CNBC: 80,000 jobs lost last month; 230,000 YTD

[panAmerican]

Source: CNBC, Bloomberg

Edited to add:
During the first quarter of this year job losses averaged 77,000 a month, compared to average monthly gains of 76,000 in the last half of 2007, according to Keith Hall, Bureau of Labor Statistics Commissioner.



Read more: http://www.cnbc.com/id/23952640

---

Unemployment rate 5.1% UP FROM 4.8%

Bloomberg Stats:

Builders down 51,000 in March; down 37,000 in February

Service Industries up 13,000 in March; up 6,000 in February

Retail down 12,400 in March; down 46,700 in February

Financial firms down 5,000 in March; down 11,000 in February

Wall Street down 34,000 in past 9 months

[Stuart G]

1. Were Fucked..............much worse than expected.......nt.

[OhioChick]

2. Soon....

The US will be a third world country. Not to worry though......we still have Iraq.

[Stuart G]

3. Yep Ohio is right...

The businesses that deal with Iraq, will have profits, jobs, war, death..........

[SpiralHawk]

17. "We will always have Iraq." - John McCain, republicon homelander

[TheCentepedeShoes]

63. Oh now you've done it!

Spoiled one of my favorite movie lines. :P :hi:

[Stuart G]

4. MSNBC..SAYS WORST IN 5 YEARS.....THE CHIMP MAY HAVE SOMETHING TO SAY???

Can't wait to hear what Mr. Bush says about this... maybe he can go to a ball game instead of saying anything. or chop some wood.

[Doctor_J]

7. Oh God, please don't let him speak

I am sure he's heavily drugged for his trip to Europe. If he opens his mouth on this subject expect it to get much worse.

[sutz12]

60. No shit. Every time he talks about the economy, the NYSE takes a dump. nt

[bdamomma]

47. your checks are in the mail!

he can take those checks and shove them, throwing pittance to the slaves is more like it.

[Doctor_J]

5. Fundamentals are sound

Probably time to change the way unemployment is calculated.

[Stuart G]

6. TOJ is right too...

It is the math that is wrong, not the jobs or the economy...rearrange the math...so it looks better.

[Stuart G]

8. Look for next month's report..in thread below..Motorola annonced 2500 more job cuts...

[ooglymoogly]

37. ummmm yum number fudge.

Boooshco's favorite food. They just haven't figured out that it is shit on a silver tray.

[Wednesdays]

66. Just like Chico Marx in "The Cocoanuts"

while he kept on bidding in a land auction (even though he had no cash on him anyway):
"If he say six, I say seven. If he say seven, I say eight. If he say eight, I say nine. I got plenty numbers left." :crazy:

[Doctor_J]

9. Paulson must have known about this on wednesday

He delivered that pack of lies about a rebound later this year to try to head this off.

[jayfish]

10. This Is Hilarious.

Job Losses May Be Fewer in March

Apr 4, 7:47 AM (ET)

WASHINGTON (AP) - Some analysts expect that today's unemployment report from the Labor Department will show fewer jobs were lost in March than in February. According to Thomson/IFR, the report should show 15,000 jobs were lost in March, which would be an improvement over the 63,000 job cut a month before.

The entire article isn't that optimistic but the headline and the first paragraph are doozies.

Jay

[Doctor_J]

12. Well, that was on hour ago, and it's from AP

they're not exactly known for their objectivity or populism

[jayfish]

22. I Also Just Read,...

though not from a direct source yet, that the January numbers were revised up 300%

Jay

[DemocratInSoCal]

26. I LOVE Optimism

HEY, all you negative nelly's. LOOK ON THE BRIGHT SIDE for a change!!

That Bear Stearns stock you own, went from $2/share to $10/share, in just 1 day. See? Things are not so bad as they seem.

Especially if you just ignore that little drop from $100 to $2 which preceded it. Errrrr.....Ummmmmm.....like I was saying....

Nothing to see here...move along.

[nichomachus]

29. More nothing to see

And if you ignore the fact that the day the takeover was announced -- at $2 a share -- shares were selling for $4. WTF? I thought at the time. That's just stupid. Who would buy $2 stock for $4?

Then, they announced they would raise the price of the buyout and those $4 shares went briefly to $13. This means a bunch of insiders made a quick 300 percent on insider information in a matter of days.

If you are in the stock market and you're not an insider, you're an idiot.

[Stuart G]

11. Let us put this into perspective..........

We need 150,000 created.. jobs just to stay even..cause that is the number of new workers entering the work force each month.. So, given that 150,000 that are new, AND ... the 77,000 a month loss means that an additional 237,000 unemployed are being created each month..............WOW..............

............ WE ARE FUCKED !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[RDANGELO]

13. Can we now bury supply side - trickle down economics.

It doesn't work. It didn't work for papa or junior *Bush.

[tanyev]

23. Make sure you put a stake through its heart first.

They've tried to bury it before, but it keeps coming back.

[panAmerican]

14. Things are much bleaker than many realize

I can't say too much and risk outing myself, but I assure you that firms are agressively pursuing solutions that will allow them to operate with far, far fewer people in the financial industry. My advice: diversify your skills.

[SammyWinstonJack]

61. Well when no one can afford to buy their cheap labor made crap

because of no job or slave wages, their profits disappear, too. That however would require long term thinking on the part of these GREEDY CORPRAT BASTARDS, something they obviously don't engage in.

[Turbineguy]

15. Larry Kudlow (RW Idiot):

"Recessions are a part of capitalism."

Especially if you are not affected by it. He refuses to lose his optimism.

As Bugs Bunny would say: "What a Maroon!"

Has Kudlow ever made the Top Ten Idiots list or has he been unable to overcome the competition?

[jayfish]

16. I Beleive Thats "Ultra Maroon"

:smoke:

Jay

[Turbineguy]

19. I stand corrected.

Thank you :toast:

[jayfish]

20. Do They Even Show BB On TV Anymore?

...and I'm not talking about the baby version. I really want to introduce my chillens to the wonderfully sarcastic world of Bugs.

Jay

[Turbineguy]

36. I always liked the one...

where BB is the Matador. The bull charges... BB lifts the cape at the last second to reveal the fire hydrant (conveniently placed in the arena)... CLANG!!!

[CatholicEdHead]

28. Larry never changes his sthick day to day

It is always like "free markets are the end all and be all", or "Will the market crash because of Democrats today"? Crap like that. I used to comment on his blog, but they turned comments off.

Larry is also on the board for a mutual fund that encourages workplace discrimination (Ave Mara Mutual Funds, removing same-gender workplace benefits is a key for their investing).

[fascisthunter]

33. He Reminds Me of The "Needle-Nose Prick"

that snitched on other students to brown-nose the teacher for a good grade.

[HughBeaumont]

52. CNBC is chock full of Reaganite supply-side scum like Kudlow.

Just watch Fast Money.

It's not like ol' Lar Bear has any worries, as GE will pay him plenty to shill for the Cabal.

[Efilroft Sul]

18. I lost mine on January 4.

However, in truth, I was fired for calling an abusive manager a "lackwit" in an e-mail.

With that said, I didn't curl up into a fetal position after my dismissal. The night I was fired, I drew up a list of 30 people and 30 companies to contact. Within two weeks, I was interviewing up to three times a week. I am now juggling three major freelance projects and am looking to do more all the time. I know things are tough all over, and I greatly sympathize with those going through the hell that is unemployment, but I personally feel my finances are on an upswing and hope this continues for me.

[panAmerican]

21. Congrats on making the best of a bad situation. Action is the antidote to fear!

[Efilroft Sul]

25. Thank you very much.

Networking was key to my survival. I kept in touch with people who left the company before me, and I greatly owe them all a debt of gratitude. One such fellow sent me a list of 293 people to contact for work! I barely scratched the surface with these contacts before work started coming my way. Last week, I even had to turn away a freelance job because its deadline conflicted with one project I am currently working on. The trick right now is to get through April without running myself into the dirt. Two out of my three contracts involve having Web sites launched by the end of this month. Oh, yeah, and now that I'm freelancing, I have to find time to pay quarterly taxes by the fifteenth. I'm going to lurve writing those checks.

[Roland99]

24. Save! Save! Save!

I wish I could but every month something keeps coming up (vet bills, braces, car repairs). At least I can work extra to pay for those. I feel for those that can't (and those w/o a job...even those on Wall Street)

[OwnedByFerrets]

27. Can we call it a recession yet.....

and stop the bullshit.

[butterfly77]

32. Ditto..

[nichomachus]

30. Home Despot joins the depression conga line

ATLANTA (AP) -- There could be more job cuts at The Home Depot Inc. as the world's largest home improvement store chain restructures its human resources function at its stores in the U.S.

The Atlanta-based company said Friday that it notified this week about 2,200 employees who will be affected by the changes, which will be completed by May 1.

[ryanmuegge]

38. Meanwhile, our idiotic candidates throw their shit at each other.

While we starve.

Edit: this wasn't meant as a reply to you, sorry.

[Spiffarino]

54. They're why I buy my hardware at Lowe's

Home Despot is the store-of-last-resort, just like Wal-Mart. If my leg is bleeding uncontrollably and it happens to be the closest, I MIGHT go in for some duct tape.

[RadiationTherapy]

31. This makes me so much less comfortable talking to my boss about my workstation and pay

oh, wait, how lucky for these companies that employees are SO less demanding during hard times.

[Megahurtz]

34. Wow. It just keeps getting worse

and worse.

[Ganja Ninja]

35. Time to throw that old "Republican's are better for the economy"

meme into the trash bin of history for once and for all. This is their depression and if and when we recover it will be the Democrats that deserve the credit just like last time.

[spanone]

39. katrina economy

[gasperc]

40. so at 0.3% increase per month

and if Bush continues his current, we built too many houses, going through a rough spot, the stimulus will provide correction just be patient approach. Pretty much the same approach we've taken in Iraq.

Then, that'll put the unemployment rate, theoretically of course, at 7.5%. I'll take the under, but with out a doubt, unemployment will be in the low to mid 6's by November. and will seriously mask the true unemployment picture which is or more likely in the 8-9% range not including serious underemploment that is going on.

[gasperc]

41. so at 0.3% increase per month

and if Bush continues his current, we built too many houses, going through a rough spot, the stimulus will provide correction just be patient approach. Pretty much the same approach we've taken in Iraq.

Then, that'll put the unemployment rate, theoretically of course, at 7.5%. I'll take the under, but with out a doubt, unemployment will be in the low to mid 6's by November. and will seriously mask the true unemployment picture which is or more likely in the 8-9% range not including serious underemploment that is going on.

[Wetzelbill]

42. Jobs Slashed, Pointing to Recession

Source: Associated press

Employers Chopped 80,000 Jobs Last Month; Jobless Rate Rose to 5.1 Percent


WASHINGTON (AP) -- Employers buffeted by talk of recession slashed 80,000 jobs in March, the most in five years and the third straight month of losses.

At the same time, the national unemployment rate rose from 4.8 percent to 5.1 percent, the clearest signal yet that the economy might already be shrinking.

The new snapshot of the job market, released by the Labor Department Friday, underscored the damage that a trio of crises --in the housing, credit and financial sectors -- has inflicted on companies, jobseekers and the economy as a whole.

"The labor market has indeed turned south," said Joel Naroff, president of Naroff Economic Advisors. "That was the one last bastion of hope to stay out of a recession. Now the question is how deep and how long will it last?"

The unemployment rate was the highest since September 2005, when significant job losses followed the devastating blows of Gulf Coast hurricanes.....




Read more: http://biz.yahoo.com/ap/080404/economy.html

[Megahurtz]

43. Yeeks.

[BrainRants]

44. This is obviously good news for Rudy Guilliani!

n/t

[Divine Discontent]

67. the house of cards is collapsing and I see it getting worse for a while

http://news.yahoo.com/s/ap/20080405/ap_on_bi_go_ec_fi/economy


Huge job losses set off recession alarms

By JEANNINE AVERSA, AP Economics Writer 53 minutes ago

WASHINGTON - It's no longer a question of recession or not. Now it's how deep and how long. Workers' pink slips stacked ever higher in March as jittery employers slashed 80,000 jobs, the most in five years, and the national unemployment rate climbed to 5.1 percent. Job losses are nearing the staggering level of a quarter-million this year in just three months.

For the third month in a row total U.S. employment rolls shrank — often a telltale sign that the economy has jolted dangerously into reverse.

At the same time, the jobless rate rose three-tenths of a percentage point, a sharp increase usually associated with times of deep economic stress.
<snip>



Old Georgie's done his job... it takes a while to destroy a great economy and country - he's doing a spectacular job. This country could be on the ground convulsing by the time dumya gets out - what an embarrassment any person is who would vote for the sitting party in the white house after this fine display...

[Lethe]

45. my company laid off 15% of its workforce this week

and the word is there is more to come next month :(

[panAmerican]

48. Wow, I feel so bad for your former co-workers. Are you hedging your bets by looking for a new job?

[valerief]

46. Time to eat the rich. nt

[bdamomma]

49. exactly, that is where all the good food will be.

[KamaAina]

50. Not to worry. It's all part of the master plan.

We have to melt off all these jobs now, you see, so's we can miraculously add them back this summer, just in time for McClown to point to the great repuke economic success fish tale story.

No, seriously, I just heard some sock puppet talking about how the economy was about to add half a million jobs later this year. :rofl:

[krispos42]

51. This is all just liberal propaganda

Our Dear Leader says the economy is robust, and we know he's THE standard of honestly, surpassing both George Washington and Abe Lincoln combined!

But just to piss of the liberals, I'm going to get another credit cars and max it out buying high-quality Chinese-made merchandise!

See how strong the economy is???

[Spiffarino]

53. The Second Republican Great Depression begins

And for almost all of the same reasons.

The deregulation frenzy of the 80s and 90s has brought us this and, I would argue, Congress' repeal in 1999 of the Glass-Steagall Act of 1933 which was signed into law by none other than President Bill Clinton. This opened the entire money trough to the pigs on Wall Street.

Phil Gramm authored the act that repealed Glass-Steagall. He is now John McCain's chief economic adviser. And that is why, no matter which Democrat gets the nomination, I will vote for that person. If we let McCain become the President, the U.S. will become a Third World economy.

[lib2DaBone]

55. Home Depot Self-Checkout

"let them eat cake" ...errr.. ahhh.. I mean... Repuglican Translation: "Let them check out their own damm order and we'll pocket the difference"

Nardelli out at Home Depot
No. 1 home improvement retailer gives ex-CEO $210 million package


Home Depot CEO Robert Nardelli stepped down amid growing criticism from shareholders over his compensation.

[Amonester]

65. It's the Republican Enron economy.

1. Golden Parachutes For (criminal) Execs.
2. Worthless papers for shareholders (not insiders).
3. Starvation for the workers.

The three standard priorities of the Reaganblican Enron economy.

[lenegal]

56. HM

I have been out of work for 6 months and my benefits are about to expire.

Job cuts, gas price raises, who could really ask for anything more?

If I did not joke, I would lose it.

There are not enough words in the dictionary to describe George Bush.

Maybe the Antichrist is the word I was looking for.

[ckramer]

59. What are you going to do after the benefits ran out?

Just be curious...

[KillCapitalism]

57. So if the "fixed" number is now 5.1%...

what is the REAL unemployment rate? 10.2%, 15.4%?:shrug:

It varies by region, but I'd say it's around 15% in my area seeing as Detroit, and Flint, MI are the only places supposedly with higher unemployment.

[hatrack]

58. BLS puts U6 at about 9.1% . . .

Surprised that that's not the number they use in the news release?

Me neither . . .

http://www.bls.gov/news.release/empsit.t12.htm

[Doctor_J]

62. This is suspicious too

I bet U6 is North of 10% in reality

[superconnected]

64. A huge lot of this is simply outsourcing labor to other countries.

I suspect companies are scared they won't be able to if a dem gets in and changes things so that's why we are seeing this during an election year.

Usually elections years have the economy looking good because people have hope that things will change for the better if their candidate wins - and by people I mean big corporations and investors.