"Recession takes a deeper bite; Jobless rate at 16-year high as Washington seeks a solution" by Robert Gavin, Globe Staff | February 7, 2009
There's no quick end in sight to the nation's worsening downturn, economists said, as US employers slashed jobs at an accelerating pace last month and the unemployment rate leaped to its highest level in more than 16 years.
The nation shed nearly 600,000 jobs in January, the steepest monthly loss since the oil shock recession of the 1970s and the most so far in the current recession. The unemployment rate rose another four-tenths of a point to 7.6 percent, the highest since September 1992, the Labor Department reported yesterday. Nearly 12 million Americans were out of work in January.
I'm one of them.
The dismal employment report comes as Democrats and Republicans in the Senate tried to agree on the size and shape of a stimulus package that many economists say is needed to slow the rapid deterioration of the economy. The nation has already shed 3.6 million jobs since the recession began in December 2007, with nearly half those jobs lost in the last three months alone.
"Is it so hard to imagine losing a million jobs a month in February or March? I don't think so," said Rich Yamarone, chief economist at Argus Research Corp. in New York. "We're burning to the ground here and our elected officials aren't doing anything about it."
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The stimulus package aims to boost the economy by using government spending to fill in the gap left as consumers burdened by debt, out of work, or fearful of losing jobs, cut spending, which accounts for about 70 percent of all US economic activity. Consumer spending in the second half of 2008 fell at the fastest rate since the recession in the early 1980s, while unsold goods piled up in inventories, the Commerce Department reported last week.
Yesterday's employment report showed how shrinking consumer demand is rippling through the labor markets, economists said. Manufacturers, curbing production to reduce inventories, cut more than 200,000 jobs in January, the most in a single month since 1982. Construction firms, with the housing market still sliding, slashed 111,000 jobs last month.
Retailers, coming off a dismal holiday season, cut 45,000 jobs, including 14,000 at auto dealers. In the past year, retailers have cut nearly 600,000 jobs; construction firms, more than 700,000; and manufacturers more than 1 million.
"There's no sense of any stabilization," said Mark Zandi, chief economist at Moody's Economy.com, a forecasting firm in West Chester, Pa. "Broadly speaking, a stimulus bill has to be passed and passed quickly, or we're not going to get out of this vicious cycle."
As consumers reduced spending for the past year, Zandi and other economists said, businesses cut production and jobs. Mounting job losses have led consumers to cut spending more, which in turn has meant more production and job losses.
Employment losses have now spread across virtually every major industry. In perhaps a bright note for Massachusetts, one sector continues to add jobs. Education and health services, which includes universities and hospitals, added 54,000 jobs nationally last month....
And yet THIS is my RIGHT-HAND CORNER LEAD up upon a Sunday:
"Amid recession, a vein of optimism; Some firms finding ways to capitalize" by Jenn Abelson, Globe Staff | February 15, 2009
In times of misfortune, they see fortunes to be made.
Yeah, if you happen to be a war-looter, corporation, jewish concern, Israel, or some other looter of taxpayer dollars.
With creative financing, sharp elbows, and a hefty dose of optimism, some area businesses are aiming to capitalize on these terrible times to expand their enterprises or start up new ones, seizing the day or preparing for the upturn they know will one day come.
For many New England merchants and entrepreneurs, simply finding a way to survive is the order of the day, as sluggish consumer spending and frozen lending markets have made business growth seem out of the question, at least for now. But then there are those like Bruegger's Bagels and auto magnate Herb Chambers, who are ramping up just as everyone else seems to be scaling back.
Call them opportunistic or just plain counterintuitive, but these and other business owners see a window of opportunity, right now. Massive store closings have opened up prime real estate, and landlords desperate for new tenants are more willing to negotiate rents and consider leasing to smaller companies. Widespread layoffs have led to a glut of available talent from sales associates all the way up to management. And manufacturers, like designer Seven jeans, who once reserved exclusive merchandise for select national chains are now willing to market their goods with local ventures.....
--more--"Yeah, EVERYTHING'S GREAT!!!
Keep that in mind as you read the following flow of articles that are from an agenda-pushing globalist scitte sheet that said a depression would be a good idea; being poor is your fault; the financial crisis is the fault of American consumer; Boston business benefits from financial failings; financial failures are a good thing; that endless work and insecurity are a good thing; that these are the best of times; that this bear market is just like any other; that hunger is good business; has already told us what the Grand Depression of 2009 will look like; and thinks a nuclear war would be a good idea!
See you at the shit pit in the labor camp, Amurka!
And HOW in the WORLD could the Globe MISS THIS from their PARENT?
I mean, it is IN my SUNDAY LOCAL!!!!!
"Worldwide job losses on the rise
But the GLOBE'S LEAD is OPTIMISM!!!!!!!
Worldwide job losses from the recession that started in the United States in December 2007 could hit a staggering 50 million by the end of this year, according to the International Labor Organization, a U.N. agency. The slowdown has already claimed 3.6 million American jobs.
High unemployment rates, especially among young workers, have led to protests in countries as varied as Latvia, Chile, Greece, Bulgaria and Iceland, and contributed to strikes in Britain and France.
Yeah, how come I hardly ever read about them in my agenda-pushing War Dailies pages?
Last month, the government of Iceland, whose economy is expected to contract by 10 percent this year, collapsed, and the prime minister moved up national elections after weeks of protests by Icelanders angered by soaring unemployment and rising prices.
Just last week, the new U.S. director of national intelligence, Dennis C. Blair, told Congress that instability caused by the global economic crisis had become the biggest security threat facing the United States, outpacing terrorism.
So EXPECT ANOTHER FALSE-FLAG ATTACK SOME TIME SOON!!!!!!
Let's see, 1993 to 2001, that's eight years, 2001 t0 2009 would be.... eight years!!!
The synchronized slowdown of so many economies was among the issues that global finance ministers took up at the Group of 7 meeting in Rome yesterday.
“Nearly everybody has been caught by surprise at the speed in which unemployment is increasing, and are groping for a response,” said Nicolas Veron, a fellow at Bruegel, a research center in Brussels, Belgium, that focuses on Europe’s role in the global economy.
That's bull. The globalists and the bankers have created this "crisis" for a reason, and that is to enslave and destroy nations indebted to their banking and economic system.
In emerging economies such as in Eastern Europe, there are fears that growing joblessness might encourage a move away from free-market, pro-Western policies, while in developed countries unemployment could bolster efforts to protect local industries at the expense of global trade. Indeed, some European stimulus packages include protections for domestic companies, increasing the likelihood of protectionist trade battles....
--more--"
Ah! Globe says everything is going to be great, so why worry!
(Blog author still shaking his head at that s*** rag)
