November job losses steepest since 1974

November job losses steepest since 1974

biz.yahoo.com

Employers axed payrolls by a shocking 533,000 in November for the weakest performance in 34 years, government data on Friday showed, as the recession inflicted a mounting toll on the U.S. labor market.

(visit the link for the full news article)

The Labor Department said the unemployment rate rose to 6.7 percent last month in the highest reading since 1993, compared with 6.5 percent in October, after widespread losses across the country's major industry sectors.

November's job losses were the steepest since December 1974, when 602,000 jobs were shed, and were much worse than forecast by analysts polled by Reuters who had predicted a reduction of 340,000 jobs.

In addition, October's job losses were revised to show a cut of 320,000, previously reported as a 240,000 loss, while September's losses were revised to a loss of 403,000 from down 284,00.

That meant 199,000 more jobs were lost in September and October than previously thought and the total reduction in U.S. nonfarm payrolls for last three months was 1.256 million, with almost 2 million shed in the year so far.

the news just gets brighter and brighter...dunnit?

biz.yahoo.com
(visit the link for the full news article)

I still feel it is much worse than the government is telling us. I feel unemployment is really around 15%. I get that how you ask? My own surveys of the city I live in. The government numbers lie and we are actually borderline depression as we speak. You just wouldnt know because of the propaganda machines running at full speeds.

reply to post by warrenb


I have been watching all this unfold for the past few months and its getting more alarming as time goes on.I keep wondering where the bottom is.
How bad do you think its gonna get?I see a depression but can't comprehend how it might actually be.What do you think??

It is worst because they are using the higher demand of employment during the "holiday season as permanent jobs" when the holiday season is over we may see the rates for January to get record highs.

Black Friday even when was a success didn't account for the loses of the rest of the holiday season.

Is predicted that this season will be 10 percent lower than last season.

After the holidays we may see many small businesses going bankrupt and rendering more people without jobs.

Its not just America.
In my area of NW England, I'd estimate that 50% of my age group (late teens-early twenties) are unemployed.

However, they don't even know it, they're in college, or uni, or 'training'.
Theres no jobs for when they come out, they just keep on enrolling on new courses, surviving on student loans and government 'incentives' to continue.

In other news, I AM unemployed. I went to my weekly interview yesterday, a regular discussion of my job search efforts. They have 3 job categories that I have agreed to search for work in, and one click of the mouse brings up all the jobs in those fields in the area.
Normally there is a substantial list, I choose a few, make some calls, send some letters, and rarely hear anything back.

However, this week.. nothing.
The guy in the jobcentre was as shocked as I. The window of job vacancies opened as normal, and there wasn't a single job there.
Not one

What does that say?
Theres no jobs. Not even basic, unskilled factory labour.

The word 'bleak' suddenly takes on a whole new meaning

Yea, 2-3% rise in unemployment here in Ireland since the end of the summer.

Its happening everywhere but the US seems to be getting the really bad end of the stick in comparison to the rest of the world. Its gonna be a while before this problem is fixed.

reply to post by warrenb



the information is right before our eyes,
one just has to sift through it better to realize whats really going on with this sudden ballooning of the jobless.



recently we were informed that 'recession' began last December,
while all along the Department of Labor & Statistics said everything is peachy keen.

Now... in the midst of the 'Big-3 of Detroit' bail-out proposal...
the Labor Statistics are suddenly being revised for several months prior, and the November jobless rate itself skyrockets by 500,000+ !!!

With the emminant job losses in the Auto Industry if the gov't does not provide bailout $$$...
the rest of the Service Economy still gets a 1/2 million haircut in jobs...
the outlook gets bleaker & grimmer -> on the eve of deciding
If to bailout Detroit

When added to the prior 10 months... suddenly the more realistic numbers are showing up in the govt reports... +7% unemploymet is reachable and more than 1.9 million jobs have been lost already
~& thats not counting the layoffs, firings, when the Big-3 file for chapter 11 or file for bankruptcy~


So, if your into conspiracy & govt manipulations, then this mix of auto-maker bailouts and a economy suddenly in 'Official' recession...

tells me that the public & congress is being led into providing bailout $$
on the threat of a economic depression if the bailout does not proceed.



but, that scenario is just the public show of the great con-game being foisted on the USA, via the banker & 'illuminati' elites.
The bank bail out of Trillion$, is a 5-10 year project to Un-Wind the Trillion$ of derivatives and toxic paper the elite financial houses & their managers have created and was about to collapse the whole banker system.

the mortgages, sub-prime or even prime debt mortgages,
and now the auto industry, are both strawmen and expected consequences that have been in the con job all along.

the youth are heading to re-upping in the military until the housing-employment-economic crises are waning...this was also an anticipated bonus


thanks,




[edit on 5-12-2008 by St Udio]