Pumpmaster Posted April 3, 2009 Share Posted April 3, 2009 http://money.cnn.com/2009/04/03/news/econo...sion=2009040309 Quote Link to comment Share on other sites More sharing options...
Len_A Posted April 3, 2009 Share Posted April 3, 2009 We're screwed. Quote Link to comment Share on other sites More sharing options...
Maislebandit Posted April 3, 2009 Share Posted April 3, 2009 "To put the three-month loss in context, if no more jobs are lost over the next nine months, 2009 would still be the fourth worst year for job losses since the government started tracking the number of workers in 1939." This is a incredible stat and really puts things into perspective. With these kind of losses, the bottom surely cannot be far. This may be the only hope to be had. The whole nation is only just now feeling what Detroit has been experiencing for many years. Perhaps this may make people more aware of how our industry truly affects the country and economy. Hang in there fellas, this storm can't last forever. Quote Link to comment Share on other sites More sharing options...
fmccap Posted April 3, 2009 Share Posted April 3, 2009 Jobs Contract 15th Straight Month; Unemployment Rate Soars to 8.5% Grim Statistics The official unemployment rate is 8.5% and rising sharply. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6. It reflects how unemployment feels to the average Joe on the street. U-6 is 15.6%. Both U-6 and U-3 (the so called "official" unemployment number) are poised to rise further. Looking ahead, I expect the service sector to continue to weaken. Mall vacancy rates are rising and a huge contraction in commercial real estate is finally started. There is no driver for jobs and states in forced cutback mode are making matters far worse. Unemployment is a lagging indicator, it is likely to continue rising until sometime in 2010. Depression Level Statistics I consider these job losses to be depression level totals. Admittedly conditions are not as bad as the great depression, but this is certainly no ordinary recession by any economic measure including lending, housing, bank failures, jobs, the stock market, commodity prices, treasury yields etc. For more on this idea please see Humpty Dumpty On Inflation. Quote Link to comment Share on other sites More sharing options...
Furious1Auto Posted April 3, 2009 Share Posted April 3, 2009 "To put the three-month loss in context, if no more jobs are lost over the next nine months, 2009 would still be the fourth worst year for job losses since the government started tracking the number of workers in 1939." This is a incredible stat and really puts things into perspective. With these kind of losses, the bottom surely cannot be far. This may be the only hope to be had. The whole nation is only just now feeling what Detroit has been experiencing for many years. Perhaps this may make people more aware of how our industry truly affects the country and economy. Hang in there fellas, this storm can't last forever. I hope people wake up, and realize that the decisions they make contribute to the direction we go from here, good or bad! Quote Link to comment Share on other sites More sharing options...
dark270 Posted April 3, 2009 Share Posted April 3, 2009 "To put the three-month loss in context, if no more jobs are lost over the next nine months, 2009 would still be the fourth worst year for job losses since the government started tracking the number of workers in 1939." This is a incredible stat and really puts things into perspective. With these kind of losses, the bottom surely cannot be far. This may be the only hope to be had. The whole nation is only just now feeling what Detroit has been experiencing for many years. Perhaps this may make people more aware of how our industry truly affects the country and economy. Hang in there fellas, this storm can't last forever. think it is bad now? wait till GM goes bankrupt(officially), the bottom is still a ways off. Quote Link to comment Share on other sites More sharing options...
takeme back 2blue Posted April 3, 2009 Share Posted April 3, 2009 think it is bad now? wait till GM goes bankrupt(officially), the bottom is still a ways off. Don't wait too long! YOU BEST GET YOUR ASS DOWN TO ALABAMA! :shades: Quote Link to comment Share on other sites More sharing options...
dark270 Posted April 3, 2009 Share Posted April 3, 2009 Don't wait too long! YOU BEST GET YOUR ASS DOWN TO ALABAMA! :shades: nope, i'll go when and if i want too. Quote Link to comment Share on other sites More sharing options...
bleu Posted April 3, 2009 Share Posted April 3, 2009 Don't wait too long! YOU BEST GET YOUR ASS DOWN TO ALABAMA! :shades: Quote Link to comment Share on other sites More sharing options...
fomoconomo Posted April 3, 2009 Share Posted April 3, 2009 think it is bad now? wait till GM goes bankrupt(officially), the bottom is still a ways off. SADLY, I THINK WERE ALL GOING TO HAVE STORIES TO TELL OUR KIDS, AND GRANDKIDS, SIMILAR TO THE STORIES WE ALL HEARD ABOUT THE LAST (DEPRESSION) FROM OUR PARENTS AND GRANDPARENTS. Quote Link to comment Share on other sites More sharing options...
fmccap Posted April 4, 2009 Share Posted April 4, 2009 We're screwed. Did you see the revisions of those numbers?? 3/4 of a million in January. Time to Remove the "L" from "BLS" Sure enough there were more revisions. However, instead of revising the February data, the BLS revised the January data a second time as follows. The change in total nonfarm employment for January was revised from -655,000 to -741,000, while the change for February remained -651,000. Quote Link to comment Share on other sites More sharing options...
1000YARDSHOT Posted April 7, 2009 Share Posted April 7, 2009 SADLY, I THINK WERE ALL GOING TO HAVE STORIES TO TELL OUR KIDS, AND GRANDKIDS, SIMILAR TO THE STORIES WE ALL HEARD ABOUT THE LAST (DEPRESSION) FROM OUR PARENTS AND GRANDPARENTS. and that lil story we will tell will be a repeat of history. the bankers and the rich made off so well for the sake of the american worker. and the federal reserve will still answer to no one,........NEW WORLD ORDER,....and ur boy OBAMA is just a puppet in the game,.... :reading: Quote Link to comment Share on other sites More sharing options...
Footballfan Posted April 8, 2009 Share Posted April 8, 2009 Isn't globalization grand???? The only jobs that will be left will be in places that cannot be exported- restaurants, fast foods, retail. We are in a world of hurt. If this is a depression, which it is looking more like everyday, we can be assure of two things compared to the great depression: 1) people will not help out each other the way they did in the 1930s; 2) the wealth and income will NEVER come back because all of our job-generating infrastructure will be overseas. Maybe our kids are lucky- they will never have known how good it was here :titanic: Quote Link to comment Share on other sites More sharing options...
06StangAwesomecar Posted April 8, 2009 Share Posted April 8, 2009 (edited) Oh come on now, Obama said there is going to be 3million news jobs fixing roads, and look at all those new green jobs that are coming, we just all need to go college to get smarter, because from what Obama said the jobs that have gone where not good paying jobs anyway. The me-me generation will fix everything. Wait until Gm gets rid of its pension , then Chrysler, then Ford then every other company that has pension plans. All those people that said FU to the Big Three will be paying now I thank the who cares where its made people for this mess we are in. But now its affecting them boo-hoo. A old neighbor of mine got laid off, drives a Toyota, I said you need to pat yourself on the back, shake your own hand, dont want to support the USA or the domestics then what comes around goes around. He is one of the above. Edited April 8, 2009 by 06StangAwesomecar Quote Link to comment Share on other sites More sharing options...
chuck48187 Posted April 9, 2009 Share Posted April 9, 2009 Go live in Colorado where all the Green energy jobs will start.. haheheheh.. you can go out on bounty hunts too with the dog while your there. here is the deal, the gov needs to step in and do something to these CEO's in all these businesses, many companies are going under because of the people running them. Shareholder boars won't hold their CEO's accountable so they need to go also. Your problem lies with regulation and the lack of it for the past 20 years on wall street and in the board room. People don't want socialism well it's coming and don't cry when you get it, because it might be the best thing for this country along with a nationalized health care system. Quote Link to comment Share on other sites More sharing options...
fmccap Posted April 9, 2009 Share Posted April 9, 2009 "To put the three-month loss in context, if no more jobs are lost over the next nine months, 2009 would still be the fourth worst year for job losses since the government started tracking the number of workers in 1939." This is a incredible stat and really puts things into perspective. With these kind of losses, the bottom surely cannot be far. This may be the only hope to be had. The whole nation is only just now feeling what Detroit has been experiencing for many years. Perhaps this may make people more aware of how our industry truly affects the country and economy. Hang in there fellas, this storm can't last forever. What about the changes in numbers since 1939??? Close Look at the Accelerating Rate of Unemployment The above table shows that U-6 is accelerating faster than U-3. This is important because U-6 is a far better approximation of unemployment than U-3 (the "official" number).Note that U-6 is an artifact of the Clinton administration. It did not exist prior to 1994. To make the unemployment statistics look better, Clinton decided to ignore certain classes of workers such as those who want work but did not look in the last 4 weeks. Thus, It makes no sense to compare the reported unemployment of today to historical numbers. Using U-6 as our measure, unemployment easily exceeds the unemployment rate in the 70, 8o's and early Clinton years as well. Unemployment (U-6) is well on its way to 20%. These are depression conditions. For more on a comparison between unemployment today and that during the Great Depression, please see Census Hiring To Create 1.4 Million Jobs, and scroll down to the section called Depression Statistics. Quote Link to comment Share on other sites More sharing options...
Furious1Auto Posted April 9, 2009 Share Posted April 9, 2009 If this is a depression, which it is looking more like everyday, we can be assure of two things compared to the great depression: 1) people will not help out each other the way they did in the 1930s; 2) the wealth and income will NEVER come back because all of our job-generating infrastructure will be overseas. This is my greatest concern, the advantages we had in the last great depression are not here today. WWII pulled us out of it because of our manufacturing base, and the demand for equipment, arms, planes, tanks, textiles, ect. ect. ect. This demand allowed labor to negotiate favorably. Now we have little manufacturing base, and little bargaining leverage. I don't see any recovery without a change in the legislation that caused our loss of a manufacturing infrastructure. NAFTA has to be modified, or ended completely! "There already was "A giant sucking sound heading south" only people were to deaf to hear it! Do you think they'll listen now? Quote Link to comment Share on other sites More sharing options...
NoMoVisteon Posted April 9, 2009 Share Posted April 9, 2009 This is my greatest concern, the advantages we had in the last great depression are not here today. WWII pulled us out of it because of our manufacturing base, and the demand for equipment, arms, planes, tanks, textiles, ect. ect. ect. This demand allowed labor to negotiate favorably. Now we have little manufacturing base, and little bargaining leverage. I don't see any recovery without a change in the legislation that caused our loss of a manufacturing infrastructure. NAFTA has to be modified, or ended completely! "There already was "A giant sucking sound heading south" only people were to deaf to hear it! Do you think they'll listen now? To tell you the truth, Furious, and I believe I'm going out on a slowly breaking branch to say this: But no, very, VERY FEW are hearing, much less listening! And I also think that we are going to find out some way, some how, EXACTLY what you said, REALLY means. The ones that are living it up in ignorance ARE GOING TO BE IN FOR A VERY RUDE awakening. Very sad to say, but it is my opinion that it is coming. And if that makes me an asshole in the eyes of many of the ignorant, so be it. I can hear the noise now...... :titanic: :fan: :slap: :slug: :banmolest: :whipped: :beatdeadhorse: Quote Link to comment Share on other sites More sharing options...
Pumpmaster Posted April 9, 2009 Author Share Posted April 9, 2009 What about the changes in numbers since 1939???Close Look at the Accelerating Rate of Unemployment If we take into consideration people who are: 1) underemployed (working less than 40 hours, when they want 40), 2) have simply given up trying to find a job, and 3) people who lost, say, a $40K/year job, and took a $25K/year job, unemployment is much worse than "official" number. "When fascism comes to America, it will be wearing a cross wrapped in a flag."---Sinclair Lewis Quote Link to comment Share on other sites More sharing options...
Furious1Auto Posted April 9, 2009 Share Posted April 9, 2009 If we take into consideration people who are: 1) underemployed (working less than 40 hours, when they want 40), 2) have simply given up trying to find a job, and 3) people who lost, say, a $40K/year job, and took a $25K/year job, unemployment is much worse than "official" number. "When fascism comes to America, it will be wearing a cross wrapped in a flag."---Sinclair Lewis I truly believe that underemployment is a much worse problem in the USA, then unemployment. Quote Link to comment Share on other sites More sharing options...
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