Skip to comments.Another steep drop in payrolls expected in April
Posted on 05/03/2009 7:00:37 PM PDT by TigerLikesRooster
Another steep drop in payrolls expected in April
580,000 lost jobs would be the least bad in six months
By Rex Nutting, MarketWatch
Last update: 10:13 a.m. EDT May 3, 2009
WASHINGTON (MarketWatch) - U.S. workers lost jobs at a devastating rate again in April, but the expected loss of 580,000 would be least bad since October, economists said. Compared with what the economy has just seen, 580,000 lost jobs might look good. But in absolute terms, it'd be horrible. Aside from the current recession, it would be in percentage terms the eighth worst month for job losses in the past 50 years.
Meanwhile, according to economists surveyed by MarketWatch, the unemployment rate is expected to rise another half percentage point to a 26-year high of 9% with little end in sight.
The April employment report will be the highlight of a week that's relatively light for economic data. The jobs numbers will be released at 8:30 a.m. on Friday.
(Excerpt) Read more at marketwatch.com ...
Trying very hard to give it a positive spin. I guess Obama faithful are also under severe 'stress test.'
What the hell did these MSM fools expect with a radical socialist and pandering Congress? Economic boom??? Hardly.
A lot of people are waiting for their unicorns as promised by Dear Leader.
I don’t care if they went down a little bit or not. These are on top of all the others, so these are AFTER all of the vulnerable people have been laid off and there are still more being piled on top of them. No way would an unbiased observer glean any hope out of this data.
Just think of the tax revenue Uncle Sam is losing!!
July is going to be very bad.
Just wait til all the layoffs from Chrysler suppliers hit in May, and then all the people laid off from jobs that are funded by those supplier workers (everything from restaurant workers to retailers to you-name-it) in June. I have faith in the free market but this will be rocky, and the government seems determined to foul it up as much as it can.
For Obama, I hope the July 4th tea parties are very bad, indeed!
There's going to be hell to pay.
Major corporations are re-adjusting qtr to qtr. It’s going to get ugly.
Unfortunately, the free market is being subverted and has nothing to do with this debacle.
My prediction....15% unemployment by years end.....75% of my husband’s group was laid off first of May....and these are engineers and other professionals....some administrative....
What exactly did they expect with Obama’s polices? We will be lucky if we aren’t at 20% unemployment sometime nxt year.
You aren’t kidding. With GM plants going down for 9 weeks instead of two and with Chysler’s problems the numbers in the summer will be very bad.
Is that like, madam I got good news, when your husband jumped from the building, it was from the 10th floor and not the 16th floor. He hit the street with less impact.
“. No way would an unbiased observer glean any hope out of this data.”
I heard a member of the Obama media say today that the people left after the job losses are being given more work/hours to do the work of those who have been cut, and those lucky b*stards are doing real well in this economy...they’ll spin anything.
Tax revenues have to be falling off the cliff. They’ll just print more money. Fools.
Now you know why the Acorn census folks are going round making GPS tags for every front door in the nation.
Summer 2009 is going to be hot. June many of the first wave unemployed will run out on their unemployment benefits. What do you think will happen to retail sales and credit card defaults. Every month after June another group of unemployed benefits will run out. Talking about people losing it after they lose everything!!! Summer of 2009 will have riots we never seen since 1967 and 1968. Joblessness and higher local taxes will be the primer, stupid act by a local cop will be match that lites the fire.
It’s starting to hit hard in my neighborhood. Across the street, married couple sold their truck, wife’s job is headed down, hours cut in half. They’re trying to make do with one car. Next door to them, married couple, husband just lost his sales job, wife’s a school teacher who has had her pay cut. I’ve posted before about my own difficulties, having to shut my business down last year and take a job with a former customer. My next door neighbor has taken her brother in, who has lost his employment and apparently is having difficulty supporting himself. Next door on the opposite side, husband’s in aviation mechanics, business is dicey, hours off, wife’s in healthcare, said she should feel ok, but doesn’t, the hospital is quietly letting people go in small numbers, but it’s starting to add up.
This is just within a 200 yard radius of where I’m sitting right now. No foreclosures in this neighborhood, but if things don’t improve in six months or so, I suspect there will be.
I figure that the nationwide unemployment rate is going to hit ten percent by then. Still, the effects of the recession are not being felt evenly. My lady and I went to a restaurant tonight with three of her work friends, and by 5:30, the place was chock full of people on a Sunday night. Mind you, this is in the town where Bernie Madoff's accounting firm was located, you know there were a lot of people in that town who lost their shirts to these crooks.
I hadn’t even though about the unemployment bennfits running out. YIKES this could all get ugly really fast. I am a stay a home wife and Dh is still working. We just found out lst week that if his factory does go down with cap and trade they will retire him like he was 62 (he’s 51) since he has over 30 years in so he would get early retirement benefits but that is only a fraction of what he makes.Luckily outside of the other house we own that is really our only debt. I would hope that if push comes to shove we’d be able to still sell it for what we owe on it. If worse came to worst we could rent it even though I really don’twant to do that.
Later we will find out that Chris Dodd slipped in a few bonus's for his buddies at Fannie & Freddie, Murtha will build a 2nd airport in his district and there are 8,782 other earmarks in the bill. The NY Times will run a page 12 story about it for one day and then it will be old news.
What's the difference between $1T or $3T, it is all just funny money anyway. They will do it after the July 4th Tea Parties where of course they will trash those folks as nut cases.
The worse thing is that it will help the economy, at least for a few months and everyone of the left will be crowing about what genius's Obambi and Nancy/Harry are. Of course in a year it will all be back to business as unusual and nothing will have changed.
And the market will SOAR
Among my friends, people who work in the private sector are being affected in various ways—lay-offs, more work hours to make up for those let go, cuts in hours for part-time workers, drop in income for small business owners, etc. People who have government jobs have not been affected so far.
$ 5K will just cover the credit card bills of a typical American family. What money is left for food, utility (which will go up due to fees/taxes), property taxes (which will go up), car payments, etc, etc, etc. Americans need something more permanent like JOBS!!!!!! If that is the second stimulus, it will just be a speed bump on the road to the riots.
I am trying to keep tabs on how the rest of the country is doing. Mainly thru youtube.com. For my edification, what county and state are you reporting from?? Appreciate a response.
“Just think of the tax revenue Uncle Sam is losing!!”
No need to worry - just raise the taxes on the rich and the companies. Remember - this is “not the time to be making profits”.
Northwest of Greensboro, Guilford County.
The trouble is that more RINOism would be touted as Obamunism’s cure by RNC. Speaking of never-ending nightmare.
They know this, but they will do it anyway.
The economic solutions to recessions are no big secret, cut taxes, reduce interference in the economy, targeted spending. Not sure why Obambi did not get the memo. Makes one think he does not want the US to succeed. Hmmmmm.
1 existing foreclosure in my neighborhood. 3 of 6 houses in my cul-de-sac are in foreclosure with one (1st person to build here in the subdivision in 1988) going on the auction block May 22nd. RTP area of NC with the 3 foreclosures all once in blue collar occupations. 2 auto repair, one construction - not good.
I'm gonna steal that one the next time I update my list: http://www.freerepublic.com/focus/f-news/1982775/replies?c=21
1 existing foreclosure = 1 empty ( 8 months now) already foreclosed home with now 3 additional in foreclosure....sorry needed to clarify that
I think our glorious politicians now running things and the LSM are failing to also mention the next big set of ARM’s are due to reset June, July and August. Add this on top of the jobs news, not good.