Friday, December 05, 2008

Americans rapily losing jobs

There have been 1.9 million job losses so far this year, with one quarter of those losses occurring in the last month:
The economy shed 533,000 jobs in November, according to a government report Friday — bringing the year's total job losses to 1.9 million.

November had the largest monthly job loss total since December 1974.

According to the Labor Department's monthly jobs report, the unemployment rate rose to 6.7% from 6.5% in October. Though lower than economists' forecast of 6.8%, it was the highest unemployment rate since October 1993. ...

November's monthly job loss total was greater than October's revised loss of 320,000. Payroll cuts in September were revised up to 403,000, which means two-thirds of this year's job losses have occurred in the last three months.

November's report provided the first glimpse at how employers reacted after the peak of the credit crisis, reached in mid-October. With credit largely unavailable and expensive, consumers scaled back their spending, dragging down manufacturing and construction businesses. ...

With the economy in a recession and most economic indicators signaling even more difficult times ahead, economists say job losses will likely deepen and continue through at least the first half of 2009. ...

According to a report by outsourcing agency Challenger, Gray & Christmas, planned job cut announcements by U.S. employers soared to 181,671 last month, the second-highest total on record.


  1. Only homeowners are losing their jobs! Thank goodness I'm a renter and I've been socking all my savings away in stocks and mutual funds.

    My savings account now earns .50 percent, so I've got that going for me too.

  2. The length and depth of the real estate downturn is unknown and unknowable. The "snow ball" effect of this particular downturn is perhaps the most prominent we have ever seen. The enormous and accellerating job loss, together with the large inventory of unsold properties, is very troubling indeed. We may not see the bottom of the real estate downturn for some time to come.

  3. Your right! All my money was in the G fund, so I did not loose any stock money. Now I am going to rent until I can get that transfer 14 in the field and I can live like a king away from here. Thank heaven I did not buy!