Unemployment numbers just released.

[StageLeft]

Link

Employers ax 533,000 jobs in Nov., most in 34 years; unemployment rate rises to 6.7 percent

The loss of 533,000 payroll jobs was much deeper than the 320,000 job cuts economists were forecasting.

Yikes.

 

[alchemize]

How about "brutal"?

 

[StageLeft]

Originally posted by: alchemize
How about "brutal"?

Murderous?

Stock market was already pessimistic and futures are down quite substantially, for a routing on wall street beginning in 30 min.

 

[Robor]

Rumor has it my employer will be contributing to the rise in the unemployment rate soon...

 

[Engineer]

Originally posted by: Robor
Rumor has it my employer will be contributing to the rise in the unemployment rate soon...

If one (or more) of the big 3 Detroit companies go under, I suspect mine will do the same.

 

[ebaycj]

Originally posted by: Robor
Rumor has it my employer will be contributing to the rise in the unemployment rate soon...

My last one already did. Out of 225ish they fired about 100-110ish at the end of October. They cut the remaining people's salaries by 7.5%, and cut all the perks around the office (free lunch fridays, massage lady, free blackberry + cell phone bill, free soda / gatorade / etc..)

Glad I'm looking at two different jobs now, each with at least a 10% raise over my previous salary.

 

[nergee]

..."The loss of 533,000 payroll jobs was much deeper than the 320,000 job cuts economists were forecasting.
The rise in the unemployment rate, however, wasn't as steep as the 6.8 percent rate they were expecting."...

Does anybody really believe that the real rate is only 6.7%? The Government would never lie to us, would it?
Next month will be worse......

 

[dullard]

Originally posted by: nergee
Does anybody really believe that the real rate is only 6.7%? The Government would never lie to us, would it?
Next month will be worse......

The government doesn't lie on issues like this. However, they often throw out one true number and bury a more important number. If you read to the last paragraph in some of the articles, you'll see that the underemployment rate reached an all time high of 12.5% (note this data wasn't historically measured, so the record only goes back 14 years). This number includes part time employees who want full time jobs but can't find them.

 

[BeauJangles]

Originally posted by: nergee
..."The loss of 533,000 payroll jobs was much deeper than the 320,000 job cuts economists were forecasting.
The rise in the unemployment rate, however, wasn't as steep as the 6.8 percent rate they were expecting."...

Does anybody really believe that the real rate is only 6.7%? The Government would never lie to us, would it?
Next month will be worse......

Actually, yeah. I'd say 6.7% sounds about right, but you have to remember that unemployment numbers only count those who are actively seeking a job. It doesn't count anybody who has given up.

 

[Thump553]

Also the loss in manufacturing jobs was 85,000, less than the 100,000 expected.

These figures, taken together, show how badly the service side of the economy is hurting now - and how many of us are on the service side.

Given the daily litany of large layoffs on the news every night, I was expecting even worse.

 

[Jaskalas]

Originally posted by: Thump553
Given the daily litany of large layoffs on the news every night, I was expecting even worse.

Wait until after the dead holiday season, when thousands of companies realize they didn't get that required holiday rush to save their business from bankruptcy. What are they going to do, grab a line of credit? I don?t think so.

 

[Genx87]

fugly

 

[boomerang]

Originally posted by: nergee
..."The loss of 533,000 payroll jobs was much deeper than the 320,000 job cuts economists were forecasting.
The rise in the unemployment rate, however, wasn't as steep as the 6.8 percent rate they were expecting."...

Does anybody really believe that the real rate is only 6.7%? The Government would never lie to us, would it?
Next month will be worse......

I've tried to search this out, but can't find it. I seem to remember that some time back, (could even be a decade or more ago) that the government changed the way they determined the unemployment rate. The crux of it was that once your benefits ran out, you were no longer counted. I'm pretty sure this was a federal thing and not a state thing.

I wish I could find the information, but it was a long time ago.

 

[boomerang]

Originally posted by: Jaskalas

Originally posted by: Thump553
Given the daily litany of large layoffs on the news every night, I was expecting even worse.

Wait until after the dead holiday season, when thousands of companies realize they didn't get that required holiday rush to save their business from bankruptcy. What are they going to do, grab a line of credit? I don?t think so.

Oh yeah, IMO these are going to be the good old days.

 

[nageov3t]

70 percent of the job loss was in the service sector, particularly in retailing, temporary work and hotel and restaurant employment... ?The service sector had been holding up relatively well into this downturn, but now the service sector is just imploding,? said Michael T. Darda, chief economist at the research firm MKM Partners. ?As goes the service sector, so goes the U.S. economy."

http://www.nytimes.com/2008/12...ss/economy/06jobs.html

 

[HendrixFan]

Originally posted by: boomerang

Originally posted by: nergee
..."The loss of 533,000 payroll jobs was much deeper than the 320,000 job cuts economists were forecasting.
The rise in the unemployment rate, however, wasn't as steep as the 6.8 percent rate they were expecting."...

Does anybody really believe that the real rate is only 6.7%? The Government would never lie to us, would it?
Next month will be worse......

I've tried to search this out, but can't find it. I seem to remember that some time back, (could even be a decade or more ago) that the government changed the way they determined the unemployment rate. The crux of it was that once your benefits ran out, you were no longer counted. I'm pretty sure this was a federal thing and not a state thing.

I wish I could find the information, but it was a long time ago.

That is true. As someone else mentioned above, it also doesn't include the underemployed. If you find part time work, you will no longer be unemployed, even though it isn't the employment you need/want.

 

[techs]

But, but, but....tax cuts!

 

[StageLeft]

Originally posted by: techs
But, but, but....tax cuts!

I thought the stimulus plan earlier this year was going to fix it

 

[nageov3t]

Originally posted by: Skoorb

Originally posted by: techs
But, but, but....tax cuts!

I thought the stimulus plan earlier this year was going to fix it

no, no... that's what the stimulus plan NEXT year is for

 

[BoberFett]

Originally posted by: Jaskalas

Originally posted by: Thump553
Given the daily litany of large layoffs on the news every night, I was expecting even worse.

Wait until after the dead holiday season, when thousands of companies realize they didn't get that required holiday rush to save their business from bankruptcy. What are they going to do, grab a line of credit? I don?t think so.

Impossible. We bailed out the banks. Everything will be coming up roses.

 

[nergee]

Ah yes, the U-6 number....12.5%. I see it was 8.4% last year at this time.....lovely....

Still waiting for the $700+ billion bailout plan of Paulson to kick in on the job front
(as if it was going to create a single job for J6P anyway)....

Hopefully Paulson will not ask for the second installment ($350 billion) of that plan.
It will waste resources that can be better utilized elsewhere.......

 

[Jaskalas]

Originally posted by: techs
But, but, but....tax cuts!

But, but, but... SPEND! What, that $5 trillion didn't work for Techs, you want another?

 

[Tab]

Employment Situation Summary

Both the number of unemployed persons (10.3 million) and the unemployment rate (6.7 percent) continued to increase in November. Since the start of the recession in December 2007, as recently announced by the National
Bureau of Economic Research, the number of unemployed persons increased by
2.7 million, and the unemployment rate rose by 1.7 percentage points. (See
table A-1.)

That's a damn lot of people...

In November, employment continued to decline in manufacturing (-85,000),
with widespread job losses occurring among the component industries. Manu-
facturing employment has declined by 604,000 since December.

Employment in construction fell by 82,000 in November, with losses oc-
curring throughout the industry. Since peaking in September 2006, con-
struction employment has decreased by 780,000.

Within professional and business services, the employment services
industry lost 101,000 jobs over the month, bringing total job losses
since December to 495,000.

Sucks to be those industries and whatever the the profressional and business services are...

Table A-4. Employment status of the civilian population 25 years and over by educational attainment

The employement rate for those with a Bachelor's degree is roughly ~2.5 % compared to someone with just a High School Degree is around 5.5%.

 

[Slew Foot]

Buried in Yahoo's article in this is that 450K were taken off the rolls as "unemployed but no longer seeking work", and thus not counted in the 6.7% rate.

 

[waingrau]

Impossible. We bailed out the banks. Everything will be coming up roses.

Wow - you sure are optimistic. I guess the whole notion of free-market economy should be utterly adandoned now that it has been disproven!