Wednesday, January 6, 2010, 8:56AM ET - U.S. Markets open in 34 mins..
As if a housing crisis and global market meltdown aren't bad enough, layoffs are rising too: September was the worst month for "mass" layoffs since 2001, the WSJ reports.
And the hits just kept coming in October:
"In just the last two weeks, the list of companies announcing their intention to cut workers has read like a Who's Who of corporate America," the NY Times reports: "Merck, Yahoo, General Electric, Xerox, Pratt & Whitney, Goldman Sachs, Whirlpool, Bank of America, Alcoa, Coca-Cola, the Detroit automakers and nearly all the airlines."
The good news for investors is that stocks typically bottom long before the economy and unemployment turn a corner. The bad news is rising joblessness and its impact on the real economy -- most notably housing and consumer spending -- may just be getting started.
Economists are now debating how high unemployment will rise from its still relatively low 6.1%. Among the milestones currently being targeted:
At this point the best hope for jobs growth appears to be a massive program of fiscal spending by the Federal government, regardless of who wins the election. That isn't what champions of free-market capitalism want to hear but their complaints are likely to fall on deaf ears as private corporations continue to shed jobs.
layoffs will only accellerate with an obama administration....
I lived through the early 80's recession. We toughed it out and emerged stronger because it WASN'T a election year and we had a President who could stick to his (and actually had) principles . Both parties are pushing whatever buttons they can to benefit their candidates. The could care less about the long term damage their intervention is creating. And, unlike 1982, this one will be long and painful because of the "bail me out" expectations that have been created.
I lived through the early 80's recession. We toughed it out and emerged stronger because it WASN'T a election year and we had a President who could stick to his (and actually had) principles . Both parties are pushing whatever buttons they can to benefit their candidates. The could care less about the long term damage their intervention is creating. And, unlike 1982, this one will be long and painful because of the "bail me out" expectations that have been created.
The title "Help Wanted ..." FORGET THAT ... SHOULD state JOBS WANTED What a pain - lost the job last year, looking desperately since then, unemployment extention now exhausted - AND NO JOBS ARE AVAILABLE !!!!!!! Talk about the credit freeze - WHAT ABOUT THE JOBS FREEZE
The title "Help Wanted ..." FORGET THAT ... SHOULD state JOBS WANTED What a pain - lost the job last year, looking desperately since then, unemployment extention now exhausted - AND NO JOBS ARE AVAILABLE !!!!!!! Talk about the credit freeze - WHAT ABOUT THE JOBS FREEZE
These guys said the one entity not laying-off is the government...right after they rolled the list of top entities laying-off employees through September, and Government/non-profit ranked in top-5 (eliminated 66.8 thousand employees). Too funny. State governments have been laying-off massive numbers of employees, particularly teachers (California, Ohio and other states). CA cut, what, 25% of its teachers already? It cut parks/recreation, police/fire, and many administration positions.
It took George W. ,and the Republican Administration 8 years to reduce the middle class to near poverty level. Does not matter who wins on November 4th. The Titantic is sailing towards the Iceberg, with George W. at the helm for another 3 months. A lot of Socialist programs are being put in place NOW.
Can't people see that government is not the solution to this problem - they are the CAUSE of it ! The Federal Government is slowly taking over every aspect of our lives and it is their pumping trillions of dollars of funny money into the system to prop up phony "asset" prices that is going to make getting out of this mess take a decade instead of a year. It all needs to crash - stock prices - home prices - all of it. We are going to see hyperinflation like Zimbabwe is this lunacy doesn't stop.
You will never see headline unemployment at 25% because they tweaked how it is reported. Same for the jobs report, inflation, and the rest of the statistics from the government. The number is no longer important, it is the trend, and it's headed the wrong way.
flyincoyote, I'm sure you have a great job courtesy of the Bush Cheney policies, maybe you should ask all your friends who have been laid off about how they feel about the economy under the great Republican policies of the past 8 years. Once last piece of advice, before you blurt out ignorant remarks, LOOK IN THE MIRROR!
The big difference is the government in the 80s had not already spent over a trillion dollars to shore up the financial markets, we were out of Vietnam so no cash drain there and the Fed did not lower rates and literally give away money to banks for them to lend(For which the are being very slow to loan out). Now everybody expects their own bail outas joebob pointed out. Just wait until unemployment really takes off and the Banks don't get their credit card and car loan payments, Leasing companies don't get their lease payments that is when the big financial crisis is going to hit. At least real estate has value to it even though it is declining. Unpaid credit card accounts and as a whole depreciated motor vehicles have no value. We have seen nothing yet in my humble opinion. The US Government can not keep printing money to keep bailing out the markets/banks/Wall Street, there will be nothing left.
nd you two, should be the first ones they let go. Peple are not responding to Yahoo, because it has only negative news now. A lot of people turn to you for news and or a good start to their day. Yahoo revenues are down because of you and your negative spin doctoring.
All politicians are bullshit artists. They tell you what they think you want to hear. Bush is useless, always has been, should have never been put in office for a second term. The people kept him in there even after his first term of screwing everything up and the lies that were coming out of his mouth. You cannot trust a politician, they have the best benifits, locked in retirement after a 2 terms in office. Everybody has taken cuts but they do not. The people need to stand up and reduce government and remind them that they work for us, not tell us what is good for us. Get rid of at least half of them to reduce the tax payers cost. Most of them are not worth the paycheck they recieve.
Lost my job a few weeks ago and now I'm being forced to look for government jobs - and I've been in high tech for 15 years with LOTS of experience. You keep hearing how this country is DESPERATE for high tech workers and how much they need more engineers. I'm here to tell you that's a bunch of bull. The people keeping their jobs are the executives and managers. Everything is being outsourced now, so if you want a nice paying engineering job, move to India or work for the government.
Thank goodness Obama is going to win. Job losses will happen regardless and it will be severe but if McCain was going to win, we would loss millions more jobs than already anticipated. Anyone who thinks we are screwed under an Obama administration only says that out of extremist loyalty to the GOP. Obama has the Clinton, Buffett, and many other proven economic minds on his team. It's up to the American people to step up and help soften the inevitable. Conserve, help each other, and fight corporate greed. Don't do business with companies who don't care about you and reward the ones that do. Coca Cola has no God given right to be #1. Says who? You still have to drink, so drink from a more responsible and consumer friendly vendor. That's part of the work we do to restore the integrity of our economic prosperity. Send greed packing.
Stop the foreclosures first. Give the states money to balance their budgets. Start massive programs to fix our inter structure now. Extend unemployments benefits. Help the poor to heat their homes. Raise the food stamp amount to needy families. Stock the food panteries with goverment surplus food. Pass laws to lower interest rates on credit cards.
Just a bit off topic but we all have been bashing Bush on this site, myself included, but my mom thats right my mom bought a good point we all seem to overlook WE HAVE NOT BEEN ATTACKED HERE AGAIN SINCE9/11. Give credit to whoever you like but he is in charge. Having said that i'm glad he'll be out of a job soon. OBAMA '08
This is so much more than W's fault. If that is what people keep telling themselves and don't hold them ALL accountable then we are doomed to stay the course and will have learned nothing from this mess.
8 years of lying, Give my plan a chance it will work HA HA!! The amount of people laid off number is false info from government, they don't include the people laid off and have run "OUT "of benefits. Washington needs a "complete' change of people in office. Vote against "ALL" incumbents,not matter which party they belong to.
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__A_YAHOO_USER__ - Monday October 27, 2008 12:59PM EDT
Sad.....it all their fault............I know the feelings........