U.S. Job Scenario Worst In Four years
indiaBPOking
by Atifa Deshamukhya - August 2, 2008 - 0 comments
July marked the seventh consecutive month of job cuts by employers in
the U.S., indicating that not all was well with the job scenario in
the country currently. The U.S economy has lost a total of 463,000
jobs so far this year, although it needs to generate about 100,000
jobs each month just to accommodate the growing population.</p>
July marked the seventh consecutive month of job cuts by employers in
the U.S., indicating that not all was well with the job scenario in
the country currently. The U.S economy has lost a total of 463,000
jobs so far this year, although it needs to generate about 100,000
jobs each month just to accommodate the growing population.
A lack of credit has stunted employers' expansion plans and
willingness to hire, a Labor Department release stated Friday. The
housing slump and high fuel prices are two other major factors that
have adversely affected the job scene.
Though July's payroll decline was not as deep as economists had
forecast, the rise in the rate of unemployment to 5.7 percent from 5.5
percent surprised many analysts. It also ensured that the level of
unemployment was at the highest point since March 2004.
Speaking about the situation, Joel Naroff of Naroff Economic Advisors
said, “This was not a good report, and while it may have shown a
smaller drop than expected, that isn't saying much.”
Maximum unemployment claims were filed by Americans last week in over
five years, according to Labor reports. In what is being seen as
worrying news for the already-badgered economy, consumer confidence
surveys have indicated that Americans, thwarted by the dwindling job
prospects, may trim spending.
As the bracing effect of the tax rebates fade, recession fears are
being fanned alarmingly. There were 8.8 million unemployed people in
July, up from 7.1 million last year, and more job cuts are expected to
be announced. The construction, manufacturing, and retail sectors have
been the worst hit.
Companies have buckled under the pressure of the faltering economy.
Starbucks, the world's largest chain of coffee shops, this week said
it would cut another 1,000 jobs owing to a slump in sales. This would
be over and above the 12,000 jobs the company was scheduled to cut
worldwide, as per a July 1 declaration.
Factory payrolls fell by 35,000 this month. At the airlines companies,
unemployment figures included 7,000 cuts at UAL's United Airlines and
6,840 at American Airlines’ parent AMR Corp. Construction payrolls
fell by 22,000. Payrolls at financial firms, however, remained static
after declining 13,000 the prior month.
Service industries, which include banks, insurance companies,
restaurants and retailers, laid off 5,000 workers. Retail payrolls
decreased by 16,500 this month. Sealed Air Corp., the maker of Bubble
Wrap packaging, announced plans to eliminate 900 to 1,000 jobs
globally to make up for rising costs.
Other big names have also been hit. GM, Chrysler LLC, Wachovia Corp.,
Cox Enterprises Inc., and Pfizer also announced job cuts in July.
Bennigan's restaurants, owned by the privately-held Metromedia
Restaurant Group, have also been adding to the unemployment chaos and
laying off people from their rolls.
Still, workers saw wage gains in July. Workers' average hourly wages
rose 6 cents, or 0.3 percent, to $18.06, matching economists'
predictions. The average work week, however, shrank to 33.6 hours from
33.7 hours.
Average hourly earnings rose to $18.06 in July, a 0.3 percent increase
from the previous month as per economists' expectations. Over the past
year, wages have grown 3.4 percent.
The situation was, on the other hand, slightly better in the public
payrolls sector. Government jobs increased by 25,000, registering the
12th month of gains in public payrolls.
Terry Lomax
> http://www.themoneytimes.com/articles/20080802/u_s_job_scenario_worst...
>
> by Atifa Deshamukhya - August 2, 2008 - 0 comments
>
> July marked the seventh consecutive month of job cuts by employers in
> the U.S., indicating that not all was well with the job scenario in
> the country currently. The U.S economy has lost a total of 463,000
> jobs so far this year, although it needs to generate about 100,000
> jobs each month just to accommodate the growing population.</p>
Exactly why the USA should not renew any foreign visas, should deport
the 500,000+ Hindustani living in the USA illegally, and should not
allow any new green cards or H-1B visas. With many millions of
perfectly qualified Americans jobless and many more underemployed,
there should not be any reason to let in any more foreign workers.
Old Pif
>
> Exactly why the USA should not renew any foreign visas, should deport
> the 500,000+ Hindustani living in the USA illegally, and should not
> allow any new green cards or H-1B visas. With many millions of
> perfectly qualified Americans jobless and many more underemployed,
> there should not be any reason to let in any more foreign workers.
I think we should continue ... for humanitarian reasons ... They eat
rats over there and besides
"believe it or not, it is easier to be a hindu in usa than india".