October Job losses could grow 200,000+

[peejay 327]

Job losses could grow 200,000 as corporate America braces

Amid financial mess, company after company turn to layoffs to cut costs

By LOUIS UCHITELLE New York Times

Oct. 25, 2008, 10:17PM

As the financial crisis crimps demand for U.S. goods and services, the workers who produce them are losing their jobs by the tens of thousands.

In just the last two weeks, the list of companies announcing their intention to cut workers has read like a Who's Who of corporate America: Merck, Yahoo, General Electric, Xerox, Pratt & Whitney, Goldman Sachs, Whirlpool, Bank of America, Alcoa, Coca-Cola, the Detroit automakers and nearly all the airlines.

When October's job losses are announced Nov. 7, three days after the presidential election, many economists expect the number to exceed 200,000. The current unemployment rate of 6.1 percent is likely to rise, perhaps significantly.

"My view is that it will be near 8 or 8.5 percent by the end of next year," said Nigel Gault, chief domestic economist at Global Insight, offering a forecast others share. That would be the highest unemployment rate since the deep recession of the early 1980s.

Companies are laying off workers to cut production as consumers, struggling with their own finances, scale back spending. Employers had tried for months to cut expenses through hiring freezes and by cutting back hours. That has turned out not to be enough, and with earnings down sharply in the third quarter, corporate America has turned to layoffs.

"People have grown very nervous," said Harry Holzer, a labor economist at Georgetown University and the Urban Institute, tracing cause and effect. "They have seen a lot of their wealth wiped out, and as they cut back their spending, companies are responding with layoffs, which hurts consumption even more."

http://www.chron.com/disp/story.mpl/headli...iz/6078491.html

[Niels Bohr 72]

Looks like your luck is out of becoming the next millionaire!

[peejay 327]

Looks like your luck is out of becoming the next millionaire!

As long as you have a spare buck to gamble on the Lotto there is still a glimmer of hope. If you are really ballsy you can panhandle the dollar to buy the Lotto ticket. Somebody is always stupid enough to believe a hard luck story if you spin it right.

[spookyturtle 9,466]

But the day after Obama takes office, the unemployment rate will drop to zero, wages will rise, government services will increase, there will be world peace, the economy will grow in leaps and bounds, and taxes will be cut. I am already counting the days until utopia.

[Peikko 1,575]

Right, because that's exatly what Obama is suggesting he will try to achieve and that's exactly why Obama supporters will be voting for him.

[w¡n9Nµ7 §£@¥€r 123]

Right, because that's exatly what Obama is suggesting he will try to achieve and that's exactly why Obama supporters will be voting for him.

Reminds me of this "special someone" from what feels like (but really isn't) ages ago:

[Peikko 1,575]

That's not exactly the same thing - and she is right too as far as I can work out. Special intersest groups have wrapped themselves around the current system. I would imagine it would take changing the system in order to reduce/elliminate their influence.

I haven't seen anyone on either side suggest that the system as a whole needs any kind of reform.

[peejay 327]

That's not exactly the same thing - and she is right too as far as I can work out. Special intersest groups have wrapped themselves around the current system. I would imagine it would take changing the system in order to reduce/elliminate their influence.

I haven't seen anyone on either side suggest that the system as a whole needs any kind of reform.

Whatever party is in power has little to no incentive to change the status quo. Campaign reform? Influence peddling? Lobbyists?

The money goes to the party that is on the upswing. Notice all the fencesitters that have jumped ship? Nobody wants to be stranded when the boat leaves the dock. Notice how some have waited to the zero hour to jump?

Welcome to American politics where the spoils go to the party in power. Success has many fathers, but failure is a ####### orphan.

Whether you ride the tide or run against it...be true to your convictions. That is the mark of true character.

[spookyturtle 9,466]

Right, because that's exatly what Obama is suggesting he will try to achieve and that's exactly why Obama supporters will be voting for him.

I also have some lovely oceanfront property in Kansas that I would like to sell. Anyone here interested?

[Niels Bohr 72]

spookyturtle vote don't count!

j/k

[spookyturtle 9,466]

spookyturtle vote don't count!

j/k

Well if I said it, then it must be true. Everyone here believes every word from Obama's mouth, and nobody believes me? Where are all of the turtle sheep???