Maybe when the CAFTA Depression hits, hopefully I can still afford an 8-Track in my "mobile workforce vehicle."
< /sarcasm>
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.
An assembly line job enabled someone without a college degree to buy a house and support a family. It had deep roots in the local economy and consumed many other high value added goods and services.
That was #5 of post #10.
Bing bing bing! We have a winner.
All of it.
Nano-technology bump!
Have you considered getting a nanotechnology degree? The opoortunities are there:
http://www.latech.edu/technews/viewnews.cgi?category=1&id=1109264954
"The Louisiana Board of Regents granted final approval Thursday for Louisiana Tech to offer the nanosystems engineering degree program, the first such program in the nation. Tech's new Bachelor of Science degree program will be implemented this fall. According to the National Nanotechnology Initiative -- a federal coordinator of multi-agency efforts in nanoscale science, engineering and technology -- about 20,000 researchers are at work in nanotechnology today, and 2 million workers will be needed within 15 years to support nanotechnology industries worldwide."
You forgot one.
What if the government protected the jobs of buggy whip manufacturers?
< /sarcasm>
Wait until they put the BIG squeeze on black hole engineers! ;-)
Its hard to say, but the main driver has been an increase in productivity. An accountant for example using a computer accounting program can simply get more work done in the same amount of time, then the old pen and paper style.
Sorry about the double post, FR choaked on me for a sec.
Sad but true wisdom, me boyos. You really hit the nail on the head as far as living in our "post-industrial" wonder economy is concerned. In fact, you hammer so well you would make fine skilled craftsmen in any American furniture company. Oh, gee, I forgot. That manufacturing stuff...it's so last century...
Ultimatley there is only supply and demand. So if the same skill job in the same area, has someone making 3 times as much.. then the higher one is aritificially being inflated. Or the lower one is a temporary phenomenon. Which in most cases is true of the McD's and Wally world jobs. Walmart loses 40% of its associates every year. People are using it as a means to get on their feet before going on to other things.
We could turn McD's and Wally world into union jobs that payed 25 or 30 dollars an hour easily. But its my belief consumption would fall off because of the higher prices, and unemployment would rise. Effectively we would be in the old Europe situation with 10% unemployment and probably 20% underemployment. With little chance of advancement for people in society, and a middle class paycheck just not buying much.
If we used American measures for below the poverty line, between 40 and 50% of old Europe's population is below it.
We have to ask why someone at the bottom end can't do that too. Its my belief that what is happening is artificial shortages are being created in areas of the economy, that are making a small percentage of society rich, while holding others down.
For example the government limiting supply of real estate in many areas. The limits on the number of doctors around, and by law having to go through them to get medication, the limit on lawyers, making even simple legal work extremely expensive... And highly protected unions and regulated monopolies in utilities.
As long as shortages exist it will always be an arms race in price, with the bottom 20% left behind. Or whatever percentage the shortage is regulated at.
So get up and do something about it instead of whine. Help elect Hillary or something. At least you'll FEEL better.
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