Posted on 02/05/2010 12:49:05 AM PST by TigerLikesRooster
Feb. 4, 2010, 10:45 a.m. EST
Massive revision will show recession was even worse
More than 8 million jobs lost since 2007, updated Labor data will show Friday
By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) -- On Friday, the government's official data on U.S. employment will be updated to reflect what everyone already feels: In terms of job losses, this has been the worst recession since the end of the World War II more than 60 years ago.
Instead of job losses of 7.2 million as currently reported, it'll be more like 8.1 million lost jobs, if the annual benchmark revision of payrolls through March 2009 comes in as had been estimated four months ago by the Bureau of Labor Statistics.
Most of the extra jobs lost -- numbering a projected 824,000 -- came in the first quarter of 2009, adding to the 2.07 million that have already been reported, the government has forecast.
What's more, the employment picture will likely look even worse after next year's revision, which will cover payrolls data running from April 2009 through March 2010.
The revisions to the establishment survey will be a "doozie," said Michael Gregory, economist for BMO Capital Markets.
After the revision, payrolls will have fallen 5.9% from the peak in December 2007 to December 2009, easily beating the post-World War II record decline of 5.2% set in 1948-49, he said. By comparison, payrolls fell by about 18% during the Great Depression.
(Excerpt) Read more at marketwatch.com ...
P!
Bush’s Fault!
That’s not even funny anymore.
spector = spectre
Seems to work for Bama though! 8)
All markets down big across the globe this AM.
yitbos
But the federal government is still hiring, and has kept expanding payrolls, despite The Great Recession.
Lovely, eh?
The BLS can’t seem to report accurate unemployment statistics. I wonder how accurate their CPI stats are? Those are more important than unemployment numbers to a lot of folks.
They’re very accurate, exactly 1/2 the real number.
February 1, 1940
WASHINGTON (MarketWatch) — In a related story, the Bureau of Labor Statistics has updated unemployment data for the last ten years, or what has come to be called the Big Recession, the worst recession since the one caused by the Tulip Crash in the 1500’s. Job losses have been revised to be, in the words of an administration official, “a freakn’ boatload”, which would mean that 300 million jobs were lost, or more jobs than we actually have people. This would mean essentially that there’s no way we really survived the last ten years, that basically nobody was working accept a few guys hocking vegetables and some dudes planting trees.
President Roosevelt was quoted as saying, “Jeez, I hope no jacka$$ President down the road does this again, I mean, we’re gonna need a war or somethin’ to get out of this !”, after which he sort of nervously laughed. He then exclaimed “If we just had some more d@mn social programs during this difficult time that would have solved ALL our problems ! “
LOL. at least until they use up their newly authorized 1.9 trillion dollar credit line.
It may not be funny but it is not “unexpected”.
Can’t wait to say to somebody... got change of a billion ? All i got is billions, just went to the machine...
BOMA! BOMA! BOMA! NOT BAMA Thats my home State. . . . . .
Yep, and I am now a statistic. Got the phone call on Monday. The 100+ year old company I work for has always been the essence of stability, but our CA operation (seperate corporation) put the TX operation is such a shape that they had to shed employees from an already thin staff. I am sure that my age was the deciding factor, the chief operations officer and I have been friends since 1972, and I have worked for the company for about 20 years (not continuous- last 5 years on 2nd stint) So it is start over time at 62.
Unfortunately I am still struggling to pay medical bills for my 35 year old son who is seriously ill.
So, the estimate was only off by 11.6 million jobs...
Obama’s Weekly Radio Address 02 21 09
http://www.youtube.com/watch?v=6vWmtPRPpJo
THE PRESIDENT: “Earlier this week, I signed into law the American Recovery and Reinvestment Act — the most sweeping economic recovery plan in history.
Because of this plan, 3.5 million Americans will now go to work doing the work that America needs done.”
The obsfucation and corruption of this government will take your breath away!!! Election 2010 will be the last peaceful chance to take this country back from the edge!
Praying for you, buddy.
Pray for me too.
Nuff said, eh....?
I feel for you brother. My nine year job ended last Tuesday. With problems from my wife being out of work for a year several years ago and a kid in college, I am lawyering up and figure to be where I was 20 odd years ago in a flash. But without credit of course.
Thank you sir, I will.
I would not be worried at all except for providing for my 35 yr old disabled son. His med expenses run 1,100-1,200 per month. He has no income and no insurance.
Fortunately my family have been good to help us.
Have 2 other elderly family members who are in poor health. Pretty full days.
But we will get through this, family owns farm and we will always have something to eat.
Depression.
LLS
If Bedwetter the Crybaby is President much longer, things could get pretty tough.
Impeachment is an attractive option.
Very sad. I’m sorry for your troubles. I’ll pray for your family. Take care.
I can’t imagine. Good luck.
Thank you for your prayers. I am confident that we will handle this OK. My wife of 38 years and I have been through many good and some bad times before.
I have not yet decided how I am going to approach this. Spent last 3 days with my mother & father in Abilene. My mother started he first round of chemo for a lymphoma in her lungs. We have only been focused on that for now.
I plan to go to Amarillo and return the company computer and spend a day with the man who is going to assume my functions within a week or so. They are not paying me to do that, but I want the company to survive. I am the only person in the world who knows how some of what I do is accomplished (because I developed it), but I will not try to make this harder for them. I have many old friends who depend on their jobs to feed their family.
There. Fixed it.
Past tense.
Does this mean we're supposed to believe it's over?
Just a random post from a complete stranger, but God bless you, man. I hope your troubles abate quickly.
Thank you sir, I appreciate your concern.
Best of luck. There is always a way to succeed if you use your noodle.
TNX
You may believe this but obviously the company does not otherwise they wouldn't have replaced you.
My advice: DO NOT TRAIN OR OTHERWISE PROVIDE ANY ADVICE TO THE COMPANY OR THE REPLACEMENT. Result: You will be hired back, if not full-time then as a consultant. This is SOP in contracting and no one will fault you. Otherwise you're just being used like a doormat.
You are probably correct. They did not "choose" to replace me. They were forced by the bank to cut payroll expense. My predecessor who did a horrible job in my position, but is younger is being moved back to my job from a buyer's position. Because he has AS400 query skills that they need, and he works in the office, while I have telecommuted for past 1-1/2 years.
While I was in the position I saved them permanently more than 1/2 my salary, and never missed a publishing deadline in 5-1/2 years. (Had worked for them previously for 15 years in outside sales & management, held VP title when I left the fist time)
When I came back to work for them I took a 1/3 pay cut from last job and was happy to have a job. Had been unemployed for 2 years at that time. 5-1/2 years ago when I went back to work for them it was at 15% less than I left them at in 1988. It took 2 years to get back to the 1988 pay level.
If you consult charge a hefty hourly fee and talk Reaaaaaaalllll Slooooooowwwwww Liiiiiiiiiike. I've seen this many times, first-hand in contracting. It's the way it is.
Remember who your real family is. They come first, not the d* bank.
Thanks for advice.
I have been in this industry since 1972, and fairly well known among remaining players. But that field is pretty small now, under 40 companies in US.
The job I have filled for the past 5-1/2 years far under-utilizes my experience, but no one seems to value experience or judgment anymore.
And I still hold my own with the Wunderkinder (Wonder Children) techies. Not just computer skills but much broader electronic skills. And 38 years experience in the industry.
I do however live in fly-over country in Mid-Texas.
Dude, if you haven't already committed yourself, please consider going back as a contractor. The place I worked for laid off a bunch of programmers, then found out only one guy knew how to do things and they wanted him back for a few days. He said, OK but as a hourly-paid contractor. With all your pending problems, I'd sure think about it no matter how friendly you may feel towards them. They laid you off, perhaps due to your age, so they can't be THAT friendly.
I know the feeling, I got canned from the company I founded who’s product I invented, just when I turned 60. I was the R&D department and the bean counters decided we no longer needed R&D. Turning 60 had NOTHING to do with it of course.
Exactly. Barry Soetoro, The Neighborhood Organizer, has his hands around America's throat and his choke hold will not be released until Socialism is fully implemented. Look at the government jobs outlook versus private industry.
The Messiah is just starting his magic.
Hang in there.
“Impeachment is an attractive option.”
There is always “hope”.
Barry is Black. He Will Not Be Impeached!
Doubt it is age driven, and yes, technically that is illegal. I am not a programmer, but developed a way to use open source tools to repeat some functions that are not maintainable within the current system. Used PdfTK, GREP, and a database to extract patterns from final .pdf document and repeat the recurring content. Huge time savings. The catalog is 3,000 pages and some of the many promotions are as large as 1,000 pages. I manually sorted the original patterns. Also used the same approach to extract the page number (to be pushed to the AS400) for each SKU from the .pdf document. All of that intelligence resides in the final .pdf and on my hard drive. 5-1/2 years of work.
Had a conversation this morning with a competitor that I also worked for (for 15 years). They had called me 2 years ago about how I created the index for the 3,000 page beast. That index is 14,000 lines long, for an inventory of 37,000 items. Am waiting to see what response I get back from them, I was a regional sales manager for that company for most of my 15 years with them, designed retail stores for them for 5 years of the 15.
And thanks for the coaching, I really appreciate it.
google shadowstatistics for a different view
Longest Mean Average Unemployment Time in 60 years.
As per St. Louis Fed:
http://research.stlouisfed.org/fred2/graph/?s[1][id]=UEMPMEAN
Would have posted image but had trouble getting it to work.
Another Try on the Fed Link>
Longest Mean Average Unemployment Time in 60 years.
As per St. Louis Fed>
http://research.stlouisfed.org/fred2/series/UEMPMEAN?cid=12
I downloaded the .png version of the graph, but have no way to post it easily to the web. If you want it, send me a Freep Mail, and I will e-mail it to you.
TF
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