Job market takes turn for worse

**Prince** · 07-02-2009, 08:41 AM

Job market takes turn for worse

Employers cut more jobs than expected in June and unemployment rate climbed for the ninth straight month, hitting 9.5%.

NEW YORK (CNNMoney.com) -- The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday.

There was a net loss of 467,000 jobs in June, compared with a revised loss of 322,000 jobs in May. This was the first time in four months that the number of jobs lost rose from the prior month.

The June job losses were also far worse than the forecast of a loss of 365,000 jobs by economists surveyed by Briefing.com.

The unemployment rate rose for the ninth straight month, climbing to 9.5% from 9.4%, and hitting another 26-year high. Economists had been expecting that the unemployment rate would hit 9.6%.

Nearly 3.4 million jobs have been lost during the first half of 2009, more than the 3 million lost in all of 2008.

The job losses don't tell the full picture of the pain the labor market either. The average hourly work week fell to 33 hours from 33.1 hours in May, a record low in readings that go back to 1964. Average hourly wages were unchanged, so the shorter week shaved $1.85, or 0.3%, off of the average weekly paycheck.

source

**P-funk** · 07-02-2009, 11:53 AM

**dg806** · 07-02-2009, 01:48 PM

I've been saying that the worst wasn't over. I think the next couple months will see it bottom out. I think the last few months were helped by tax returns and people spending.

**dg806** · 07-02-2009, 01:51 PM

My county is at 12.5% unemployment. One next to us is 15%. Even Mecklenburg County, which is the biggest in NC, is 11.5 I think.

**Prince** · 07-02-2009, 01:55 PM

I am now starting to wonder if is going to get better, or continue getting worse until we go into another depression.

**dg806** · 07-02-2009, 02:13 PM

Quote:

Originally Posted by Prince

I am now starting to wonder if is going to get better, or continue getting worse until we go into another depression.

Me and my gf had this exact talk with her oldest son last night. He is 13. We told him things could get alot worse. All kids are spoiled these days and don't realize how well they have it and what life could be like.

ALBOB · 07-02-2009, 02:47 PM

With Cap and Trade coming I think it's going to get MUCH worse. Businesses are stuggling as it is, wait until their operating costs double or triple.

ALBOB · 07-02-2009, 02:50 PM

Quote:

Originally Posted by dg806

Me and my gf

Ewwww............that's more disturbing than ANY economic news.

**dg806** · 07-02-2009, 03:47 PM

Quote:

Originally Posted by ALBOB

With Cap and Trade coming I think it's going to get MUCH worse. Businesses are stuggling as it is, wait until their operating costs double or triple.

Yep, they will move operations to another county, thus more job loses. You also get less goods produced, which raises prices. Then you have people with no jobs that can't afford basic necessities. This in turns, drives the people who are in business, charging more prices out of business. Then you end up in ration lines, trying to get whatever you can.

**dg806** · 07-02-2009, 03:49 PM

Quote:

Originally Posted by ALBOB

Ewwww............that's more disturbing than ANY economic news.

Well I must say, I am one lucky mofo! And besides, who are you to talk?

Big Smoothy · 07-02-2009, 03:51 PM

Quote:

Originally Posted by ALBOB

With Cap and Trade coming I think it's going to get MUCH worse. Businesses are stuggling as it is, wait until their operating costs double or triple.

I hope Cap and Trade fails in the Senate. The Dems have 60 seats of course, but is Senators take their time to read this bill (which most of the House didn't) they'll hopefully kill it.

I don't think it will come down to a partisan vote.

Big Smoothy · 07-02-2009, 03:55 PM

Quote:

Employers cut more jobs than expected in June and unemployment rate climbed for the ninth straight month, hitting 9.5%.

NEW YORK (CNNMoney.com) -- The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday.

There was a net loss of 467,000 jobs in June,

With 467,000 job losses, only a .1% increase in the U3 unemployment rate? I thought it would be .2 or .3 more.

One statistics is that the average work week is at 33 hours per week. I know people in my home-town working less than 40 per week because of the cut backs, and people working part-time that want to full time jobs. These people are not included in the U3 unemployment numbers, as well as those who've stopped looking.

Uneasy times.

min0 lee · 07-02-2009, 04:14 PM

Quote:

Originally Posted by dg806

Me and my gf had this exact talk with her oldest son last night. He is 13. We told him things could get alot worse. All kids are spoiled these days and don't realize how well they have it and what life could be like.

The talk you ha with your son.....it wasn't about getting rid of him because you can't afford him.

**Dale Mabry** · 07-03-2009, 07:07 AM

mid to late 2010 at the earliest.

Yanick · 07-03-2009, 10:18 AM

Damn, I hate my life.

min0 lee · 07-03-2009, 03:07 PM

Why is that?

Big Smoothy · 07-03-2009, 06:54 PM

Here's a comparison to past recessions:

http://www.businessinsider.com/henry...rt-ever-2009-7
Attached Images

**Prince** · 07-03-2009, 07:24 PM

Quote:

Originally Posted by Big Smoothy

Here's a comparison to past recessions:

http://www.businessinsider.com/henry...rt-ever-2009-7
Attached Images

broken link.

Big Smoothy · 07-03-2009, 09:02 PM

Link: The Scariest Jobs Chart Ever

I can post this graph on other forums, but not here.

Yanick · 07-03-2009, 11:05 PM

Quote:

Originally Posted by min0 lee

Why is that?

Because I busted my ass for over 3 years to get a degree in a field which was supposed to be recession proof with pretty much guaranteed work and I've been sitting on my ass since January with no prospects and not even so much as a phone call from any of the places I've applied to. I've sent out resumes and applied (in person, via fax, mail, email, online applications) to so many places I've lost count already and probably am sending some places my resume/CV multiple times and I have yet to even get 1 phone call (except for some recruiter dude who wanted me to move to Texas). I mean I wouldn't even be complaining if I had an interview or two and just screwed up, but I have yet to even hear back from 1 person. Everywhere I turn its "oh, we are not hiring till next year," or, "sorry our budget is so bad we don't have the money to hire any nurses." Meanwhile the places that tell me that, go and hire people who I went to school with because they have friends in HR or know someone who is on the board of directors or some shit like that. These are people who were coming to me for help while we were in the program, I was like a tutor to them. I love medicine, I sit and read case studies and random articles/write ups on eMedicine all the time, I educate myself as much as I can, I'm reading like 3 books at once right now (2 of them are text books and one is more a layperson science book), I crave to improve my assessment skills and clinical judgments, I'd bust my ass if just given the chance but its just not happening. It really goes to show that its not what/how much you know but who you know that makes all the difference.

busyLivin · 07-03-2009, 11:14 PM

Quote:

Originally Posted by ALBOB

With Cap and Trade coming I think it's going to get MUCH worse. Businesses are stuggling as it is, wait until their operating costs double or triple.

Exactly. People should really take a look at what cap & trade is going to do. It's going to have devastating effects.

Obama will just keep blaming Bush saying "it takes time to undo....". He's a terrible leader.

**Prince** · 07-03-2009, 11:18 PM

Quote:

Originally Posted by Yanick

Because I busted my ass for over 3 years to get a degree in a field which was supposed to be recession proof with pretty much guaranteed work and I've been sitting on my ass since January with no prospects and not even so much as a phone call from any of the places I've applied to. I've sent out resumes and applied (in person, via fax, mail, email, online applications) to so many places I've lost count already and probably am sending some places my resume/CV multiple times and I have yet to even get 1 phone call (except for some recruiter dude who wanted me to move to Texas). I mean I wouldn't even be complaining if I had an interview or two and just screwed up, but I have yet to even hear back from 1 person. Everywhere I turn its "oh, we are not hiring till next year," or, "sorry our budget is so bad we don't have the money to hire any nurses." Meanwhile the places that tell me that, go and hire people who I went to school with because they have friends in HR or know someone who is on the board of directors or some shit like that. These are people who were coming to me for help while we were in the program, I was like a tutor to them. I love medicine, I sit and read case studies and random articles/write ups on eMedicine all the time, I educate myself as much as I can, I'm reading like 3 books at once right now (2 of them are text books and one is more a layperson science book), I crave to improve my assessment skills and clinical judgments, I'd bust my ass if just given the chance but its just not happening. It really goes to show that its not what/how much you know but who you know that makes all the difference.

it's not what you know, its who you know.

Yanick · 07-03-2009, 11:28 PM

Quote:

Originally Posted by Prince

it's not what you know, its who you know.

Yeah tell me about it

Leviathan · 07-03-2009, 11:40 PM

Quote:

Originally Posted by Yanick

Yeah tell me about it

Capitalism

.

I wore my communist t-shirt today.

Aha, someone almost picked a fight with me too!

Since my family lives in the beautifully rich Kuwait city (where they are rich themselves) we are doing pretty fine. But, I guess it helps that our family hates spending money... and all of us have jobs that support us pretty well. Yeah, America's gonna get out of this one though. It's funny too, usually wars are supposed to promote economy.. (I guess only if everyone supports spending.)

min0 lee · 07-04-2009, 06:08 AM

I smell fresh meat.

Big Smoothy · 07-04-2009, 01:40 PM

Quote:

Originally Posted by Prince

it's not what you know, its who you know.

Absolutley, for the most part. And especially during recessions.

Networking is key, for most jobs. Not all but most.

Burner02 · 07-04-2009, 10:48 PM

I was planning on only doing two years here in the 'Ghan...but might have to stretch it out another year till things level out at home?

TrojanMan60563 · 07-05-2009, 12:41 AM

Companies that are based in the US that sell their products here only hurt their own business by laying off people and moving ops overseas. If we all lose our jobs nobody will be spending.

I think it will get worse before it gets better...if not far worse at least to the point where everyone feels it.

The housing market will take 10 years to bounce back IMO. Glad I didn't buy a house before all this.

maniclion · 07-05-2009, 04:54 AM

Quote:

Originally Posted by TrojanMan60563

Companies that are based in the US that sell their products here only hurt their own business by laying off people and moving ops overseas. If we all lose our jobs nobody will be spending.

I think it will get worse before it gets better...if not far worse at least to the point where everyone feels it.

The housing market will take 10 years to bounce back IMO. Glad I didn't buy a house before all this.

I'm sure a lot of companies will also be looking at how much consumers will be taking into consideration whether companies are supporting the US economy or running off to other countries...... Buying American will hopefully become a major trend......

danzik17 · 07-05-2009, 05:06 PM

Quote:

Originally Posted by maniclion

I'm sure a lot of companies will also be looking at how much consumers will be taking into consideration whether companies are supporting the US economy or running off to other countries...... Buying American will hopefully become a major trend......

I feel like the trend is towards cheaper shit. If that's the case, then I will pick the most cost effective solution regardless of affiliation.

What I feel that a lot of companies don't realize is that there is a whole other segment of the population (myself included) that will buy a superior product even if it's more expensive. The US should get back into the business of manufacturing top quality products which is sadly lacking globally.

07-02-2009, 08:41 AM	#1
Prince IronMagLabs Owner Administrator Join Date: Nov 2000 Location: Colorado Posts: 37,274 Photos: 356	Job market takes turn for worse Job market takes turn for worse Employers cut more jobs than expected in June and unemployment rate climbed for the ninth straight month, hitting 9.5%. NEW YORK (CNNMoney.com) -- The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday. There was a net loss of 467,000 jobs in June, compared with a revised loss of 322,000 jobs in May. This was the first time in four months that the number of jobs lost rose from the prior month. The June job losses were also far worse than the forecast of a loss of 365,000 jobs by economists surveyed by Briefing.com. The unemployment rate rose for the ninth straight month, climbing to 9.5% from 9.4%, and hitting another 26-year high. Economists had been expecting that the unemployment rate would hit 9.6%. Nearly 3.4 million jobs have been lost during the first half of 2009, more than the 3 million lost in all of 2008. The job losses don't tell the full picture of the pain the labor market either. The average hourly work week fell to 33 hours from 33.1 hours in May, a record low in readings that go back to 1964. Average hourly wages were unchanged, so the shorter week shaved $1.85, or 0.3%, off of the average weekly paycheck. source IronMagLabs 1-ANDRO Rx Pro-Hormone - BUY 2 GET 1 FREE SPECIAL! BOARD SPONSORS: MassNutrition.com - Discount Supplement Superstore AlltheWhey.com - Bulk Protein Powders CEMProducts.com - Research Chemicals & Supplements MusclesProd.com - Steroids, Bodybuilding, Fitness & Training Blog. Maximizer.com - Maximizer Strength for Maximum Performance Befriend on Myspace Follow on Twitter

07-02-2009, 11:53 AM	#2
P-funk Patrick Super Moderator Join Date: Dec 2002 Location: AZ Posts: 31,660	sad. E-Book: Take Charge! Everything You Need To Know To Write Your Own Training Programs Online Consulting/Program Design Reality Based Fitness Podcast Check me out on Twitter! Subscribe to our free monthly newsletter! "In the beginners mind there are many possibilities, in the experts there are few." -Buddha's Little Instruction Book

07-02-2009, 01:48 PM	#3
dg806 Guardian of The Homeland Super Moderator Join Date: Jan 2002 Location: Charlotte NC Posts: 18,192	I've been saying that the worst wasn't over. I think the next couple months will see it bottom out. I think the last few months were helped by tax returns and people spending. 1-Andro Rx Pro-hormone

07-02-2009, 01:51 PM	#4
dg806 Guardian of The Homeland Super Moderator Join Date: Jan 2002 Location: Charlotte NC Posts: 18,192	My county is at 12.5% unemployment. One next to us is 15%. Even Mecklenburg County, which is the biggest in NC, is 11.5 I think. 1-Andro Rx Pro-hormone

07-02-2009, 01:55 PM	#5
Prince IronMagLabs Owner Administrator Join Date: Nov 2000 Location: Colorado Posts: 37,274 Photos: 356	I am now starting to wonder if is going to get better, or continue getting worse until we go into another depression. IronMagLabs 1-ANDRO Rx Pro-Hormone - BUY 2 GET 1 FREE SPECIAL! BOARD SPONSORS: MassNutrition.com - Discount Supplement Superstore AlltheWhey.com - Bulk Protein Powders CEMProducts.com - Research Chemicals & Supplements MusclesProd.com - Steroids, Bodybuilding, Fitness & Training Blog. Maximizer.com - Maximizer Strength for Maximum Performance Befriend on Myspace Follow on Twitter

07-02-2009, 02:47 PM	#7
ALBOB IDIOT SAVANT Join Date: Jun 2001 Location: An alternate reality. Posts: 10,380	With Cap and Trade coming I think it's going to get MUCH worse. Businesses are stuggling as it is, wait until their operating costs double or triple. Rules? You mean we have RULES for that???

07-03-2009, 07:07 AM	#14
Dale Mabry Moderator Moderator Join Date: May 2003 Location: Elsewhere Posts: 14,327 Photos: 10	mid to late 2010 at the earliest. If sense were common, everyone would have it. 4/2007-Current 75th Ranked most popular image 1 spot behind Prince's bulge...

07-03-2009, 10:18 AM	#15
Yanick Amor Fati Join Date: Jul 2002 Posts: 4,231	Damn, I hate my life. "The greatest obstacle to knowledge is not ignorance but the illusion of knowledge." -Barry Marshall, Nobel Laureate

07-03-2009, 03:07 PM	#16
min0 lee Senior Member Elite Member Join Date: Oct 2004 Location: The Bronx, NYC Posts: 38,735 Photos: 542	Why is that? How To Do The Perfect Bench Press Rep Bodybuilding and Lifting Weights, the Difference ironmagazine-frapper

07-03-2009, 06:54 PM	#17
Big Smoothy Windy City Elite Member Join Date: Jan 2004 Location: Chicago Posts: 3,259	Here's a comparison to past recessions: http://www.businessinsider.com/henry...rt-ever-2009-7 Attached Images Military men are dumb, stupid animals, to be used as pawns for foreign policy – Henry Kissinger (January-February 2003 edition of Eagle Newsletter)

07-03-2009, 09:02 PM	#19
Big Smoothy Windy City Elite Member Join Date: Jan 2004 Location: Chicago Posts: 3,259	Link: The Scariest Jobs Chart Ever I can post this graph on other forums, but not here. Military men are dumb, stupid animals, to be used as pawns for foreign policy – Henry Kissinger (January-February 2003 edition of Eagle Newsletter)

07-04-2009, 06:08 AM	#25
min0 lee Senior Member Elite Member Join Date: Oct 2004 Location: The Bronx, NYC Posts: 38,735 Photos: 542	I smell fresh meat. How To Do The Perfect Bench Press Rep Bodybuilding and Lifting Weights, the Difference ironmagazine-frapper

07-04-2009, 10:48 PM	#27
Burner02 Super Hero in Training Join Date: Mar 2002 Location: Kabul, Afghanistan Posts: 29,587	I was planning on only doing two years here in the 'Ghan...but might have to stretch it out another year till things level out at home? Success leaves clues. People who produce outstanding results do specific things to create those results Nobody cares what you did yesterday or what you are going to do tomorrow. What is important is what you are doing NOW to solve our problem THERE IS NO TOMORROW! - Appollo Creed

07-05-2009, 12:41 AM	#28
TrojanMan60563 Registered User Join Date: Mar 2004 Location: The U-S of A Posts: 3,387 Photos: 1	Companies that are based in the US that sell their products here only hurt their own business by laying off people and moving ops overseas. If we all lose our jobs nobody will be spending. I think it will get worse before it gets better...if not far worse at least to the point where everyone feels it. The housing market will take 10 years to bounce back IMO. Glad I didn't buy a house before all this.

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