US employers slashed 533,000 jobs in November, sending the unemployment rate to a 15-year high of 6.7 percent, according to official data Friday suggesting the economy is sinking faster than believed.
The number of job losses was the sharpest in 34 years and much higher than the 325,000 expected by private forecasters.
"This is almost indescribably terrible," said Ian Shepherdson, chief US economist at High Frequency Economics.
Ireland's is 8% and projected to be 10-12% in 2009. Not a good time to be working in the services, financial, travel, construction, manufacturing or housing sectors.
"The unemployment rate [in Spain] now stands at almost 12.8pc"
... I think it's going to be 1 in 4 sometime next year. Lots of demos, a bit of rioting, stone throwing and teargas to look forward to. Endless high drama political speechifying on the telly. Usual stuff.
"When the facts change, I change my opinion. What do you do, sir?"
John Maynard Keynes.
grinu wrote:Ireland's is 8% and projected to be 10-12% in 2009. Not a good time to be working in the services, financial, travel, construction, manufacturing or housing sectors.
What does that leave it with then? Just agriculture, energy and the public sector. Looks like Ireland's going to become a nation of farmers, peat cutters and nurses!
The hypothesis that the US GOP chose its candidate, and his farcical sidekick,
with a view to successfully losing the election
gains further (marginal) credibility -
With a million sacked in the last three months, and untold millions more in the coming years,
by not being the incumbent presidency, the GOP now has a democrat to pretend to blame.
I wonder just how bad it must get for politicians to be scared enough to start working for the common good
as a change from the mindless power games.
Regards,
Billhook
Last edited by Billhook on 05 Dec 2008, 23:21, edited 1 time in total.
US employers slashed 533,000 jobs in November, sending the unemployment rate to a 15-year high of 6.7 percent, according to official data Friday suggesting the economy is sinking faster than believed.
6.7% (U3) is the headline bullshit figure which has been put through a number of statistical manipulations to keep it as small as possible. For instance, if you've given up actively looking for a job because you cant find one, you are no longer 'unemployed' but a 'discouraged worker' and not included in the figure.
U6 - seasonally unadjusted - is more honest, currently at 12.2%. Even this figure is thought to be an underestimate by various commentators.
The Shadowstats.com alternative (which uncludes 'discouraged workers') currently has the US unemployment figure somewhere north of 16%.
Do those 'discouraged workers' (whose numbers seem to be remarkably stable) include housewives and househusbands who only differ from their neighbours' partners in that they did once work but are not currently in paid employment?
foodinistar wrote:Do those 'discouraged workers' (whose numbers seem to be remarkably stable) include housewives and househusbands who only differ from their neighbours' partners in that they did once work but are not currently in paid employment?
....