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* Business
* Market turmoil

Fears of a million layoffs a month in corporate America

* Heather Stewart and Ruth Sunderland
* The Observer, Sunday December 7 2008
* Article history

As many as a million American jobs could be lost every month by next spring as businesses struggle to raise capital in financial markets consumed by fear, according to a new analysis.

November was the worst month in the US labour market since the oil crisis of 1974, as more than 500,000 US workers were laid off, according to official figures released on Friday.

not a nut
1,629 Posts
That doesn't even count the 422,000 that dropped out of the labor force.


WASHINGTON (MarketWatch) -- U.S. nonfarm payrolls plunged by an astonishing 533,000 in November -- the worst job loss in 34 years -- the Labor Department reported Friday.
It was only the fourth time in the past 58 years that payrolls had fallen by more than 500,000 in a month. Since the recession began 11 months ago, a total of 1.9 million jobs have been lost. Job losses in September and October were revised much lower.
In addition to the 533,000 lost jobs, an additional 621,000 workers were pushed into part-time work and 422,000 simply dropped out of the labor force.
"This is almost indescribably terrible," wrote Ian Shepherdson, chief U.S. economist for High Frequency Economics. "The pace of job losses is accelerating alarmingly."
Over the past three months, 1.26 million jobs have been lost, a pace of job destruction exceeded only once since 1945.
"The threat of a widespread depression is now real and present," said Peter Morici, a business professor at the University of Maryland.

Full article

Watchin tha world go by
8,151 Posts
actually the numbers are a bit higher than that:
those who are not counted are-----
and they are not eligible for benefits

those whose benefits have run out are dropped from the rolls and subtracted from total
anyone filing 1099 (contract labor; no unemployment tax paid on them)
those who are for the first time entering job force and unable to find jobs

dont know fer sure but have seen estimates that that actual number isnt 6.8% but closer to 12%.
its like GDP and inflation numbers -- cooked to most favorable they can ---
and boy are these statisticians goooood cooks

figger on seeing 12% admitted before this is over

buckle up
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American fearmaker
14,248 Posts
Caterpillar Tractor Company has let go of something like 30,000 subsidiary personnel worldwide. Caterpillar is now down to actually "counting pencils" because of all this economic turmoil. The people released by Caterpillar were not main company employees or union personnel. They were personnel from other companies that had contracts with Caterpillar Tractor Company. Sort of like a local packaging firm that ships parts for Caterpillar from near one of their facilities. Sort of like ABC Materials Shipping has a contract with Caterpillar and employs 160 people. Caterpillar ends its contracted services with ABC and the 160 people end up unemployed. That sort of thing.
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