Employers Begin Rehiring the Laid Off:

pulaski you are soo 2000 internet bubble with the loserish non stop postings of joblosses. I guess that you dont remember that Fuckedcompany.com went out of business 7 years ago.

Enough with the cutting and pasting of bits of bad news that are irrelevant....

Perfitz, if there weren't morons like you who don't understand what is going on, these posts wouldn't be necessary.

But as long as you continue to be wrong, day in and day out, expect correction posts.

Still waiting for you to admit your "market will be up 15% in a year" from mid-2008 post was wrong...

"Job market shows big improvement"

"November job losses fewest since start of the recession. Unemployment rate decline is biggest in more than three years."

"The unemployment rate improved to 10% in the month."

"Still, the number of jobs lost -- even with the lower revisions -- since the start of 2008 is 7.2 million. And that only captures the net loss of jobs, and doesn't give a full picture of the large pool of those without work or income.

The report showed 15.4 million Americans are now unemployed and seeking work, although that's down 325,000 from the October reading. Another 6 million want jobs but are not counted as part of the labor force because they have stopped looking.

Add to that group the 9.2 million who have only found part-time work when they want full-time jobs or have had their hours cut as a result of the downturn, and that brings to 30.6 million Americans who are not able to find the full-time job they want or need."

http://money.cnn.com/2009/12/04/news/economy/jobs_november/index.htm

steveF did it again.

"David Goldman: 10 Reasons To Doubt The Government's Rosy Employment Data"

"6. ADP, America's largest processor of payroll information, publishes an independent survey of employment based on its own data. This is somewhat less comprehensive than the BLS data, but far more reliable. ADP reported a loss of 169,000 jobs, compared to only 11,000 for the BLS survey.

5.The correlation between changes in the BLS employment measure since 2000 is about 95%, and the discrepancy between the BLS number of 11,000 jobs lost in November versus the ADP number of 169,000 jobs lost lies at the extreme range of error for the two series. "

http://www.businessinsider.com/david-goldman-10-reasons-to-doubt-the-governments-rosy-employment-data-2009-12

"Now See The REAL State Of The US Labor Market"

http://www.businessinsider.com/the-real-state-of-the-us-labor-market-2009-12

"December 08, 2009 3:08 PM

St. Vincent's Hospital in NYC lays off 180
CEO blames recession and funding cuts for the reduction in union and non-union jobs; seen as part of effort to transform itself into a community teaching hospital."

http://www.crainsnewyork.com/article/20091208/FREE/912089988

> steveF did it again.

Yes, he managed to make himself look like even more of an idiot... just when we thought that wasn't possible.

The jobs numbers that came out today were even worse...

"Bernanke’s Unfinished Mission"

"I don’t think many people grasp just how much job creation we need to climb out of the hole we’re in. You can’t just look at the eight million jobs that America has lost since the recession began, because the nation needs to keep adding jobs — more than 100,000 a month — to keep up with a growing population.

And that means that we need really big job gains, month after month, if we want to see America return to anything that feels like full employment.

How big? My back of the envelope calculation says that we need to add around 18 million jobs over the next five years, or 300,000 jobs a month. This puts last week’s employment report, which showed job losses of “only” 11,000 in November, in perspective. It was basically a terrible report, which was reported as good news only because we’ve been down so long that it looks like up to the financial press."

http://www.nytimes.com/2009/12/11/opinion/11krugman.html?_r=1&hp

Its a bit wacky that folks don't get that we're losing less jobs partially because...

THERE ARE NOW LESS JOBS TO LOSE!

"pulaski you are soo 2000 internet bubble with the loserish non stop postings of joblosses. I guess that you dont remember that Fuckedcompany.com went out of business 7 years ago."

Right, when their predictions became true and it wasn't news anymore.

Just like how we told you what was going to happen, and then it happened so it wasn't news already. Now everyone knows your broke, so it isn't newsworthy.

there was something i didn't get in the jobs numbers. supposedly there was a significant number of jobs added in education, public. in november? where? public education has been announcing layoffs at every level for months, some won't take place for awhile and are just in the planning stages, but where have there been hires?

You have all day with absolutely nothing to do and a free Yale education ... instead of asking, figure it out yourself.

"Working Two Jobs and Still Underemployed"

"Since the recession began two years ago, the number of people involuntarily working part-time jobs has more than doubled to 9.3 million, according to the federal Bureau of Labor Statistics, the highest number on record."

http://online.wsj.com/article/SB125962111284270397.html?mod=wsj_share_digg

"Nearly half of Detroit's workers are unemployed.
Analysis shows reported jobless rate understates extent of problem"

http://www.detnews.com/article/20091216/METRO01/912160374/Nearly-half-of-Detroit-s-workers-are-unemployed

And here we thought NY was bad.

> And here we thought NY was bad

And we thought SteveF was aumb before....

steveF, I didn't know you were aumb! I'm impressed.

http://www.auburn.edu/auband/bands/aumb/jointheaumb/

"NEW YORK (Reuters) Tue Dec 29, 2009 8:09am EST - U.S. employers expect to hire more new workers in 2010 than they did in 2009, a sign the U.S. recession may be easing its grip, research showed on Tuesday."

"Just 9 percent said they plan to cut head count in 2010, down from 16 percent in 2009, according to the nationwide survey."

"Yet 61 percent of employers said they do not plan to change staffing levels, showing a degree of caution, he said."

http://www.reuters.com/article/idUSTRE5BS11P20091229

This thread gets funnier each time.

And, as always... that darn pimple on my ass.

"Aughts were a lost decade for U.S. economy, workers"

"There has been zero net job creation since December 1999. No previous decade going back to the 1940s had job growth of less than 20 percent"

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/01/AR2010010101196.html?hpid=topnews

Here's hoping for a better decade.

December 2009 ADP Jobs Report:

"The private sector lost 84,000 jobs in December, which was fewer than the 145,000 jobs lost in November, according to ADP Employment Services. The number of jobs lost did however exceed the 73,000 expected by economists."

http://www.cnbc.com/id/34723139/

Official government report from the BLS due this Friday.

How many more jobs do we need to lose before there aren't any left?

"Job growth returns -- then fades"

"() the government reported a loss of 85,000 jobs in December -- much worse than expected. Economists surveyed by Briefing.com had expected no net gain or loss in payrolls in December. The economy has lost 7.2 million jobs since the start of 2008.

The unemployment rate stayed at 10% in the December ()"

"The payroll number for November was revised to a net gain of 4,000 jobs. That's the first increase in jobs in nearly two years. The government had previously indicated that 11,000 jobs were lost in November."

"the disappointing numbers for December raise worries that continued problems in the labor market could keep economic growth weak for much of this year, perhaps even leading to a so-called double dip recession."

http://money.cnn.com/2010/01/08/news/economy/jobs_december/index.htm

"Labor Force Shrinking, Number Of Discouraged Workers Back On The Rise"

U6 is back up to 17.3%

http://www.businessinsider.com/labor-force-shrinnking-number-of-discouraged-workers-back-on-the-rise-2010-1

"United Parcel Service Inc raised its fourth-quarter profit forecast on Friday but said it was cutting another 1,800 management and administrative jobs."

'"I look at it as an efficiency gain," Schoonmaker said. "UPS is reaping the benefit of its investment in technology."'

http://www.reuters.com/article/idUSTRE6072P220100108

Just imagine what unemployment figures would be if we weren't at war in Iraq and Afghanistan.

and shortly the gov't will hire a bunch of people for the census. that will help the "recovery."

The census, what a scary thought these days,eh? Carried out by ex acorn employess?

"America's Youth Realize That Working Just Doesn't Make Sense Anymore"

"Research from the Atlanta Federal Reserve shows how the proportion of young people in the work force, from 16 - 24 years old, has collapsed."

"Ever since 2000, fewer and fewer young people have been working."

http://www.businessinsider.com/young-people-arent-working-anymore-2010-1

Lots of business for contractors building apartments in Mom's basement.

"White House Changes Stimulus Jobs Count"

"( ) the White House says it will no longer keep a cumulative tally of jobs created and saved by the stimulus. Instead, it will post only a count of jobs for each quarter.

And instead of counting only created and saved jobs, it will count any person who works on a project funded with stimulus money%u2014even if that person was never in danger of losing his or her job."

"When Chrysler reported a $53 million contract to build 3,000 government vehicles last fall, it listed zero jobs because it used existing employees to fill the orders. But under the new rules, those workers would have counted. "

http://www.propublica.org/ion/stimulus/item/white-house-changes-stimulus-jobs-count-111

"And instead of counting only created and saved jobs, it will count any person who works on a project funded with stimulus money%u2014even if that person was never in danger of losing his or her job."

I love it! So, government will count every job in america, and then say "look at the jobs we created"!

So, the government will give $1 to every company in america... now it officially saved every last job!

Weekly Claims, January Week 1:

"Jobless claims jump in latest week; trend positive"

"First-time jobless claims rose last week by the largest amount in five weeks, surprising economists who had expected a decline.

Initial claims rose by 11,000 to 444,000 in the week ended Jan. 9, the Labor Department reported Thursday. This is the highest level since mid-December.

Despite the increase, the trend in jobless claims is still positive."

"After trending as high as 660,000 last year, jobless claims have improved to the mid-400,000 range. This is still higher than the level that would be consistent with gains in payroll employment, economists said."

http://www.marketwatch.com/story/jobless-claims-up-in-latest-week-trend-positive-2010-01-14?dist=beforebell

I love how this thread just won't die... this way we get our steveF humor fill each day...

Trouble in the House of Rat.

"Layoffs underway at Walt Disney Studios amid consolidation of operations"

http://latimesblogs.latimes.com/entertainmentnewsbuzz/2010/01/in-a-continuation-of-the-sweepingrestructuring-of-operations-at-the-walt-disney-studios-more-than-100-employees-will-lose-th.html

"Tech job cuts hit 4-year high"

"( )tech sector employers announced 174,629 job cuts in 2009. That's a 12.3% increase from cuts announced in 2008, and the highest total since 2005."

http://money.cnn.com/2010/01/19/technology/tech_job_cuts/index.htm?cnn=yes

Finally some hiring going on.

"Tata Consultancy Services, Infosys, and Wipro expanded their global workforces by an average of 5.1 percent last quarter, together adding 16,701 employees"

"India's top three outsourcing companies are ramping up hiring and increasing pay"

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/01/20/financial/f041831S88.DTL

Unfortunately, as the article points out, most of that hiring is offshore and being driven by cost-cutting here. An article in this week's Economist paints a pretty bleak picture:

"Around four in every ten of the unemployed—some 6m Americans—have been out of work for 27 weeks or more. That is the highest rate since this particular record began, in 1948. ... Just as troubling is a drop of 1.5m in the civilian labour force (which excludes unemployed workers who have stopped looking for work). That is unprecedented in the post-war period. If those who have stopped looking were counted, the unemployment rate would be much higher. These discouraged workers represent a reservoir of labour-market slack that will dry up only with strong economic growth."

Weekly Claims, January Week 2:

"Jobless claims surge in the latest week"

"The number of initial claims in the week ending Jan. 16 rose 36,000 to 482,000. "

"This is the first increase after 19 straight declines."

http://www.marketwatch.com/story/jobless-claims-surge-in-the-latest-week-2010-01-21

NYMag just put in the stat... Wall Street employment in 2007 - 200k. Current - 160k.

New York City Jobless Rate at 10.6%; State at 9% (Update1)
2010-01-21 19:18:14.210 GMT

(Adds economist’s quote in fourth paragraph.)

By Henry Goldman
Jan. 21 (Bloomberg) -- New York City’s seasonally adjusted unemployment rate jumped to 10.6 percent in December, the highest since 1993, the state Labor Department reported.
New York state’s jobless rate matched its highest in 26 years, reaching 9 percent in December, 0.4 percentage points more than in November. Unemployed residents in the state increased to 868,600 from 832,200.
The city and state continue to lose jobs in areas including financial activities and business and professional services, while employment increased in education, health care and tourism, said James Brown, principal economist for the labor department.
“We won’t see unemployment trending down month to month until the second half of 2010 at the earliest,” Brown said.
The city’s unemployment rate was 10 percent in November and
7 percent in December 2008. It last reached 10.6 percent in March 1993, according to the labor department. The rate hit 11.7 percent in September 1992, its highest since January 1976, under the department’s current method for measuring the statistic.
The national jobless rate was 10 percent in December.

"Unemployment Rose In 43 States Last Month, Still No Job Growth"

"Looking for proof the recession is still here in full-swing? Look no further than the latest batch of unemployment data.

43 out of 50 states saw unemployment rise last month, with New Jersey alone hitting a 33-year high of 10.1%."

http://www.businessinsider.com/unemployment-rose-in-43-states-last-month-still-no-job-growth-2010-1

"Walmart to Cut 11,200 Sam’s Club Jobs, Outsource Work"

"Wal-Mart Stores Inc.’s Sam’s Club chain, the second-largest U.S. warehouse club, will cut about 11,200 jobs in the next month after hiring an outside company to take over in-store product demonstrations."

http://www.businessweek.com/news/2010-01-25/walmart-to-cut-11-200-sam-s-club-jobs-outsource-demonstrations.html

poor, poor stevef

http://www.nypost.com/p/blogs/knickerbocker/bloomberg_warns_of_layoffs_if_state_F3JpR0k5aRUAAMUnxBAEPJ

"Ford to add 1,200 workers in Chicago"

"Ford Motor announced plans Tuesday to hire 1,200 workers in Illinois as the automaker ramps up production of next year's Explorer."

http://money.cnn.com/2010/01/26/autos/Ford_jobs_Chicago/index.htm?cnn=yes&hpt=C2

Gas guzzlers create jobs! Things are back to normal! Whew! I was worried there for a bit.

Verizon to Cut More Than 10,000 Jobs After Sales Miss Estimates
Share Business ExchangeTwitterFacebook| Email | Print | A A A By Amy Thomson

Jan. 26 (Bloomberg) -- Verizon Communications Inc., the second-largest U.S. phone company, plans to cut more than 10,000 jobs at its fixed-line unit this year after posting fourth- quarter sales that missed analysts’ estimates.

The company plan to keep cuts at the same level as last year, when it reduced 13,000 positions, or about 9 percent of the unit’s workforce, Chief Financial Officer John Killian said on a conference call today. The business had about 117,000 workers at year-end.

Sales rose 9.9 percent to $27.1 billion, missing the $27.3 billion average of estimates compiled by Bloomberg. Revenue at Verizon’s fixed-line service dropped 3.9 percent, muting mobile- customer gains that beat some analysts’ projections. High unemployment hurt sales to companies and damped growth at Verizon’s FiOS Internet and TV service, said Christopher King, an analyst at Stifel Nicolaus & Co.

“The economy, first and foremost, we really see no signs of improvement there,” said Baltimore-based King, who advises investors to buy the shares and doesn’t own any. “I would have expected to see a little bit more signs of stabilization in the fourth quarter.”

Verizon fell 18 cents to $30.50 at 9:32 a.m. in New York Stock Exchange composite trading. The stock declined 2.3 percent last year.

The company had a net loss of $653 million, or 23 cents a share, compared with a profit of $1.24 billion, or 43 cents, a year earlier. It had a pretax expense of $3 billion related to workforce reductions.

Excluding some costs, profit fell to 54 cents a share, matching analysts’ projections.

Fixed-Line Slump

Sales to global enterprises declined 4.5 percent from a year earlier. The company has said that its fixed-line unit will recover alongside the unemployment rate, which reached a 26-year high in October, according to U.S. Labor Department data.

Consumers also appeared to cut back. Verizon added 153,000 subscribers each to its FiOS Internet and TV services, missing the 225,000 forecast by Todd Rethemeier, a New York-based analyst at Hudson Square Research.

Earlier this month, Verizon said 2009 earnings per share fell as much as 15 cents, signaling that fourth-quarter profit missed analysts’ original estimates. The company coped with a higher pension expense and subsidized phones for new customers.

“It could be a while before there’s any uptick in the trend in enterprise, and we’re starting the year with a price cut in wireless,” said Craig Moffett, an analyst at Sanford C. Bernstein & Co. in New York, who rates Verizon “underperform” and doesn’t own the shares. “2010 looks like it’s going to be another tough year.”

Wireless Growth

Verizon Wireless, which the company co-owns with U.K.-based Vodafone Group Plc, added 1.2 million retail subscribers, beating its own goal. Brett Feldman, an analyst at Deutsche Bank Securities in New York, estimated 1 million contract-customer additions for the quarter.

Verizon is focused on building up the wireless business, which accounts for more than half of revenue. The company is adding new devices and cutting prices for some of its plans to encourage customers to buy subscriptions for data use. Verizon is the largest U.S. wireless-phone carrier and is second to Dallas-based AT&T Inc. in total phone customers.

To contact the reporter on this story: Amy Thomson in New York at athomson6@bloomberg.net

Last Updated: January 26, 2010 09:35 EST

"The first 300 foot, 6,800 ton segment of the new approach to the San Francisco Bay Bridge was delivered this week."

http://www.businessinsider.com/check-out-this-great-american-engineering-icon-that-was-built-in-china-and-shipped-in-22-days-2010-1

This is really sad. :(

"AOL To Hire 150 Engineers In Silicon Valley"

http://www.businessinsider.com/aol-is-hire-150-engineers-in-silicon-valley-2010-2

Fire in NY, hire in CAL.

CBS - still not in the re-hiring phase...
CBS News Staffers Expect Big Layoffs
Los Angeles Times
CBS News employees are upset by news a significant round of layoffs that will hit next week. Every newscast, including "60 Minutes," will be hit. Soures say as many as 10 or 7% of the 1,400-person staff. A news executive disputed that, saying the final figure would be considerably lower.

hmmmm...7% of 1400 = 10 ?

typo, should be 100.

right, like irregardless was a typo

I still don't understand why aboutready is not barred from discussion about employment

http://abcnews.go.com/Entertainment/wireStory?id=9721589

Sony Pictures Entertainment Inc., the studio behind the "Spider-Man" movie franchise, is laying off about 450 people and eliminating 100 open positions to cope with declining DVD sales.

The layoffs represent about a 6.5 percent reduction in the 6,800-strong work force at Sony Pictures, which released the Michael Jackson documentary "This Is It" and cataclysmic "2012" late last year. The studio also recently pushed back the release of "Spider-Man 4" by a year until 2012.

aboutready, once you've hit bottom (e.g. you fit in in a household ...), it's only flat or up from there.

Marco_m...it was a copy/paste effort. I didn't do the match. oops.

"CHART OF THE DAY: Guess What, The US Just Started Creating Jobs Again"

"( ) if you strip construction and financial jobs from the ADP data, you see a refreshing picture of the rest of the U.S. economy.

For the first time during this downturn, ADP jobs data, ex-construction and finance, grew in January. The data implies that job creation started in January for the rest of the American economy."

http://www.businessinsider.com/chart-of-the-day-change-in-us-employment-2010-2

"Jobless Claims Still Gaining; Productivity Up 6.2 Percent"

"More U.S. workers unexpectedly filed for jobless benefits last week, but another hefty gain in productivity in the fourth quarter offered hope that companies were getting close to adding payrolls."

"Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 480,000 in the week ended Jan. 30, the Labor Department said on Thursday."

"Hours worked rose at a 1.0 percent rate in the fourth quarter, the first increase since the second quarter of 2007 and the fastest pace since the fourth quarter of 2006."

http://www.cnbc.com/id/35233130

So basically, more people fired and more overworked employees.

----------------------------------------------------------------

"Job reports paint mixed picture"

"A report from Automatic Data Processing, a firm that collects monthly payroll data, suggested that the pace of job cuts may be slowing. But a separate report from Challenger, which predicts job cuts based on forward-looking announcements from companies, said planned cuts hit a 5-month high in January."

"ADP said private-sector employers cut 22,000 jobs in January, marking the smallest decline since February of 2008."

"Challenger said employers announced 71,482 layoffs in January, reversing what had been a steady decline in layoff announcements. "

http://money.cnn.com/2010/02/03/news/economy/challenger_jobs_cuts/index.htm

Official Labor Dept unemployment report due tomorrow.

> "More U.S. workers unexpectedly filed for jobless benefits last week, but another hefty gain in
> productivity in the fourth quarter offered hope that companies were getting close to adding
> payrolls."

Haven't they been saying that for.... like 2 years now. Yes, we lost jobs again, but just wait till *next* month.

BRACE, BRACE, BRACE!

"U.S. May Lose 824,000 Jobs as Employment Data Revised"

http://www.bloomberg.com/insight/birth-death-model.html

Tomorrow is not going to be pleasant.

pulaski, the unemployment figure comes from the household survey. this doesn't affect that.

over 10 million people are receiving unemployment. tomorrow might be unpleasant, but i rather think it will be spain/europe that causes problems. or a general desire by institutional investors to capture recent gains.

this is old news. the market kind of likes weak employment. increases the likelihood that the gov't will extend free money in the desperate hope that the banks will lend. although perhaps the gov't is catching on to the fact that that hasn't been working? one wonders.

That revision was announced back in October by the bls. Still gonna be ugly though

Why is aboutready allowed to comment on employment? Why?

regardless of what the private sector does, the public sector will just begin their own layoffs (see nyc for example, their bloated payrolls continue to this day, even with current huge deficits)...

those few thousand layoffs per city will add up at the national level imho.

CBS and NBC didn't get the memo about the rehiring.

http://www.nytimes.com/2010/02/04/business/media/04cbs.html?hpw
Dozens of employees at CBS News were laid off in recent days amid a new round of budget cuts at the third-place network’s news division.

Some employees were reassigned and others were demoted in the process. Speaking on condition of anonymity because they feared further layoffs, CBS employees said the cuts affected network programs like “The Early Show” and “60 Minutes,” and its news-gathering bureaus. Only a handful of on-camera employees were affected.

CBS executives said reports that roughly 100 people were dismissed were inflated, but declined to say how many employees were affected. The news division, which loses money for its parent, the CBS Corporation, says it employs about 1,400 people.

Sean McManus, the president of CBS News and Sports, said of the cutbacks, “We’re doing what every other media company in the world has done.”

“Periodically we make adjustments to our work force. It’s a necessity based on what is happening across the media landscape,” Mr. McManus said in an interview. “I am totally confident that it’s not going to affect the quality of the work that CBS News is putting on the air now, which I think is the best work we have done in years."

On Wednesday, CBS found itself forced to deny claims by The New York Post and The Drudge Report that Katie Couric, the anchor of the flagship “CBS Evening News,” was facing a pay cut. Changes to Ms. Couric’s contract, including her salary level, “have not been discussed at all, ever,” Mr. McManus said.

Ms. Couric is widely believed to make about $15 million a year. Her contract is set to expire next year.

Meanwhile, ABC News employees are bracing for an unknown number of staff reductions related to impending budget cuts, according to people there who also requested anonymity. An ABC News spokesman declined to comment.

"Job losses continue but rate falls"

"The U.S. economy lost 20,000 jobs in January, but the unemployment rate fell to 9.7%, according to a government report released Friday."

"The Labor Department also released an annual revision of U.S. payrolls on Friday, using data that wasn't initially available. Losses for 2009 alone came to 4.8 million jobs, more than 600,000 more than previously estimated. The revision showed the economy has lost 8.4 million jobs since the start of the recession in December 2007 -- 1.4 million more job losses than initially reported."

"The payroll number for December was revised to a net loss of 150,000 jobs. The government had previously indicated that 85,000 jobs were lost in December.

But the government said the tepid job growth initially reported in November was actually much stronger than previously believed. Jobs rose by 64,000 in November, up from an initial estimate of 4,000. It is the only month in the past two years in which jobs grew."

http://money.cnn.com/2010/02/05/news/economy/jobs_january/index.htm

"economy lost jobs, but the unemployment rate fell" - Pulaski is having difficulties with this math.

Nancy Pelosi:

"We Did It, Today's Jobs Number Proves The Stimulus Worked!"

http://www.businessinsider.com/todays-job-report-proves-that-the-recovery-act-worked-2010-2

"Frustrated job seekers deciding to call it quits"

"The nation's unemployment rate is 9.7 percent. But so many jobless people have quit looking that if they're combined with the number of part-time workers who'd prefer to work full time, the so-called "underemployment" rate is 16.5 percent."

"Even if the economy continues growing this year, it won't likely recover many of the 8.4 million net jobs that vanished in the recession. Economists say the nation would be fortunate to get back 1.5 million of those jobs this year."

http://m.apnews.com/ap/db_8597/contentdetail.htm?contentguid=qToqm5F6

"Obama report: 95,000 jobs to come each month"

"The United States is likely to add an average of 95,900 more jobs each month this year, while personal savings will remain high as credit remains tight, according to a White House report released Thursday."

http://m.apnews.com/ap/db_12515/contentdetail.htm?contentguid=q4GwXlVH

"PPI Shows Inflation Way Higher Than Anticipated, Jobless Claims Take Big Bump Up"

"In the week ending Feb. 13, the advance figure for seasonally adjusted initial claims was 473,000, an increase of 31,000 from the previous week's revised figure of 442,000"

http://www.businessinsider.com/ppi-shows-inflation-way-higher-than-anticipated-jobless-claims-take-big-bump-up-2010-2

another half a million jobs lost. ouch.

i'm still waiting for public employees to begin to get fired during 2010/2011 to bring public employment back to pre-bubble levels. when is that gonna start (at the 3 levels: muni, state and federal)?

it looks to me that furlongs were used to postpone the day of reckoning in the public sector, but that day will sure come. how much burden can a private sector in trouble support?

Most U.S. Union Members Are Working for the Government, New Data Shows
http://www.nytimes.com/2010/01/23/business/23labor.html

Possible Teacher Layoffs Would Have Big Impact
http://www.nytimes.com/2010/01/29/education/29layoffs.html

In his budget speech on Thursday, the mayor said he would avoid layoffs by limiting teachers’ and principals’ raises for the next two years to 2 percent a year for the first $70,000 in salary, and nothing for any pay above that. The teachers’ union called the proposal unacceptable and is hoping for 4 percent annual raises applied to the whole salary, as other city unions have received in the last couple of years.

Mr. Klein said he planned to fight for a restoration of the $500 million cut proposed in the governor’s budget, but said that even if the cut was smaller, layoffs remained a significant possibility, partly because of continued increases in salaries and pensions, as well as energy and bus contracts. “People say can’t you make any other cuts,” he said. But, he said, “We’re going to have to make some personnel decisions because that is where the bulk of the money is.”

notadmin, most state fiscal years begin in july, i believe. notices are being sent out now for state and local employees, advising of future layoff possibility, they generally send out more notices than they wind up actually laying off, as they scrape up money to save some spots or lose some expenses through attrition. i don't know, and haven't read anything, about the federal level, other than the census hiring.

several states, i believe, are borrowing to meet their pension contribution obligations for the upcoming fiscal year. i can't imagine this not exploding sometime, but when is a good question. i was wondering if some states will attempt to force large cities into bankruptcy, as the states can no longer afford to fund them and don't have the bankruptcy option themselves.

> Most U.S. Union Members Are Working for the Government, New Data Shows

This movement has been going on for years.

Union members figured out they don't have much support in the free market.... and the industries they control DIE (like US automakers).

So, all they have left is... the government!

This is why they buy politicians... to get laws that, get this, GET RID OF FREE UNION ELECTIONS!... or laws that guarantee ONLY union jobs on projects....

So WE ALL get to pay now!

"several states, i believe, are borrowing to meet their pension contribution obligations for the upcoming fiscal year. "

very interesting! there's a small print in the obama's jobs bill regarding allowing companies not to contribute to their severely unfunded pensions. they claim (rightly) that if they keep on needed to shore them up by 2015, then they will have to keep on cutting jobs. the less $ that goes towards pensions, the more employees they can retain during this downward cycle.

very interesting (to me) how it's all about the politics of hte timing of the reckoning. how many employees in their 50s know about this (their pensions not being funded for the next 2 years)? if they knew, would they be ok with it even if they think that it's not their job that is at risk (as supposed to the newly hired employees without pensions)? there's an implicit 2 tier labor mkt in many sectors, much like japan, south korea and spain. the common denominator is ugly demographics (higher ratio of old/working adults).

imho young households will wake up eventually and not put all their eggs in the labor mkt (depending on 2 meager wages). the tendency imho should be towards minimizing carrying costs (simplifying lifestyles) so that wage dependency is minimized. households might revert towards 1 income households, increasing leisure. time poverty is a bigger contributor to stress and low quality of life after basic bills are paid than a little less $ in the bank. rhymes with the 70s, a new hippie era. do you see this as a possibility AR? or am i dreaming?

my husband's always bemoaning the fact that the younger workers are slackers. after i tell him he's become a fossil, i point out why not? people were working harder during the massive move to layoff people, but that's because they were afraid. under normal circumstances why would anyone rationally invest that much energy for such little guaranteed return?

i think the younger generation is getting the following picture: they are expected to work like dogs for an amount that doesn't go very far, particularly if they have student debt; they are given few if any rewards other than the paycheck; the employer feels remarkably little loyalty to the employees and will offshore any and everything possible to save a buck; and the potential for advancement to the few highly coveted (and becoming fewer so those in such positions don't have to share) top positions is taking longer and longer and is less and less probable; and security in the twilight of ones years is not very likely.

yes, under that scenario i think i'd start rethinking what's important. i'm older and i've been partly down that road, even. it will take some time, but i agree that time might not be so far off. with so few jobs available for the young adults, and little likely advancement for the slightly older, it seems inevitable unless there is some sort of economic evolution that i simply can't foresee.

totally agree AR. add to that the fact that the rat race losses all purpose when "retirement" is not a possibility. why the hurry? instead of working 30 years like crazy to enjoy 30 years of leisure when old, the optimal for youngsters might indeed be to work hard 2 years, to rest 2 in a cheap place (while pursuing some hobby/passion).

that type of arrangement gives the young the ability to enjoy leisure while being young and live a life putting the same total amount of labor as previous generations did (given that most might work till they drop). just not under the same schedule.

I think what you're leaving out is that the younger generation has a sense of entitlement when it comes to work. After years of dotcom and "your brand" and folks with no experience in demand, I can't tell you how many folks just out of school I've interviewed who expect leadership roles with no skills, no experience, and no talent. "I want to do more of a strategic role" is code for "I don't really want to work hard, I just want to get to the top without doing anything".

I remember when I was very young, magazines would have articles like "what major you should go into for the best chance of getting A job". We've compltely flipped, where folks expect to get these fulfilling careers just for showing up at career services offices.

As much as you might say companies might not be offering the kids much (outside of, I don't know, PAYING them to work), I say the kids are offering less and less these days.

i think the system has evolved to a point where there's not much value being given by either side. you can bemoan the attitude of the young, but if that attitude persists then houston, we've got a problem (we being management and those who would like to see "progress"). the causes of the problem are myriad, and are societal. but the bottom line is that this lack of meeting of the minds is not productive, and may very well create an adjustment in how we think about work and what it's worth and what it means. this could be good, it's impossible to know right now.

> As much as you might say companies might not be offering the kids much (outside of, I don't know, PAYING them to work), I say the kids are offering less and less these days.
> i think the system has evolved to a point where there's not much value being given by either side.
> create an adjustment in how we think about work and what it's worth and what it means

totally agree, it's the other side of the coin. the average job tenure of the young is less than 2 years! the whole mindset is different. the young when displeased or bored simply move on. this labor mkt doesn't reward staying put.

i think the change is a positive but hey, this is a country in which people introduce themselves with a business card. redefining identity outside of work is a good/healthy change imho, but a big one for americans!

even positive change can involve pain. that doesn't mean it should be avoided, but it's good to go in with the eyes wide open.

here are a couple of items that may interest you, notadmin. i actually had not read the ritholtz piece until this morning. note the projections for LA's future budget deficits.

http://www.nbclosangeles.com/news/local-beat/City-Council-Votes-to-Cut-4000-Jobs-84741502.html
http://www.ritholtz.com/blog/2010/02/coming-soon-chapter-9-municipal-bankruptcies/

Whom do you believe?

"Goldman: Guess What, You're About To Get Hired Again"
http://www.businessinsider.com/goldman-the-us-labor-market-is-on-the-verge-of-a-rebirth-2010-2#dont-miss-14

"Rosenberg: This Is A Houdini Recovery, And The Jobs Data Is Way Worse Than Official Numbers"
http://www.businessinsider.com/rosenberg-this-is-a-houdini-recovery-and-the-jobs-data-is-way-worse-than-official-numbers-2010-2

National number will get better, maybe later this year. NYC, on the other hand, I think the morons and corrupt folk who run this state are going to ensure that it makes zero financial sense for companies to add workers here...

"New York Unemployment Website Crashes Under The Weight Of Too Many Claimants"

http://www.businessinsider.com/new-york-unemployment-website-crashes-under-the-weight-of-too-many-claimants-2010-2

That's probably not the real reason. Or is it? :)

lol

"The New Poor.
Millions of Unemployed Face Years Without Jobs"

"Even as the American economy shows tentative signs of a rebound, the human toll of the recession continues to mount, with millions of Americans remaining out of work, out of savings and nearing the end of their unemployment benefits."

http://www.nytimes.com/2010/02/21/business/economy/21unemployed.html?em

I just heard the stat on NY1 that folks unemployed for 6 months or more is at a 17 year high.

Why is aboutready allowed to comment on employment? Why?

"ABC News announces staff cutbacks, restructuring."
"The news organization plans to reduce its staff by at least 10% and possibly as much as 25%."

"Of 1,400 staffers, as many as one-quarter may be leaving. ABC News President David Westin acknowledged Tuesday the number would exceed 140."

http://www.crainsnewyork.com/article/20100223/FREE/100229952

"New Jobless Claims Far Worse Than Expected"

"The Department of Labor's (DOL) measure of initial jobless claims for the week ending February 20th was reported today as a seasonally-adjusted 496,000 vs. an expected 460,000 from consensus."

http://www.businessinsider.com/jobless-claims-25-02-2010

DOW down 180 at the open.

poor, poor steveF

"This Friday's Unemployment Data Will Be A Disaster Since The Administration Is Already Looking For A Scapegoat"

""The blizzards that affected much of the country during the last month are likely to distort the statistics. So it's going to be very important ... to look past whatever the next figures are to gauge the underlying trends," Summers said in an interview with CNBC, according to a transcript.

Construction activity was hit particularly hard by the storms, but many restaurants and stores also had to close, putting the brakes on hiring plans and temporarily throwing some employees out of work."

http://www.businessinsider.com/this-fridays-unemployment-data-will-be-a-disaster-since-the-administration-is-already-looking-for-a-scapegoat-2010-3

"ADP: January Job Losses Were Actually TRIPLE What We Thought, And No, We Won't Blame The Snowicane"

"ADP's employment report showed 20,000 jobs lost in February, which was in-line with analyst expectations. Thing is, they revised down their January number by a huge margin -- to -60,000 from -22,000."

http://www.businessinsider.com/adp-the-economy-2010-3

" Albany, NY (March 04, 2010) - Newly revised jobs data show New York State's private sector job count, after seasonal adjustment, peaked at 7,313,300 in April 2008, the State Labor Department reported today. From April 2008 to December 2009, the private sector count declined rapidly, resulting in a loss of 352,700 jobs (-4.8 percent).

New York State's private sector employment count averaged 7,031,900 in 2009, down 245,400, or 3.4 percent, from 2008. By way of comparison, private sector jobs in the nation decreased by 5.2 percent between 2008 and 2009. Over the same period, total nonfarm jobs, including government, in New York decreased 236,900, or 2.7 percent, while the number of U.S. nonfarm jobs dropped by 4.3 percent. "

"New York City's rate decreased from 10.5 percent in December to 10.4 percent in January 2010."

http://www.labor.ny.gov/stats/pressreleases/pruistat.htm

.1% decrease. We're doing well....

"Good News: Unemployment Holds Steady At 9.7%"
"Unemployment rate holds steady at 9.7%. That's a beat. Analysts were looking for 9.8%."

http://www.businessinsider.com/february-unemployment-report-2010-3

U6:
Not adjusted for January 18% vs 17.9% February
Adjusted for January 16.5% vs 16.8% February

http://www.bls.gov/news.release/empsit.t15.htm

""ADP: January Job Losses Were Actually TRIPLE What We Thought, And No, We Won't Blame The Snowicane""

Make sure you tell Ericho... he'll call it good news.

Neat (if scary) app: Unemployment as seen by Google:

http://www.google.com/publicdata/explore?ds=z1ebjpgk2654c1_&ctype=m&met_c=unemployment_rate&fdim_c=seasonality:S&met_s=unemployed&fdim_s=seasonality:S&ifdim=state&hl=en_US&dl=en_US&mapType=t#ctype=m&met_c=unemployment_rate&fdim_c=seasonality:S&scale_c=lin&ind_c=false&met_s=unemployment_rate&fdim_s=seasonality:S&ifdim=state&pit=631152000000&hl=en_US&dl=en_US

"Jobless Claims Of 462K Are Worse Than Expected"

"Basically a mixed picture on the jobless claims front.

Initial claims fell slightly to 462,000 from last week but are worse than the 456,000 that were expected.

Continuing claims ticked up higher to over 4.55 million.

Stocks are dipping on the news."

http://www.businessinsider.com/jobless-claims-of-462k-are-worse-than-expected-2010-3