David Kirkpatrick

December 5, 2008

Jobless news not good

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 11:01 am

The jobless issue is still dark boding for a tough holiday season.

These numbers don’t even reflect 637,000 people who’ve effectively given up and have “dropped out of the workforce” meaning even though they aren’t employed, they’re not “jobless” because they aren’t even trying to get a job any longer.

From the link:

With the economy deteriorating rapidly, the nation’s employers shed 533,000 jobs in November, the 11th consecutive monthly decline, the government reported Friday morning, and the unemployment rate rose to 6.7 percent.

The decline, the largest one-month loss since December 1974, was fresh evidence that the economic contraction accelerated in November, promising to make the current recession, already 12 months old, the longest since the Great Depression. The previous record was 16 months, in the severe recessions of the mid-1970s and early 1980s.

2 Comments »

  1. Sadly, most analysts believe it is going to get even worse. I have been watching gas prices lowering and know that it is in a harder economy that everyone, including big oil, tightens their profit margins in an effort to maintain the numbers they need to survive.

    Comment by Sacramento Website Design — December 5, 2008 @ 11:13 am

  2. I think the proverbial skite will hit the fan this coming april-may 2009.

    I think once we’ve seen all the numbers for the holiday season, and realized how truly short on cash and credit everyone is, it’s gonna force a lot of consumer product retailers into chapter 11 or even ch. 7 bankruptcy. Circuit city was just the start of it.

    Even worse, over 60% of our GDP comes from the consumer economy. This “New Economy” is going to seem pretty farcical once all that inflated cash flow goes away. Historically, nations have these types of economies when they’ve become slow, lumbering, uninnovative empires…. hmmm… nah… doesn’t sound like us at all… romans, sure…. 19th century Brits, sure…. us?…

    Anyway, that’s the long-winded version of my prediction…. next year, May 2009: 11 to 12.8% unemployment.

    Good post.

    One Love,
    –Reverend Manny

    Comment by Reverend Manny — December 5, 2008 @ 1:04 pm


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