Spending Stalls and Businesses Slash U.S. Jobs

News Type: Event — Seeded on Sat Oct 25, 2008 9:35 PM EDT

Article Source: The New York Times

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

Layoffs have arrived in force, like a wrenching second act in the unfolding crisis. 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 on 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.

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Groups: America's Need For Change, Corporate Watchdogs, Corporatism, EconVine, Ethnoscapes, Historical Vine, Political Analysis
Regions: New York

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4.9

{"commentId":3697195,"authorDomain":"nearing"}

nearing

It's bad, people.

(but the worst is yet to come)

{"commentId":3697195,"threadId":"399363","contentId":"2040282","authorDomain":"nearing"}

1 vote

#1 - Sat Oct 25, 2008 9:36 PM EDT

{"commentId":3704465,"authorDomain":"Merchant"}

The Merchant

Howdy Nearing.

I'm afraid you're right. In certain urban areas where unemployment in the ten poorest cities are between 8 and 10 percent. This has been around for awhile, while the country was going through the later part of the last boom. I guest I tried to draw attention to this in a seed and Newsvine article, with little result. Here is the question: What if our national unemployment exceeds 12%, with the worse unemployment rates in urban areas? I have some other disturbing questions, but I'll save them for later.

Good seed!

{"commentId":3704465,"threadId":"399363","contentId":"2040282","authorDomain":"Merchant"}

1 vote

#1.1 - Sun Oct 26, 2008 2:20 PM EDT

{"commentId":3706804,"authorDomain":"nearing"}

nearing

I tried to draw attention to this in a seed and Newsvine article, with little result.

Well, Merchant, as you can see by the response I got here - people have a really hard time with the truth when it's bad news.

We cannot stop putting it out there, though. The truth sucks but you can't fight what you don't' see.

What if our national unemployment exceeds 12%, with the worse unemployment rates in urban areas?

Given the fact that there are as many guns in the US as there are people, I'd say it's gonna get real ugly.

{"commentId":3706804,"threadId":"399363","contentId":"2040282","authorDomain":"nearing"}

2 votes

#1.2 - Sun Oct 26, 2008 5:43 PM EDT

{"commentId":3709808,"authorDomain":"Merchant"}

The Merchant

Well, since you brought up guns, I might as well say that is one of my worries. If we hit an unemployment rate of 10% or higher nationally there will be more crime everywhere, especially in the hardest hit urban areas. Economically driven crimes will definitely go up, like murder, robbery and kidnapping.

Then I'm especially worried about violence of the politically motivated. Maybe I'm wrong, and I would love to be wrong, but the political climate is all wrong. Economcs and politics don't always mix well. People who have no faith in their political system, no hope in their economic system, no way to clime up the social ladder to a better life, well I'm starting to get off topic.

Corporations don't start hire or rehire people unless there is demand. Some of these jobs may never be recovered due to robotics, out-sourcing overseas or streamlined business practices.

And if people do manage to find new jobs, some of those jobs may not be able to earn the same wages as previous employment.

Yes, it is fair to say that it is going to get uglier.

{"commentId":3709808,"threadId":"399363","contentId":"2040282","authorDomain":"Merchant"}

1 vote

#1.3 - Sun Oct 26, 2008 9:44 PM EDT

{"commentId":3710276,"authorDomain":"nearing"}

nearing

I think you have laid it out very well.

I would add one little piece of bad news to the mix.

Over-population.

I needn't go any further with my logic, I am sure.

Ugliness, all around.

{"commentId":3710276,"threadId":"399363","contentId":"2040282","authorDomain":"nearing"}

1 vote

#1.4 - Sun Oct 26, 2008 10:19 PM EDT

{"canLink":false,"threadId":"399363","isPrivate":false}

NEARING

Backyard

Spending Stalls and Businesses Slash U.S. Jobs

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COMPANY STUFF:

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Spending Stalls and Businesses Slash U.S. Jobs	The New York Times	Sat Oct 25	0
New US Prez will enjoy blows	International Herald Tribune	Sun Oct 26	0
Spending Stalls and Businesses Slash U.S. Jobs - NYTimes.com	The New York Times	Sun Oct 26	4