Grimnir wrote:It's true that there are ominous signs out there, but the big jump in jobless claims is because the hurricane put so many people out of work. It doesn't necessarily say anything about the intrinsic strength of the economy.
This is all U.S.-centric news, not really an indicator of a worldwide depression. If anything the implosion of the U.S. economy will be good for the world as it will free up investment capital, currently wasted to finance the U.S.'s trade deficit, for other countries.Eli wrote:This all adds up to a great depression worldwide. What do you guys think?
Dec. 5 (Bloomberg) -- U.S. employers eliminated jobs in November at the fastest pace in 34 years and the unemployment rate jumped as the yearlong recession engulfing the world’s largest economy deepened.
Payrolls plunged by 533,000 last month, the biggest loss since December 1974, after shrinking a revised 320,000 the prior month, the Labor Department said today in Washington.
“The labor market capsized in November,” Ryan Sweet, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania, said before the report. “The financial panic has hammered the economy and we are seeing a very broad-based decline in payrolls.”
1.91 Million Jobs Lost
Revisions for September and October increased job losses by 199,000. The 11th consecutive drop in payrolls brought the number of jobs eliminated so far this year to 1.91 million.
At 12 months, the recession is already the longest since the 16-month slump that ended in November 1982.
Bloomberg
IgnoranceIsBliss wrote:I guess the local emergency rooms will be swamped with those seeking free care.
frankthetank wrote:I was in the grocery store the other night and i overheard this fat pig of a lady talking about her work. I moved closer pretending i was looking at something (it could have been tampons...i wasn't paying attention). So this oversized beast continued to talk about how her hours had been cut, that now they don't have anyone cleaning the building so its very dirty, etc etc. This lady had enough in reserves to last 6 months without another paycheck. I didn't look what was in her cart, but i can imagine the snack food aisle needed RESTOCKING!
God i'm mean... forgive me
Heineken wrote:(Increasing poverty could lead to more obesity, not less, since the fattening, unhealthy stuff is more affordable.)
IgnoranceIsBliss wrote:So all of the sudden we are 12 months into a recession?
Don't you remember just recently when the media was feeding us a steady diet of "We're in a minor dip... now's a great time to buy a house... we've hit the bottom...we will see a turnaround any minute now!"
The job loss numbers are just staggering. I don't know what is going to stop this train. When we get into January and people start getting hit for Christmas spending and heating, I think the mood will sink even more. What are we going to do with all of these unemployed people who no longer have health insurance? I guess the local emergency rooms will be swamped with those seeking free care.
Impervius wrote:I swear I am gonna slap the next TV commentator who bables on about, oh the unemployment isnt that high, back in the depression it was 25-30%..
The idiot always fails to mention that if we counted unemployment the same way we did it the depression, we would be alot closer to that figure.
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