What is the world coming to?
Arizona Coin Collector
We have gas lines, gold lines, bank lines. All that's
left is the soup and bread line.
As for me, I am on the Unemployment Line. I was laid-off
my job back on Thursday, September 18, 2008 after working
for a company for 3.5 yeas. I can tell you, the jobs are
drying up. I put in for a jop opening at "Wal-Mart". While
I can draw Unemployment Benifits (In Arizona $200.00 a
week), I am going to live very poorly.
Unemployment here in Arizona is going up.
If I had a dollar for every job posting I applied for
over the internet, it would be a nice sum.
I have many sleepless nights now.
Out job hunting again this morning.
Arizona Coin Collector
Before leaving the house, wanted to share the story below.
Happy Job Hunting for me... :)
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FROM:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a30gwHKvL_q4&refer=home
U.S. Payrolls Fell by 159,000; Jobless Rate at 6.1% (Update1)
By Shobhana Chandra
Oct. 3 (Bloomberg) -- The U.S. lost the most jobs in five
years in September and earnings rose less than forecast as
the credit crisis deepened the economic slowdown.
Payrolls fell by 159,000, more than anticipated, after a
73,000 decline in August, the Labor Department said today
in Washington. The jobless rate, the last one reported
before the presidential election, remained at 6.1
percent. Hours worked reached the lowest level since
records began in 1964.
The world's largest economy may be headed for bigger job
losses as the worst financial meltdown since the Great
Depression causes consumers and companies to retrench. A
sinking labor market and rising borrowing costs raise the
odds Federal Reserve policy makers will cut interest rates
by their Oct. 29 meeting.
``The financial panic is a body blow to business
confidence, and companies are now battening down the
hatches,'' Mark Zandi, chief economist at Moody's
Economy.com in West Chester, Pennsylvania, said before the
report. ``We're in store for very sizable job losses across
many industries. A rate cut by the Fed could come before
the next meeting.''
Revisions added 4,000 to payroll figures previously
reported for August and July. The Labor Department said it
was ``unlikely'' that Hurricane Ike, which struck the
Gulf Coast last month, ``had substantial effects'' on
payrolls figures.
After today, the total decline in payrolls so far this
year has reached 760,000. The economy created 1.1
million jobs in 2007.
Futures Gain
U.S. stock-index futures rose, with the futures on the
Standard & Poor's 500 Index expiring in December gaining
3.2, or 0.3 percent, to 1,127.6 at 7:57 a.m. in New York.
Dow Jones Industrial Average futures added 3 points to
10,591 after earlier rallying as much as 79.
Payrolls were forecast to drop 105,000 after declining
by a previously estimated 84,000 in August, according
to the median of 76 economists surveyed by Bloomberg
News. Estimates ranged from declines of 156,000 to
60,000. The jobless rate was projected to remain at
6.1 percent.
The misery index, which adds the unemployment and
inflation rates, surged to 11.7 percent in August, the
highest level since 1991.
The jobless rate is up 1.4 percentage points from
September 2007. Since World War II, the rate has risen
only twice during similar periods before presidential
elections. In both cases -- when Bill Clinton defeated
George H. W. Bush in 1992 and when Ronald Reagan beat
Jimmy Carter in 1980 -- the incumbent party lost the
election.
Americans will go to the polls on Nov. 4 and the
October jobs report is due Nov. 7.
``Voters are extremely angry, and they want someone
to blame,'' said Scott Anderson, senior economist at
Wells Fargo & Co. in Minneapolis.
Presidential Race
Democratic presidential nominee Barack Obama has
opened up a lead over Republican rival John McCain in
the aftermath of their first debate and amid growing
concerns about the economy, according to a Pew
Research Center survey taken Sept. 27 to Sept. 29. A
mid-September poll from Washington-based Pew had
shown the candidates were in a statistical dead heat.
Earlier in September, a Bloomberg/Los Angeles Times
poll showed more respondents said Obama would do a
better job handling the financial crisis than McCain,
and almost half of the voters believed he had better
ideas to strengthen the economy than his rival.
Factory payrolls fell 51,000 after decreasing 56,000
in August. Economists had forecast a drop of 57,000.
Today's report also reflected the housing slump.
Payrolls at builders declined 35,000 after falling
13,000. Financial firms decreased payrolls by 17,000,
the most since November last year.
Pain at Retailers
Service industries, which include banks, insurance
companies, restaurants and retailers, subtracted
82,000 workers after eliminating 16,000 in the
previous month. Retail payrolls slid by 40,100
after a 25,400 drop.
Government payrolls increased by 9,000, the smallest
gain since January.
In the past month, Hewlett-Packard Co., the world's
largest personal-computer maker, announced it will
cut 24,600 jobs, and auto-parts maker Federal-Mogul
Corp. said it would eliminate 4,000 positions
globally.
The Senate passed a $700 billion financial-market
rescue package earlier this week and the House of
Representatives may vote on it today.
Marriott International Inc., the world's largest
hotel chain, yesterday reported third-quarter
profit fell 28 percent as U.S. companies and
consumers cut back on travel.
``Without action, the resulting credit squeeze
could threaten businesses,'' Chief Financial
Officer Arne Sorenson said on a conference call.
There are ``tens of thousands of jobs at stake in
our company alone, and we are typical.''
Spending to Slow
Mounting job cuts will further limit consumer
spending, which accounts for more than two-thirds
of the economy. A Bloomberg survey in September
predicted spending will be unchanged this quarter,
the weakest performance since 1991.
The Institute for Supply Management's index on
Oct. 1 showed manufacturing shrank in September at
the fastest pace since the last recession in 2001.
The odds the central bank will lower its benchmark
rate by a half percentage point, to 1.5 percent,
later this month rose to 34 percent that day,
compared with no chance a week earlier.
The probability jumped to over 90 percent yesterday
as stocks tumbled and borrowing costs surged.
The average work week shrank to 33.6 hours from
33.7 hours, today's report showed. Average weekly
hours worked by production workers slipped to 40.7
hours from 40.9 hours, while overtime dropped to
3.6 hours from 3.7 hours. That brought the
average weekly earnings down by 81 cents to
$610.51 in September.
Workers' average hourly wages rose 3 cents, or
0.2 percent, to $18.17 from the prior month.
Hourly earnings were 3.4 percent higher than
September 2007. Economists surveyed by Bloomberg
had forecast a 0.3 percent increase from August
and a 3.6 percent gain for the 12-month period.
The payrolls report included the government's
preliminary estimate for annual benchmark
revisions. The Labor Department said payrolls for
the 12 months ended in March 2008 will probably
be revised down by 21,000.
Currently, government figures show 521,000 jobs
were created during the 12 months to March.
The final estimate will be issued in February.
To contact the reporter on this story: Shobhana
Chandra in Washington scha...@bloomberg.net
..
Last Updated: October 3, 2008 08:43 EDT
mazorj
"Arizona Coin Collector" <nos...@nospam.com> wrote in message
news:RPidnV_79ZeBuHvV...@earthlink.com...
> Hello agian
>
> Before leaving the house, wanted to share the story below.
> Happy Job Hunting for me... :)
>
> <><><><><><><><><><><><><>
>
> FROM:
> http://www.bloomberg.com/apps/news?pid=20601087&sid=a30gwHKvL_q4&refer=home
>
> U.S. Payrolls Fell by 159,000; Jobless Rate at 6.1% (Update1)
Best of luck to you. These are not good times to be job hunting.
mul
>> U.S. Payrolls Fell by 159,000; Jobless Rate at 6.1% (Update1)
>
> Best of luck to you. These are not good times to be job hunting.
And Bush will get a big fat Pension for creating the mess that is Iraq and
the US economy
stonej
recession of 1982-83. Out of work four months (it just seemed longer
at the time).
Right now Michigan is going through economic hell and I don't want to
be a part of it that is for sure.
Keep looking and don't give up is the advice I can give you.
Dr. Kevorkian
> What is the world coming to?
>
> We have gas lines, gold lines, bank lines. All that's
> left is the soup and bread line.
>
> As for me, I am on the Unemployment Line. I was laid-off
> my job back on Thursday, September 18, 2008 after working
> for a company for 3.5 yeas. I can tell you, the jobs are
> drying up. I put in for a jop opening at "Wal-Mart". While
> I can draw Unemployment Benifits (In Arizona $200.00 a
> week), I am going to live very poorly.
May I offer my services to you?
----
Dr. Kevorkian
Arizona Coin Collector
"Dr. Kevorkian" <d...@death.org> wrote in message
news:gc5kb7$jc9$2...@registered.motzarella.org...
mazorj
>
> MMMMMM no..... :)
Are you sure? He does offer a "lay away" plan, you know. And a
lifetime guarantee.