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Thread: Economy Lost 63,000 Jobs in February

  1. #1
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    Economy Lost 63,000 Jobs in February

    [URL="http://www.nytimes.com/2008/03/07/business/07cnd-econ.html?_r=1&hp&oref=slogin"]http://www.nytimes.com/2008/03/07/business/07cnd-econ.html?_r=1&hp&oref=slogin[/URL]

    yikes


    [QUOTE]The economy unexpectedly shed 63,000 jobs in February, the government said on Friday, fueling fears of a recession as manufacturers and construction companies cut their work forces amid the continuing housing crisis.

    It was the fastest fall-off in the labor market in five years, and the report raised anticipation on Wall Street that the Federal Reserve will lower interest rates again later this month. Some investors are now predicting a more drastic cut of a full percentage point.

    Before the jobs report was released, the Fed announced that it would increase the amount of money available through the new auction program it has put into place for banks, in a move to ease the flow of credit between banks, businesses, and consumers. The Fed will release $100 billion in additional capital, as part of its effort to make it easier for banks to borrow money from the government without the traditional stigma.

    “I haven’t seen a job report this recessionary since the last recession,” said Jared Bernstein, an economist at the Economic Policy Institute in Washington. “This is a picture of a labor market becoming clearly infected by the contagion from the rest of the economy.”

    Many economists had predicted a slight increase; instead, February marked the second straight monthly decline in the labor market. The government also revised down its estimate for January to a loss of 22,000 jobs — the first decline in four years — and cut in half its estimate for job growth in December.

    The private sector lost 101,000 jobs last month, the biggest drop-off in five years. Retail, construction and factory jobs were hit hardest.

    Fewer Americans looked for work in February, a sign of increasing discouragement among the nation’s work force. The drop-off sent the unemployment rate down to 4.8 percent last month from 4.9 percent in January.

    Wages grew more slowly, further depressing the outlook for consumer spending over the next few months. Among rank-and-file workers — more than 80 percent of the work force — average pay grew just 0.3 percent to $17.20 an hour. Wages are effectively running flat when adjusted for inflation. [/QUOTE]

  2. #2
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    [QUOTE]The economy unexpectedly shed 63,000 jobs in February, the government said on Friday[/QUOTE]

    Unexpectedly?

    What planet are they living on? In case they didn't notice, the market is down 10% in 2008.

  3. #3
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    somehow Bill Clinton and whoever becomes President in 09 is to blame for this... I bet Jimmy carter was involved too.

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    A one day ban to whoever brings up a President's name in this thread first!

    EDIT: Whoops, too late.

  5. #5
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    Maybe I am naive but there are over 150 million jobs in the United States

    [url]http://www.bls.gov/oco/oco2003.htm[/url]

    So 63,000 as a percentage is about .04%...NOT EVEN 1%

    I'm not sure what the panic is so someone please help me...seriously.

  6. #6
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    Yes, the economy has slowed considerably, and a recession/correction may be in order (if it's not already here).

    But.....

    Presidents, I'm sorry to say to both Clinton AND Bush haters, have very little direct control over the economy, and frankly anyone who tried to claim (with a strait face) that we "lost" 63,000 jobs in a month "because of Bush" should be laughed right off this forum.

    By the way, it is also relevant to report that (according to the radio this morning) Unemployment in the United States dropped in the same month we lost these jobs, and remains below 5%.

    So forgive me for interrupting the "sky is falling" vibe some of you were aiming for, but somehowe I think we, America, can soldier though this.

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    [QUOTE=Stan Blinka;2418867]Maybe I am naive but there are over 150 million jobs in the United States

    [url]http://www.bls.gov/oco/oco2003.htm[/url]

    So 63,000 as a percentage is about .04%...NOT EVEN 1%

    I'm not sure what the panic is so someone please help me...seriously.[/QUOTE]

    I don't think there is any panic, but this is the most jobs lost in 1 month for the past 5 years.

    The most important thing is that data like this continues to come out. We are going from "maybe in a recession" to "definitely in a recession" by the week.

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    This is only the beginning...if you think this is bad news just wait. Hedge funds are starting to get margin calls (the Bush/Saudi Carlyle Group got called today) and the defaults will soon spread to credit cards, auto loans, and student loans.
    This week we learned nobody wants to touch AMBAC....but there are thousands who are lining up to sue them....the economy cannot function without the bond insurers. Even the Dubai wealth funds are reluctant to touch Citigroup now.

    Things are unraveling as they are systematically designed to do...like a house of cards. The Govt and Fed will try to hide it as much as possible by fudging the numbers as they've done since the 80s, because it's all about perception. Bush will keep the PR machine at full blast until his term is over.

    M1 has deflated since August....is it any wonder we're in a recession? All the new money the Fed is pumping in is solely for interbank lending to keep the financial institutions afloat. The general public isn't getting any of this money, but inflation is up. Again, is it any wonder we're in a recession? Once the public has reached a breaking point the Fed will unleash the printing presses and that is when the Wiemar Republic economy sets in here in America. Bush is just trying put this off as long as possible, hoping he can get out of office before it happens.
    Last edited by JetsCrazey; 03-07-2008 at 11:30 AM.

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    [QUOTE=JetsCrazey;2418941]This in only the beginning...if you think this is bad news just wait. Hedge funds are starting to get margin calls and the defaults will soon spread to credit cards, auto loans, and student loans.
    This week we learned nobody wants to touch AMBAC....but there are thousands who are lining up to sue them....the economy cannot function without the bond insurers. Even the Dubai wealth funds are reluctant to touch Citigroup now.

    Things are unraveling as they are systematically designed to do...like a house of cards.[/QUOTE]

    Relax, everything is going to be fine. The economy is taking its lumps now, but it will rebound as it always does. We are still have the greatest and most powerful economy in the world.

  10. #10
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    [QUOTE=JetsCrazey;2418941]the defaults will soon spread to credit cards, auto loans, and student loans.[/QUOTE]

    Good thing for me then that I paid off my credit cards, paid off my car loan and paid off my student loans, am safely employed and choose to live within my means, eh?

    "God tells me he can get me out of this mess, but he's pretty sure your ****ed". - Mad Stephen, in "Braveheart"

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    [QUOTE=Warfish;2418953]Good thing for me then that I paid off my credit cards, paid off my car loan and paid off my student loans, am safely employed and choose to live within my means, eh?
    [/QUOTE]

    Yes, and for what it's worth, I offer my advice to everyone else reading this to do as Warfish has done.
    Pay off your debts and retain the titles to your deeds before banks start failing across the nation, as Bernanke warned about earlier this week.

  12. #12
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    [QUOTE=parafly;2418946]Relax, everything is going to be fine. The economy is taking its lumps now, but it will rebound as it always does. We are still have the greatest and most powerful economy in the world.[/QUOTE]

    Sorry, but this mentality isn't going to work anymore.
    As for this idea that "We still have the greatest and most powerful economy in the world," I'd seem pretty rich too if I were borrowing billions of dollars from China everyday, but it's not real prosperity, it's borrowed prosperity, and we're living on borrowed time that is expiring before our very eyes. The US dollar is being phased out as we speak as the world's reserve currency, and this means higher interest rates and inflation, not temporarily, but for good, until a North American Currency is foisted upon us eventually.

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    [QUOTE=JetsCrazey;2418970]Sorry, but this mentality isn't going to work anymore.
    As for this idea that "We still have the greatest and most powerful economy in the world," I'd seem pretty rich too if I were borrowing billions of dollars from China everyday, but it's not real prosperity, it's borrowed prosperity, and we're living on borrowed time that is expiring before our very eyes. The US dollar is being phased out as we speak as the world's reserve currency, and this means higher interest rates and inflation, not temporarily, but for good, until a North American Currency is foisted upon us eventually.[/QUOTE]




    Your username suits you.


    EDIT> Paranoia and fear have historically helped the markets.

  14. #14
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    [QUOTE=SanAntonio_JetFan;2418975]Your username suits you.


    EDIT> Paranoia and fear have historically helped the markets.[/QUOTE]

    All it takes is a simple knowledge of math and elementary macroeconomics to understand that the US can't simply "grow it's way" out of the current problem.

    This is not a typical cyclical downturn, it's a structural breakdown in the credit system, caused by systemic imbalances that must be fixed by drastic inflation over the next 5 years. The bond guarantors got greedy and now we're all gonna pay for the mess that the derivatives market has caused.

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    [QUOTE=SanAntonio_JetFan;2418975]Your username suits you.


    EDIT> Paranoia and fear have historically helped the markets.[/QUOTE]

    There are a lot of people who understand economics tht agree with jetscrazy. This is not some farfetched conspricay theory, we are talking about stagflation and eventually and inflationary depression the likes of which we have never seen in this country. Here is a 3:00 min. video detailing why we are in this problem. Peter Schiff, a highly respected CEO and invester explains:

    [url]http://www.youtube.com/watch?v=6NvjrfC6i0I[/url]

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    I wonder how many of those were minimum wage jobs that were eliminated when comrade Pelosi and the dem's voted to raise it.

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    [QUOTE=jefethegreat;2419005]There are a lot of people who understand economics tht agree with jetscrazy. This is not some farfetched conspricay theory, we are talking about stagflation and eventually and inflationary depression the likes of which we have never seen in this country. Here is a 3:00 min. video detailing why we are in this problem. Peter Schiff, a highly respected CEO and invester explains:

    [/QUOTE]


    I think jetscrazy and intelligentjetsfan should switch usernames.

    That video is enlightening, thanks!

  18. #18
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    I was one of them who lost their job in February (in IT). Just got a bonus and was one of the top performers based on my performance review. All that has got me is unemployed after never being a day out of work in over 20 years. It came as a surprise to those affected. It is very frustrating. Now looking for a job is at least a 12 hour a day task. From gainfully employed with benefits to nothing really sucks!

    [QUOTE=Buster;2418752][URL="http://www.nytimes.com/2008/03/07/business/07cnd-econ.html?_r=1&hp&oref=slogin"]http://www.nytimes.com/2008/03/07/business/07cnd-econ.html?_r=1&hp&oref=slogin[/URL]

    yikes[/QUOTE]
    Last edited by danielbateman; 03-07-2008 at 06:53 PM.

  19. #19
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    [QUOTE=SanAntonio_JetFan;2418975]Your username suits you.


    EDIT> Paranoia and fear have historically helped the markets.[/QUOTE]

    The comptroller of the GAO agrees with him -- is he not qualified enough?

  20. #20
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    [QUOTE=danielbateman;2419912]I was one of them who lost their job in February (in IT). Just got a bonus and was one of the top performers based on my performance review. All that has got me is unemployed after never being a day out of work in over 20 years. It came as a surprise to those affected. It is very frustrating. Now looking for a job is at least a 12 hour a day task. From gainfully employed with benefits to nothing really sucks![/QUOTE]

    Sorry to hear that.

    Best of luck man..

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