Friday, December 05, 2008

Friday news dump

From the Dept. of Labor:

Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.

As companies throttled back hiring, the unemployment rate bolted from 6.5 percent in October to 6.7 percent last month, a 15-year high.

The loss of 533,000 payroll jobs was much deeper than the 320,000 job cuts economists were forecasting. The rise in the unemployment rate, however, wasn't as steep as the 6.8 percent rate they were expecting. Taken together, though, the employment picture was dismal.
As for the figures from September and October ...

Job losses in September and October also turned out to be much worse. Employers cut 403,000 jobs in September, versus 284,000 previously estimated. Another 320,000 were chopped in October, compared with an initial estimate of 240,000.
But that's life under conservative rule.

UPDATE: Given all that, I suppose this isn't too surprising.

More Americans are collecting jobless benefits than at any time in the last 26 years as companies rush to cut costs in a sinking economy.

The number of people on unemployment benefit rolls rose to 4.09 million in the week ended Nov. 22, the most since December 1982, the Labor Department said today in Washington. A separate report showed orders at U.S. factories tumbled in October by the most in eight years as demand collapsed at home and abroad.
And with another half a million jobs gone, we soon will be looking back fondly at these heady days, when ONLY 4.09 million people were collecting unemployment benefits.



Anonymous Anonymous said...

I dont agree wi everything you post here but enjoy reading it. I like all sides of an argument. One question I have is how many people ARE employed now. 6.7% unemployed is terrible, but i wonder how many HAVE jobs?


12/05/2008 07:38:00 PM  
Blogger Dr. S said...

Thanks for the comment, Luis.

Here's a link to a chart showing the employment-to-population ratio, that is, the of of employed Americans to the number of adult Americans. It shows a distinct downward slide in the percentage of American adults who are working. It doesn't show the number of people who have jobs, but shows that group is shrinking fast.

12/07/2008 02:05:00 PM  

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