U.S. Job Cuts Surge 125 Percent in Oct.-Challenger

Reuters ^ | 11-04-03

[Starwind]

They forgot the 10's of thousands in the mtg industry who are on commission who are out of work/business who will not show up on this.

Not entirely sure to which "this" you referred.

Being 'on commission' would not disqualify them for Unemployment Insurance claims nor exclude them from being counted as unemployed. How one's pay is calculated is not the consideration.

What matters is if they are employees (employed & paid on a W4/W2 basis) or contractors (engaged and paid on a contract and 1099 or Incorporated basis).

Contractors (regardless of how their invoices or bills are computed - by the hour or by the sale), whose contracts are terminated or not renewed, are not deemed unemployed and thus not eligible for UI, and thus would not appear in the UIclaim reports. However, contractors would be picked up in the Dept of Labor's monthly "Current Employment Situtation" (Jobs) report during the home survey as self-employed but out of work.

I suspect most mortgage brokers and processors are in fact W2 employees, and whose layoffs will appear in the UI claims.

But given that CG&C is an Employer/Employment related agency, CG&C may not consider contractors (or temp personal) in their layoff computations.

It's an interesting point. Do you know or have a 'sense' of how many of these workers to which you refer are 'permanent' employees (either full or part-time) or 'temporary' contractors (temps)?

[imawit]

getting down to the nitty gritty. Thanks for the points. "This" was the unemployed.

Can't tell how many are in the contractor category. I do know that 1099's only come out after the end of the taxable year. In our situation, approximately 25% are contract and have 0 benefits and are paid with a corporate check, no deductions and therefore no reporting.

[mabelkitty]

They are lying.
Sarbanes-Oxley law went into effect.

If you lie on your balance sheet, you go to jail.

How many had to lay-off because the money they claimed they made was a lie?

Many. Add to that the corporate pond scum getting caught in the FBI dragnet now.

[imawit]

ps: There are also a lot of commissions that are paid with no deductions. Checks for the most part come straight out of escrow. Once again, no reporting, no employee and for that fact, no employer.

[mabelkitty]

They are now specialized and can be outsourced.

Why have a payroll department when you can farm it out to another company?

Why have an AP department when you can web-invoice and EFT?

It isn't a conspiracy; it's progress.

[cajungirl]

Your reply has virtually no meaning. Sure the employment rate doesn't take into account all those factors you mentioned but neither do you other than in a personal story which is not evidence. Only propaganda. And you joined up Oct 27 this year,,,did you join to talk about how bad the economy is and how everything is going to hell. In your initial post to me you opined that noone would have good enough jobs to buy things or something to that effect. That is patently false and propoganda. People are buying like crazy or haven't you noticed?

[ScreenName1]

You said:
Your reply has virtually no meaning.

Ok, well that leaves it open to some meaning, however slight.

also:
...but neither do you other than in a personal story which is not evidence. Only propaganda.

It is anecdotal evidence, not objective, conclusive, final or anything other than anecdotal.

It is not even propaganda. But it is true.

I joined up Oct 27...and? Therefore what?