Jobless rate jumps to 5-year high of 6.1 percent

Guest Fri Sep 05, 2008 10:13 am

http://biz.yahoo.com/ap/080905/economy.html?.v=9

Jobless rate jumps to 5-year high of 6.1 percent
Friday September 5, 8:45 am ET
By Jeannine Aversa, AP Economics Writer
Jobless rate jumps to five-year high of 6.1 percent in August; payrolls cut by 84,000

WASHINGTON (AP) -- The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.

The Labor Department's report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy.

The report was sure to rattle Wall Street again. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there's growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year.

The jobless rate jumped to 6.1 percent in August, from 5.7 percent in July. And, employers cut payrolls for the eighth month in a row. Job losses in June and July turned out to be much deeper. The economy lost a whopping 100,000 jobs in June and another 60,000 in July, according to revised figures. Previously, the government reported job losses at 51,000 in each of those months.

The latest snapshot was worse than economists were forecasting. They were predicting payrolls would drop by around 75,000 in August and the jobless rate to tick up a notch, to 5.8 percent. The grim news comes as the race for the White House kicks into high gear. The economy's troubles are Americans' top worry.

Wachovia Corp., Ford Motor Co., Tyson Foods Inc. and Alcoa Inc. were among the companies announcing job cuts in August. GMAC Financial Services this week said it would lay off 5,000 workers.

Job losses in August were widespread. Factories cut 61,000 jobs, construction firms eliminated 8,000 jobs, retailers axed 20,000 slots, professional and business services slashed 53,000 positions and leisure and hospitality got rid of 4,000. Those losses swamped employment gains in the government, education and health.

Job losses at all private employers -- not including government -- came to 101,000 in August.

The government said workers age 25 and older accounted for all the increase in unemployment in August.

Going strong indeed!

Guest Fri Sep 05, 2008 10:31 am

Hey now Jugo ... give it a rest. This economy is fine, it is strong. It is imaginary, we are whiners. Let's do nothing, lets stay the course.

Markwes Fri Sep 05, 2008 10:32 am

Damn Congress hasn't done anything about it!

Guest Fri Sep 05, 2008 10:33 am

Bman wrote:Hey now Jugo ... give it a rest. This economy is fine, it is strong. It is imaginary, we are whiners. Let's do nothing, lets stay the course.

All the unemployed must be those whiners McCain's party talked about.

Guest Fri Sep 05, 2008 10:37 am

Markwes wrote:Damn Congress hasn't done anything about it!

Done all we can do at this point, stimulus etc ... The problem is in the previous 7 years of fucked up policy of spend, spend, spend and give tax breaks to the rich while they send jobs overseas.

As Meta would say "YSIW"

Guest Fri Sep 05, 2008 11:04 am

I thought historically that war was always good for the economy............

Guest Fri Sep 05, 2008 12:38 pm

Maybe if we give everyone in America more cash from the treasury it'll help things...

Guest Fri Sep 05, 2008 12:40 pm

cardinal5150 wrote:Maybe if we give everyone in America more cash from the treasury it'll help things...

Move this to the political thread ... here is comes.

And Barack Obama wants to give a tax cut to those that will spend the tax cut ... the working class people of this nation.

Guest Fri Sep 05, 2008 12:48 pm

Because the last disbursement of money was so effective at stimulating the economy.

**Cincy Fan 44** Fri Sep 05, 2008 9:15 pm

Unemployment numbers MAY have been inflated. Still never good to lose jobs...

http://www.reuters.com/article/reutersEdge/idUSN0547654120080905?rpc=401&feedType=RSS&feedName=reutersEdge&rpc=401

Guest Fri Sep 05, 2008 10:44 pm

Cincy Fan 44 wrote:Unemployment numbers MAY have been inflated. Still never good to lose jobs...

http://www.reuters.com/article/reutersEdge/idUSN0547654120080905?rpc=401&feedType=RSS&feedName=reutersEdge&rpc=401

This economy freakin sucks no matter how you measure it ... Sorry right wing fundies, but this economy sucks. Would you like to be job hunting right now? Oh .. I am sure with their skills Card, Cincy, Markwes, LTRT, and VIS would love ... LOVE to be job hunting in this economy.

**Cincy Fan 44** Fri Sep 05, 2008 10:50 pm

Bman I'm not arguing with you about the economy not being the best right now. Things could be better, but they could also be a lot worse. I just thought I'd post an article that said some of the numbers that came out early in the day may have been inflated due to how things were categorized. As I also said, it's never good to lose jobs.

Markwes Fri Sep 05, 2008 10:53 pm

Bman wrote:This economy freakin sucks no matter how you measure it ... Sorry right wing fundies, but this economy sucks. Would you like to be job hunting right now? Oh .. I am sure with their skills Card, Cincy, Markwes, LTRT, and VIS would love ... LOVE to be job hunting in this economy.

What kind of depressants are you on? Can someone not say something even remotely positive without you going into your evil right wingers crud?

Guest Fri Sep 05, 2008 11:01 pm

Bman wrote:
Cincy Fan 44 wrote:Unemployment numbers MAY have been inflated. Still never good to lose jobs...

http://www.reuters.com/article/reutersEdge/idUSN0547654120080905?rpc=401&feedType=RSS&feedName=reutersEdge&rpc=401

This economy freakin sucks no matter how you measure it ... Sorry right wing fundies, but this economy sucks. Would you like to be job hunting right now? Oh .. I am sure with their skills Card, Cincy, Markwes, LTRT, and VIS would love ... LOVE to be job hunting in this economy.

I'm pretty sure I've posted on this issue. I am looking for work and I have plenty of skills and education. I'm really good at pulling heads outta peoples asses. Come over and I''ll give you a demonstration.

LTRT Fri Sep 05, 2008 11:17 pm

Bman wrote:
Cincy Fan 44 wrote:Unemployment numbers MAY have been inflated. Still never good to lose jobs...

http://www.reuters.com/article/reutersEdge/idUSN0547654120080905?rpc=401&feedType=RSS&feedName=reutersEdge&rpc=401

This economy freakin sucks no matter how you measure it ... Sorry right wing fundies, but this economy sucks. Would you like to be job hunting right now? Oh .. I am sure with their skills Card, Cincy, Markwes, LTRT, and VIS would love ... LOVE to be job hunting in this economy.

Ize got skills Bman, how bout choo Razz

Markwes Fri Sep 05, 2008 11:59 pm

You know, like nunchuck skills, bow hunting skills, computer hacking skills.

Guest Sat Sep 06, 2008 1:21 am

Markwes wrote:
Bman wrote:This economy freakin sucks no matter how you measure it ... Sorry right wing fundies, but this economy sucks. Would you like to be job hunting right now? Oh .. I am sure with their skills Card, Cincy, Markwes, LTRT, and VIS would love ... LOVE to be job hunting in this economy.
What kind of depressants are you on? Can someone not say something even remotely positive without you going into your evil right wingers crud?

Mark it is called the grim aspects of REALITY.

Markwes Sat Sep 06, 2008 9:53 am

The reality, as has been said over and over, is that you can point to 2 huge factors if you want to call this a slow economy. First gas prices affect the price of virtually everything else. Besides the obvious effect on things like the RV industry, where we have had huge layoffs in Elkhart because no one is buying, suddenly the cost of running a pizza delivery, any business that does shipping or has anything shipped to them, all have increased their cost of doing business. The other factor of course is the housing market, where the banking industry used bad planning, and the American public was more than happy to oblige, hence foreclosures.

Neither of these have anything to do with who sits in the White House or who is in Congress, but as long as it fits your agenda of evil right wingers, then you'll spew it out there. And we all know if Obama gets elected, and the economy is down, you will say it's because of Bush's old policies. If it's up, it's because Obama turned it around. I think just about everyone, excluding your fellow brainwashed cohort FF, doesn't take your comments seriously anymore. I wouldn't respond, but I hate to see someone falsely think his happiness is hinged on who's the president. Really, your life won't change no matter who's there.

**Cincy Fan 44** Sat Sep 06, 2008 11:06 am

Markwes wrote:Really, your life won't change no matter who's there.

I don't Markwes...if Obama does get elected I still think Bman has an excellent chance of becoming the press secretary. Wink

Markwes Sat Sep 06, 2008 11:26 am

Cincy Fan 44 wrote:I don't Markwes...if Obama does get elected I still think Bman has an excellent chance of becoming the press secretary.

True, and if that doesn't happen maybe Bill Maher has an opening. Smile

**Cincy Fan 44** Sat Sep 06, 2008 11:36 am

We'll see. I've already told the McCain camp that they can have my vote if they promise to fire bill maher... Twisted Evil

**Cincy Fan 44** Sat Sep 06, 2008 12:57 pm

BTW...Relax Bman...I'm only kidding.

Guest Mon Sep 08, 2008 10:29 am

Vis wrote:I'm pretty sure I've posted on this issue. I am looking for work and I have plenty of skills and education. I'm really good at pulling heads outta peoples asses. Come over and I''ll give you a demonstration.

Vis, just do what I do.. whenever you see his name before a post.. just recite "well, this will be about as intelligent as my 10 yr old nephew"... it makes the posts more amusing because you know he has so much to learn about the ways of the world.

Guest Mon Sep 08, 2008 10:31 am

So pretty much everyone agrees that the last stimulus package did very little, other cover some house expenses for some fellow board members. It didn't create any jobs, so the idea that another package will do that is just asinine.

So.. why are our brainless leaders in congress still even considering this?

Guest Mon Sep 08, 2008 10:47 am

cardinal5150 wrote:So pretty much everyone agrees that the last stimulus package did very little, other cover some house expenses for some fellow board members. It didn't create any jobs, so the idea that another package will do that is just asinine.

So.. why are our brainless leaders in congress still even considering this?

This is your status quo eh card? Opinion based on apparently casual subjective observation of this boards members, presented as if it were accepted fact...

schweet!

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Jobless rate jumps to 5-year high of 6.1 percent

Jobless rate jumps to 5-year high of 6.1 percent

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Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent

Re: Jobless rate jumps to 5-year high of 6.1 percent