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Unemployment Could Hit 9% This Year: NABE

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posted on Feb, 23 2009 @ 05:52 PM
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Unemployment Could Hit 9% This Year: NABE


www.cnbc.com

Some of the forecasters said the nation's unemployment rate could rise as high as 9 percent for all of 2009 and hit 10 percent next year. In 2008, the jobless rate averaged 5.8 percent, the highest since 2003.

The survey's median forecast—or middle point—called for the unemployment rate to rise to 8.4 percent this year and 8.8 percent next year.

Companies touching every part of the economy have announced thousands of layoffs already this year and more cuts came last week.

(visit the link for the full news article)




posted on Feb, 23 2009 @ 05:52 PM
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Mmm-hmm, that's if one even BUYS INTO these pie-charts and numbers-guy's figures to begin with.

"Official" unemployment, according to these people is at 7.6 percent, but I think most of us know that the percentage of JOBLESS americans is likely much, MUCH higher than these figures indicate.

And this looks to continue sinking further and further into the abyss, which only adds to the conspiracies of revolt, particularly while the ruling class CONTINUES to rob the few poor and middle class peons who still DO have a job.

Who would have thought we could fall so far in just a decade?

www.cnbc.com
(visit the link for the full news article)



posted on Feb, 23 2009 @ 05:59 PM
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Regardless of the nonsense which is the official figure, does anyone in their right mind believe that we're only going to see an additional 1.4% rise in joblessness over the coming 10 months? At this point, if we only see 9-10% unemployment before this turns around, I'd say "mission accomplished" and congratulate those I've previously cursed for their handling of this recession along with a heartfelt apology for doubting their methods.



posted on Feb, 23 2009 @ 06:02 PM
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9%? It has already reached that level here in Ireland, and could potentially rise to 12%-15% by the end of year. Next year could be even worse.

[edit on 23/2/2009 by stannis]



posted on Feb, 23 2009 @ 06:16 PM
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Brace yourself: The recession is projected to worsen this year.


Ya don't say...

Anyway, 9%. It makes me really wonder where these figures are scraped from & who they're actually counting as being affected by the economy.

They call 9% dire, but from what I gather it will be far worse -- guess that makes it catastrophic.



posted on Feb, 23 2009 @ 06:26 PM
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I was just talking to a coworker about this today. I think we'll be lucky to see 12% by next year.



posted on Feb, 23 2009 @ 06:39 PM
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That 9% figure only takes into account,those workers that are on the unemployment rolls as of the target date.That doesn't consider the people that have drawn out their unemployment insurance and been taken off the rolls.It also doesn't count all the people that have just quit looking for a job and are on public assistance.

A fair estimate would probably be around 12% in this country right now.



posted on Feb, 23 2009 @ 06:51 PM
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I just posted the following on another recent thread on the economy - I, like many people, have been closely watching 'the weather' within my company just to keep tabs on how ferocious (and personal) the approaching storm might possibly be.

Here are snippets from a corporate message just sent from R. Murdoch addressing the current economic situation:


As you all know the downturn we are operating in is more severe and global than anything we have seen before. No company is immune to its effects. I want to take this opportunity, today, to write to you about how we will manage such an important leadership transition, and why I am convinced that today our company is not only well-positioned financially and competitively, but is on the cusp of a new phase of growth. Remember, we began priming ourselves for a weakening economy over a year ago.

****

We are in the midst of a phase of history in which nations will be redefined and their futures fundamentally altered. Many people will be under extreme pressure and many companies mortally wounded. Our competitors will be sorely tempted to take the easy beat, to reduce quality in the search for immediate dividends.

Let me be very clear about our company: where others might step back from their commitment to their viewers, their users, readers and customers – we will renew ours.


This info from one of the biggest business leaders in the world (whether you agree with his tactics or not) highlights the state of the global economy as 'severe' and hardly temporary.

This is not new info, but there you have it anyway, hot off the press from Mr. Press himself.

Additionally, this was sent last week:


I want to set the record straight about recent speculation that News Limited is planning massive job cuts. This speculation is wrong.

The current downturn is worse than past recessions. I regret that there have already been some redundancies and unquestionably there will be more. Let me make it very clear that there is no quota or target for redundancies across our businesses.

We have dealt with past downturns largely by cutting costs. Cutting costs is necessary in this environment. But cost cutting on its own is not the answer. I am determined that we don’t undermine the quality of what we do, especially our journalism.


What this says is that no one is taking the current situation lightly - no one can afford to. It's serious and people are strapping themselves in for the ride.

The above quotes from internal announcements disclosed no sensitive business information, so I'm comfortable in sharing them.

[edit on 23/2/09 by Evasius]



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