Job losses to get even worse - Mercedes-Benz Forum

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post #1 of 28 (permalink) Old 03-06-2009, 10:49 PM Thread Starter
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Job losses to get even worse

This does not look encouraging.

Job losses could get even worse - Eye on the Economy- msnbc.com
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post #2 of 28 (permalink) Old 03-06-2009, 10:57 PM
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Obama's fault, for sure.

fuck, NO!!

But it looks scary.

Expect riots when people can't feed themselves and their families.

Last edited by maine_coon; 03-06-2009 at 11:01 PM.
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post #3 of 28 (permalink) Old 03-06-2009, 11:19 PM
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I don't think it will take til 2010 to get to 10%. The base is dropping and the monthlies are going up every month. 7.5% to 8.1% in just one month is staggering. We have lost 2.6 MILLION jobs in the past FOUR MONTHS. Q4 numbers have been miserable across the board.

We have increased the number of unemployed by over 5 million in the past year. Hell, here's the report.


Technical information:
Household data: (202) 691-6378 USDL 09-0224
Current Population Survey(CPS)

Establishment data: (202) 691-6555
Transmission of material in this release

Employment, Hours, and Earnings from the Current Employment Statistics survey (National) Home Page is embargoed until 8:30 A.M. (EST),
Media contact: (202) 691-5902 Friday, March 6, 2009.


THE EMPLOYMENT SITUATION: FEBRUARY 2009

Nonfarm payroll employment continued to fall sharply in February (-651,000),
and the unemployment rate rose from 7.6 to 8.1 percent, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. Payroll employ-
ment has declined by 2.6 million in the past 4 months. In February, job
losses were large and widespread across nearly all major industry sectors.

Unemployment (Household Survey Data)

The number of unemployed persons increased by 851,000 to 12.5 million in February, and the unemployment rate rose to 8.1 percent. Over the past 12 months, the number of unemployed persons has increased by about 5.0 million, and the unemployment rate has risen by 3.3 percentage points. (See table A-1.)

The unemployment rate continued to trend upward in February for adult
men (8.1 percent), adult women (6.7 percent), whites (7.3 percent), blacks
(13.4 percent), and Hispanics (10.9 percent). The jobless rate for teen-
agers was little changed at 21.6 percent. The unemployment rate for Asians
was 6.9 percent in February, not seasonally adjusted. (See tables A-1, A-2,
and A-3.)

Among the unemployed, the number of job losers and persons who completed temporary jobs increased by 716,000 to 7.7 million in February. This measure has grown by 3.8 million in the last 12 months. (See table A-8.)

The number of long-term unemployed (those jobless for 27 weeks or more)
increased by 270,000 to 2.9 million in February. Over the past 12 months,
the number of long-term unemployed was up by 1.6 million.

<tables in the BLS LINK>

Employment Situation Summary

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post #4 of 28 (permalink) Old 03-06-2009, 11:34 PM
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The Obama team is now pissing in the bonfire.
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post #5 of 28 (permalink) Old 03-06-2009, 11:47 PM
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The Obama team is now pissing in the bonfire.
I'm sure that makes sense in your head. There is a PEBKAC issue however.

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post #6 of 28 (permalink) Old 03-06-2009, 11:50 PM
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Tell me Bear,
what does the Obama team have to say to someone who has just been laid off ?
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post #7 of 28 (permalink) Old 03-07-2009, 12:07 AM
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Tell me Bear,
what does the Obama team have to say to someone who has just been laid off ?
That there are systems in place to provide a temporary cushion while the person is able to regain their bearings and start looking for work. That cushion might be UI benefits, it might be job training if their entire skill set has evaporated or it might be a combo.

In a recession this deep, with this many people already unemployed there is not a lot of smiley happy optimism that can be said other than that. Because we have no manufacturing base, and so many jobs have been shipped offshore there are millions of people in search of jobs that flat just don't exist.

So if I were on that team and was asked that question I would provide a very blunt, honest assessment that you take your unemployment benefits that are provided by law and grab the first job you can find, whether you like it or not. Until times improve there is not an option to be picky.

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post #8 of 28 (permalink) Old 03-07-2009, 12:09 AM
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Now ask me how to start solving the real unemployment problem, since THAT is the real issue.

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post #9 of 28 (permalink) Old 03-07-2009, 01:42 AM
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That there are systems in place to provide a temporary cushion while the person is able to regain their bearings and start looking for work. That cushion might be UI benefits, it might be job training if their entire skill set has evaporated or it might be a combo.
The administration has brought nothing new here.

Quote:
In a recession this deep, with this many people already unemployed there is not a lot of smiley happy optimism that can be said other than that. Because we have no manufacturing base, and so many jobs have been shipped offshore there are millions of people in search of jobs that flat just don't exist.

So if I were on that team and was asked that question I would provide a very blunt, honest assessment that you take your unemployment benefits that are provided by law and grab the first job you can find, whether you like it or not. Until times improve there is not an option to be picky.
What ideas have the new administration brought forth and put into place which could have prevented some of the layoffs ?

NONE is the answer.

We are beyond cutting jobs due to offshoring and obsolete skill sets now.
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post #10 of 28 (permalink) Old 03-07-2009, 05:58 AM Thread Starter
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The administration has brought nothing new here.



What ideas have the new administration brought forth and put into place which could have prevented some of the layoffs ?

NONE is the answer.

We are beyond cutting jobs due to offshoring and obsolete skill sets now.
None of these problems can be solved overnight. It will take years. What Obama is doing now is mostly putting out fires to keep things from utter collapse. You may not like what he is doing, but this is no ordinary recession. It is more like a collapse of the world economy, whose full extent we do not know yet. And the biggest reason is selling of toxic ARM mortgage packages as prime investments to foreign investors by Wall Street. The amount of money lost is so staggering that nobody wants to reveal what it really is to keep people from panicking. That's my take on it.
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