Job Losses Hit 533,000 Last Month, Worst in 34 Years

already priced in

 

1.25 million total for the last three months.

We're in a whirling, swirling vortex of doom.

 

my friends, It's all mental.

 

So the underemployed rate is twice that of the unemployment rate? Not good. Looks like we may already be in double figures.

And since Sept and Oct were revised to increase the number, I fear what the revisions to November will look like.

How bad is the service sector? You can get rooms at the Bellagio for $120 now.

 

Bunch of whiners.

 

There will be a lot of stores closing in January. Wonder how commercial real estate will cope.

 

Bad news are not done yet. Wait until next year. Obama really got his work cut out for him.

 

Those service jobs couldn't last forever. They were a creation of our ability to export our inflation. Consumption cannot exceed production in an economy for very long. Our best hope would have been for it to unwind slowly. That doesn't look like it's going to happen.

 

Yes, trade imbalance can not last forever. What does the US have to trade with the rest of the world other than government bonds?

 

p*rn and hamburgers, thank you very much

 

its going to get a lot worse.

 

By the way - if you think China is going to come out of this smelling like I rose, you're horribly wrong. Who's going to buy their low-cost manufactured products? They're going to have to keep buying US bonds to make sure their manufactured products are affordable here.

 

That might last 10-20 more years even, but it cannot last forever, that's just not how things works. US needs to lower spending and actually produce things eventually in my opion.

 

I agree that it cannot last forever, but I disagree that the US has to increase manufacturing. That's best left to places who have very cheap sources of labor, which for the moment is China. In 20 years, that low cost location might be Nigeria, or Bangladesh.

 

A little perspective though: as a percentage of total jobs, this is only the 44th worst monthly decline in history.

Still, half a million jobs is a staggering figure to think about.

 

depends what you're manufacturing. but obviously labor intensive manufacturing doesn't need to be done in higher cost labor environments.

i think what's more troubling is that in reality this isn't 533k jobs. it'll be revised to 700k. look the previous two months. they've jumped staggeringly. and i think its fair to say its completely useless to look at unemployment rates. if 400k this month weren't factored in because they've given up...what does that give to the list of folks who are unemployed but aren't actively looking because its useless to look? 2 million?

 

Top 10 Merchandise Exports For Year 2006-

1. Transportation Equipment - $188.6 Billion
2. Computers & Electronics - $187.3 Billion
3. Chemicals - $133 Billion
4. Non-Electrical Machinery - $117.6 Billion
5. Misc. Manufactured Goods- $45.1 Billion
6. Primary Metals - $40.6 Billion
7. Agricultural Goods - $36.2 Billion
8. Electrical Equipment - $35.6 Billion
9. Food Products - $32.9 Billion
10. Fabricated Metals - $29.4 Billion

source

 

I'm finishing up grad school and looking for a job.. I suppose it might not be the best time to be trying to find a job.