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.

[mkjessup]

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

What are you doing here? Nobody said anything against the Pope.

[null and void]

The civilan labor force is defined by those employed or actively seeking employment.

And "actively seeking employment" is defined as collecting unemployment benefits. As soon as you run out, you drop off the radar.

[IYAS9YAS]

85 percent of youth say they are not interested in a future engineering career, yet we’ll be short 70,000 engineers by 2010

How old is too old to retrain as an engineer? Accounting is okay, but I'd rather be doing something where I can actually see end results that aren't just on paper.

[null and void]

You are never too old. BUT, I’m an American engineer who has been looking for a job for over two years, while companies in my area are begging Washington to drastically increase the number of H1-Bs because they say they can’t find enough Americans to work. Uh huh...

[IYAS9YAS]

What’s your area of expertise?

[dfwgator]

85 percent of youth say they are not interested in a future engineering career, yet we’ll be short 70,000 engineers by 2010, based on an estimate by the National Science Foundation.

I know a lot of unemployed engineers, studies like this are a ruse to justify hiring more H1-Bs.

[null and void]

Semiconductor processing. MEMS (Micro-Electro-Mechanical-Systems).

[dragnet2]

Save us Obama, saves us.

Bush leaves office and the country looks like a smoldering crater...Superman couldn't save ya, so you'll have to save yourself.

[durasell]

Hawaii and Alaska got you down?

[ARCADIA]

Or justify outsourcing. I completely agree with assertion.

[griswold3]

Look on the bright side, once Obama makes them 'Legal' you cannot complain about 'illegals'!!!

[griswold3]

‘Capital Strike’? I’m already there! (M1 at one.)

[null and void]

Sure. Keep rubbing it in...

[tillacum]

Bean, what is WAMU?

[polymuser]

...studies like this are a ruse to justify hiring more H1-Bs...

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.

[Petronski]

Stay classy.

[NC28203]

>>>Bean, what is WAMU?

WAMU - Washington Mutual. The nation’s largest thrift prior to it’s being seized by federal regulators and subsequently acquired by JP Morgan Chase.

[Parley Baer]

It would warm my heart if most of the 7.4% came from the msm. It would be well deserved.

[GOPJ]

People are a little scared. During the great depression we only had 20 to 25% unemployment. This situation could get worse. Much worse. People sense that - and a reaction of denial and outrage can be expected. Hopefully things will get better.

[scfischer7]

Something I recently learned. Many seasonal workers file for unemployment during the off season. Then get rehired at a later date... Thus winter numbers would always be skewed a bit