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2008 Job Losses Probably Worst Since 1945: U.S. Economy Preview
Shobhana Chandra
Bloomberg
Sunday, January 4, 2009
The U.S. economy probably lost more jobs in 2008 than in any year since the end of World War II as firings rippled from homebuilders and automakers to banks and retailers, a government report may show this week.
Payrolls fell 500,000 in December, bringing last year’s decline to 2.4 million, the most since 1945, according to the median estimate of economists surveyed by Bloomberg News ahead of Labor Department figures due Jan. 9. The unemployment rate likely jumped to the highest level since 1993.
The figures will underscore the urgency behind President- elect Barack Obama’s plan to pass a stimulus package that will create jobs and mitigate the recession, already the longest in a quarter century. Other reports may show slumps in housing, manufacturing and service industries deepened at the end of last year, setting the stage for more weakness in 2009.
“We’re continuing to lose massive amounts of jobs,” said Michael Feroli, an economist at JPMorgan Chase & Co. in New York. “The negative momentum carrying over into the first half of 2009 will hold down the economy regardless of policy.”
(ARTICLE CONTINUES BELOW)
The jobless rate probably climbed to 7 percent in December from 6.7 percent the prior month, according to the survey median.
Manufacturers probably cut 103,000 workers from payrolls, the report may also show. Factories, which make up 12 percent of the economy, shrank in December at the fastest pace in 28 years as new orders for products from cars to furniture reached the lowest level since records began in 1948, the Institute for Supply Management reported last week.
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January 4th, 2009 at 1:39 pm
There’s a book on dealing with unemployment and making the most of it. See a review at http://destinysurvival.com/200.....nemployed/.
John
January 4th, 2009 at 2:42 pm
http://edition.cnn.com/2004/BU.....ychopaths/
‘Corporate psychopaths’ at large
“If you work in an office, watch out — your boss or the person sitting next to you could be a psychopath.”
January 4th, 2009 at 2:49 pm
The solution to the economy is the American worker!! How dare them want higher pay than other nations of the world! How dare they want retirement when they are still physically able to work!! How dare they want health care provided for them and their families!! How dare they have Unions terrorizing cooperations to get them benefits. we need change this is what I propose.
1. no personal property all land will be owned by the state. The stsate will provide your shelter.
2. wages will be universal a days work for a days pay all men will be equal regardless of occupation. which will all be deposited in a one world bank to pay your expenses.
3. the state shall provider your food and medical care.
4. the workday shall increase to sun up till sun down. Idal hands are the devils workshop.
We can then compete with the rest of the world and again take our place as an industrial nation.
January 4th, 2009 at 9:46 pm
Don’t trust NBER reporting. Check out sales and payrolls for a true level of economic activity and employment. It is worse than the 6.7 percent they are quoting.
January 4th, 2009 at 10:04 pm
Bad history Shobana. Troops released from duty are not quite the same as workers released from work. Where are the statistics? When things were being spun upward in recent years everything was enhanced with mystic percentages.
January 5th, 2009 at 3:45 am
INFORMATION IS THE BEST WEAPON TO USE AGAINST THESE NEO-SCUM BASTARDS !!
IT’S TIME FOR ALL INFOWARRIORS TO STEP UP, STEP FORWARD, AND POLLUTE THE
WORLD WITH OUR COLLECTIVE KNOWLEDGE OF CONSCIOUSNESS. 1 LOVE !!!!!!!!!!!
TIME TO GIVE POWER BACK 2 THE PEOPLE, GIVEN BY THE PEOPLE, & GIVEN 4 THE PEOPLE
AND SO BEGINS THE REVOLUTION …………………………………………….
………”RON PAUL”……………………….”ALEX JONES”………………………….”DAVID ICKE”……….
…..FOR PRESIDENT…………….FOR VICE-PRESIDENT………….FOR SECRETARY-OF-STATE…..
January 5th, 2009 at 5:29 am
What your seeing is the aftermath of the neocons false flag attack of 9/11 and it’s ensuing wars. They were designed to steal Iraq’s and Afghanistan’s resources for our elite masters while at the same time bankrupting our country [the U.S.} financially.
Well, they did it and this is the expected fallout. Let’s remember who did this to us and not let them shift the blame.
January 5th, 2009 at 10:12 am
What will you do when people finally wake up to the fact that the government has hung them out to dry at the sake of their criminal friends on Wall Street. You must take steps to protect yourself. This is why I moved to Costa Rica. You have to choice to suffer or to prepare.
I can help you centuryfortuna@ice.co.cr
January 5th, 2009 at 10:17 am
You must make a decision while the dollar still has value. How long do you think the rest of the world will continue to fund our idiocy. Once they cease (and will almost certainly be this year) hyperinflation will set in quickly. YOu must make a choice. I can help you, I moved to Costa Rica and no matter what happens here I can survive. I can help you make that move
centuryfortuna@ice.co.cr