US job cuts at eight-month high in September

[Mr_Spock]

By Reuters | October 5, 2004

NEW YORK (Reuters) - U.S. planned job cuts soared to an eight-month high in September while new hiring rose only slightly, a report said Tuesday.

Employment consulting firm Challenger, Gray & Christmas Inc. said employers announced 107,863 layoffs in September, 41 percent more than in September 2003 and 45 percent more than in August of this year, when 74,150 were laid off.

The September figure was the largest since January 2004, when employers laid off 117,556 workers.

...

http://www.boston.com/business/articles/2004/10/05/us_job_cuts_at_eight_month_high_in_september/

[hatrack]

1. Well, this'll sure help George's next stump speech on jobs!

You know, when he talks about "two workers here and three workers there", and before you know, prosperity is bustin' out all over!! :evilgrin:

[nickinSTL]

2. so...where's that recovery?

And considering how far off the jobs numbers usually are when they are first released...how bad is it in reality?

[livetohike]

3. Can't wait to see Bush squirm over these numbers in the next

debate!

He has nothing to run on. Bush did not lower the interest rate to an all time 40 year low. He can point to more home ownership, but it wasn't because of anything he did.

[LisaLynne]

4. But, this can't be right!

The economy is recovering! The only people without jobs are those too lazy to work! We're all just rolling in the money that is falling from the sky and ... we're making all that money on E-Bay! Darn liberal media!

[mhr]

6. Unemployed 52 Months - Dallas, TX

CV Includes:

BSEE
MBA
Commercial Pilot
Honorably Discharged Naval Officer

Jobs - Have Not Seen One In Years!

See what Bush has done in TX below.

[daa]

9. you beat me to it!

Great minds think alike

[Mr_Spock]

12. Mmmmm, Ebay, the world revolves around used crap sold on Ebay

Fools.

[mhr]

5. 17 Million Unemployed Or Underemployed

See the following website:

http://www.njfac.org/jobnews.html

[papau]

7. Wall Street reports they found 300,000 more jobs prior to 9/04 via

better math!

LOL

sigh...

I suspect Sept job gains will be "great"!

:)

[mhr]

8. "$ 210 bn. jobs will be outsourced to India in 2005"

http://www.hinduonnet.com/thehindu/holnus/002200410031288.htm

New Delhi, Oct. 3. (UNI): Top 100 global financial companies will offshore jobs worth over $ 200 bn. to India and other countries in 2005, says a new research by Deloitte and Touche.

"Financial institutions are moving business functions to India because they are recognising compelling cost advantages and they are able to lock in savings and manage risks effectively," Peter Lowes, US leader of Deloitte's Outsourcing Practice, said.

In 2005, Deloitte expects the top 100 global financial companies to offshore a total of $ 210 billion of their operating costs, saving on average $ 700 million.

The survey, covering 43 financial services companies around the world, suggests that the number of firms taking the offshore option increased by 38 per cent last year.

Deloitte also estimated that by 2010, 20 per cent of the operating costs of global financial institutions would be centred abroad, reducing costs by about 37 per cent.

Snip ......

[DFWJock]

10. But wait....

we're turning the corner and people are selling stuff on e-bay, the economy is great!!

[Red Fox]

11. They can't even project right, let alone control it.

The Bush Administration called the tax cut package, which took effect in July 2003, its "Jobs and Growth Plan." The president's economics staff, the Council of Economic Advisers (CEA, see background documents), projected that the plan would result in the creation of 5.5 million jobs by the end of 2004 — 306,000 new jobs each month starting in July 2003. The CEA projected that the economy would generate 228,000 jobs a month without a tax cut and 306,000 jobs a month with the tax cut. Thus, it projected that 4,284,000 jobs would be created over the last 14 months. In reality, since the tax cuts took effect, there are 2,668,000 fewer jobs than the administration projected would be created by enactment of its tax cuts. The August job growth of 144,000 fell 162,000 jobs short of the administration's projection. As can be seen in the chart below, job creation failed to meet the administration's projections in 12 of the past 14 months.

True mark of incompetence.

http://jobwatch.org/