533K Jobs GONE! in November (loan, percentage, credit, mortgages)

[Blackbeauty212]

Anyone who thought this recession was going to be mild has another thing coming!!!! This bad boy is going to be a real HUMDINGER!

Wall Street were I work is bloodshed - Jobs are going left and right....Feburary is when we are really going to feel it in our pockets.

Economy Sheds 533,000 Jobs, Most in 34 Years - Economy * US * News * Story - CNBC.com

Economy Sheds 533,000 Jobs, Most in 34 Years
Topics:Inflation | Employment | Consumers | Federal Reserve | Federal Budget (U.S.) | Economy (Global) | Economy (U.S.)
Companies:ATT Inc | Freeport-Mcmoran Copper & Gold Inc | United Technologies Corp | JPMorgan Chase and Co | Du Pont EI de Nemours | Ford Motor Company | General Motors Corp



CNBC.com, with wires | 05 Dec 2008 | 09:15 AM ET
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U.S. employers axed payrolls by a shocking 533,000 in November for the weakest performance in 34 years, government data on Friday showed, as the recession inflicted a mounting toll on the U.S. labor market.

The Labor Department said the unemployment rate rose to 6.7 percent last month in the highest reading since 1993, compared with 6.5 percent in October, after widespread losses across the country's major industry sectors.
The number was far above analyst expectations.
"The only time I've experienced this was the second quarter of 1980 where we had the credit crunch, so rather than an erosion, you have an absolute shutdown," Robert Barbera, chief economist at ITG, said on CNBC. "This is a minus-8, minus-8.5 GDP kind of number."
November's job losses were the steepest since December 1974, when 602,000 jobs were shed, and were much worse than forecast by analysts polled by Reuters who had predicted a reduction of 340,000 jobs.
In addition, October's job losses were revised to show a cut of 320,000, previously reported as a 240,000 loss, while September's losses were revised to a loss of 403,000 from down 284,00.
That meant 199,000 more jobs were lost in September and October than previously thought and the total reduction in U.S. nonfarm payrolls for last three months was 1.256 million, with almost 2 million shed in the year so far.
Service-providing businesses alone shed 370,000 jobs in November, following a loss of 153,000 jobs the month before.

[CouponJack]

IMO a best case scenerio would be topping off at an 8% unemployment rate in '09.....however I don't have much hope it will stay that low...

Buckle your seatbelts...

[Shuffler]

4.5% interest rates on mortgages and $1 gas aren't going to save us. Who cares about 'saving' the auto industry when people have no money to afford new cars. Who cares about bailing out Wall St when nobody has money to invest. My net worth is down about 50% from where it was a year ago, but I'm keeping my head up and thankful to still have a good job.

Doesn't anger follow denial, or is it acceptance and then anger (?) but I think the Sheeple are still in that denial stage, rejoicing in cheap gas and our next Prez (who is getting a nice, warm, juicy sh*t sandwich dropped on his plate)

Either way, I don't think people are going to be very nice to each other when we collectively hit the anger stage.

[bbkaren]

Must. Buy. More. Canned goods.

[Shuffler]

Imagine when people freak and there is a stampede on supermarkets to get any staple items, with dire consequences a la Walmart tramplings...

[chet everett]

I have been pretty impressed by the folks that are going to be part of the new administration -- I fully expect that there are going to be a flurry of actions to "create new jobs". I suspect that some of those efforts may very well go counter to the "tax the rich" theme of the election, but the economic advisers that have been announced are mostly the serious type that realize "campaign promises are NOT always the best way to make laws...".

Odds are very good that business can be induced to maintain payrolls and if the "hump" of excess housing inventory gets moving I can see a lot of places cautiously making efforts to increase hiring...

I don't like to make predictions about the exact percentages, nor do I feel comfortable about predicting when these 'turns' will come, but I am encouraged by the level of experience and credibility with which the new administration will face things from Day One.


One thing that I would like to see is a bit more representation of the manufacturing sector among the new administration's advisors -- even if those with experience say things like "I have more experience out sourcing manufacturing jobs then increasing employment in the US" it would still be smart to have those people in a position to reach out to the labor-intensive sectors and have a voice at the table in what sorts of changes could make US based employment more competitive. Nothing against Senor Richardson, but New Mexico is not exactly the state that pops into my mind when I think of "blue collar turn around".

In the broadest sense I am not real sure that a "blue collar" driven recovery is what is needed or what will really be the focus of the new administration. It does not really matter if the jobs that get added are in white collar, blue collar, medical or what ever sectors -- just that people need to have income that seems somewhat secure. The income is easier than the security...

[TCMlover]

Originally Posted by bbkaren

Must. Buy. More. Canned goods.

LOL Thank you I needed a good laugh this morning.

[aaauger]

Want jobs?

Don't buy cheap foreign imports.
Don't create policies that further burden businesses.
Don't disincentivize entrepreneurship with higher taxes.

In other words, support US business....

[HappyTexan]

Originally Posted by chet everett

I have been pretty impressed by the folks that are going to be part of the new administration -- I fully expect that there are going to be a flurry of actions to "create new jobs". I suspect that some of those efforts may very well go counter to the "tax the rich" theme of the election, but the economic advisers that have been announced are mostly the serious type that realize "campaign promises are NOT always the best way to make laws...".

Odds are very good that business can be induced to maintain payrolls and if the "hump" of excess housing inventory gets moving I can see a lot of places cautiously making efforts to increase hiring...

I don't like to make predictions about the exact percentages, nor do I feel comfortable about predicting when these 'turns' will come, but I am encouraged by the level of experience and credibility with which the new administration will face things from Day One.


One thing that I would like to see is a bit more representation of the manufacturing sector among the new administration's advisors -- even if those with experience say things like "I have more experience out sourcing manufacturing jobs then increasing employment in the US" it would still be smart to have those people in a position to reach out to the labor-intensive sectors and have a voice at the table in what sorts of changes could make US based employment more competitive. Nothing against Senor Richardson, but New Mexico is not exactly the state that pops into my mind when I think of "blue collar turn around".

In the broadest sense I am not real sure that a "blue collar" driven recovery is what is needed or what will really be the focus of the new administration. It does not really matter if the jobs that get added are in white collar, blue collar, medical or what ever sectors -- just that people need to have income that seems somewhat secure. The income is easier than the security...

Chet, anything Obama puts in place will take months if not years to implement.

I know here in Texas the DoT has lined up all their "road" projects that didn't get budgeted and plan to submit all those for the "infrastructure" work. Now imagine that all the other states are doing the same. The White House will get flooded with submissions for projects.

I do hope Obama starts with a clean slate and goes for the future alternative stuff and get us off the oil based industries with his plan.

[Nepenthe]

The chances of my job going bye bye in January just moved from 40% to 60%.

On the plus side, I'm up 10% on ERY in the last 40 minutes.

I wonder if this news will sway the auto loan talks one way or another.