New jobs numbers portray an economy in near free fall

[babylonsister]

New jobs numbers portray an economy in near free fall

By Kevin G. Hall | McClatchy Newspapers


WASHINGTON — The U.S. recession gathered steam in December as employers shed another 524,000 jobs, the unemployment rate leapt half a percentage point to 7.2 percent, the length of the average workweek fell to a record low and job losses were spread widely across almost all sectors of the economy, the government said Friday.

December's unemployment rate was the highest since January 1993, and was up by much more than expected over November's rate of 6.7 percent, according to the Labor Department. The December job losses brought the full-year total to more than 2.6 million.

There was little to cheer in the report from the Bureau of Labor Statistics. Although the December job losses were just a touch higher than the consensus forecast, many analysts think that they'll be revised next month.

Several state employment offices saw their computer systems crash in December with the soaring number of people who were seeking jobless benefits, and this may have resulted in a number lower than it really is.

The Labor Department also revised its employment reports from October and November, noting that job losses in those months were worse than first reported. Employers rid themselves of 423,000 jobs in October, not the originally reported 320,000, and 584,000 positions in November, not the 533,000 first reported by the BLS.

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http://www.mcclatchydc.com/251/story/59365.html

[AndyA]

1. Yer doin' a heck of a job, Bushie.

Congratulations, you've managed to ruin America, just like everything else you've touched in your sick, miserable little life.

If there's justice in this world, you will spend the rest of your life paying dearly for what you've done.

[kentuck]

2. It's in freefall...

averaging over 500,000 unemployed per month for the last 3 months. That would be 6 million unemployed in a year's time if it continues. And the states do not have the money for unemployment insurance. Unbelievable!

[Joe Fields]

3. If this alone doesn't scare the hell out of people, then nothing will.

Your extrapolation might not be the least bit far fetched. The truth is that no one really can get a handle on just how bad it will get. But, no one can ignore or deny that in the last 3 months, we've lost more than 1.5 million jobs.

[blue_onyx]

4. January and February numbers are going to be really scary

With seasonal employees being let go and retailers closing after the poor holiday season, numbers will probably jump even higher.

[ThomWV]

5. Under-reporting of 50-100,000 per month even by their own miserable standards

Every time they revise their own numbers the count goes up by from 50,000 to 100,000 and that is using their own innacurate counting methods. Truth be known - and it soon will be - the real number is probably twice what is reported.

[madrchsod]

6. ya my daughter is getting laid off today

no one is buying cars so they do`t need the parts. she`s making 14 an hour...some more cut backs in our household.

obama is right....it needs to be done now before it gets any worse