Rome burns

[redrumloa]

Employers cut 533K jobs in Nov., most in 34 years
http://news.yahoo.com/s/ap/20081205/ap_ ... l_meltdown

WASHINGTON – Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.

As companies throttled back hiring, the unemployment rate bolted from 6.5 percent in October to 6.7 percent last month, a 15-year high.

"These numbers are shocking," said economist Joel Naroff, president of Naroff Economics Advisors. "Companies are sharply reacting to the economy's problems and slashing costs. They are not trying to ride it out."

The unemployment rate would have moved even higher if not for the exodus of 422,000 people from the work force. Economists thought many of those people probably abandoned their job searches out of sheer frustration. In November 2007, the jobless rate was at 4.7 percent.

 

[ilwrath]

The unemployment rate would have moved even higher if not for the exodus of 422,000 people from the work force. Economists thought many of those people probably abandoned their job searches out of sheer frustration.

Or they're still looking for a job, but just ran out of their 6 months of unemployment benefits... This also doesn't cover people who found crappy/part time jobs while still looking for something to really support themselves with, too.

It's a mess out there. Especially in Detroit where it's only going to get worse... :/

Hell, I'm in one of those supposed "in demand" fields... I have been eyeing up the job market should my primary contract not be renewed... The field is bleak right now! Just... terrible.

 

[Speelgoedmannetje]

So you peeps let them die of hunger?

 

[ilwrath]

So you peeps let them die of hunger?

Naw... they have a wonderful array of charity soup kitchens and the like, where they can go to mingle with the mentally unstable people who were flushed out onto the streets from efforts by the city to close all the mental institutions starting back in the 90's.

Detroit's a fun place. :/

 

[FluffyMcDeath]

where they can go to mingle with the mentally unstable people who were flushed out onto the streets from efforts by the city to close all the mental institutions starting back in the 90's.

We did the same thing in BC. It was called something like "community care". Yup, you just close the institutions and magically the community will look after these people. Rubbish. It was a bald - move them off the books - move and gave a real boost to the drug and prostitution and car radio stealing economy.

 

[the_leander]

We had the same thing over here, called "care in the community", considered by just about everyone to have been the single biggest blunder in the medicine ever.

 

[minator]

We had the same thing over here, called "care in the community", considered by just about everyone to have been the single biggest blunder in the medicine ever.

The irony of it probably didn't save any money. Rather than being in proper hospitals getting care, the people were kicked out onto the street where they couldn't look after themselves. A lot of them just ended up in prison.

 

[faethor]

Employers cut 533K jobs in Nov., most in 34 years
http://news.yahoo.com/s/ap/20081205/ap_ ... l_meltdown

WASHINGTON – Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

This proves it! Conservatives are right people are lazy. The problem here is unemployment is too easy. If we cut the social programs people would get off their buts, get jobs, and get us out of the recession.

 

[the_leander]

We had the same thing over here, called "care in the community", considered by just about everyone to have been the single biggest blunder in the medicine ever.

The irony of it probably didn't save any money. Rather than being in proper hospitals getting care, the people were kicked out onto the street where they couldn't look after themselves. A lot of them just ended up in prison.

Or worse. :cry:

 

[FluffyMcDeath]

Holy moly, what a Fed rate. 0% anyone? I'd borrow at that, but it's not the rate for you and me.

The markets didn't seem too impressed (and I doubt that we can say that they are waiting for another cut, because where can the Fed really go from here?)..

But the currency markets really can't see much reason to hold dollars at such a rate. Todays DXY chart looks pretty precipitous.

 

[faethor]

And here is the problem... One can't cut below 0. Instead the Fed's next step is to print more money. Too much of that and we receive the 2nd Republican Depression.

 

[ilwrath]

And here is the problem... One can't cut below 0.

For sure... And one can't help but think that was just another way for the current administration to shit in the bed on their way out. Most ways to spur the economy are now completely exhausted.

Man, what a mess. We're in for it.