Another 750,000 jobs lost in March. Wait, I exaggerate. It was 742,000.

• Another 750,000 jobs lost in March. Wait, I exaggerate. It was 742,000. - HomeAlone
  • Let's riot and throw bricks through bank windows - like London is doing! Could B Fun
    • Maybe then they'd know we're mad - me
  • Don't fret - Trigger Happy
    • Change and Hope: Obama wants your change and hopes you enjoy starving.... sm - HomeAlone
  • yes and . . . - anon
    • Let me get this straight. You're saying "no job = no buy"? But.... - HomeAlone

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Unemployment rate soars to 8.1 percent
Employers resort to even bigger layoffs as they scramble to survive
BREAKING NEWS
The Associated Press
updated 8:02 a.m. CT, Fri., March. 6, 2009

WASHINGTON - The nation's unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs.

Both figures were worse than analysts expected and the Labor Department's report shows America's workers being clobbered by a relentless wave of layoffs.

The net loss of jobs in February came after even deeper payroll reductions in the prior two months, according to revised figures. The economy lost 681,000 jobs in December and another 655,000 in January.

Since the recession began in December 2007, the economy has lost 4.4 million jobs, more than half of which occurred in the past four months.

Employers are shrinking their work forces at alarming clip and are turning to other ways to slash costs — including trimming workers' hours, freezing wages or cutting pay — because the recession has eaten into their sales and profits. Customers at home and abroad are cutting back as other countries cope with their own economic problems.

With employers showing no appetite to hire, the unemployment jumped to 8.1 percent from 7.6 percent in January. That was the highest since December 1983, when the jobless rate was 8.3 percent.

All told, the number of unemployed people climbed to 12.5 million. In addition, the number of people forced to work part time for "economic reasons" rose by a sharp 787,000 to 8.6 million. That's people who would like to work full time but whose hours were cut back or were unable to find full-time work.

Meanwhile, the average work week in February stayed at 33.3 hours, matching the record low set in December.

Job losses were widespread in February.

Construction companies eliminated 104,000 jobs. Factories axed 168,000. Retailers cut nearly 40,000. Professional and business services got rid of 180,000, with 78,000 jobs lost at temporary-help agencies. Financial companies reduced payrolls by 44,000. Leisure and hospitality firms chopped 33,000 positions.

The few areas spared: education and health services, as well as government, which boosted employment last month.

A new wave of layoffs hit this week.

General Dynamics Corp. said Thursday it will lay off 1,200 workers due partly to plummeting sales of business and personal jets that forced it to cut production. Defense contractor Northrop Grumman Corp., and Tyco Electronics Ltd., which makes electronic components, undersea telecommunications systems and wireless equipment, also are trimming payrolls.

"This is basically cleaning house for a lot of firms," said John Silvia, chief economist at Wachovia. "They are using the first quarter to cut back employment and figure out what they want."

Disappearing jobs and evaporating wealth from tanking home values, 401(k)s and other investments have forced consumers to retrench, driving companies to lay off workers. It's a vicious cycle in which all the economy's negative problems feed on each other, worsening the downward spiral.

"The economy is in a tailspin. Businesses are jettisoning jobs at an unprecedented pace," said Richard Yamarone, economist at Argus Research.

The country is getting bloodied by fallout from the housing, credit and financial crises_ the worst since the 1930s. And there's no easy fix for a quick turnaround, economists said.

President Barack Obama is counting on a multipronged assault to lift the country out of recession: a $787 billion stimulus package of increased federal spending and tax cuts; a revamped, multibillion-dollar bailout program for the nation's troubled banks; and a $75 billion effort to stem home foreclosures.

Even in the best-case scenario that the relief efforts work and the recession ends later in 2009, the unemployment rate is expected to keep climbing, hitting 9 percent or higher this year. In fact, the Federal Reserve thinks the unemployment rate will stay elevated into 2011. Economists say the job market may not get back to normal — meaning a 5 percent unemployment rate — until 2013.

Businesses won't be inclined to ramp up hiring until they are sure any economic recovery has staying power.

The economy contracted at a staggering 6.2 percent in the final three months of 2008, the worst showing in a quarter-century, and it will probably continue to shrink during the first six months of this year.

Fed Chairman Ben Bernanke told Congress earlier this week that recent economic barometers "show little sign of improvement" and suggest that "labor market conditions may have worsened further in recent weeks."

Consumers’ growing frugality has hammered automakers, among other industries. General Motors Corp.'s auditors on Thursday raised "substantial doubt" about the auto giant’s ability to continue operations, and the company said it might have to seek bankruptcy protection, sending its shares below $2.

Bill Hampel, chief economist for the Credit Union National Association, said his group’s members are reporting record increases in deposits. Government figures show the savings rate jumped to 5 percent in January from zero last spring. That’s the highest rate since 1995 and a much faster shift than he had expected, Hampel said.

Consumer spending makes up about 70 percent of the economy. It topped out at 71 percent in 2005, Hampel said, but will likely drop by 2 to 3 percentage points over the next few years.

Increased savings can actually lower economic growth. Economists call it the “paradox of thrift”: What’s good for each of us individually — being thrifty, limiting our spending — can worsen a recession when everyone does it all at once.

Hoffman said about half the 6.2 percent drop in economic output last quarter was attributable to lower consumer spending.

so, I called his financial advisor yesterday and told him to put hubby in a "safe" plan. It's now in a money market fund that is part of his IRA.

I have no choice. I have to stay where I am. I have no "safe" available. Neither of us will be able to retire on what is now in our 401Ks and you're not the only one. We couldn't buy a car with Both our 401Ks, let alone live on it.

We are late starters for retirement  not until our late 40s funds (most of our employers did not offer pensions). We are now of the first retirement tier and although we own our home outright, if we live until we are 90, there is no way we can live off retirement 401Ks or SS.

My husband's father told him back in the 50s that we would experience something like what is happening today and stated it would be worse than the ཙ crash. It is sure starting to look that way, but we will survive some way, I hope.

We need to pray for the people on SS now that cannot survive. I, for one, would love to help them, but can't help ourselves at this moment.

I found and joined resistnet.com because I love my country.  It is a very sad, sad day to see it marching towards marxism/socialism, which has failed in every country it has been tried. 

Do you love this country?  Does the blood shed for our freedoms still matter to you?  If so, then please take a moment and join the "We the People" March on Washington DC.  This group is a grassroots planning and organizing effort to put on a peaceful demonstration on May 30, 2009. We are looking for conservatives to join us and assist us in preserving our Consitution and holding our elected officials accountable to the oath of office they have sworn to. We need you to join us and get involved on the State level marches that will also be held across the country.  Every state is participating!

Don't you think it's time we fire any elected official who doesn't uphold, protect, and preserve our 'We the People's" Constitution?

Please join us and invite your friends and families also.

http://www.resistnet.com/group/wethepeoplemarchonwashington

All this controversy over the number in attendance af last week's tea parties, and who was there!  I would think over a quarter-million participants would rank right up there as far as demonstration statistics go.

There was another demonstration in 1995 which planned to attact a million demonstators.  Wikipedia has this:

......... Finally, within the first twenty-four hours following the March a conflict between March organizers and Park Service officials erupted over crowd size estimates. Initially, the National Park Service issued an estimate of about 400,000 attendees; a number significantly lower than March organizers had hoped for. After a heated exchange between leaders of the March and Park Services the estimate was raised to 850,000*  but still fell short of the organizers’ estimate of over 1 million. The controversy over the number of men who actually participated in the March has yet to be firmly resolved.  *[guess they were getting the 2 for 1 special?] 

Even back then, folks were hollering 'recount,'  I don't recall seeing any female or white faces in that crowd, either. I think that was pretty sexist and racist.  The point is, you hang with like-minded individuals.  Nobody put out the 'whites only' sign at the tea parties.  It was equal opportunity, and if you were a hard-working black business owner you might have been there.

See link for entire article.

Meanwhile, Tuesday, Officials said insurgents were trying to deepen the political turmoil surrounding the contested vote. Preliminary figures have given a big lead to the religious Shiite bloc that controls the current interim government.

The new violence came as three opposition groups threatened a wave of protests and civil disobedience if fraud charges are not properly investigated. The warning came from the secular Iraqi National List, headed by former Shiite Prime Minister Ayad Allawi, and two Sunni Arab groups.

More than 10,000 people, some carrying photos of Allawi, demonstrated Tuesday in favor of a government that would give more power to Sunni Arabs and secular Shiites. Marches chanted No Sunnis, no Shiites, yes for national unity.

We're protesting to reject the elections fraud. We want to ask the government and the elections commission: 'Where did our votes go? Who stole them?' said Abdul Hamid Abdul Razzaq, a 45-year-old barber who attended the massive protest.

A similar protest in Baqouba ended with arrests. Police rounded up several people — most of them high school students — and took them into custody, Donelan reports.

Iraq's Electoral Commission said Monday that final results for the 275-seat parliament could be released in about a week.

Sunni Arab and secular Shiite factions are demanding that an international body review more than 1,500 complaints, warning they may boycott the new legislature. They also want new elections in some provinces, including Baghdad. The United Nations has rejected an outside review.

We will resort to peaceful options, including protests, civil disobedience and a boycott of the political process until our demands are met, said Hassan Zaidan al-Lahaibi of the Sunni-dominated Iraqi Front for National Dialogue. He spoke in neighboring Jordan, where representatives of the groups have met in recent days.

The election commission considers 35 of the complaints serious enough to change some local results. But Farid Ayar, a commission official, said there was no reason to cancel the entire election.

He also said preliminary results from early votes by soldiers, hospital patients, prisoners and overseas Iraqis showed a coalition of Kurdish parties and the main Shiite religious bloc each taking about a third. Those nearly 500,000 votes were not expected to alter overall results significantly.

Preliminary results previously released gave the United Iraqi Alliance, the religious Shiite coalition dominating the current government, a big lead — but one unlikely to allow it to govern without forming a coalition with other groups.

Alliance leader Abdul Aziz al-Hakim traveled to the northern Kurdish city of Irbil on Tuesday to discuss the formation of a governing coalition with Jalal Talabani, Iraq's Kurdish president, and Massoud Barzani, president of the Kurdish region.

Al-Hakim's secretary Haitham al-Husseini said there would also be negotiations with Sunni Arabs. Al-Husseini said the Alliance has proposed distributing the top six Cabinet positions, the three-member presidency council and top three parliament slots among the political blocs.

http://www.adn.com/news/alaska/v-gallery/story/345168.html?/news/alas...

Sure looks great for 8 months along! 

Keep on ranting about the stupid b/c like as if you are smarter than Hillary and McCain.  If there'd been even a SNIFF of wrongdoing in the b/c, they would have drug it out and already drug it through the mud.  Personally I don't think a lot of the nut jobs who hang out here are even MTs.  I think they are professional political pot stirers!!!

being created. Guess what DH reminded me of? There are millions more unemployed than the 3M (he said 10M, but I'm not sure on that), plus most of these jobs will not happen until 2011. How's that going to help?

I'm serious. That will leave 7M still on the unemployment rolls. We are really in for a long haul here. Thank heavens I don't live in a city. At least we can grow our own food.

why aren't we drilling for oil?  Why aren't we getting wind farms going?  If our government would take more money to look into alternative fuels, not only would that stop our dependency on foreign oil but we will need workers to maintain those things, etc.  Those will be jobs that will last.  It won't be like construction work like Obama wants.  Once the roads are repaired and bridges fixed, etc....then what?  I just think we are going in the wrong direction and I just don't understand why.  We need to tap our resources with offshore drilling.  We need to drill Alaska.  While we are doing that, we need to look for alternatives to oil.  The sooner they do that, the sooner car companies can make environmentally safer cars and vehicles.  I mean....come on.

created would only be temporary. Don't forget, road and bridge construction only lasts in the summer in the northern states, and when those road and bridge jobs are done, what's next?

The money being doled out for infrastructure is definitely not enough. There are many, many roads and bridges that have to be built/rebuilt in the country and any one of them would cost $1 million and up.  PA is getting $2.7M for roads. Is that going to take care of the roads? Doubt it. Headlines recenty in our paper stated PA was going to get $6B. I checked the charts and don't see where he gets that figure.

they have people out there like Lamepuke and Billo the Clown pandering to these crazy loons.  Some people would sell out their own mother for ratings and to put more millions of dollars into their own pockets.  It's pretty pathetic that these two despicable TV/radio man sluts have to resort to attracting the lunatics of the world to boost their ratings.

WASHINGTON — Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.

As companies throttled back hiring, the unemployment rate bolted from 6.5 percent in October to 6.7 percent last month, a 15-year high.

"These numbers are shocking," said economist Joel Naroff, president of Naroff Economics Advisors. "Companies are sharply reacting to the economy's problems and slashing costs. They are not trying to ride it out."

The unemployment rate would have moved even higher if not for the exodus of 422,000 people from the work force. Economists thought many of those people probably abandoned their job searches out of sheer frustration. In November 2007, the jobless rate was at 4.7 percent.

The U.S. tipped into recession last December, a panel of experts declared earlier this week, confirming what many Americans already thought.

Since the start of the recession, the economy has lost 1.9 million jobs, the number of unemployed people increased by 2.7 million and the jobless rate rose by 1.7 percentage points.

President-elect Barack Obama said the dismal job news underscored the need for forceful action, even as he warned that the pain could not be quickly relieved.

Thank you President Bush. You have been such a disaster. You are going to go down as the worst president in our history.

Senator Obama is going to stop giving tax breaks to companies who offshore.  That includes Medical Transcription Companies who outsource their work to offshore companies.  There will be an abundance of work for MTs here in the US, just like there used to be before our work started being sent overseas.

Medical Transcription used to be one of the top 10 careers but not anymore since it is outsourced overseas.  That is why our pay is decreasing and it is harder to find a job.  Senator McCain has been a senator for the last 30 years, yet our worked has continued to be sent overseas.  What change has he brought about?

If you want to get the profession of Medical Transcription back to the way it used to be where we had excellent pay and an abundance of work, vote for the man who wants to stop outsourcing our work overseas.  That man is Senator Obama.  Do your research before you cast your vote which might in turn hurt your very own profession, Medical Transcription!

I am casting my vote for Senator Obama and looking forward to once again being proud to be an American and having the work back in America where it belongs.

have to change. Quite frankly, I'd rather feed a family than endure/survive a home invasion. We haven't even SEEN the outcome of this economic crisis. When people are hungry, they steal. When people have nowhere to live, they steal. They steal in order to survive. In order to avoid massive civil unrest - these people need a safety net. My husband is laid off and he is a professional. I pray we don't have to resort to eating out of dumpsters in order to survive. And don't think for a minute you are immune.