The Conservative Cave
Current Events => Economics => Topic started by: Wretched Excess on March 07, 2008, 09:53:33 AM
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Employers Slash Jobs by Most in 5 Years
Employers Slash 63,000 Jobs in February, Most in 5 Years, Feeding Recession Fears
WASHINGTON (AP) -- Employers slashed jobs by 63,000 in February, the most in five years, the starkest sign yet the country is heading dangerously toward recession or is in one already.
The Labor Department's report, released Friday, also showed that the nation's unemployment rate dipped to 4.8 percent as hundreds of thousands of people -- perhaps discouraged by their prospects -- left the civilian labor force. The jobless rate was 4.9 percent in January.
Job losses were widespread, with hefty cuts coming from construction, manufacturing, retailing, financial services and a variety of professional and business services. Those losses swamped gains elsewhere including education and health care, leisure and hospitality, and the government.
The latest snapshot of the nation's employment climate underscored the heavy toll of the housing and credit crises on companies, jobseekers and the overall economy.
To provide relief to persistent credit problems, the Federal Reserve announced Friday additional steps to inject cash into the nation's financial system to keep banks lending to customers.
More (http://biz.yahoo.com/ap/080307/economy.html?.v=7)
jeez. hysterical much? :whatever:
" . . . perhaps discouraged by their prospects . . . "; aren't boomers beginning to retire?
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^that statement makes no sense - if people are "discouraged by their prospects" then clearly they don't need a job that bad. There will ALWAYS be jobs. It's just a matter of how willing you are to do said job and what rate of pay you're willing to accept.
Ugh. I hate agenda driven media.
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^that statement makes no sense - if people are "discouraged by their prospects" then clearly they don't need a job that bad. There will ALWAYS be jobs. It's just a matter of how willing you are to do said job and what rate of pay you're willing to accept.
Ugh. I hate agenda driven media.
well, if you have stark signs of danger, you pretty much have to work discouragement in there somewhere. I am going to suggest to scrappleface or the folks at the onion that they write a story headlined, "Employed Man Commits Suicide After Reading that Unemplyment Drops".
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^that statement makes no sense - if people are "discouraged by their prospects" then clearly they don't need a job that bad. There will ALWAYS be jobs. It's just a matter of how willing you are to do said job and what rate of pay you're willing to accept.
Ugh. I hate agenda driven media.
well, if you have stark signs of danger, you pretty much have to work discouragement in there somewhere. I am going to suggest to scrappleface or the folks at the onion that they write a story headlined, "Employed Man Commits Suicide After Reading that Unemplyment Drops".
LOL! And a lot of people will take it seriously!!
This begs the question....what of those who are "discouraged"? Do they just sulk at home and live off air? I guess they have money socked away to be able to stop looking for work.
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^that statement makes no sense - if people are "discouraged by their prospects" then clearly they don't need a job that bad. There will ALWAYS be jobs. It's just a matter of how willing you are to do said job and what rate of pay you're willing to accept.
Ugh. I hate agenda driven media.
well, if you have stark signs of danger, you pretty much have to work discouragement in there somewhere. I am going to suggest to scrappleface or the folks at the onion that they write a story headlined, "Employed Man Commits Suicide After Reading that Unemplyment Drops".
LOL! And a lot of people will take it seriously!!
This begs the question....what of those who are "discouraged"? Do they just sulk at home and live off air? I guess they have money socked away to be able to stop looking for work.
they move into their mom's basement and join DU.
the whole phrase, "perhaps discouraged by their prospects", shouldn't be in the story. it is utterly subjective, requires conjecture, and is beyond the reporter's ability to know. and it's absurd on it's face. he, and he alone, knows the mental state of "hundreds of thousands" of people? must be a busy guy.
he avoids the appearance of blatant bias by use of the weasel word "perhaps", which also has no place in a hard news story. perhaps they all freaking died, or were abducted by UFOs. maybe they all joined a convent, or hare krishna.
this story just over the top.
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^exactly!!! Obviously the intent was to keep reinforcing the idea that our country is going down the crapper. It's like yelling "fire" in a theater in my opinion. Personally, I think our economy in general will be fine. It's cyclical and we're due for some corrections. Unprecedented growth always levels out at some point. The housing crunch is a blip as evidenced by another post here (only .83% of mortgages are in default) the market will correct itself.
But articles like this one only serve to generate panic which naturally forces people to act rash - like voting for Dem. :uhsure:
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^exactly!!! Obviously the intent was to keep reinforcing the idea that our country is going down the crapper. It's like yelling "fire" in a theater in my opinion. Personally, I think our economy in general will be fine. It's cyclical and we're due for some corrections. Unprecedented growth always levels out at some point. The housing crunch is a blip as evidenced by another post here (only .83% of mortgages are in default) the market will correct itself.
But articles like this one only serve to generate panic which naturally forces people to act rash - like voting for Dem. :uhsure:
yeah, there was no way that the galactically overvalued real estate market wasn't headed for a correction, and that it would hurt a bit once it got here.
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I guess all those seasonal jobs had to go somewhere. On a lighter note, initial jobless claims are still under 350K (400K is traditionally the benchmark of a healthy employment market) and GDP, while slowing, is nowhere near negative.
But fret not, fellow CC'ers! The MSM will talk this economy into the ground yet!