Layoff Plans Soar By 126% In Sept To 115,730, 212% Higher Than Year Ago

Source: ZeroHedge

Still bullish on the Friday NFP number? According to Challenger we just went through a "sea-change" event as "Employers announced plans to shed 115,730 workers from their payrolls in September, making it the worst jobcut month in over two years. Heavy reductions planned by the military accounted for a large portion of September job cuts, signaling what may lie ahead as the federal government seeks across-the-board cuts in spending. September job cuts were 126 percent higher than the 51,114 announced in August, according to the latest Challenger report. They were 212 percent higher than September 2010, when employers announced just 37,151 job cuts. Last month’s total is the highest since April 2009, when 132,590 job cuts were announced." Yet this is good news, considering that the biggest source of cuts was the bloated government and the insolvent Bank of America: "One-third of the layoffs announced this year came from government employers.

See link for full article. Big numbers in job cuts in the United States this past month. Going to be interesting NFP reading this week. Story is developing on CNBC news website.

September Layoffs Highest in Two Years: Challenger

The number of planned layoffs at U.S. firms in September jumped to its highest in more than two years due to heavy cutbacks by the military and Bank of America, a private report on Wednesday showed.

Employers announced 115,730 planned job cuts last month, more than double August's total of 51,114, according to the report from consultants Challenger, Gray & Christmas, Inc.

The figure was the highest since April 2009 when 132,590 layoffs were announced.

September's job cuts were also much higher than the same time a year ago, tripling from the 37,151 job cuts announced in September 2010.

For 2011 so far, employers have announced 479,064 cuts, up 16.5 percent from the first nine months of 2010.

Okay so the article goes on to report that some 80k job losses were not the result of the weakening economy though I have to query the cuts by Bank of America? Regardless some pretty hefty number nontheless. Will be interesting to see what the NFP jobs report reveals.

Despite this, employment within the private sector is starting to pick up, but this is to be expected. Bernanke has been printing money for quite some time now and employment is always a lagging indicator, so I reckon an inflationary driven boom is on its way.........

reply to post by surrealist


It's just going to get worse for the average person struggling to make ends meet. Another thing that many don't think about are those who remain employed now have to multi-task even more. This eats into their effectiveness and will make it even easier to lay them off or fire them, which opens the door to hiring someone to to the same thing at a lower wage. And the cycle will continue.

It's going to be a interesting, and quite possibly scary, winter.

Any bets they try to spin this into something positive . . . and the hucksters and schucksters on Wall Street eat it up like a fat kid on a bag of Krispy Kreme's?

There's so much conflicting information out there . . . manufacturing is up but layoffs are up . . . the financial sector in the market is up but banks are aiming toward capitalization 'issues' . . . European bank stocks are inching upwary even though they hold a whack of Greek bonds, and Greece is floating fiscally like a salmon after spawning season . . .

I feel like the sword of sword of damocles is dangling over my bean but the people who have my back keep saying it's only feather and it'll bounce off my head should it fall.

Logic dictates they're wrong . . . much in the same way logic dictates those spinning these daily occurrences with positivity are wrong.

But when was the last time anything linked with the economy was dictated by logic?

Really . . . when?

reply to post by Rockdisjoint


Which could simply be attributed to the coming holiday season. And most of those are temp hirings which will be shed come January.

Originally posted by eldard
reply to post by Rockdisjoint

 

Which could simply be attributed to the coming holiday season. And most of those are temp hirings which will be shed come January.

While this upcoming holiday season plays a small role, there are many other factors to consider -- take for example the fact that personal bankruptcies continue to decline..... this to me is a good sign that the recession is really ending and an inflationary boom is coming.

reply to post by Rockdisjoint


nah dont think so. trust me on this. we will not pull out of this economic mess until 2017 or early 2018. this is the earliest it is even possible to pull out. when was the last recession that only lasted 4 years or less? dont believe there has ever been a mess of this magnitude that ending faster than 10m years. i believe it too be impossible.

reply to post by surrealist


This numbers are not good at all, remember that Obama is demanding a "stimulus" to keep jobs but the jobs that are to be lost are jobs that are a littler bit higher in the pay scale, meaning that all is available for now on for the people losing this jobs is working poor jobs, degrading of the standards of living. Most of the jobs in the military budget are from contracting this jobs are in the middle class income scale, (this group are tax payer income) , this jobs will be lost to never be replaced, we will lose more middle class to be turned into working poor, more harship for welfare system and government services, so in other words the govenrment is helping increase welfare receipients in the nation.

Still, most of this jobs are accounted because they fall under the unemployment benefits, but those that do not are never counted or even added.

I imagine that bankruptcies has declined as people already that were to fall for bankruptcy did it we an impressive 16 million of people losing their jobs since 2000 those that were to file bankruptcy already did, since 2008 5 million more people are jobless.

This figures only accounts for those that file for unemployment not for those that never had it number could be a lot higher, some experts believe as high as 17% in some states in the nation.

Sources

www.epi.org...

reply to post by letscit


As long as our politicians keep stuck sucking up to big interest over the peoples interest we will never recuperate, because we have lost most of the middle income class, due to outsourcing and in sourcing of tech jobs from oversea.

Big companies rather bring workers from oversea than hiring in the US.

Because is cheaper.

We don't have a production base to support middle class anymore, if trade policies are not change we will be nothing but a nation with nothing but working poor hardly able to support even welfare, SS or Medicare.

Our nation is in big trouble, because no politician is addressing the core problem of jobs loses.

Without a middle class is not tax income generation.

reply to post by letscit

Indicators suggest that we are heading into another economic boom, inflationary driven booms happened many times during the great depression, but these type of recoveries never last for long. Our last inflationary boom lasted for almost 8 years, this one won't be so lucky though.

when was the last recession that only lasted 4 years or less? dont believe there has ever been a mess of this magnitude that ending faster than 10m years. i believe it too be impossible.

Recessions are caused by government, they last only because of government meddling -- there was a depression in 1920–21 and our economy recovered extremely fast, because the government didn't do anything.

reply to post by Rockdisjoint


Is one big problem with that, we no longer have an industrial base to support job creation, now we are ridden with too many trade agreements leaching the jobs in the nation, until this problems are addressed is not going to be any economy boom but for the Uber class gambling in Wall Street.

Originally posted by marg6043
reply to post by Rockdisjoint

 

Is one big problem with that, we no longer have an industrial base to support job creation, now we are ridden with too many trade agreements leaching the jobs in the nation, until this problems are addressed is not going to be any economy boom but for the Uber class gambling in Wall Street.

The U.S still has a very strong manufacturing base, so free trade isn't a problem imo, in fact it is because of free trade that many have been able to keep a relatively high standard of living during these tough economic times.

Originally posted by Rockdisjoint

Originally posted by marg6043
reply to post by Rockdisjoint

 

Is one big problem with that, we no longer have an industrial base to support job creation, now we are ridden with too many trade agreements leaching the jobs in the nation, until this problems are addressed is not going to be any economy boom but for the Uber class gambling in Wall Street.

The U.S still has a very strong manufacturing base, so free trade isn't a problem imo, in fact it is because of free trade that many have been able to keep a relatively high standard of living during these tough economic times.

Try running that one by the folks in Detroit and Flint and to a similar extent, those in the Windsor area.

These once-proud manufacturing bases are a shell of their former selves and there's little left for those once employed in it.

The reality is, many of the manufacturers have headed to the southern US where they can get away with paying lower wages, scrimping on benefits (if any) and slurping up tax cuts given to them to bring jobs down there.

And, what do you say about all the work that's headed south of the border and across the pond. Even a look at the skewed unemployment numbers (fudged to make it a whole lot less ugly . . . yet still in-and-of-itself ugly) shows jobs have gone and the two-year trend shows there's little promise they will return anytime soon, if ever.

reply to post by Rockdisjoint


No we don't, our GDP numbers are rigged, they include spending along with productivity, the government run the numbers the same because they have gotten away with it, every time the government spend no matter if is in productivity or waste will prop the GDP, and we know how much our government budget grows month and through the year, that is why Obama wants the stimulus so bad because that will raise the GDP numbers.

You know my town was voted the poorest town in my state, because we lost 6 manufacturing plants in the last 15 years, now if you live in a city manufacturing is not the main source of jobs, in backward towns manufacturing used to support the working middle class, now my town and many are nothing but working poor on welfare, even when we have two sparkling new Walmart in the same area, we are still working poor and the poorest town in the state.

The New Depression

During the Great Depression we had the capacity to innovate, manufacture and otherwise create wealth that could drag us out of the hole we were in. Today, we no longer have that capability. We have forfeited that ability through disastrous trade policies that have shipped the majority of America’s manufacturing prowess across the border and overseas. Without the capability to manufacture and create wealth, the U.S. will never truly recover.

Our country currently operates on foreign loans because our government constantly spends beyond its budget. With a lower credit rating, the government would find it more difficult to procure loans and eventually may be frozen out (just as “subprime” borrowers are today) of its needed credit lines. When that happens, the end will have officially arrived and the United States will without a doubt be in, possibly this nation’s worst depression. The question is no longer whether or not this is possible, the question is when this possibility will materialize.

www.economyincrisis.org...

Why GDP Figures Are Fooling And Misleading Us

economyincrisis.org...

The “GDP Fraud”

dailyreckoning.com...

reply to post by GoalPoster

Those people should make their own jobs then.

I good friend of mine just got laid off after 5 years working in the same hospital, and I am sure she wasn't the only one. Employers are looking to lay off workers for their 4 th quarter start.

reply to post by marg6043



That graph shows that while employment within the manufacturing sector has decreased, the manufacturing sector itself hasn't, in fact it has increased. So while robotics, automation and increasing worker productivity has caused some job loss, it is the govt that prevents them from quickly finding a new place of employment.

As I said in another thread, we haven't hit bottom yet. The worst is yet to come. The trouble we have seen is nothing to the trouble on our way. There are entire communities full of empty homes being kept off the market to artificially inflate prices. That is just one example of the bubbles hanging over our heads like the sword of Damocles.

news.yahoo.com...


the above link that reports on the so called Jobs Bill....

In reality the Øbama Jobs Bill is mostly a tax increase bill... the only 'JOB" is the Snow Job that the thug administration is pushing...

(we went from the frying pan into the fire by ousting the neo-cons for these Unionized revolutionary goons IMHO)