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The February employment report, released Mar. 6, was not as bad as some on Wall Street had feared, but it was still pretty lousy. Nonfarm payrolls fell another 651,000 in February, while the unemployment rate jumped to 8.1% from 7.6%. The deep job losses point to protracted weakness in the U.S. labor market, with Standard & Poor's forecasting another 2 million job losses by fall.
...the U.S. economy shed 651,000 jobs for the month. In the separate Household Survey, the unemployment rate rose half a percent, to 8.1%.
Revisions to January and December cropped an additional 161,000 jobs. Cumulative jobs lost since the current recession began in December 2007 stand at about 4.4 million, with much of that loss (2.6 million jobs) occurring in the past four months.
At 8.1%, the unemployment rate now exceeds the peak from the 1991 recession, 7.8% in June of 1992, and is at a 25-year high. During the recession of the early 1980s, the unemployment rate was greater than 8% for 26 months, from November 1981 through January 1984. From September 1982 through June of 1983 (10 months), the rate was greater than 10%, peaking at 10.8% in November and December of 1982.
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Time for an armchair extrapolation.
8.1 percent jobless. Did the rich guy lose their job....probably not. So that's 8.1 percent like you and me. You and me. There's a lot of dual income homes out there living paycheck to pay check. Let's say that 8.1 percent is composed of members of a dual income home. That means 16.2 percent of EVERYBODY in the US can't pay their bills.
WHOA....BACK UP..that's kind of high. Ok, let's chop off 1/3 of that.
10 percent of people can't pay their bills. That's a lot of non-paying going on. If you think about it, that really throws a wrench into things.
Location: Georgia, on the Florida line, right above Tallahassee
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Some economists now believe that if the pace of jobs losses continues — they currently average more than 600,000 a month — the economic contraction could be more severe in the first quarter of this year.
NO WAY! How can the economy shrink if people don't have jobs! Say it ain't so! BRANIAC IN THE HOUSE>
Let me also beat them to the punch and state that people with no jobs will eat less steak and more ramen noodles. I should be an economist. It's like a weatherman for money. How's it doing? "Fair to middling. Kind of a grey area today. Tomorrow might be better, if it's not worse. Yeah. Back to you, Fred."
Edit.
Take a look at that line. SOME economists. That means some think it's cool. And some might think it's freaking awesome. "Dude, we're losing 600,000 jobs a month! YEAH! The economy is ON FIRE! ! DOW 20,000!!!
Let me also beat them to the punch and state that people with no jobs will eat less steak and more ramen noodles. I should be an economist. It's like a weatherman for money. How's it doing? "Fair to middling. Kind of a grey area today. Tomorrow might be better, if it's not worse. Yeah. Back to you, Fred."
One of my majors is econ (I also do CompE), but this made me laugh. There is a lot of truth to it!
As someone that owned a home.....if you get behind on a house payment.....that's pretty much it.
My payment was $1415 a month. I'm willing to bet that those who are behind don't have a mortgage payment in savings.
Because if you did, YOU WOULDN'T BE F'NG BEHIND, now would you? Maybe they are just going to walk away.
Wonder what that would do to the economy?
The February employment report, released Mar. 6, was not as bad as some on Wall Street had feared, but it was still pretty lousy. Nonfarm payrolls fell another 651,000 in February, while the unemployment rate jumped to 8.1% from 7.6%. The deep job losses point to protracted weakness in the U.S. labor market, with Standard & Poor's forecasting another 2 million job losses by fall.
...the U.S. economy shed 651,000 jobs for the month. In the separate Household Survey, the unemployment rate rose half a percent, to 8.1%.
Revisions to January and December cropped an additional 161,000 jobs. Cumulative jobs lost since the current recession began in December 2007 stand at about 4.4 million, with much of that loss (2.6 million jobs) occurring in the past four months.
At 8.1%, the unemployment rate now exceeds the peak from the 1991 recession, 7.8% in June of 1992, and is at a 25-year high. During the recession of the early 1980s, the unemployment rate was greater than 8% for 26 months, from November 1981 through January 1984. From September 1982 through June of 1983 (10 months), the rate was greater than 10%, peaking at 10.8% in November and December of 1982.
***************************
Time for an armchair extrapolation.
8.1 percent jobless. Did the rich guy lose their job....probably not. So that's 8.1 percent like you and me. You and me. There's a lot of dual income homes out there living paycheck to pay check. Let's say that 8.1 percent is composed of members of a dual income home. That means 16.2 percent of EVERYBODY in the US can't pay their bills.
WHOA....BACK UP..that's kind of high. Ok, let's chop off 1/3 of that.
10 percent of people can't pay their bills. That's a lot of non-paying going on. If you think about it, that really throws a wrench into things.
Well; that was not bad compared to teh 70's recession with double digit unemployemnt and infaltion. I don't even recall teh recession in the 90 it was so slight. The 80's I do but wasn't really that bad overall.If this one gets to 70's levels ;evryone wil be hurting and it could atke decades for many areas to recover.
As someone that owned a home.....if you get behind on a house payment.....that's pretty much it.
My payment was $1415 a month. I'm willing to bet that those who are behind don't have a mortgage payment in savings.
Because if you did, YOU WOULDN'T BE F'NG BEHIND, now would you? Maybe they are just going to walk away.
Wonder what that would do to the economy?
Hi 70Ford,
I suggest people don't let it get to that point. Do not pay mortgages with your savings. If you are under water especially, squat in the house until foreclosure. Do not give up your safety cash.
Walking away will help the economy. You will be able to operate debt free and purchase goods and services. All they will do is swap more mortgage securities for treasuries to make the bank solvent on the books just like they are doing. It would be been better if they just let the banks go under but we have gone from an agricultural society, to a manufacturing society, to a high tech society and now finally to the financial bank buddy system. Bank buddies in the treasury don't let buddies go under.
Location: where you sip the tea of the breasts of the spinsters of Utica
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If you're making more than your mortgage payment, and are fairly secure in your job, you should continue to make payments. Other things like utilities and food are of secondary importance - you can live without most utilities or get help paying them, you can sell the car and use public transportation, and you can get food from food banks, churches, dumpster diving, scrounging, scrimping, hunting, fishing, gathering, etc.
I suggest people don't let it get to that point. Do not pay mortgages with your savings. If you are under water especially, squat in the house until foreclosure. Do not give up your safety cash.
I agree with that 100%.
I really do feel sorry for the people out there who will burn through all of their savings trying to save their houses, only to end up without a penny to their name, no job, and no place to go. They're doing everything possible to protect their credit, and forgetting to protect themselves in the process.
Location: Georgia, on the Florida line, right above Tallahassee
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"Last year, the role of unemployment was a factor in foreclosures, but it is undoubtedly more important now," said Captain Obvious (Paul Willen), an economist at the Federal Reserve Bank of Boston
Woah. Hard to miss that one, Paul. It was close though. There's more jobless people now...so there's less money now.....so that possibly COULD BE MORE FREAKING IMPORTANT NOW, couldn't it? Sheesh.
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