U.S. employers cut more than half a million jobs in November, the most monthly job cuts in 34 years and far more than analysts expected. The new losses raise the U.S. unemployment rate to 6.7 percent, the highest level since the recession of the early 1990s.
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36 Comments
Don’t expect the bleeding to stop anytime soon.
I predict a net monthly loss of jobs through the end of the summer, at least.
It is going to be a tough 2009.
But then again, aren’t regular market corrections to be expected in a free market economy?
We cannot extol the virtues of capitalism without being willing to bear the downturns that must come in a capitalistic economy.
U.S. employers cut more than half a million jobs in November, the most monthly job cuts in 34 years and far more than analysts expected.
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This is caused by a combination of the financial crisis and businesses trying to prepare for Obama’s promised policies. It will get worse.
“…and far more than analysts expected.”
That’s weird. They are usually spot on.
fleettwood
Posted December 5, 2008 at 1:36 pm | Permalink
“…and far more than analysts expected.”
That’s weird. They are usually spot on.
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True. Which I think gives credence to Anti’s point that many are a preemptive measure unfortunately.
I seriously doubt any businessperson is cutting jobs (or making any other decisions for that matter) based on policies that not-yet-in-office President-elect Obama might enact.
Now they may be using those things as an excuse for something they had already planned, or seizing the opportunity to do something that needed done and now has a scapegoat.
Sorry guys, I can’t buy that pre-emptive idea. I think most job losses are due to current business events not future. But hey, I am lucky to balance my personal accounts ;) so…
Bush finally concedes we’re in a recession, my response, “No Shit, Sherlock!”
The recession started when Obama announced he was a presidential candidate (the bushies will believe it).
Your good jobs have all gone to China.
Capitalism at it’s finest.
Make it as cheap as possible.
Do away with any evil gov’t regulation on the little bit of stuff made here. (mostly fast food anyway).
I hear you can get a job in the military pretty easily.
Oh yeah, go out and buy more cheap tainted chinese crap and have a wonderful holiday.
Buy everyone you know a cellphone, the whole damned world is nothing but a phone booth for them.
Even in a crisis situation, bush is not to be taken as being truthful. He’ll not let a dime of the pledged financial rescue bill go for direct help to the wage earner that needs it for his mortgage.
Congress won’t release anymore money to bush’s agents to be given to financial companies without oversight.
The preemptive job cut theory is probably the most insane distortion of economic reality on this forum than back in the days when a poster by the nym of “Econ101″ contributed to this forum.
Even the most basic of Economics 101 is the old agrarian adage, “Make hay while the sun shines.” No capitalist is gonna cut production in anticipation of imagined changes in the tax code.
The fact is we’ve been in a Bush-induced recession since December, 2006. (It was made “official” this week.)
People aren’t buying stuff.
When people don’t buy stuff it becomes a losing proposition to keep making stuff. So people get laid off… and can’t buy stuff.
The only companies making money now are Walmart (the last vestige of self-perceived middle-classness left before the Dollar Store) and the automobile repo business. (I talked to a repo guy over a beer the other night. He took back 146 cars in Southeast Kansas in November alone. 19 on Thanksgiving alone. “Gotta love those family reunions,” he said.)
Yeah, he’s an assh0le. But a “business is good” assh0le. And a loyal Republic Party voter.
With CONservative philosophies such as supply-side economics, arbitrage, the S&L scandal, the deregulation fetish, debt swapping, hedge funds, derivatives, golden parachutes, tax-cuts-for-the-Über Riche, and the twice-born “every sperm is sacred” crowd dominating the Republic Party for the past 30 years (how’s that worked out, guys?), the ONLY explanation for half-a-million lost jobs in November must be an anticipation among capitalists that they might be making so much money all their income over $250,000 might get bumped into a 3%-higher tax bracket next year. Or the next. Or the next… as the Republic Party promised with the legendarily “successful” Bush tax cuts.
Yeah, that’s it.
The economy is so good capitalists are closing stores and eliminating jobs.
C’mon.
All this, under the past two years democrats majority in congress. Do nothing congress – except harm.
Worst Congress Ever.
Ok…so you are saying that congress did this…I see…*puzzled look*
The President can not introduce any legislation.
The powers in Congress could and should have taken some responsibility if they saw this coming and squeeled like stuck pigs if Bush had blocked it.
Do you think they wouldn’t have?
Ok, so Bush wanted to help but could not then? Wow…so 2 years of dem congress > 6 years of rep congress with 8 years of rep pres….Wow the damage of those 2 years. LOL
Bush had the veto, so if they could only squeeze something through, there wouldn’t have been the possibility of an override, thus a wasted exercise. Besides, who knew that the admin. wasn’t doing their regulatory oversight to such a degree (except the players).
But I don’t hold out hope that the party of irresponsibility will ever acknowledge fault.
It is basic in business, that you do not let taxes determine profit, unless that tax is 100% of profit.
Better to make an extra dollar out of 100 dollars, than to forego the dollar.
And what is the market reaction to this very bad news? Up 3% to 4%.
Go figure. I can’t.
It’s a mad house!!!
outlander, the market sees this very bad news as good news for corporations which have stock publicly traded on the various exchanges; a reduction in labor costs which will cause higher profitability than otherwise would have occurred in a down year, with a corresponding increase in value/stable or increased dividend. That’s how I see it right now.
a mad, mad, mad, mad world!
What a ClusterBLANK. LOL. I really don’t get the markets right now.
When everything sucks, the market sucks. But if it looks like investors can profit, the market will go up, even if everything else in the economy is going to hell.
It’s all about the portfolio, and nothing else.
yep.companies are taking the work to foriegn countries because they are bailed out or bought by foriegn countries.middle class and poverty stricken adults can’t work in the companies left in this country because we work in retail and restaraunt wwwork which is going to the illegals and teens who are willing to work min.wage or less.this way no adults who were wqorking over 10 hrs. a week with 15 to 20 hrs.a week o.t. and no schedule is needed you have a handfull of minimum wage workers ,call all of them each day and see who wants to come in and cover the shifts today.very cost effective and the schools have not been allowing the little children to celebrate holidays cause too many students from othwer countries and religons are enrolled who don’t observe our holidays.including birthdays.our son was once told we have a student in class who’s religon doesn’t observe birthdays.so you will not be allowed to sing happy birthday.adults are unemployed and homeless because they are too old and and want paid to much.min.wage teens who live with parents are working restaraunts and retail as management.they wonder why the recession,why the forclosures,why the high unemployment.the high unemployment cause adults aren’t wanted and kids quit at school time.but this is what companies want.no high dollar adult workers and quick changeover.they say they have an open door policy talk about anything.let us know what we can change to make things better in this company.but what they don’t tell you is after you talk they find whatever reason to fire you.how many job prospects have i run into lately that requires a current driver license and clean driving record eeven for a non driving job.how many hire for a particular job and then tell you at employee meetings .you have to be able to cover all areas or your but is out a here.and as for obama.how many of you were hired for experience and how many of you were hired to your job cause the company wanted change.
“whitenite59
Posted December 5, 2008 at 4:06 pm”
You might have had something good to say, but your post ran on so long it was not understandable.
Please learn about using whitespace and complete sentences with spaces after them.
And paragraphs. Paragraphs are good too.
i don’t want to be a grammar freak but my gawd, come on
“The Labor Department announced that over 1,100 lawyers lost their jobs last month. Think about it. So lawyers are losing their jobs. … CEOs are being forced to work for a dollar a year. Ann Coulter’s jaw is wired shut. In many ways, this could be the greatest Christmas ever.”
–Jay Leno
Hey, he didn’t have any run-on sentences. ;)
But I’m still trying to figure out what not singing happy birthday in school has to do with the economy. Last time I heard, the Hooters girls still sing happy birthday while standing on tables. At least they’re still working. (Just tying it in for everyone.)
And paragraphs. Paragraphs are good too.
And, unless the first word has to be lowercase, starting a sentence with a capital letter helps, too.
From what I could translate, I probably agree with some of it, but I don’t see what respecting people from other countries and their religions has to do with the economy, either.
From the manufacturing sector, this is good news!!
It is about time someone else gets the axe.
brian_nuevo
Posted December 5, 2008 at 1:51 pm | Permalink
I seriously doubt any businessperson is cutting jobs (or making any other decisions for that matter) based on policies that not-yet-in-office President-elect Obama might enact.
—
I think you are largely correct, especially for any businesses actually doing any real planning, i.e., working to convert one-year plans into longer-term plans. (corporate planning)
In fact, I’d venture to guess that Anti’s conjecture is just projection on his part. As in, this is what Anti’d do if he owned a business.
After all, anybody tried to buy a gun lately? Guns are extremely difficult to buy right now, the supply has been greatly eaten up by ENORMOUS demand. (Supply will catch up, though, I’m sure.) Apparently there exists a ton of Americans who are putting their money where their “Obama will definitely confiscate/outlaw guns” opinions are. I think some of those Americans easily jump to the conclusion that business owners, too, would behave erratically.
And I said “largely correct” because I’m sure others really have liquidated some assets and exported the cash to work in places they deem outside the IRS ca2009.
You can’t blame the crises on Pre-emptive measures by businesses scared by Obama anymore than you can blame Bush (all greedy, all owned). This is ALL engineered by the owner’s, the banksters.
“The powers of financial capitalism had (a) far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank…sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world”.
-Carroll Quigley excerpt from “Tragedy & Hope”
(Carroll Quigley was William Jefferson Clinton’s mentor) (for those unaware)
“Give me control of a nation’s money and I care not who makes the laws”.
-Mayer Amschel Rothschild
You can’t blame the crises on Pre-emptive measures by businesses scared by Obama anymore than you can blame Bush (all greedy, all owned). This is ALL engineered by the owner’s, the banksters.
“The powers of financial capitalism had (a) far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank…sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world”.
-Carroll Quigley excerpt from “Tragedy & Hope”
(Carroll Quigley was William Jefferson Clinton’s mentor) (for those unaware)
“Give me control of a nation’s money and I care not who makes the laws”.
-Mayer Amschel Rothschild
Hmm…guess I needed to stress that. It was the Providence of God, that it posted twice!
Job losses staggering
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Hey, you wanted gas prices to come down so Bush did what he had to do.