Economy Sheds 651,000 Jobs; Rate Jumps to 8.1%

Economy Sheds 651,000 Jobs; Rate Jumps to 8.1%

www.cnbc.com

U.S. employers axed 651,000 jobs in February, pushing the unemployment rate to its highest in 25 years, as companies buckled under the strain of a recession that is showing no signs of ending, according to a government report.

While that figure was near economists' expectations for a 648,000 drop in non-farm payrolls, January and December job losses were revised sharply higher.

(visit the link for the full news article)



[edit on 6-3-2009 by Tentickles]

Wow, unemployment is at 8.1%. That's up half a percent in one month!!

To be honest though I am not that surprised. Maybe the news networks will finally call this a depression. CNBC stated that the job loss in January was the highest since they started keeping records in 1939.

Is this getting through to everyone yet?
DEPRESSION. It's here.

Get prepared. Realize the issues, gain knowledge on what's happening, and be ready!

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

I see you were just watching CNN too, nice catch

reply to post by branty


I'm actually watching CNBC. Completely ignoring the anchors dribble though, they have no idea what they are talking about. When the news wont admit we're in a depression I stop listening to the anchors and look at the facts.

Highest unemployment since 1983.

reply to post by s4dreamlnd93


It's going to get worse, just watch.

Also watch the news, they will react like this:

How did this happen!? Isnt the government fixing this?

Originally posted by Tentickles

While that figure was near economists' expectations for a 648,000 drop in non-farm payrolls, January and December job losses were revised sharply higher.

(visit the link for the full news article)

[edit on 6-3-2009 by Tentickles]

It is probably worse than that, nowadays the government number have a way of being *underreported* then jumping later on via revision. Think 9-10%. This does not even count people who have given up.

Nearly 700,000 per month since September of last year.

Some states are already well into the double digit unemployment rate.

If you include the longer term unemployed the actual national unemployment rate is already well into the double digits.

It can only get worse, industries are laying off, shutting down, small businesses are going under as credit becomes harder to obtain.

There are no surprises here.

The government spending plan will not help the private sector, and that is where jobs are made. The massive bailouts of financial institutions will only help the ultra rich and likely worsen things for private sector. There is no stimulus in the stimulus plan.

Barack Obama said that the American people will know the plan it working when is "creates or saves four million jobs" ... in reality those are all government jobs.

Prepare for chaos, revolt, violence, unless they can halt this rapidly falling economy.

[edit on 6-3-2009 by Walkswithfish]

Originally posted by Walkswithfish

Prepare for chaos, revolt, violence, unless they can halt this rapidly falling economy.

[edit on 6-3-2009 by Walkswithfish]

Frankly, I don t see how they can halt this. The forces at play are enormous, and the govt cannot resist. Its like asking the captain to paddle on the side of the Titanic in order to resist sinking. Of course he will slow it down, but the boat needs to go where its (over)load (of loans) has to be.

Agree with all here, the unemployment number reported are bull. They are also not counting the temp employees who are not making enough to pay their living expenses. Some people are forgoing paying things like mortgages and credit card bills to make sure they have food to eat. The offical unemployment numbers has a potential to spike quite higher even next month. I personally think we are at about %12 right now on national average.

It's probably even higher than that. Some people dont apply for unemployment benefits and choose to live on their savings till they find another job.

[edit on 6-3-2009 by Tentickles]

The 8.1% statistic is I believe U-3. U-6 (which many argue is a better count of total unemployment) is kicking it at around 15%. Remember that the rate that everyone leads with is the (IMHO) highly cooked U-3. I've heard ( don't know how true it is) that any statistics involving unemployment have been politically vetted since at least Kennedy. I personally give the most stock to the U-6 number which includes underemployed and discouraged workers.

I think that U(6) is the most reasonable measure for our current times, but if it were measured the way it was during the Great Depression, we'd already be closing in on 20%.

Shadow Government Statistics

I'm dying to get that spreadsheet, but I can't afford to become a member.