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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: MikeWUSAF
Is the best of the free life behind us now?
Are the good times really over for good?

There will be short-term successes in a long-term slide, as our government continues to borrow on the future.

51 posted on 01/09/2009 7:50:06 AM PST by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
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To: NC28203
No. Stay at home parents are not considered part of the civilan labor force. The civilan labor force is defined by those employed or actively seeking employment. That is currently about 154 million people. 143 million are employed and 11 million are unemployed.

I really should be counted in the ranks of the unemployed. I chose not to work because almost 50% of my inccome would be taken from me. I'd be happy to work if I wasn't punished so much for it.
52 posted on 01/09/2009 7:53:02 AM PST by CottonBall
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To: farlander
whereas the economy will eliminate the deadweight and come back much healthier and stronger.

Not with socialists in charge.
53 posted on 01/09/2009 7:54:05 AM PST by CottonBall
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To: MikeWUSAF

Thanks for the post.


54 posted on 01/09/2009 7:56:18 AM PST by GOPJ ("A consensus of 100 scientists is undone by one fact." - - Einstein (take that Al Gore))
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To: Red in Blue PA
The real story:

Businesses cut payrolls out of fear of Obama and the Democrat Congress harming the economy


55 posted on 01/09/2009 7:59:14 AM PST by WOSG (Obama - a born in the USA socialist)
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To: Sig Sauer P220; mkjessup

Historically though, 7.2% unemployment is not that bad.

We went from ‘very good’ employment picture 2 years ago to ‘mediocre’ today.

Give it time though, Obama and the Demos are working hard to make employment picture even more awful.


56 posted on 01/09/2009 8:01:08 AM PST by WOSG (Obama - a born in the USA socialist)
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To: Doohickey

Good list, to that I would also add Bank Holidays.


57 posted on 01/09/2009 8:04:06 AM PST by Xenophon450 ( The stain of freedom, he's washed it out... who’s rocking the cradle? I have no doubt...)
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To: farlander

“It’s ridiculous. It is a recession. That’s it. It’s not a ‘catastrophe’. We haven’t had a good one (recession) in about 10 years. Recessions are needed, healthy parts of the business cycle, whereas the economy will eliminate the deadweight and come back much healthier and stronger.”

All true. we shouldnt panic, we should have govt tighten its belt a bit, hunker down, cut tax rates to help the economy and get rid of waste in the economy to prepare for the recovery.

It is also true though that the media and Obama have to ‘talk down’ the economy and make it sound worse than it is so that they can fearmonger the people into supporting Obama’s dreadful, wasteful, expensive, non-workable socialize-the-economy big-govt-spending ‘stimulus’.

THEY NEED THE PANIC TO MAKE US ALLOW DRASTIC MEASURES.

Rush calls it The “Raw Deal”.


58 posted on 01/09/2009 8:04:40 AM PST by WOSG (Obama - a born in the USA socialist)
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To: quesney

It’s a good time to think about graduate school.


59 posted on 01/09/2009 8:05:50 AM PST by WOSG (Obama - a born in the USA socialist)
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To: hunter112

“We need to form organizations to accurately let us know who to spend what little money we intend to part with. No bucks for the idiots who bought the hope and change crap. “

Good idea.
Stop your newspaper liberal MSM subscription. Get a convservative magazine instead.
No to CNN. Dont go to movies.
Dont buy from companies that support - global warming or other ‘feelgood’ stuff. Any store that has green or organic labels - complain loudly that you wont buy from companies that peddle that PR.

etc.


60 posted on 01/09/2009 8:09:07 AM PST by WOSG (Obama - a born in the USA socialist)
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To: wmfights

“our problem is we do not have a Reagan in the WH this time. We have an FDR wanna be. “

WE need to get people to know the TRUTH about the New Deal NOW...

http://www2.nationalreview.com/dest/2009/01/08/fdr.jpg


61 posted on 01/09/2009 8:10:19 AM PST by WOSG (Obama - a born in the USA socialist)
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To: polymuser

Interesting site - thanks for the link.

I was wondering when the trend would catch up with us. I’d read years ago that while the number of liberal arts degrees increased each decade, the number of math, physics, and engineering degrees earned have been falling. That’s no surprise with the dumbing down of our high schools. The article said kids didn’t know what engineering was - probably because very few take calculus and physios any more. Those subjects are the foundation for engineering, so without taking it, they’d be clueless. Our kids are taught in schools not to bother working too hard - by their liberal teachers who did the same and have worthless liberal arts degrees. That’s the thing that needs to be changed first.


62 posted on 01/09/2009 8:11:30 AM PST by CottonBall
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To: Red in Blue PA

My husband was one of them—laid off Dec 3rd. First layoff for either of us, ever.

I immediately increased my hours at my P/T job from 24 hrs/week to 40 hrs/wk until he finds a new job, and then I’ll decrease back down to 32 hrs/wk. We have 4 small kids; they’ve adjusted pretty well to him being a “stay at home dad.”

Luckily we have no debt except for a managable mortgage and we have savings.

California has been reluctant to send unemployment checks. He’s only received one, for one week, and when he calls them the recorded message says they are too busy to ever answer any calls.

He has about 3 “sort of” offers that look promising; hopefully something firms up next week.

He reports that linked-in.com is very good for job searching!


63 posted on 01/09/2009 8:12:53 AM PST by olivia3boys
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To: Red in Blue PA

All I know is that I better get employment soon.


64 posted on 01/09/2009 8:13:24 AM PST by School of Rational Thought (Sarah Palin - High ideals on high heels)
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To: mkjessup
7 percent unemployment means that 93 percent of all Americans are working, ok?

LOL

65 posted on 01/09/2009 8:14:43 AM PST by Petronski (For the next few years, Gethsemane will not be marginal. We will know that garden. -- Cdl. Stafford)
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To: Bean Counter

My husband’s layoff was not related to mortgage companies or retail or media.

It was related to the fact that his company relied on borrowing to cover their costs and make payroll, etc. So the company had to downsize.

I’m thinking perhaps companies should get out of this mindset of borrowing $$ all the time, just as individual consumers need to do the same.


66 posted on 01/09/2009 8:16:47 AM PST by olivia3boys
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To: alloysteel; All

Economy sure seems fine to me. We didn’t spend any less for Christmas due to the economy, and we aren’t wealthy by any means, not even upper middle class.

The company is having to tighten belts a bit, but other than that, nothing serious. Our salary is just the same as it was a couple months ago.

We don’t know any persons who have been laid off, fired etc.


67 posted on 01/09/2009 8:24:25 AM PST by rwfromkansas ("Carve your name on hearts, not marble." - C.H. Spurgeon)
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To: NC28203; All

Health, government, and education grew jobs, especially health.

Those definitely appear to be areas that tend to be more recession-proof. If you are worried about your jobs, look into a career there.


68 posted on 01/09/2009 8:27:21 AM PST by rwfromkansas ("Carve your name on hearts, not marble." - C.H. Spurgeon)
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To: Sig Sauer P220

dems started this snowball to win the election and now don’t know how to stop it. They should all be tried for Treason but we don’t do things like that.


69 posted on 01/09/2009 8:31:08 AM PST by genxer
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To: mkjessup

Measures of U3 and U6 (7.2% and 13.6% today, respectively) were no higher in Dec 1929 than they are now - maybe a quarter or half %% point higher or lower based on methodology.

I don’t think at all that we’re headed for GD2, but comparing the beginning of this crisis (4 months after the crisis exploded) to the absolute depths of other crises (12-36 months after the crisis) isn’t very useful or convicing.


70 posted on 01/09/2009 8:35:43 AM PST by sanchmo
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To: green iguana
No, it doesn't. It means that 93% of all Americans who are working or are trying to find work are working. Less than 50% of Americans actually have jobs. Which is fine - there are many people who are too young to work, or are retired, or are stay-at-home moms/dads, etc.

For statistical purposes, the 93 percent figure applies, and is just as valid as the 7 percent (or 7.2 percent if one wants to be a stickler) figure. The fact is, the vast majority of the American work force is working. Simple as that.
71 posted on 01/09/2009 8:40:49 AM 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: GOPJ

No worries.

I like the song but didn’t expect to get flamed for posting it.


72 posted on 01/09/2009 8:41:24 AM PST by TSgt (Extreme vitriol and rancorous replies served daily. - Mike W USAF)
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To: wmfights
When Reagan was elected he was confronted with an unemployment rate that exceeded 10%. His advisers told him to pull back on his tax cuts and that the Pubs were going to get killed in the next election. Thank God he was his own man. He hung on and we've had 25 years of generally good economies.

This is what needs to be beaten over the heads of 'Rats and RINOs alike until they 'get it'.

Which means they need to be pummeled until the day they die.
73 posted on 01/09/2009 8:42:34 AM 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: DaGman; Sig Sauer P220
"Bottom line folks, is that the majority of Americans are working."
49.9% unemployment is acceptable?


I wasn't the originator of that inane figure, see SSP220's post.
74 posted on 01/09/2009 8:43:42 AM 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: durasell
Durasell’s First Rule of History: You don’t get to grow old and diein the same country you were born in. Lincoln didn’t. Eisenhower didn’t. Truman didn’t etc. etc.

Hell, we don't even have the flag I was born under any more.

75 posted on 01/09/2009 8:43:54 AM PST by null and void (Amendment 28: Islam is not recognized as an established religion in the United States. ~ farmer18th)
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To: Red in Blue PA
I can hear the yammering now. What the government should be doing and what they will do. It's academic, really. Conservatives are not in power. Conservatives in government, right now, are toothless lapdogs who couldn't find water if they jumped ship. Sure, we're headed for Hell in a wheelbarrow. So, what are are we going to do about it?

Nothing.

We are going to sit here, or there, and grumble and whine. Lament the fact that government is going to grow. Monies will be spent foolishly and unemployment will rise yet still higher. We will allow the Left to do it, too. We will allow them to do whatever they wish to do. Basically, we're going to be spectators, live under their rule and spit and complain. That's it. That's all.

76 posted on 01/09/2009 8:45:21 AM PST by Thumper1960 (A modern so-called "Conservative" is a shadow of a wisp of a vertebrate human being.)
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To: TheFrog
Actually no it doesn't

Actually, it does, IF you are referring to the same base number of Americans in the work force from which the 7.2 percent unemployment figure is derived. The media (and many folks) automatically draw the conclusion that if the unemployment figure is 7.2 percent, that means that 7.2 percent of ALL Americans are without a job, which is where the 93 (or 92.7 if one wishes to be precise) percent employment figure comes from and the subsequent conclusion, that 93 percent of all Americans have jobs.

Nothing but semantics.
77 posted on 01/09/2009 8:47:58 AM 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: School of Rational Thought
All I know is that I better get employment soon

I hear ya. In fact, a friend commented that we could do a public service by getting cash by mugging a few wealthy liberals........it'd secure funds and turn them into conservatives, all in one fell swoop.

78 posted on 01/09/2009 8:49:11 AM PST by Thumper1960 (A modern so-called "Conservative" is a shadow of a wisp of a vertebrate human being.)
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To: WOSG
Historically though, 7.2% unemployment is not that bad.

No it isn't. And the lamestream media would be cutting lots of slack for any Chief Executive presiding over that sort of figure IF there was a great big (D) after their name.
79 posted on 01/09/2009 8:49:23 AM 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: Rebelbase
Egads. It was $2.35/hr. when I started working. I’m getting old!

$1.60/hr when I started, rub it in...

80 posted on 01/09/2009 8:49:58 AM PST by null and void (Amendment 28: Islam is not recognized as an established religion in the United States. ~ farmer18th)
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To: Petronski
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.
81 posted on 01/09/2009 8:50:04 AM 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: NC28203
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.

82 posted on 01/09/2009 8:52:23 AM PST by null and void (Amendment 28: Islam is not recognized as an established religion in the United States. ~ farmer18th)
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To: polymuser
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.

83 posted on 01/09/2009 8:56:53 AM PST by IYAS9YAS (Hey Obama, why lawyer up when you can pony up? Show us your vault copy BC)
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To: IYAS9YAS

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...


84 posted on 01/09/2009 9:01:38 AM PST by null and void (Amendment 28: Islam is not recognized as an established religion in the United States. ~ farmer18th)
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To: null and void

What’s your area of expertise?


85 posted on 01/09/2009 9:04:36 AM PST by IYAS9YAS (Hey Obama, why lawyer up when you can pony up? Show us your vault copy BC)
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To: polymuser
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.

86 posted on 01/09/2009 9:08:08 AM PST by dfwgator (I hate Illinois Marxists)
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To: IYAS9YAS

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


87 posted on 01/09/2009 9:09:32 AM PST by null and void (Amendment 28: Islam is not recognized as an established religion in the United States. ~ farmer18th)
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To: bikerman
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.

88 posted on 01/09/2009 9:14:13 AM PST by dragnet2
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To: null and void

Hawaii and Alaska got you down?


89 posted on 01/09/2009 9:16:10 AM PST by durasell
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To: dfwgator

Or justify outsourcing. I completely agree with assertion.


90 posted on 01/09/2009 9:26:00 AM PST by ARCADIA (Abuse of power comes as no surprise)
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To: mkjessup
Look on the bright side, once Obama makes them 'Legal' you cannot complain about 'illegals'!!!
91 posted on 01/09/2009 9:26:55 AM PST by griswold3 (a good story is more compelling than the search for truth)
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To: hunter112

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


92 posted on 01/09/2009 9:29:29 AM PST by griswold3 (a good story is more compelling than the search for truth)
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To: durasell

Sure. Keep rubbing it in...


93 posted on 01/09/2009 9:34:42 AM PST by null and void (Amendment 28: Islam is not recognized as an established religion in the United States. ~ farmer18th)
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To: Bean Counter

Bean, what is WAMU?


94 posted on 01/09/2009 9:40:01 AM PST by tillacum (.)
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To: dfwgator
...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.

95 posted on 01/09/2009 9:59:54 AM PST by polymuser (Bye, bye Miss American Pie.)
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To: mkjessup

Stay classy.


96 posted on 01/09/2009 10:16:17 AM PST by Petronski (For the next few years, Gethsemane will not be marginal. We will know that garden. -- Cdl. Stafford)
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To: tillacum; Bean Counter

>>>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.


97 posted on 01/09/2009 10:35:02 AM PST by NC28203
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To: Red in Blue PA
It would warm my heart if most of the 7.4% came from the msm. It would be well deserved.
98 posted on 01/09/2009 11:09:18 AM PST by Parley Baer
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To: MikeWUSAF
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.
99 posted on 01/09/2009 11:11:01 AM PST by GOPJ ("A consensus of 100 scientists is undone by one fact." - - Einstein (take that Al Gore))
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To: Parley Baer

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


100 posted on 01/09/2009 11:15:03 AM PST by scfischer7
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