Economy sheds most jobs since 2003, more cuts seen

[CMF Newsman]

WASHINGTON – Jobs are vanishing at the fastest pace in more than five years with pink slips likely to keep stacking higher in the months ahead, an urgent signal the country may be careening toward a deep and painful recession just as Americans prepare to elect a new president.

Whether that's Democrat Barack Obama or Republican John McCain, one of them will be dealing with the weakest employment climate in years.

Increasingly skittish employers dropped the ax even harder in September, chopping payrolls by 159,000 — more than double the cuts made just one month before. It was the ninth straight month of job losses. A staggering 760,000 jobs have disappeared so far this year.

The Labor Department's report, released Friday, also showed that the nation's unemployment rate was 6.1 percent, up sharply from 4.7 percent a year ago. Over the last year, the number of unemployed people has risen by 2.2 million to 9.5 million.

news.yahoo.com/s/ap/20081004/ap_on_bi_go_ec_fi/economy

[el Gusano]

Funny. Here I am sitting in a hotel room on the 3rd of my 4th consecutive charter. I got this great deal simply because we can't find anyone willing to work. If this keeps up, I will make the median income of a two-income family this year.

[Warkitty]

If I thought there was my kind of work up that way... but there's not enough population to need a whole lot of my kind of work.

[coffeeshooter]

At least we'll have plenty of wait staff when the tourist season kicks in.
There's plenty of work in the cities of India & China, even in the Mexico factories if you can read & write in Spanish.

[el Gusano]

What kind of work do you do, Kitty? We have most every profession up here, and some of them pay more than other places.

ETA: Although we're getting ready to be stuck with a bunch of homeless people who moved up here to make their millions, can't handle it, and can't afford to get back. With our big PFD this year and the popularity of Sarah Palin, people are coming in droves. Then, they find out that PFD is a drop in the bucket, it gets cold, it gets dark in the winter, and milk is $6 per gallon, so they want to leave and can't afford it. (It also means that many people can get back, but can't afford to take their pets, so we end up with a lot of dogs and cats.)

[legaltender]

Oct 4, 2008 13:59:37 GMT -5 el Gusano said:

What kind of work do you do, Kitty? We have most every profession up here, and some of them pay more than other places.

Along with a 6.9% unemployment rate.

Up from 6.3% last year.

www.bls.gov/news.release/pdf/laus.pdf

[Warkitty]

I already checked, nothing showing for site acquisition specialist (I get leases to put up cell towers or to locate equipment on existing structures). Again, not enough population. Not much gets built in cell towers when there's not enough people to make 'em profitable.

[Kordax]

Just had lunch with the Assitant Attorney General of Alaska -- want me to ask him to get you a job, Cat?

[Action!]

At least when Bill Clinton was in office, we had tons of jobs. See ya' McCain!

[Warkitty]

No Kordax, I don't think I want to relocate entirely... unless the offer was REALLY good.

[RuneDeer]

I'll bet the commute from Barrow to Ketchikan would be less stressful than any average weekday going over the top-end Perimeter, eh, WK?

[Warkitty]

Probably, but I arranged my apartment location so I go against the volume of traffic.

Mostly I don't want to try selling my house in the current market. So, if I had an offer so stellar I could afford to live there without risking my current mortgage.... I'd be on it. Always wanted to see Alaska, just haven't had the chance yet.

[el Gusano]

Actually, the cell phone market is booming, but most of the towers are on public land because most of the land is owned by the government, and it's a government safety initiative to blanket with cell coverage. When I was commercial fishing in the Prince William Sound, miles from nowhere, we could climb the hill behind the cabin and get a cell at low tide. (At high tide, when the horizon was higher, we'd have to climb higher.) And I do mean we were in the middle of nowhere.

There was also a nutcase who paid for a broadcasting license who ran his own radio station and would play everything from hardcore punk to bluegrass (no rap, "it ain't music"). His weather report included him climbing his tree with binoculars to report what he saw coming in. Pretty funny guy!

[Warkitty]

Most of the towers may be on public land but that does not mean they are owned by the government. That also would not remove the need for someone like me to negotiate the space for new or existing carriers on those towers, or renegotiate existing leases to change the equipment or add to the equipment to keep up with changing demands.


My quick look did not indicate however that there is currently a need in the area for someone like me. I admit I didn't look hard or long, just a cursory glance out of curiosity. I could always as my company VP about the general market in that area and see if he's aware of anyone actually building or expanding there, but I haven't had the chance. He's busy bringing us more business and taking care of a new baby, and my random wanderlust can cool for a little.

[Justin Thyme]

Oct 4, 2008 17:05:21 GMT -5 Action! said:

At least when Bill Clinton was in office, we had tons of jobs. See ya' McCain!

Ya mean when we had a Republican congress?

[LimitedRecourse]

That music in his head is definately from the 70's.

[Tsavodiner]

Always wanted to see Alaska, just haven't had the chance yet.

Don't tarry. Obama will cede it back to Russia in his inaugural.

[Warkitty]

Yeah, and the skys will rain blood, locusts will appear and eat everything and the firstborn son of every Egyptian will die, right?


Over the top much?

[osrb]

Oct 4, 2008 17:05:21 GMT -5 Action! said:

At least when Bill Clinton was in office, we had tons of jobs. See ya' McCain!

Until the dems took over congress 2 yrs ago we had plenty of jobs. Cya Obama

[Warkitty]

Hey OSRB, aren't you one of the ones that spouted in Bush's first 4 years that any downturn in the economy was from the policies of the previous administration, that it takes 4 years for the effects to be felt? Seems that means it's Bush's fault, that we're experiencing the effects of his first 4 years....


:-P

[osrb]

WK all I really stated on that was that the recession of 2000 started during the Clinton admin. What caused that was really the tech bubble bursting due to an unsustainable growth rate during the 1990's. Clinton was able to ride the gravy train but in that case it was nothing that he did. In this case it was caused by banks starting with Freddie and Fanny being forced by congress to give loans to people who should not have gotten loans or loaned more money than they should have. But that was not the full reason for the failure it was all the leveraging that was done by the banks that cause this problem. When I got my first mortgage I had to show all sorts of proof about my income and employment. When I got my current house I only had to say I needed money. Now some of that is probably due to my age and income level but still this happened a lot around the country.

My main argument about 1990's was that Clinton did not do much for the economy it was the tech sector that created growth. He just happened to be the WH at that time.

[legaltender]

Nobody 'forced' the world's financial mandarins to underwrite mortgage-backed securities like sluggers inject steroids. If their own self-interest isn't enough to prevent them from originating and buying toxic lending products, the public must.

With the remaining fewer lenders exercising even more monopoly power, it means that regulators will have their hands full.

[el Gusano]

Actually, it usually takes at least 18 months for final economic effects to be felt. However, I was reading about a recent phenomenon in which effects are felt almost immediately, such as with the last tax cut.

Previously, an increase in revenue that results from a tax cut would have taken at least 18 months. Now, for some reason, people anticipate things more, and the positive effects were felt almost immediately.

[Tsavodiner]

Yeah, and the skys will rain blood, locusts will appear and eat everything

Well, ALMOST everything. freshness counts, 'ya know.

Is that 'over the top' enough for you?

[Warkitty]

Well, ALMOST everything. freshness counts, 'ya know.

Good thing for us you don't use deodorant.

[Tsavodiner]

Made 'ya check, didn't I? Knew you'd remonstrate only if it were true.

[Action!]

My main argument about 1990's was that Clinton did not do much for the economy it was the tech sector that created growth. He just happened to be the WH at that time.

Of Course, and bush just happened to be in the WH for these last 8 years of war, plunging economy and turmoil.

[Tsavodiner]

I seem to recall the economy has only declined in the last 18 months or so, some bastards in Araby started a war with the Clintons they wouldn't acknowledge and couldn't finish, and I experience no turmoil that can't be sated by debunking a bunch of your myths.

[legaltender]

McCain wants to buy everyone a house.

Spending taxpayer money to buy distressed mortgages and then renegotiate mortgage contracts -- would that be on top of the bailout or as part of the bailout?

The loans would be replaced with fixed-rate mortgages at a loss to the government.

"Is it expensive? Yes," McCain said tonight.

This is how we control government spending?

[tiarella]

McCain wants to buy everyone a house.

McCain sounds as sincere as a man that's trying to woo a woman into bed when he promises voters the government will give everyone $5000 for health insurance and other entitlements and that the government will insist on checks and balances on Wall Street.

Telling the voters what he thinks they want to hear, and after he gets into office, he can go back to the deregulation and no entitlements he's been preaching forever.