Just read:The nation's employers shed 598,000 jobs [in January], the most since 1974, driving the unemployment rate to 7.6 percent from 7.2 percent. If the jobless rate keeps rising at the pace it has for the past two months, it will hit double digits in summer and reach its highest rate since the Great Depression by the fall.
Most of those losses were concentrated in companies that make vehicles or related parts and machinery.
6 comments:
I just checked this out on the Bureau of Labor Statistics report. The only sector that shows an increase is 'Government'.
Looking at this: http://www.bls.gov/web/lauhsthl.htm it looks like Michigan is the worst... read it quick... gotta run.
Makes sense. Their historical high was during the last recession. Scary how big of an impact the auto industry has positive and negative.
Lawrence Marshall Hempstead (formerly the states largest Chevrolet dealer)closed the doors last week, as have many others in the past few months. Ray Childress ran it in the ground. Upside down with Chrysler for over $6 Million in lot inventory. Yet, people like Archer, Finnegan, Ron Carter, and Clearlake Honda can't keep enough help employed and can't keep the lot full because business is so good. Go figure.
I think we are in a good area as far as the economy is concerned. I overheard a conversation at Starbucks with a real-estate agent who said business is actually very good. Kim said she heard that the economy around here has not "boomed", so it's hard to "bust".
I know that these cycles come and go, for instance it looks like the early 80's stank pretty bad according to those stats...
For reasons vague and real, I am concerned. Looks like there is a hurricane approaching and has been approaching... and it's the real deal.
When I was young these things were no biggy. Much of it is probably having responsibilities and realizing stuff.
I'm concerned about a domino effect of failures.
I am not so concerned about my own livelihood. Maybe I should be.
I am more concerned about... well it sounds so stupid that I can't explain it without sounding weird.
I don't see it happening here yet either. I really believe that alot of companies are being reactive to the big scare...or maybe trimming the fat that never shouldv'e been there anyhow...which still has a negative economic trickle down effect anyway.
I guess.
It's out of our hands anyhow.
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