Posted on 02/05/2010 12:05:41 AM PST by 2ndDivisionVet
Job losses during the Great Recession have been huge and they're about to get bigger.
When the Labor Department releases the January unemployment report Friday, it will also update its estimate of jobs lost in the year that ended in March 2009. The number is expected to rise by roughly 800,000, raising the number of jobs shed during the recession to around 8 million.
The new data will help illustrate the scope of the jobs crisis. Analysts think the economy might generate 1 million to 2 million jobs this year. And they say it will take at least three to four years for the job market to return to anything like normal.
"It's going to take a long time to dig out of this hole," said Julia Coronado, senior U.S. economist at BNP Paribas.
Wall Street economists expect the January report will show a tiny increase of 5,000 jobs. That would be only the second monthly gain since the recession began. But it probably wouldn't be enough to hold down the unemployment rate, which is forecast to rise to 10.1 percent. That would match October's 26-year high. And it would be the fourth-straight month of double-digit joblessness.
The Labor Department's revisions on employment levels are done every year. They are based on unemployment insurance tax data that companies submit to states.
Jobs remain scarce even as the economy is recovering: Gross domestic product, the broadest measure of the nation's output, has risen for two straight quarters. GDP rose by 5.7 percent in the October-December quarter, the fastest pace in six years.
But hiring is still lagging. Many economists say businesses are reluctant to add workers because it's not clear whether the recovery will continue once government stimulus measures, such as tax credits for home buyers, end.(continued)
(Excerpt) Read more at finance.yahoo.com ...
Well, Obama has done a GREAT job keeping unemployment low among Bolsheviks - look at all the “czars” he has hired!!
That reminds me - he needs a Czar of Mispronunciation to help him enunciate American English correctly in his speeches.
All that unemployment and you NEVER hear about the poor “homeless” during a ‘RAT administration. Propagandists do a reverse-spin-double-back-flip after walking the plank for Barry.
The only thing that is getting worse about the unemployment situation is Obama.
Those job losses that they are just now finding were losses no matter if the govt chose to acknowledge them when they happened or not. Many screamed about how wrong it was when they revised the business birth statistics back in June or July and now when they have to square all data points to make them match we’re finding out how wrong it was, or at least a good guess about how wrong since the govt probably still will not tell the whole truth.
What’s going on with Toyota is real strange. It’s sort of like Keystone cops kind of strange which isn’t something that I expected from them. I would expect them to have their stuff together enough to not have to do 3 different recalls for the same issue, but then again, maybe they aren’t being allowed to manage the issue themselves.
That kind of thing can only end up hurting us worse in the end. It’s very troubling that our govt is doing this to us and this is only what we’ve heard and know about.
but we were losing 700,000 jobs per month
after 12 months, we would have lost 9 million jobs, he is the savior//s
:)
“Analysts think the economy might generate 1 million to 2 million jobs this year”
And when it doesn’t, because Obama and his merry band of henchmen are doing all the wrong things, will it be “unexpected” again?
You know, at some point, the MSM and their anonymous “economists” are going to have to stop acting like a bunch of thunderstruck yoyos.
The whole mess is becoming a big joke.
I go to “Yahoo Finance” every day to check my currency
exchange rates.
They also have some financial news blurbs from the LSM
(lame stream media) which is most always pumping the lib spin.
It has become such a big joke that it would be funny if not so serious.
Eventually the 50 percent dumb population will catch on that the jig is up.
There is nothing left to make a recovery.
Numbers are due out about 830AM. The collective wailing from the left over mentioning them should be a real treat.
jobs not created and not saved.
While the newscast was on the air, I had the feeling that 0bama0 would follow Clinton's lead and benefit for the red-neck white guy blowing up the Federal Building in Oklahoma City.
I think we might be in for another catastrophe of the same magnitude in an effort to solidify the public behind 0bama0.
I sure hope not. But if we do experience one, I wonder if the American people will rally behind 0bam0 and support his administration's dismantling of America?
The never ending “worse than expected” mantra from the MSM
is cover for Zer0.
Something not widely discussed is that in Obama’s budget, unemployment is expected to average 8.2% in 2012...the year he is up for re-election.
We know the budget uses rosy scenarios, so such numbers are alarming.
BLAME IT ON THE LAST ADMINISTRATION
http://kathleensings.com/blame.html
2010, Words by Steve Jones, Music by Kathleen Stewart
There ain’t a word of blame I merited.
Every problem I got I inherited.
I wash my hands of all responsibility.
If you’ve got a gripe, please don’t pin it on me.
Blame it on the last administration
For messing up our nation.
Ev’rything that they have sown
Now I’ve gotta reap.
Blame it on the last administration
Give me a standing ovation.
While I’m busy diggin’ a hole
Four times as deep.
It’s someone else’s fault for such urgency.
That’s why I’m burnin’ through our country’s currency.
Bush’s drug plan was too much to bear.
That’s why I’m pushin’ hard for governmental health care.
Blame it on the last administration.
Such an abomination.
They really left a mess,
Now I gotta make it right.
Blame it on the last administration
For all our tribulation.
I’m gonna pass the buck
‘Til you see the light.
Don’t hold my feet to the fire
For ev’ry challenge I acquire.
I got one thing I really wanna proclaim:
I’m not the one, not the one to blame.
Blame it on the last administration
I’m taking ev’ry occasion.
To let you know just why
We’re in the tank.
Blame it on the last administration
Give me the glory I’m cravin’.
I want you to understand
Why I’m breakin’ the bank.
Depression... and you had better get used to that word because that is what we live in now.
LLS
Looking forward to 2012 when President Obama is unemployed.
Stupid headline. Changing the numbers for 2008-2009 doesn’t effect how many people actually LOST their jobs then. The losses really happened already — we are just getting around to telling people. So it doesn’t effect the economy to change the numbers, just our perception.
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