Jobs gloom hits west's recovery hopes

Jobs gloom hits west's recovery hopes

www.ft.com

Grim jobs market reports on both sides of the Atlantic on Friday highlighted the ongoing human cost of the credit crisis and kept alive concerns over the sustainability of the recovery.

In the US, news that the economy shed another 85,000 jobs in December dashed hopes that a quickening labour market turnround could add momentum to the rebound and make it more robust.

Meanwhile, eurozone data showed unemployment hit 10 per cent in November – matching the jobless rate in the US. It was the first time that eurozone unemployment has hit double digits since the introduction of the single cu

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The US is in step with Europe in job loss!

Unfortunately Obama chose to reward his friends, lawyers, union members with PORK in the STIMULUS rather than encourage jobs in the all important SMALL BUSINESS where jobs are created! Now the money has been spent needlessly and where do we go for job creation? Borrow another Trillion from the Chinese?

Obama has lost his momentum, no one believes in CHANGE! Pelosi is a bad word. Ried is in big trouble and Dodd is history. OMG! Where do we go from here?

The US figures were particularly disappointing because a relatively good November jobs report – revised up to a 4,000 job gain – and other labour market data had raised hopes of a flat or even positive month in December.

“One step forward, 85,000 steps back,” said Michael Feroli, an economist at JPMorgan. About 661,000 people stopped looking for work in the US in December. If they had not done so, the unemployment rate would have gone up to roughly 10.4 per cent."

BTW, the stock market is up. That's the only good news!

What has happened is that businesses have learned to operate with fewer employees. That's called efficiency!

"Until the minimum wage goes down a dollar or two your teenagers will be living with you another few years" is one of the words of wisdom I keep hearing!



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

This is just like what the MBAs running big business in the US have done for years and a big part of the problem.

Loss of jobs leads to less spending this leads to more job loss leading to less spending.

The MBAs exporting jobs to china to cut cost have caused loss of jobs in the US and this has lead to less spending and that has lead to the loss of more jobs ECT ECT ECT for ever.

The loss of jobs on a large scale can go on forever till no one is left with a job or money to support the economy.

The government is only part of the problem.
Groups like banks, environmental movement, state governments and agencies, foreign governments, people like George Soros,
the not in my back yard movement. all have helped wreak havoc on the US Till we are dieing of regulations and laws that kill jobs.



[edit on 9-1-2010 by ANNED]

reply to post by plumranch


Ok, well I understand that you want to slate your leader because you are peeved over the whole thing (who doesn't) but didn't the article say that the EUROZONE has just caught up to you in unemployment? That means that the EU and its member states are unable get a grip on how create recovery properly AS WELL..

Some states have massive unemployment here. Spain which relies on tourism is at 20%+ & Ireland which relied heavily on construction and computer manufacturing is at 15%+.. Even France and Germany who strictly regulate their capitalist systems have hit recessions & needed bailouts. The only large EU economy that is recovering in any real way is Germany.

If Obama has done so much bad.. tell me how anyone could have turned this around on its head in a year.. especially when the whole US & UK financial systems were rotten to the core, had infected the entire western world with bad debt and its major financial investors were playing up the bubble in order to crash and short sell it?? While the EU has only lost something like 7% of its wealth, the US lost just over 25% of its wealth almost overnight.. the vast vast majority of the damage done before Obama was President.

Do you honestly think that throwing those billions of dollars into your economy was going to do anything in the short term apart from blocking a hole that would have crashed your entire country into a depression? Do you honestly think that there was anything else feasible in order to curb the pain for your country/countrymen etc? Not really.. and there's no point in giving out about bank bailouts.. without unfreezing liquidity with those bailouts.. your country would now be completely 3rd world.

reply to post by Dermo

If Obama has done so much bad.. tell me how anyone could have turned this around on its head in a year..

Any candidate who spent the money stimulating business, priming the pump so to speak would have accomplished more than Obama's big time pork, pay off your supporters with needless spending projects Obama Stimulus! I'm not saying the economy isn't tough everywhere just when you have the chance, use the money wisely, don't waste it!

Originally posted by plumranch
Any candidate who spent the money stimulating business, priming the pump so to speak would have accomplished more than Obama's big time pork, pay off your supporters with needless spending projects Obama Stimulus! I'm not saying the economy isn't tough everywhere just when you have the chance, use the money wisely, don't waste it!

So true.

The Eurozone will see major short falls in tourism next year in direct relation to American travelers tightening their belts and staying home. Maybe Europe could offset the drop with Brazilian, Russian, Indian or Chinese Tourist?

reply to post by ANNED

The government is only part of the problem. Groups like banks, environmental movement, state governments and agencies, foreign governments, people like George Soros, the not in my back yard movement. all have helped wreak havoc on the US Till we are dieing of regulations and laws that kill jobs.

Agreed!

Do you think the present administration would try do anything about any of these things?

I maintain that all that is needed is for businesses to know and understand that the administration firmly supports business, will not raise taxes and has some substantial job programs not just random pork projects supporting Union jobs.

Now Pelosi is talking about a 2nd Job stimulus program! This is of course an admission that the first one wasn't really about job production!