Worst Is Yet To Come For Job Market

CNN Money ^ | March 5, 2009 | Chris Isidore

[Diana in Wisconsin]

This is the most brutal downturn in decades, but the unemployment numbers only show part of the pain.

NEW YORK (CNNMoney.com) -- It's no secret that the job market is bad.

The Labor Department will release its latest jobs report Friday. Economists surveyed by Briefing.com forecast that the unemployment rate rose to 7.9% in February and that 650,000 jobs were lost.

Still, as bad as those numbers are, some have argued that this jobs downturn is not as bad as the early 1980s. The unemployment rate peaked at 10.8% in late 1982.

But several experts say it would be a mistake to come to that conclusion. They argue that unemployment rate only hints at why this jobs downturn is worse than any since the Great Depression.

[Diana in Wisconsin]

Counting all of those people in the underemployment rate takes it to 15.7% in January.

[Diana in Wisconsin]

[Diana in Wisconsin]

[unkus]

ping

[OB1kNOb]

CNN spinning like a....

[Dallas59]

By 2010 we’ll ALL be cooking hamburgers and sweeping the streets.

[EGPWS]

But several experts say it would be a mistake to come to that conclusion.

Experts in what?

Bad times ahead me thinks.

[Diana in Wisconsin]

I’ll be in my bunker if anyone needs me... ;)

[DonaldC]

This “recession” should be about over by now if it were not for the lack of leadership out of DC. This is really starting to tick me off.

[ignorancerunsrampant]

This one is going to be worse than the one your grandparents told you about

[Dr.Syn]

By 2010 we’ll ALL be cooking hamburgers....

And why not...Obama is already cooking $100 per pound Kobe beef burgers.

[MNlurker]

And our Governor wants t raise taxes on WI businesses still YAY Doyle... /s

[EGPWS]

By 2010 we’ll ALL be cooking hamburgers and sweeping the streets.

You must be a millionaire bored while running the market toting such a statement...

; )

[4Speed]

Any Obama supporters left on Wallstreet ?

Any Professors/Economists that remember HOW the LAST RECESSION was Successfully ended and HOW it was SUCESSFULLY addressed ?
Obama lied, The Stock market Died !!!!!!

[EGPWS]

I’ll be in my bunker if anyone needs me... ;)

Can I join you Diane?

Regards,

One in need.

Your real name isn't "Morgan" is it?

Or perhaps Vincent Price? /snort

[Dallas59]

Correction:

By 2010 we’ll ALL be cooking begging for hamburgers and sweeping living on the streets.

[TCats]

As a Trader who is actually doing pretty well taking the short side against Obama and his Policies, I'm starting to get very, very concerned. This thing has overshot my worst estimates on the downside and, frankly, I don't see a light at the end of the tunnel.

Unimaginable barely six months ago. Citi and other of the US’s largest banks in virtual bankruptcy, same for all three of its Automakers with many Retailers who are household names very possibly following and Foreclosures up and down the streets where I live, a very upscale suburb in Michigan that not too long ago had one of the highest per capita incomes in the US.

And now faced with Leaders who think tax hikes, cap and trade and other business killing initiatives are needed while at the same time taking steps to decimate one of the few relatively safe areas, health-care? This is insanity, plain and simple. This time it IS different IMHO.

[detective]

Our country is being destroyed. People's life savings are being wiped out. The Democrats will not stop until either they are stopped by force or America is turned into an deindustrialized third world dictatorship.

[Danae]

Its gonna go upwards of 15% before its all done.