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11/20/08

Unemployment factoid du jour

In the USA we have October unemployment at 6.5% and rising, with today's jobless claims making further rises a lock. AP has "many economists" (who are never wrong of course) calling US unemployment at 7% by year's end and 8% by YE 2009.

In Venezuela we have October unemployment at 6.7% and dropping. Amazingly, incredibly, stunningly, the only English language newswire reporting yesterday's number was lefty Prensa Latina. No Bloomie, no Reuters, no AP, no AFP, no DJNW. It must have slipped their minds...........

Here's the PL note in full (short'n'sweet)

Caracas, Nov 19 (Prensa Latina) The unemployment rate in Venezuela ended October in 6,7 per cent, which means a 0.5 percent drop compared to equal period in 2007, the National Statistics Institute said.

A NSI report said that 122,015 Venezuelans found jobs from October 2007 to October 2008, increasing the number of workers from over 11.77 million (92.8 percent) to over 11.89 million (93.3 percent.)

This shows a clear trend of sustained growth in the number of people in employment in Venezuela, the text says, while noting that 55.9 percent of the people work in the formal sector.