David Kirkpatrick

January 2, 2009

No economic respite in sight

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 7:57 pm

Of course this what everyone is expecting. I’ve blogged this phrase more than twice, but it bears repeating — everyone with a real dog in the fight right now is saying just write 2009 off, ride it out as best you can and hope for some clarity in 2010.

This doesn’t necessarily mean sour faces and cardboard shoes — sometimes tough times aren’t nearly so bad when you’re prepped for them. It’s the unseen haymaker that really hurts. So stiff upper lip, watch the wanton spending and don’t panic. Things will be better, and I bet they’ll be practically fine. Especially when viewed through rose-colored glasses.

From the link:

The number of laid-off workers continuing to draw unemployment benefits bolted to 4.5 million in late December, and even more Americans are expected to join the ranks of the jobless in 2009.

While first-time applications for jobless benefits dropped last week, economists mostly attributed that to the Christmas holiday and cautioned that a more accurate picture of new layoff filings won’t become clear until the holiday season is passed _ around mid-January.

All in all, though, the picture that emerged Wednesday was largely grim and is not expected to improve any time soon.

“It wasn’t a very merry Christmas for most of the labor force and it doesn’t look like it will be a very happy New Year, either,” said Richard Yamarone, economist at Argus Research.

The Labor Department’s report showed that people continuing to draw unemployment benefits jumped by 140,000 to 4.5 million for the week ending Dec. 20, the most recent period for which that information is available. The larger-than-expected increase underscored the difficulties the unemployed are having in finding new jobs.

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