Trainspotter Posted March 6, 2009 Share #1 Posted March 6, 2009 The nation's unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs. Both figures were worse than analysts expected and the Labor Department's report shows America's workers being clobbered by a relentless wave of layoffs. The net loss of 651,000 jobs in February came after even deeper payroll reductions in the prior two months, according to revised figures. The economy lost 681,000 jobs in December and another 655,000 in January. Employers are shrinking their work forces at alarming clip and are turning to other ways to slash costs — including trimming workers' hours, freezing wages or cutting pay — because the recession has eaten into their sales and profits. Customers at home and abroad are cutting back as other countries cope with their own economic problems. Job losses were widespread in February. Construction companies eliminated 104,000 jobs. Factories axed 168,000. Retailers cut nearly 40,000. Professional and business services got rid of 180,000, with 78,000 jobs lost at temporary-help agencies. Financial companies reduced payrolls by 44,000. Leisure and hospitality firms chopped 33,000 positions. The few areas spared: education and health services, as well as government, which boosted employment last month. Disappearing jobs and evaporating wealth from tanking home values, 401(k)s and other investments have forced consumers to retrench, driving companies to lay off workers. It's a vicious cycle in which all the economy's negative problems feed on each other, worsening the downward spiral. THE ASSOCIATED PRESS NY DAILY NEWS March 6th 2009 Link to comment Share on other sites More sharing options...
B41 Posted March 6, 2009 Share #2 Posted March 6, 2009 Nope. Still a recession Link to comment Share on other sites More sharing options...
metsfan Posted March 6, 2009 Share #3 Posted March 6, 2009 It's a violent recession/correction, so i'm calling it a depression. - A Link to comment Share on other sites More sharing options...
Shortline Bus Posted March 6, 2009 Share #4 Posted March 6, 2009 One telling sign on how about our ecomony is will be sports related. The Mets and Yanks open their new ballparks in couple of weeks. Prior to this disater, it could be assumed both teams might have soldout every game for their opening season. Now after reading the papers (ie Wall St Journal) and listening to WFAN-AM(mainly the mike francesa show) so many businesses big and small are cutting back on buying tickets including the great seats by home plate. I am sure tickets will 'sell out' for 'subway series' games, the Red Sox, Pillies, etc. However if you see empty seats in July or August at either new stadium that is a bad sign not only for the teams but the entire NYC area ecomony as well. Link to comment Share on other sites More sharing options...
KeystoneRegional Posted March 7, 2009 Share #5 Posted March 7, 2009 Please, watch the Nazi Banksters Crimes Ripple Effect at http://jforjustice.co.uk/banksters Link to comment Share on other sites More sharing options...
metsfan Posted March 7, 2009 Share #6 Posted March 7, 2009 We are a lot worse off than people realize, but it can recover quickly if we do the right actions, if not it will be a 3-4 year ordeal. - A Link to comment Share on other sites More sharing options...
Joe Posted March 7, 2009 Share #7 Posted March 7, 2009 We are a lot worse off than people realize, but it can recover quickly if we do the right actions, if not it will be a 3-4 year ordeal. - A What would those actions be? Link to comment Share on other sites More sharing options...
Shortline Bus Posted March 7, 2009 Share #8 Posted March 7, 2009 We are a lot worse off than people realize, but it can recover quickly if we do the right actions, if not it will be a 3-4 year ordeal. - A or worst case scenrio it could be 10 years like the last depression from about 1930-40. Link to comment Share on other sites More sharing options...
metsfan Posted March 7, 2009 Share #9 Posted March 7, 2009 Things are not unchecked like they were that time. We have a net this time. I think it's time we stop paying people to use automobiles to get places, and start funding mass transit including expanding fast rail wherever we can. Why not take up 2 lanes of a highway and make them rail with a concrete divider to keep stuff safe? Why not electrify (or re-electrify in some cases) the nation's existing rail network? In germany they have miles of solar panels along highways. Where is our cutting edge world changing/improving stuff? I see it being oppressed by people scared of losing money to new things. I want to see these things, but people just won't let them develop. I wouldn't mind all new houses requiring solar panels and small wind turbines etc etc, but.... you know? The moment we step out of the old room and into the new room, recessions like this will no longer be caused directly by people. - A Link to comment Share on other sites More sharing options...
MTR Admiralty Posted March 7, 2009 Share #10 Posted March 7, 2009 or worst case scenrio it could be 10 years like the last depression from about 1930-40. Actually that depression lasted a couple years... IIRC, by 1935 the economy was improving (or in a state of recovery) Link to comment Share on other sites More sharing options...
Shortline Bus Posted March 8, 2009 Share #11 Posted March 8, 2009 Things are not unchecked like they were that time. We have a net this time. I think it's time we stop paying people to use automobiles to get places, and start funding mass transit including expanding fast rail wherever we can. Why not take up 2 lanes of a highway and make them rail with a concrete divider to keep stuff safe? Why not electrify (or re-electrify in some cases) the nation's existing rail network? In germany they have miles of solar panels along highways. Where is our cutting edge world changing/improving stuff? I see it being oppressed by people scared of losing money to new things. I want to see these things, but people just won't let them develop. I wouldn't mind all new houses requiring solar panels and small wind turbines etc etc, but.... you know? The moment we step out of the old room and into the new room, recessions like this will no longer be caused directly by people. - A Sorry Metsfan you sounding like a enivornment manic. While i strongly support getting away from fossil fuels to electric cars and other forms of 'greener sources' for vechiles, and more funding for funding how can you afford to make every part of America transit friendly. Also our country show follow a Europe model of heavy taxes on large size cars too. Metsfan you sound like you want cars abolished which wont happen. Do you want to go back to the late 1800's(horse and buggle)with feces all over and how inhumane the horses were used for transit. I am sorry but some of us like me need cars. Do you want me to take 3boxs of equipment on to a crowded train? There people who need cars for work Metsfan: Not to mention grocery shopping etc. mad: Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.