Economy Hasn’t Hit Bottom, Job Losses to Continue

[Neubarth]

Economy Hasn’t Hit Bottom, Job Losses May Continue

March 15 (Bloomberg) -- President Barack Obama’s top economic adviser said it’s impossible to predict when the recession will end and cautioned that monthly job losses of about 600,000 are unlikely to end soon.

Lawrence Summers, director of the White House’s National Economic Council, said on ABC’s “This Week” program that job cuts are “probably not going to stop imminently.” When asked if the economic downturn is over, he said, “no one can make that judgment.”

Summers Says Economy Hasn’t Hit Bottom, Job Losses May Continue - Bloomberg.com

 

[wimpy77]

the economy has not hit bottom yet. they haven't fixed the underlining problems and until they do it won't

 

[auditor0007]

I think we may see a drop in the number of monthly layoffs. However, they will continue to add to the current unemployment numbers. Because things are so bad, many are beginning to try to sound more positive, hoping to give people hope, in the hope that will translate into people spending more money. Unfortunately, this recession is not due to lack of confidence by consumers. It is due to people having no savings to turn to and being out of work or fearing they may soon be out of work. There is no safety net for these people as in the ability to borrow against their homes. Until debt is payed down and real savings take place, we're not going to see a big turnaround.

 

[sealybobo]

1/3 Of America Is Crazy: They Think Their Jobs Are Safe

1/3 Of America Is Crazy: They Think Their Jobs Are Safe | Corporate Accountability and WorkPlace | AlterNet

Oh, sorry. The poll actually revealed that 47% of those asked worry "a lot" or "some" about the possibility of losing their jobs. True, that's nearly twice as many as the same poll detected in February 2008, when only 28% of Americans polled raised their hands and acknowledged anxiety.

More noteworthy, though, and much more difficult to explain, is this conundrum: If the AP-GfK poll is to be trusted, almost one-third of all Americans say that they are worried about losing their jobs "not much" or "not at all."

 

[neurosport]

as long as we're dishing out bailouts it means we are still in freefall

we will have hit the bottom when there is nobody left to bail out

 

[wimpy77]

as long as we're dishing out bailouts it means we are still in freefall

we will have hit the bottom when there is nobody left to bail out

economical you might be right

 

[LiveUninhibited]

Unfortunately, this recession is not due to lack of confidence by consumers. It is due to people having no savings to turn to and being out of work or fearing they may soon be out of work. There is no safety net for these people as in the ability to borrow against their homes. Until debt is payed down and real savings take place, we're not going to see a big turnaround.

Why were people being laid off, if not because of a reduction in consumer spending? And how will people saving more money bring us out of a recession?

 

[Terral]

Hi Neubarth with wimpy mentioned:

Economy Hasn’t Hit Bottom, Job Losses May Continue

Job losses may continue? The U.S. Economy is imploding under the weight of too much Outsourcing, too many (23) Guest Worker Programs and far too many Illegal Alien Foreign Nationals ‘displacing’ U.S. workers from identities and JOBS.

[ame="http://www.youtube.com/watch?v=nMFs_jOtmuA"]America's Controlled Economic Implosion[/ame]

The illegal 'FED' is the biggest part of the problem, but people continue to think that this privately-owned central bank 'is' a part of our US Gov't. The people behind this crisis have names like Rothschild and Warburg and Rockefeller and Morgan (chapter three) and they are using both corrupt parties to destroy the U.S. Economy. When the world rejects the U.S. Dollar (and they will soon), then the U.S. Economy will certainly IMPLODE.

[ame="http://www.youtube.com/watch?v=X2VSQctjuow"]NAFTA Is Destroying US JOBS!!![/ame]

The USA is 'consuming' two BILLION dollars more in foreign goods than we 'produce' EVERY DAY. The USA is selling off one percent of USA assets every year to foreigners buying up properties at 'deflated' prices. The NAFTA stupidity (story) is exporting the U.S. Manufacturing Base south of the border and overseas and U.S. companies and workers are forced to compete with the least common denominator where employers are paying peanuts to slave labor. The US Consumer Base is being systematically destroyed, so there are fewer and fewer ‘customers’ to buy your goods and services in a ‘contracting’ environment leading to eventual implosion through a carefully orchestrated Plan.

March 15 (Bloomberg) -- President Barack Obama’s top economic adviser said it’s impossible to predict when the recession will end and cautioned that monthly job losses of about 600,000 are unlikely to end soon.

The USA is in no ‘recession’ at all, but this Economic Crisis is being carried out very much on purpose and Obama’s Socialist/Fascist Adviser knows we are heading into the Second Great Depression. The 600,000 job losses are simple to predict and easy to calculate:

1. 10,000 foreclosures every day (story).
2. Two paychecks per household.
3. 2 (paychecks) X 10,000 (foreclosures) x 30 days = 600,000 job losses.

This adds 10,000 new distressed properties to the housing market EVERY DAY or 300,000 monthly distressed properties on the bank balance sheets and AIG insured the bad paper.

Lawrence Summers, director of the White House’s National Economic Council, said on ABC’s “This Week” program that job cuts are “probably not going to stop imminently.” When asked if the economic downturn is over, he said, “no one can make that judgment.”

These idiots are putting bandages on a patient that is convulsing from every orifice and everything the Gov’t does only makes things worse, which is easy to realize by simply looking at the AIG Disaster (story). The economic downturn will be over when the U.S. Economy IMPLODES and house prices match what We The People ‘can’ afford to pay, which means your house is worth whatever unemployed ‘displaced’ U.S. workers can afford to pay; which is nothing. You guys have played musical chairs. Right? :0) The idiots in Washington D.C. have the US workers walking around fewer and fewer chairs on the Titanic and saying that “no one can make the judgment” about when the ship is going down . . .

All of this hype about AIG bonuses and stimulus plans and record pork-belly spending is a smokescreen puppetshow to keep your eye off the “U.S. Economy Is Imploding” ball bouncing into the sunset, because Obama (like Bush) is allowing the U.S. Economy patient to die on the operating table by treating the ‘symptoms’ and not the real ‘causes’ of these problems; like wimpy said above. What is ‘really’ going on in the out-of-control Obama Administration can be better understood by clicking The Obama Deception link in my signature.

Until you wake the hell up and realize this U.S./Global Economic Crisis is part of a larger “New World Order Plan” (Bush/Obama are their puppets), carried out by the same people who pulled off 9/11, then you are doomed to be hypnotized by their smokescreen trickery. The key to our demise is now in the hands of Timothy Geithner (my thread) and this TARP 2/Housing Plan that will kick the bottom out of the housing markets and lead us directly into The Greatest Depression.

[ame="http://www.youtube.com/watch?v=SoCv1GwXUxc"]YouTube - Gerald Celente on Glenn Beck 14 Feb 2009 Global Katrina !!![/ame]

GL,

Terral

 

[Douger]

I thank Celente and Schiff for being in the position I'm in.
Those "crackpots" hit it on the head.

 

[waltky]

Now dat we got Osama, how `bout goin' back to fixin' the economy?...

Layoffs Continue to Mount
05/02/11 -- The job market has been a giant seesaw -- just when things are looking up, another data point disappoints and slides back down.

Jobless claims unexpectedly rose by 25,000 to 429,000 for the week ended April 23. Economists expected the number of Americans filing new unemployment to fall to 390,000, from the prior week's initially reported level of 403,000, which was upwardly revised to 404,000. The four-week moving average increased by 9,250 to 408,500 from the previous week's revised average of 399,250.

Initial jobless claims had been steadying below the 400,000, but recently cleared the mark. The rise above 400,000 suggests that the recovery in the jobs market might be choppy. However, the downward trend in continuing claims is likely to be seen as an encouraging sign that hiring is slowly picking up. In March, the economy added 216,000 jobs, more than the 180,000 economists predicted.

The unemployment rate ticked down to 8.8% from 8.9% in February. In the private sector, companies added 201,000 jobs in March, according to Automatic Data Processing's employment change report, which excludes government jobs. Job growth was slightly milder than gains of 210,000 that economists had been expecting. Still, over the past four months, the private sector has added an average of 211,000 jobs, three times the average monthly gain of 74,000 over the preceding four months from August to November.

MORE

 

[sparky]

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