Recession Job Losses Top Four Million
The U.S. economy continues to hemorrhage jobs at monthly rates not seen in six decades, a government report showed, signaling that there's still no end in sight to the severe recession that has already cost the U.S. over four million jobs.
The economy has shed 4.4 million jobs since the recession began in December 2007, with almost half of those losses occurring in the last three months alone. And unemployment is lasting much longer. As of last month, 2.9 million people were unemployed more than six months, up from just 1.3 million at the start of the recession.
The unemployment rate, which is calculated using a survey of households, jumped 0.5 percentage point to 8.1%, the highest since December 1983 and slightly above expectations for an 8% rate. Some economists think it could hit 10% by the end of next year. For many industries including manufacturing, construction, business services and leisure, the jobless rate is already in double digits.
Looks like things will only get worse.
Originally posted by generalissimoDon't be so pessimistic. This period will separate the sissies from the tough people. Be strong, have faith in God, and persevere. The wimps will shrivel up and blow away. I thank God that my parents went through the Great Depression and told me about what it was like. I also came in a lower middleclass family, so I don't need a "Hummer" and a cement pond." The people who grew up having it all are going to wimp out...when times get tough, the tough get moving!!
Recession Job Losses Top Four Million
The U.S. economy continues to hemorrhage jobs at monthly rates not seen in six decades, a government report showed, signaling that there's still no end in sight to the severe recession that has already cost the U.S. over four million jobs.
The economy has shed 4.4 million jobs since the recession began in ...[text shortened]... eisure, the jobless rate is already in double digits.
Looks like things will only get worse.
Originally posted by generalissimoThey WILL get worse...then they WILL get better. Quick buck artists come and go with every hot market, it's the persistent, steady players that make it through the cold markets. We will overcome.😏
Recession Job Losses Top Four Million
The U.S. economy continues to hemorrhage jobs at monthly rates not seen in six decades, a government report showed, signaling that there's still no end in sight to the severe recession that has already cost the U.S. over four million jobs.
The economy has shed 4.4 million jobs since the recession began in ...[text shortened]... eisure, the jobless rate is already in double digits.
Looks like things will only get worse.
Originally posted by KazetNagorraSounds good, but measured per capita USA is still in the lead.
If you count the EU as a single economy, it has already happened.
IMF 2007 GDP:
EU: 16.9 trillion USD
US: 13.8 trillion USD
China is progressing more than US or EU. When will they take over?
Originally posted by FabianFnasChina has a 3.3 trillion USD GDP in the same table, if the US grows at 0% annually it will take China roughly 20 years to catch up if they grow at 8% annually. So looking at it more realistically and assuming the US economy gets back on track, 30-50 years would be reasonable.
Sounds good, but measured per capita USA is still in the lead.
China is progressing more than US or EU. When will they take over?
Also there are various countries with a higher GDP per capita than the US, such as Norway. (but some US states have a higher GDP per capita than Norway, there are some backward states such as Texas dragging the average down quite a bit)
I'm hanging on waiting for the market to flush out the wuss factor. I've resisted putting money into the funds that sell the entire market short, but I may pick some up this week, as I'm pretty sure we're not at the bottom yet.
But as soon as that short sell fund starts to lose over more than a day or so, I'm going to pick up whatever blue chip bargains I may -- excluding financials because I'm barred and autos, which won't come back anytime soon or at all.
Oil and power utilities will, however, and those who make what it takes to find oil and build power plants amd grids ought to do ok long term.
and I'll stay out of big defense contractors that depend on outmoded cold-war weapons systems projects -- they are going to go down I think.
Things like google and apple, though, ought to do pretty well once the turnaround comes -- and it will come.