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Payrolls Drop 524,000; Unemployment Rate at 7.2%
CNBC ^ | 1/9/2009 | CNBC

Posted on 01/09/2009 5:42:54 AM PST by 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.

(Excerpt) Read more at cnbc.com ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: dol; economy; layoffs
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To: mkjessup

The statistics here also fail to factor in underemployment.


101 posted on 01/09/2009 11:16:10 AM PST by Unlikely Hero ("Time is a wonderful teacher; unfortunately, it kills all its pupils." --Berlioz)
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To: WOSG
It’s a good time to think about graduate school.

Unfortunately, you have to pay back those loans sometime! Which can really hurt you for a long time, even after you get a decent-salaried job.
102 posted on 01/09/2009 11:17:21 AM PST by Unlikely Hero ("Time is a wonderful teacher; unfortunately, it kills all its pupils." --Berlioz)
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To: polymuser
A quick check of Monster.com showed 5000 engineer jobs, so I dunno. I know anecdotally that engineering/manufacturing careers aren't on many local h.s. kids' radar.

Sales Engineer, Process Engineer, Network Engineer, Environment Engineer, etc..

The word is a bit overused. We shouldn't be importing H1B's, we should be raising salaries as to attract more Americans into these fields
103 posted on 01/09/2009 11:21:08 AM PST by TSgt (Extreme vitriol and rancorous replies served daily. - Mike W USAF)
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To: Red in Blue PA
http://www.youtube.com/watch?v=eih67rlGNhU
104 posted on 01/09/2009 11:26:05 AM PST by tvdog12345
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Comment #105 Removed by Moderator

To: cbkaty

Exactly. Libs think business people are stupid but small business people are among the smartest people in society.

No business person has any confidence in O.
Business are anticipating:
1. High taxes.
2. More regulations.
3. More lawsuits.
4. More govt corruption.
5. Horrible polocies that harm the economy.
6. Govt subsidizing loser companies that are failures.

the list goes on and on. Businesses are cutting back and have no confidence in O, Reid and Pelosi. Pelosi just passed a bill to make it easier for women to sue going back decades for back wages based on them being underpaid.


106 posted on 01/09/2009 1:04:22 PM PST by Frantzie
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To: Red in Blue PA
Companies are cutting back and preparing for Obama’s TAX INCREASE on the ones who CREATE JOBS.

Plus, many will not admit that the minimum wage increase caused a lot of layoffs and job cuts.

107 posted on 01/09/2009 1:18:04 PM PST by Paige ("All that is necessary for the triumph of evil is that good men do nothing," Edmund Burke)
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To: Rebelbase

“Translated, this means that we begin extracting oil from the shale deposits of Utah and Colorado, go for the extraction of petroleum WHERE IT EXISTS”

“Exactly how do you force oil companies to do that when they would lose money at current oil prices?”

You make an excellent point. The current answer is: “you don’t.” This past summer many on this forum decried the “oil price bubble” and were waiting for it to burst so we could go back to $2/gal. gasoline. My belief, and it remains to this day, is that a stable oil price around $70-$90 per barrel, which would roughly translate to ~$3.00/gallon, is actually good for America. Only if we use it as an opportunity to:

1. Extract oil from shale
2. Shift electric generation from coal to nuclear and
3. Shift coal production from electric generation to synthetic petroleum

All of that is feasible at those prices, and we stop bleeding money to our enemies and aren’t hostage to them any longer.


108 posted on 01/09/2009 1:19:39 PM PST by henkster (When I was young I was told anyone could be President. Now I believe it.)
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To: griswold3
Look on the bright side, once Obama makes them 'Legal' you cannot complain about 'illegals'!!!

Nice. Hey, that means that he can make himself legitimate to serve as POTUS and make all that Constitutional stuff just go away, right?

Paul 'The Forehead' Begala: "stroke of the pen, law of the land, pretty cool" (paraphrased).
109 posted on 01/09/2009 1:38:04 PM PST by mkjessup ("An empty limousine pulled up in front of the White House, and Barack Hussein Obama got out")
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To: Petronski
Stay classy

Oh I do, I try to emulate you with my every breath.

Now Happy New Year, Dammit.
110 posted on 01/09/2009 1:39:12 PM PST by mkjessup ("An empty limousine pulled up in front of the White House, and Barack Hussein Obama got out")
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To: Unlikely Hero
The statistics here also fail to factor in underemployment.

You mean like the majority of our Congress critters and Senators? They're for damn sure 'underemployed' because nobody in their right mind can suggest that we're getting an honest day's work out of those jokers for an honest day's pay.
111 posted on 01/09/2009 1:40:25 PM PST by mkjessup ("An empty limousine pulled up in front of the White House, and Barack Hussein Obama got out")
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To: Blue Turtle
Meanwhile, our Republican Senators are signing on to the Obama plan.

That's coming in handy to know which ones to support in 2010 and beyond. South Carolinians didn't get that message with Goober Graham, but the rest of the country may wise up.

Is there any conservative out there to speak out AGAINST this plan?

We'll see which conservatives are the most effective at stopping (or at least slowing down) the Obamanation, and those people can be our candidates for 2012. We're pretty much screwed in the meantime, Zero will get to do a lot of damage.

112 posted on 01/09/2009 1:52:25 PM PST by hunter112 (We seem to be on an excrement river in a Native American watercraft without a propulsion device.)
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To: Sig Sauer P220; mkjessup
Bottom line folks, is that the majority of Americans are working.
If unemployment were 49%, you could still make that statement.

That's what I was thinking - the Depression unemployed got up to 25% but where's the beef? 75% were still working.

113 posted on 01/09/2009 3:10:56 PM PST by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
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To: mkjessup

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

No; it doesn’t. Those who have given up on searching for work and those who don’t work at all for other reasons are not counted among the unemployed. Stay-at-home moms, retirees, college graduates who decided that their degrees were worthless and stopped trying to find work, the disabled, among others.

Part-timers or those working several part-time jobs are not counted as unemployed.


114 posted on 01/09/2009 6:16:39 PM PST by AfterManyASummer
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To: Don Corleone

I agree. The feds had to send and print 11 trillion to the insolvent banks and insurance companies who loss money when they used leveraging to buy residential mortgage notes. That is why the collapse came so rapidly. Now due to bad retail sales and store closings as retailers contract or go out of business. Plus hotels have high vacancy rates and office space vacancy rates are rising, commercial real estate mortgages is the other financial losses the recently restored banks will get hit with. Figure another 10 trillion must be pumped by the feds back into the banks to prevent them from reverting back to insolvancy as the real estate mortgage market will collapse or take heavy losses. As companies loss value and consumer lose jobs and start to default on credit card loans, car loans, college loans and etc. The commercial real estate crisis will be followed by the aftermarket debt crisis. Credit card obligations, non home loans, the leverage buy out obligations in the after market (where the loan is sold to investors) also face imminent collapse because Wall Street also used leveraging to invest in these notes. Feds and Wall Street experts have no idea how large this market for debt is. Estimates range from 55 trillion to 1 quadrillion. If this market or a sizeable portion of it implodes due to defaults or devaluation, the feds will not have anything left to bail out the banks and insurance companies and the US/world financial system will breakdown. These two financial time bombs can end the US in 2009.


115 posted on 01/09/2009 7:40:44 PM PST by Fee
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To: mkjessup

U6 is at 13.5% (pre-Clinton adjustments).


116 posted on 01/09/2009 8:48:49 PM PST by rb22982
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To: wmfights

If we measured unemployment the same as when Reagan came into office it’s already at 13.5%. Clinton removed “discouraged” workers from the labor force (people who want to work, have applied for work in the last year, but didn’t apply for a job in the last month).


117 posted on 01/09/2009 8:50:47 PM PST by rb22982
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To: WOSG

“Historical” comparison of unemployment before 1994 requires you to use U6 which is at 13.5% unemployment rate.


118 posted on 01/09/2009 8:52:03 PM PST by rb22982
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To: sanchmo

There was no U6 in 1929—thats was a Clinton invention. In 1929, anyone who wanted a job but didn’t have one was unemployed.


119 posted on 01/09/2009 8:53:48 PM PST by rb22982
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To: GOPJ

Unemployment didn’t hit double digits in the great depression till 1931. If you use the same measure as back then we’re already well over that.


120 posted on 01/09/2009 8:54:56 PM PST by rb22982
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