I have no love for the drug companies but they are a bellweather.
10-22-2008 Merck to cut 7,200 jobs
TRENTON, N.J. ? Drugmaker Merck & Co. said Wednesday it will slash 7,200 jobs as part of a new restructuring program that comes as its third-quarter profit plunged 28 percent, due to a hefty restructuring charge and flat sales.
10-22-2008 Merck to cut 7,200 jobs
TRENTON, N.J. ? Drugmaker Merck & Co. said Wednesday it will slash 7,200 jobs as part of a new restructuring program that comes as its third-quarter profit plunged 28 percent, due to a hefty restructuring charge and flat sales.
Quarter of a million jobs gone
6.5% unemplyment (I'm sure it's higher)
but up until a month ago Bush, McCain, Hannit, Rush and the resident Republicans declared the economy strong.
Of course this is all the Democrats fault:
11-7-2008 Jobless rate bolts to 14-year high of 6.5 percent
The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.
Unemployment has now surpassed the high seen after the last recession in 2001.
The jobless rate peaked at 6.3 percent in June 2003.
Factories cut 90,000 jobs, the most since July 2003. Construction companies got rid of 49,000 jobs with heavy losses in home building. Retailers cut payrolls by 38,000. Professional and business services reduced employment by 45,000. Financial activities cut 24,000 jobs, with heavy losses in mortgage banking and at securities firms. Leisure and hospitality axed 16,000 positions.
October's decline marked the 10th straight month of payroll reductions
So far this year, a staggering 1.2 million jobs have disappeared. Over half of the decrease occurred in the past three months alone.
Many expect the jobless rate to climb to 8 percent, possibly higher, next year. In the 1980-1982 recession, the unemployment rate rose as high as 10.8 percent before inching down.
As U.S. consumers watch jobs disappear, they'll probably retrench even further, spelling more trouble for the sinking economy.
That's why analysts predict the economy is still shrinking in the current October-December quarter and will contract further in the first quarter of next year. All that more than fulfills a classic definition of a recession: two straight quarters of contracting economic activity.
6.5% unemplyment (I'm sure it's higher)
but up until a month ago Bush, McCain, Hannit, Rush and the resident Republicans declared the economy strong.
Of course this is all the Democrats fault:
11-7-2008 Jobless rate bolts to 14-year high of 6.5 percent
The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.
Unemployment has now surpassed the high seen after the last recession in 2001.
The jobless rate peaked at 6.3 percent in June 2003.
Factories cut 90,000 jobs, the most since July 2003. Construction companies got rid of 49,000 jobs with heavy losses in home building. Retailers cut payrolls by 38,000. Professional and business services reduced employment by 45,000. Financial activities cut 24,000 jobs, with heavy losses in mortgage banking and at securities firms. Leisure and hospitality axed 16,000 positions.
October's decline marked the 10th straight month of payroll reductions
So far this year, a staggering 1.2 million jobs have disappeared. Over half of the decrease occurred in the past three months alone.
Many expect the jobless rate to climb to 8 percent, possibly higher, next year. In the 1980-1982 recession, the unemployment rate rose as high as 10.8 percent before inching down.
As U.S. consumers watch jobs disappear, they'll probably retrench even further, spelling more trouble for the sinking economy.
That's why analysts predict the economy is still shrinking in the current October-December quarter and will contract further in the first quarter of next year. All that more than fulfills a classic definition of a recession: two straight quarters of contracting economic activity.
WhipperSnapper
Lifer
- Oct 30, 2004
- 11,442
- 32
- 91
Presumably, that 1.2 million number doesn't include the amount jobs needed to keep up with our nation's population explosion (to maintain the same percentage of working-aged people who are working). If we need about 150,000 new jobs each month, then we need 1.8 million new jobs each year just to keep pace. (Our nation's population is, presumably, growing at a rate of over 3 million people per year since the average yearly rate between 1990-2000 according to census data was about 3.27 million/year.)
So, in terms of how many jobs were lost relative to maintaining the same percentage of working aged people who are employed, it looks like the jobs death toll for the year could be over 3 million.
Of course, this number doesn't tell us about how many good jobs were lost and replaced by new lesser jobs, a loss in job quality that doesn't show up in the "jobs lost" stat.
So, in terms of how many jobs were lost relative to maintaining the same percentage of working aged people who are employed, it looks like the jobs death toll for the year could be over 3 million.
Of course, this number doesn't tell us about how many good jobs were lost and replaced by new lesser jobs, a loss in job quality that doesn't show up in the "jobs lost" stat.
I fully expect once Obama's administration tally's the numbers they will be real once again.
Good bye to the the Republican lies
Bloodbath continues
DHL shuts most of U.S. operations, 9,500 jobs cut
Circuit City file for Bankruptcy protection.
DHL shuts most of U.S. operations, 9,500 jobs cut
Circuit City file for Bankruptcy protection.
The actually unemployment rate is apprximate 2X the published figure. Those that find new jobs are getting less $ and fewer if any benefits . Things are getting worse fast . It won't be forever . Hey you folks like UAW workers live in a fantasy world and the dream is over, so deal with real world like the rest of us .
WhipperSnapper
Lifer
- Oct 30, 2004
- 11,442
- 32
- 91
Speaking for myself (not that you've levied that accusation against me), I like to post the numbers and the numbers of jobs that were not created to keep up with population growth in the hopes that my fellow American readers will take our nation's economic problems more seriously, especially the two-headed problems of Global Labor Arbitrage and the Global (and Local) Malthusian Crisis.
I don't take any pleasure in the bad news at all and find it rather terrifying since a second Great Depression in an age with a more violent and restless populace could tear the country apart. I do hope that smug Americans who feel comfortable and secure in their white collar jobs, especially the free market dogmatists, start to recognize the hollowing-out that's been happening to the nation's economy for the past couple of decades. All of our economic problems seem to be converging into a point of disaster.
An economic collapse seems inevitable, but will Americans recognize the nation's problems and be willing to fix them even if it means adopting politically incorrect policies that aren't touchy-feely?
Originally posted by: Engineer
Dave, where are you seeing the "7%" rate that you have in your subtitle? I don't see it?
Also, USPS letting 40,000 people go.
I simply added up the 300,000 new jobs lost
.5% is stingy, it's probably closer to a full percent.
Need the new adminstration in there to tally the real numbers.
Engineer
Elite Member
- Oct 9, 1999
- 39,230
- 701
- 126
That could get really scary. Not only for GM/Chrysler, but the supplier base may go belly up with them. Millions of people could go on layoff pretty damn quick.
It was interesting to note that CNBC stated that the government would lose 48 billion dollars per year if the big three were to fail (cease to exist). Not sure what that number means, just a FYI.
- Oct 30, 2000
- 42,589
- 5
- 0
I could see that number being in taxes and the cost of unemploment benifits.
Who would be responsible for the retiree benifits?
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
Originally posted by: Engineer
Dave, where are you seeing the "7%" rate that you have in your subtitle? I don't see it?
Also, USPS letting 40,000 people go.
Same place he saw $7 milk.
GM laying off 3500 additional white collar jobs
http://www.freep.com/article/2...11/BUSINESS01/81111099
http://www.freep.com/article/2...11/BUSINESS01/81111099
There are so many layoffs going on everywhere it;s hard to keep up.
But don't forget "The economy is strong".
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