that the USA has down to a science:

(1) The USA has perfected the art of deceptive presentation of data and statistics, especially employment and inflation data; for example, the actual US underemployment rate is over 20% (according to ShadowStats), but the "official" rate is only 9%; likewise, the "official" consumer price index (CPI) is a tiny fraction of the true inflation rate.

(2) The USA has Banana Ben Bernanke to pump out $100 Billion/month in free money;

(3) The USA has the greedy banksters on Wall Street to aid and abet the Fed's thievery and chicanery.
Anonymous Coward
User ID: 923740
Netherlands
02/16/2011 08:35 AM
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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
England is not as good as the U.S. and to do magic with the numbers. U.S. has the same problem. But the Federal Reserve pumps money into the system and makes it look better then it is. Soon the facts will be known and then the depression will be a fact.

hiding
 Quoting: Limpan


You are spot on, Limpan. The UK lacks several cheating mechanisms that the USA has down to a science:

(1) The USA has perfected the art of deceptive presentation of data and statistics, especially employment and inflation data; for example, the actual US underemployment rate is over 20% (according to ShadowStats), but the "official" rate is only 9%; likewise, the "official" consumer price index (CPI) is a tiny fraction of the true inflation rate.

(2) The USA has Banana Ben Bernanke to pump out $100 Billion/month in free money;

(3) The USA has the greedy banksters on Wall Street to aid and abet the Fed's thievery and chicanery.
 Quoting: Chris Jusset


They are just buying some time and making things worse by manipulating the data...that is the thing a lot of people forget, it's not just the manipulation in itself, but because the manipulation hides the problem there is no real need to adress them, thus things are getting even more out of hand....again, this is going to get extremely nasty....probably big scale war....
Chris Jusset (OP)

User ID: 1202409
United States
02/16/2011 08:35 AM

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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
England is not as good as the U.S. and to do magic with the numbers. U.S. has the same problem. But the Federal Reserve pumps money into the system and makes it look better then it is. Soon the facts will be known and then the depression will be a fact.

hiding
 Quoting: Limpan


It really becomes totally clear now, that evrything they tried has failed miserably....as guys like Roger, Faber and Schiff repeatedly said the last two years....this is going to be extremely ugly....
 Quoting: Anonymous Coward 923740


Yes, especially in the housing sector, where Bernanke's efforts to lower interest rates have BACKFIRED, as now mortgage interest rates are a full percentage point above the goal (October lows). As a result, the housing sector continues to tank.

For example, mortgage loan applications decreased 9.5% on a seasonally adjusted basis from one week earlier. The Refinance Index decreased 11.4 percent from the previous week and is the lowest Refinance Index recorded in the survey since the week ending July 3, 2009.

[link to www.zerohedge.com]
Chris Jusset (OP)

User ID: 1202409
United States
02/16/2011 08:37 AM

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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
England is not as good as the U.S. and to do magic with the numbers. U.S. has the same problem. But the Federal Reserve pumps money into the system and makes it look better then it is. Soon the facts will be known and then the depression will be a fact.

hiding
 Quoting: Limpan


You are spot on, Limpan. The UK lacks several cheating mechanisms that the USA has down to a science:

(1) The USA has perfected the art of deceptive presentation of data and statistics, especially employment and inflation data; for example, the actual US underemployment rate is over 20% (according to ShadowStats), but the "official" rate is only 9%; likewise, the "official" consumer price index (CPI) is a tiny fraction of the true inflation rate.

(2) The USA has Banana Ben Bernanke to pump out $100 Billion/month in free money;

(3) The USA has the greedy banksters on Wall Street to aid and abet the Fed's thievery and chicanery.
 Quoting: Chris Jusset


They are just buying some time and making things worse by manipulating the data...that is the thing a lot of people forget, it's not just the manipulation in itself, but because the manipulation hides the problem there is no real need to adress them, thus things are getting even more out of hand....again, this is going to get extremely nasty....probably big scale war....
 Quoting: Anonymous Coward 923740


It's pure manipulation and smoke & mirrors. The only US data that shows improvement is the stock market, and, for the first time in history, the stock market is openly manipulated by the Fed and its tag team ... manipulated to the tune of $10's of billions of dollars per week.
Limpan

User ID: 1157816
Sweden
02/16/2011 09:19 AM

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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
England is not as good as the U.S. and to do magic with the numbers. U.S. has the same problem. But the Federal Reserve pumps money into the system and makes it look better then it is. Soon the facts will be known and then the depression will be a fact.

hiding
 Quoting: Limpan


You are spot on, Limpan. The UK lacks several cheating mechanisms that the USA has down to a science:

(1) The USA has perfected the art of deceptive presentation of data and statistics, especially employment and inflation data; for example, the actual US underemployment rate is over 20% (according to ShadowStats), but the "official" rate is only 9%; likewise, the "official" consumer price index (CPI) is a tiny fraction of the true inflation rate.

(2) The USA has Banana Ben Bernanke to pump out $100 Billion/month in free money;

(3) The USA has the greedy banksters on Wall Street to aid and abet the Fed's thievery and chicanery.
 Quoting: Chris Jusset


They are just buying some time and making things worse by manipulating the data...that is the thing a lot of people forget, it's not just the manipulation in itself, but because the manipulation hides the problem there is no real need to adress them, thus things are getting even more out of hand....again, this is going to get extremely nasty....probably big scale war....
 Quoting: Anonymous Coward 923740


It's pure manipulation and smoke & mirrors. The only US data that shows improvement is the stock market, and, for the first time in history, the stock market is openly manipulated by the Fed and its tag team ... manipulated to the tune of $10's of billions of dollars per week.
 Quoting: Chris Jusset



In my country Sweden, we have really had a turnaround in the economy. Interest rates have begun to raise. Fastest pace in the world. But if U.S. and Europe fall, we will offcourse fall with them. But the U.S. have zerro interest and can not afford to raise it. they have painted themself into a corner. Unfortunately, because I love the U.S. and its people and hope they will have a better future. But things look black right now!
hf
Mr. Toppit

User ID: 1158998
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02/16/2011 09:56 AM

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Re: UK Stagflation Worsens, As Unemployment "Unexpectedly" Rises
He gave the corporations billions and then ordered them to spend it. Bernanke & Timmie agreed, all the economists quit. Media shills loved it.

Now go spend it and hire people at minimum wage or we'll be really mad see ... We must have a recovery. Like happy munchkins the fox cnn cnbc media starting singing the recovery is here tra la tra la

Obama even went over to the Chamber of Commerce and told them to cooperate
with the plan. So what is the problem? Government Motors maybe? taxxes, real estate forclosures national debt? They still didn't buy.

Look how they all love the top down economy Obama said. Its a wonderful life Obama said tra la tra la tra la

Both sides of the Atlantic Duh. UK and America. In the same sinking boat and our maximum leaders are insane.

What Rush said. Time to lay some Egypt on their parade.

$450 Billion a year for a war with no goals and no end in sight. 3.7 T budget

Who needs a Congress, Who needs the Psychotic-in-Chief or a PM.

The world really is changing.

News