Head of the Atlanta Federal Reserve confirms Higher Unemployment Numbers

Real US unemployment rate at 16% by the head of the Atlanta Federal Reserve - As we await the local unemployment fiures which should come out today, I found the above story on Breitbart where the head of the Federal Reserve in Atlanta basically credits the U-6 unemployment number is correct.

Here is a quote on manufacturing from this article - Prior to the recession, he said, construction and manufacturing combined accounted for slightly more than 15 percent of employment. But during the recession, their job losses made up more than 40 percent of all US job losses. Here is a quote on Manufacturing from the same report -

"In my view, it is unlikely that we will see a return of jobs lost in certain sectors, such as manufacturing," he said.

As I have stated before. If we extrapolate this 16% actual National Unemployment Rate versus the reported 9.4% reported number and we carry that multiple out with our own reported 15.5% Hickory Metro Unemployment number, then we come up with am Unemployment rate of 26.38%.

The Head of the Federal Reserve (THE Decision Maker for Economic Activity in the Southeast) in Atlanta is telling us that 40% of all job losses came from the manufacturing sector. This should show our local officials and citizens that these jobs are not coming back and we are going to have to find something else to rebuild our economy on. It is time that our local leaders preach this from the pulpit to the masses, because I don't believe the Average Joe around here is wrapping their arms around this concept. We have to change our economy or we will always have these high unemployment numbers.

We have to build an economy, not based on desire, but based in reality. I believe in the long run that we are going to have to produce something in this country, but that will not come until this economy has completely bottomed out, which may be years with the lack of leadership we have seen throughout much of the country. What the Atlanta Head of the Fed is telling us, is that they aren't even worried about fighting for the manufacturing sector. They have thrown in the towel. We need to look towards what has been done in Texas. I truly believe that we will have to fix the economy, not in partnership with the government, but in spite it. Government is presenting obstacles, not solutions!!!

From the Charlotte Observer - Friday Afternoon 8/28/2009 - Jobless rates fall in most area counties
Catawba: 14.9 percent, down 0.6
This is good news, but how much of this is due to people's benefits running out. Also, a Jobless recovery is not a recovery. We are not in a recovery until businesses start hiring and unemployment gets significantly better, as in less than 10%.