Payrolls Drop 524,000; Unemployment Rate at 7.2%

CNBC ^ | 1/9/2009 | CNBC

[Red in Blue PA]

U.S. employers slashed payrolls by 524,000 in December, driving the unemployment rate to its highest level in almost 16 years, a government report showed on Friday, suggesting that the year-long recession was deepening.

The Labor Department said the national unemployment rate rose to 7.2 percent in December, the highest level since January 1993.

[WOSG]

“our problem is we do not have a Reagan in the WH this time. We have an FDR wanna be. “

WE need to get people to know the TRUTH about the New Deal NOW...

http://www2.nationalreview.com/dest/2009/01/08/fdr.jpg

[CottonBall]

Interesting site - thanks for the link.

I was wondering when the trend would catch up with us. I’d read years ago that while the number of liberal arts degrees increased each decade, the number of math, physics, and engineering degrees earned have been falling. That’s no surprise with the dumbing down of our high schools. The article said kids didn’t know what engineering was - probably because very few take calculus and physios any more. Those subjects are the foundation for engineering, so without taking it, they’d be clueless. Our kids are taught in schools not to bother working too hard - by their liberal teachers who did the same and have worthless liberal arts degrees. That’s the thing that needs to be changed first.

[olivia3boys]

My husband was one of them—laid off Dec 3rd. First layoff for either of us, ever.

I immediately increased my hours at my P/T job from 24 hrs/week to 40 hrs/wk until he finds a new job, and then I’ll decrease back down to 32 hrs/wk. We have 4 small kids; they’ve adjusted pretty well to him being a “stay at home dad.”

Luckily we have no debt except for a managable mortgage and we have savings.

California has been reluctant to send unemployment checks. He’s only received one, for one week, and when he calls them the recorded message says they are too busy to ever answer any calls.

He has about 3 “sort of” offers that look promising; hopefully something firms up next week.

He reports that linked-in.com is very good for job searching!

[School of Rational Thought]

All I know is that I better get employment soon.

[Petronski]

7 percent unemployment means that 93 percent of all Americans are working, ok?

LOL

[olivia3boys]

My husband’s layoff was not related to mortgage companies or retail or media.

It was related to the fact that his company relied on borrowing to cover their costs and make payroll, etc. So the company had to downsize.

I’m thinking perhaps companies should get out of this mindset of borrowing $$ all the time, just as individual consumers need to do the same.

[rwfromkansas]

Economy sure seems fine to me. We didn’t spend any less for Christmas due to the economy, and we aren’t wealthy by any means, not even upper middle class.

The company is having to tighten belts a bit, but other than that, nothing serious. Our salary is just the same as it was a couple months ago.

We don’t know any persons who have been laid off, fired etc.

[rwfromkansas]

Health, government, and education grew jobs, especially health.

Those definitely appear to be areas that tend to be more recession-proof. If you are worried about your jobs, look into a career there.

[genxer]

dems started this snowball to win the election and now don’t know how to stop it. They should all be tried for Treason but we don’t do things like that.

[sanchmo]

Measures of U3 and U6 (7.2% and 13.6% today, respectively) were no higher in Dec 1929 than they are now - maybe a quarter or half %% point higher or lower based on methodology.

I don’t think at all that we’re headed for GD2, but comparing the beginning of this crisis (4 months after the crisis exploded) to the absolute depths of other crises (12-36 months after the crisis) isn’t very useful or convicing.

[mkjessup]

No, it doesn't. It means that 93% of all Americans who are working or are trying to find work are working. Less than 50% of Americans actually have jobs. Which is fine - there are many people who are too young to work, or are retired, or are stay-at-home moms/dads, etc.

For statistical purposes, the 93 percent figure applies, and is just as valid as the 7 percent (or 7.2 percent if one wants to be a stickler) figure. The fact is, the vast majority of the American work force is working. Simple as that.

[TSgt]

No worries.

I like the song but didn’t expect to get flamed for posting it.

[mkjessup]

When Reagan was elected he was confronted with an unemployment rate that exceeded 10%. His advisers told him to pull back on his tax cuts and that the Pubs were going to get killed in the next election. Thank God he was his own man. He hung on and we've had 25 years of generally good economies.

This is what needs to be beaten over the heads of 'Rats and RINOs alike until they 'get it'.

Which means they need to be pummeled until the day they die.

[mkjessup]

"Bottom line folks, is that the majority of Americans are working."
49.9% unemployment is acceptable?

I wasn't the originator of that inane figure, see SSP220's post.

[null and void]

Durasell’s First Rule of History: You don’t get to grow old and diein the same country you were born in. Lincoln didn’t. Eisenhower didn’t. Truman didn’t etc. etc.

Hell, we don't even have the flag I was born under any more.

[Thumper1960]

I can hear the yammering now. What the government should be doing and what they will do. It's academic, really. Conservatives are not in power. Conservatives in government, right now, are toothless lapdogs who couldn't find water if they jumped ship. Sure, we're headed for Hell in a wheelbarrow. So, what are are we going to do about it?

Nothing.

We are going to sit here, or there, and grumble and whine. Lament the fact that government is going to grow. Monies will be spent foolishly and unemployment will rise yet still higher. We will allow the Left to do it, too. We will allow them to do whatever they wish to do. Basically, we're going to be spectators, live under their rule and spit and complain. That's it. That's all.

[mkjessup]

Actually no it doesn't

Actually, it does, IF you are referring to the same base number of Americans in the work force from which the 7.2 percent unemployment figure is derived. The media (and many folks) automatically draw the conclusion that if the unemployment figure is 7.2 percent, that means that 7.2 percent of ALL Americans are without a job, which is where the 93 (or 92.7 if one wishes to be precise) percent employment figure comes from and the subsequent conclusion, that 93 percent of all Americans have jobs.

Nothing but semantics.

[Thumper1960]

All I know is that I better get employment soon

I hear ya. In fact, a friend commented that we could do a public service by getting cash by mugging a few wealthy liberals........it'd secure funds and turn them into conservatives, all in one fell swoop.

[mkjessup]

Historically though, 7.2% unemployment is not that bad.

No it isn't. And the lamestream media would be cutting lots of slack for any Chief Executive presiding over that sort of figure IF there was a great big (D) after their name.

[null and void]

Egads. It was $2.35/hr. when I started working. I’m getting old!

$1.60/hr when I started, rub it in...