80,000 jobs lost in March

[r&j's mom]

http://news.yahoo.com/s/ap/20080404/ap_on_bi_go_ec_fi/economy

[HSmomto4]

Any they revised the last 2 months worth and January and February dropped to 76,000 job losses. The markets SHOULD be going way down over news like this, but like one of the stock people on the floor of the DOW said, people are really believing in FED and that they will not let the market fail so they are putting money into it. He also said he thought it was a bad idea...

[Not Perfect, But Forgiven]

Unemployment is indeed spiraling out of control. America is hemorraging jobs. If this cycle keeps up, there won't be many decent jobs left in the tribulation hour, in which the economy will be even more dramatically de-stabalized. Gas could easily reach $5.00 a gallon or even higher.

Get me outta here!:panic:panic:panic

[penbrat]

As cruddy as my job seems to me sometimes, I thank God for it all of the time. Employment is so shaky everywhere and getting worse.

[felixthecat]

"Construction, manufacturing, retailing, financial services and various business services all racked up losses. That overwhelmed gains elsewhere, including in education and health care, leisure and hospitality as well as in government."

...

The economy is suffering the effects of a housing collapse, a credit crunch and a financial system in turmoil. That's causing people and businesses to hunker down, crimping spending, capital investment and hiring. Those things in turn further weaken the economy in what has become a vicious cycle.

...

In March, construction companies cut 51,000 jobs, factories eliminated 48,000 positions, retailers cut payrolls by more than 12,000. Professional and businesses services lost 35,000 jobs and temporary help firms cut nearly 22,000 jobs. Financial firms chopped 5,000 jobs.

When government hiring was removed, the numbers looked even worse. Private employers shed 98,000 jobs in March.

====

From the link.

It makes sense. If it continues for 6 straight months, then it is a recession.

It's really a market correction and the government needs to step aside or they'll be inviting INFLATION down the road. You can't throw money at the problem - the last time for government did that we had a DEPRESSION. Learn from history!

[Issachar]

... causing people and businesses to hunker down, crimping spending, capital investment and hiring. Those things in turn further weaken the economy in what has become a vicious cycle. True. In what I call a real economy though, the one mentioned in a little known document called the US Constitution, "crimping spending" would not hamper the economy. In fact, saving about 20% of earnings was the norm up to about the mid-seventies (Like it is in SE Asia now). Mr. Nixon took the US off of the gold standard August 15, 1971. I was only 19 then, but I remember it. Since then we've had totally a fiat economy rather than a standard based economy. Fiat economies are the end of saving and the beginning of incessant prompting to spend. Spending is the only way a fiat economy can move along. Inflation of the money supply is, resulting in higher prices - the result of inflation, is what fiat systems of economy are started for. In 100% of fiat economies, because it is intrinsic to such a system, wages cannot keep up with inflation. That is why folks save less and less as time goes on in order to maintain the same standard of living until we have, as is the case today, a (average) negative 2 percent savings in America. To ensure this, the government, in the 1980's, moved the rate of interest earned on a savings account to near zero from it's very long time rate of 5.25% in order to discourage folks from saving in a passbook savings account PLUS they started to charge an income tax on what little is earned. Enter, coincidentally, 401k plans. Now everyone's money is "out there ....". I have to go .....

Issachar

[Bernardd]

Unemployment is indeed spiraling out of control. America is hemorraging jobs. If this cycle keeps up, there won't be many decent jobs left in the tribulation hour, in which the economy will be even more dramatically de-stabalized. Gas could easily reach $5.00 a gallon or even higher.

Get me outta here!:panic:panic:panic

Spiraling out of control?

[I'm all 67X]

Heard of expected banking job cuts in the neighborhood of 200,000, I suspect that to be not just US jobs...it was reported then brushed aside.

[jds6958]

Heard of expected banking job cuts in the neighborhood of 200,000, I suspect that to be not just US jobs...it was reported then brushed aside.

Banking layoffs could top 200,000

http://www.boston.com/business/articles/2008/04/02/banking_layoffs_could_top_200000/

[lilbitsyspider]

Don't worry...I'm sure the economy is just fine. You'll be employed making more money in no time.:ohno