Posted on 07/06/2005 10:25:29 AM PDT by ex-Texan
The U.S. automotive and retail sectors slashed tens of thousands of jobs in June, bringing the number of planned job cuts to 110,996, the highest in 17 months, according to outplacement firm Challenger Gray & Christmas Inc.
Corporate announcements of job reductions increased by 35% from May's 82,282 and by 73% from June 2004's 64,343, Challenger said Wednesday. Cuts are up 92% since April.
So far in 2005, planned job reductions are ahead by 14%, at 538,274, Challenger's tally shows.
The automotive sector announced 45,378 job cuts in June, while the retail sector axed 24,065.
The Challenger survey is not seasonally adjusted. Typically, job cuts slow in the summer months.
"The fact that job cuts are rising in the summer is not even the most surprising trend," said John Challenger, CEO of the firm. "The surprise is that we are seeing a growing number of mass job cuts."
The Challenger report doesn't track most of the jobs lost in the economy each month. Announced cuts can take place immediately or over the course of several months, and they can be accomplished through layoffs or through voluntary terminations, such as quitting or retiring.
According to the most recent Labor Department data, there were 4.6 million separations from jobs in April, including 1.6 million layoffs, up about 250,000 from a year earlier. At the same time, 4.5 million workers were hired, flat with a year earlier.
In a separate report issued Wednesday, the Institute for Supply Management reported an unexpected jump in the nonmanufacturing sentiment index in June, indicating strong growth.
The ISM index rose to 62.2% in June from 58.5% in May, ahead of expectations that had been anticipating a decline to 58.4%. See full story.
I'd argue that there is no such thing as intrinsic value because you cannot have value without an evaluator. Otherwise, please send me any paper with pictures of dead presidents or Ben Franklin, and I'll be happy to accept them as intrinsically valueless and conceed the argument to you if you do such.
If inflation increases the cost of goods by 1000% then the economic activity generated ...
Huh, inflation cannot increase the cost of goods ever, because it is a measurement of cost over time for a good. Inflation cannot generate economic activity. Your postulation makes no sense.
You can however print money at will, causing gross inflation in your economy. This is the key point you are missing. If America was printing (creating) money at will (beyond our means), this would cause inflation, and contrary to what you suggest would happen (economic activity generated by the production of those goods would increase opportunities and wages by the same amount.) the exact opposite would happen. Whether you had money in the bank or your mattress, you would still be wipped out economically because 1000% inflation over a short period of time would wipe out you, I and Bill Gates.
This situation (printing money beyond your true GDP) is exactly what happened in the early days of Isreal. They were essentially printing money without regard to their economic output of goods and services, causing extraordinary inflation, and wiping out the savings of anyone who had converted their money to the Isreali money in the early days of Isreal. Of course, had you kept your savings in good ole American dollars, you would have been uneffected by the Isreali printing presses.
btw, I'm glad your family got out of Cuba long ago. Hopefully when that commie dies, those who follow him will decide to make names for themselves by freeing the Cubans from this misguided notion that socialism is good for everyone. And is not Cuba an example of what you want America to become, closed borders and producing everything in country? No thanks, I'll stick with capitalism and free trade any day.
The first step is getting out of denial.
Maybe Detroit should make better vehicles. Been there, done that.
And thanks for all that concrete evidence the "planet is changing". I'd never had known it was changing since I guess my 46 years living on a planet billions of years old make me so dang smart.
Oh, and I've got to give it to that photographic evidence of pure fact between 17 recent years. More definitive proof of fact regardless of millenium of existence.
More people are working today in this country both in actual numbers AND as a percentage of the available for work population.
Focus on the macro, not the micro.
I agree. All those manufacturers of slide rules, horse carriages, fancy hand held calculators, glass soft drink bottles, etc. sure got screwed.
We're not committed to winning.
That maybe the common wisdom, but I'm not sure its the answer. I just read an article about Japanese auto makers choosing to locate in Canada rather than the south because they've had a hard time in the past finding and training enough workers with the necessary level of literacy. Health care costs were also cited.
It could be that we're not investing in ourselves and its beginning to have an impact.
Have your read the Constitution? Tariffs.
Where will be the market for your products when the US tariffs are restored?
Gee, I would have said "yes" in your place. Just to hear what other insane statement they will utter.
Your negativity is tiresome. Layoffs are up, but unemployment is down?
There was an article this morning about how the left is using phoney polls and studies to suggest that they are winning the war of ideas and that we should expect a marked increase in the number of such polls and studies regarding the judicial nominees.
What was your old screen name?
The article 1, section 8 was to provide revenue for the federal government, not to make the US citizens pay higher prices to benefit US industry.
Believe me, I hear ya and experienced similar situations as you. I just don't like the condescending attitudes of some either. You are not alone, believe me.
Actually, we'd prefer the US economy to not tank due to the protectionist policies the buchanites would like to impose on the USA.
I'd prefer they not by UNOCAL. But if they did, do you think their business in the USA might not be very rosy?
What is there to stop them from buying UNOCAL through a third party?
If they were sold to business in another country, what jurisdiction would we have if that company then sold to Communist China?
A lot of japanese auto companies are outsourcing from japan and into the US. I think US CEO's are taking the easy way out and trying a quick fix to the bottom line by outsourcing.
A comeback, but no plan.
Your distinction is meaningless as both functions were performed by the tariffs. And the benefit was for the American workers no less than for the "US industry".
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