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Job Cuts Surge 68%, Most In 3 Years; Worst October Since 2009
Maybe this explains the election results? Challenger reports US companies laid off over 51,000 people in October, the most since May (and 2nd most since Feb 2013). This is a 68% surge MoM (and 11.9% rise YoY) - the biggest monthly rise since September 2011. Retail, Computer, and Pharma industries saw the biggest layoffs. Hiring also collapsed from the record 567,705 exuberance in September to just 147,935 in October. This was the worst October for layoffs since 2009.
Worst rise in layoffs in 3 years...
and worst October since 2009...
Chart: Bloomberg
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finance.yahoo.com headline:
Jobs plentiful, Fed behind the curveNo worries....Yahoo's got this.....they're America's version of Pravda.
Haha.. That's almost too true to be funny.
Can someone clarify what a "Computer" Job is?
I have a feeling I now know wherre the endless stream of inane helpdesk tickets is really coming from...
HR >> Please scrawl your mark on this paper...
Applicant >> I want a Computer Job!!
What's more shocking: that it's true or that at the time, i.e. a Pravda existed, nobody in the USA believed it, that Americans and Brits believed to be the best informed people in the world, or that only recently the internet has made it possible for the masses to slowly recognize it?
Only the tip of the iceberg?
10 scripted media events:
http://www.youtube.com/watch?v=eHDDQVZ-A98
Here's yesterday's headline at commie Yahoo News:
How Hillary Clinton won the 2014 midtermshttp://news.yahoo.com/how-hillary-clinton-won-the-2014-midterms-07594343...
I've heard Santa is going to do some hiring pretty soon...
A good enough reason not to be in the room with Hillary .Everyone releases gasses from time to time (whether you admit it or not). What most people don't know is that the average human inhales one liter of other people's anal gasses on a daily basis!
I think the Christmas shopping season is canceled this year due to Obamacare. The large health insurance rate increases will be hitting the mail boxes soon now that the elections are over. Say goodbye to disposable income.
Ebola will deal with this.
Humana cancelled us after many years. We must wait until Nov15 until "open enrollment" before any company can give an exact quote. Thats ridiculous. More so, every company contacted has said that their lowest cost "Bronze plan" will be at least double (+100%) our current cost. No inflation there, huh?
Santa is a socialist, those elves have stockholm syndrome.
But...http://i2.cdn.turner.com/money/dam/assets/141003024421-party-bull-620xa....
Jobs are sooooooo yesterday!
there was snow in Montana in Oct. unexpected by all economists.
But, but, but..
Unemployment is DOWN!
elections are over. they don't have to kiss up or pander to the people anymore.
we're all fired.
Now it's safe to resume reporting 'bad news' again...it's the republicans fault you see. Hedge accordingly.
With recoveries like this...
MOAR QE. Que up Bullard to calm the masses...
FUBAR.
RUTROW!!!
Can't wait to see participation rate for last month....bet it eroded further...even for the 25-54 yr olds. Though the ADP surge was for 55+ pizza delivery guys. When I see 1 kid and 3 guys as old as I am working deliveries at the pizza joint ( one drives a nice Audi) I know things are about to shit the bed. Last time I saw that was 2008.
Imagine, this is is official data. Reality is far far worse.
It will get worse and worse and worse.
Congress must order to Fed to extinguish dollars and manually trigger Triple Lehman (if not done already), otherwise economy will accelerate the collapse, let alone rebound.
There is no other solution.
It's the November 4th voters fault. Obama is going to draft a Executive Order on Americans who voted Republican.
Fuck yeah!
These aren't shit jobs, these are technical jobs, high paying jobs. These don't come back quickly.
Brace for impact.
We've been seeing reports this bad for years. Idiot fucking traders running the HFT computers will see this as a reason to fly to the moon. I hope some shorts are strong enough to blow their computers up.
We've been seeing reports this bad for years. Idiot fucking traders running the HFT computers will see this as a reason to fly to the moon. I hope some shorts are strong enough to blow their computers up.
But the stock market is hitting new highs.
Jobs don't matter anymore in Wall Street fantsyland. Only thing that matters is higher stock prices, a Federal Reserve production.
Now that the Election is over...no need to fake the numbers for Obama...
They'll still lie. That's what they're good at.
If your election lasts more than four hours, seek medical help.
YeeeeeeeHaaaaaaa.
More people for the revolution.
Q.E. hopium coming soon. Forward!
Retail in the top 3...not good.
Funny, or actually sick that when I go to other media outlets like MW or any of them, I get none of this bad stuff. It is like totally different worlds.
See:
http://en.wikipedia.org/wiki/Cognitive_dissonance
OR
Just read the material written by the man with that Name in these forums.
"You want microchips with your fish"?
The Repubs winning , signals to me, the collapse is coming very very soon.
My take as well.
The Communist Media will go all Watergate on the Republicans, when the real destruction wrought by the racist, collectivist policies of their fashionable Negro homosexual, comes home to roost.
Contacted a bankruptcy lawyer this morning ..I am 44 white male clean history across the board and have applied to all types of jobs no replies
Sad thing is that I live in Lafayette La with all the oil related shit and can't find work cause I don't have experience(certified collision painter 27 years)
The only places in the USA that have openings in my experience are where people are getting the fuck out!!
Fuck me
Sorry to hear of your troubles my friend. Have you tried the central Florida area? With the massive number of rental fleets in the area, and they way people treat rentals, I would think they are always looking for collision repair experts. Good luck.
Rentals pay way less than posted rates they use shops that will do it on the cheap they also supply parts so no markup on parts .
You can actually lose money doing rental work because a lot of colors today require a minimum amount to be mixed . Shops do it for fill work but profit is not there
IMO you have to go where the work is. Dont' be scared to be a contrarian.
44 here too. Spouse and I moved in '13 from TX to MI. Yeah, the winter sucked. Yes there is a state income tax. And Detroit and Flint are really rough.
OTOH there are areas that are nice and rebounding. Lot of natural beauty. We are near Ann Arbor. Grand Rapids is supposed to be nice too.
Besides automotive manufacturing MI also has a pretty good sized medical industry, IT/tech industry, and agriculture (second after CA). It is cold but with the Great Lakes there is plenty of water, fishing industry and water based shipping. The state has lost population and is trending older AFAIK, but it is also trending more white than other states though what you see in the press is about concentrated black and middle eastern areas.
If you hate the place you choose to move to for work then you can always start looking for a new place to land.
Reaganomics/ consumerism is a toxic and failed economic policy. It promotes greed, debt, and living beyond your means buying things you don't need made in China. This has been American economic policy since 1980. We are near the end of this failed experiment.
The USA used to have an import tariff to protect our manufacturing sector, but Reagan got rid of it in the 1980s and it opened up the floodgates for job outsourcing to China. It has destroyed the middle class and ruined millions of lives. Remember this next time you pass one of those giant brick factories thats empty, ruined, and graffitied. People used to work there making a decent wage instead of being unemployed and on welfare.
Also keep in mind before Reagan the USA was the world's biggest creditor nation, and after Reagan we were the biggest debtor nation.
So how'd we create all those new businesses, raise median incomes and enjoy widespread prosperity during the 1990's???
All that was fueled with debt and deficits.
The most important thing is look where we are TODAY because of Reaganomics !
lolzers...Which '90's bubble (that popped) are you referring to exactly?
Is that you Zero?
Seriously? Have you been asleep Rip?
Reagan inherited a total economic catastrophe and turned it around with Hayak's supply side. He took the heavy foot of government off the backs of small business owners, deregulated and cut taxes which led to rising wages, low unemployment and a fast rising standard of living. McDonalds was hiring for $9.00 an hour to start then!!
Obama, the new class progressive has done exactly the opposite, following Keynesian economic theory. How is Hayak's supply side responsible when it hasn't been used since the 1980s?
You forgot to work Bush, Sarah Palin and Richard Nixon into your weird, disconnected from fiscal reality, mythological construct.
Docking you 8.5 Commie merit points.
The company I work for has been acquired, lots of "synergy" between the two companies to the tune of 30% or so. This is a tech company, lots of six figure jobs will be eliminated and mine could be one of them. Timeline looks like late this month to late next month, just in time for Christmas. Decent severance package so the laid off don't show up on the unemployment rolls for weeks/months.
That really sucks. Good luck man.
If it happens get in shape, it helps prevent the depression that can set in when it takes longer to find another spot. Don't join a gym, consider martial arts. You make contacts, learn a teachable skill, and get in shape. Plus you can put it on your resume and it might help offset any age bias.
Thanks for the advice, already in great shape for 51, figured it out back in my early 40's how to keep that weight off and keep my heath so no worries there and I'm not stressing it, have a nice nest egg for me and the family plus some 401k that I may cash out. Did the martial arts thing a few years back with my son, it was fun until they started having us do stimies(sp?), lol it could do them but I sounded like a big sack of taters hitting the mat, so I knew it was just a matter of time before I landed on my head.
Actually I believe you can file for unemployment as soon as you stop working, not when the severance runs out...
Good luck. Spouse is IT too. Laid off at the holidays 2-3 times now. But he is a good man and takes a job search seriously. Every time he has gotten a new position right around the start of the new year.
So far as I can tell it has been a net plus. He has accumulated experience in a variety of positions instead of being stuck in place.
If you have skills there is always the opportunity to be a contractor too. He has been in a permanent job for nearly a year, turned off his job search profile online, and I still field headhunter calls every week.
Memo to peasants.
Get used to it, this IS the new normal.
PS. enjoy the strengthen dollar.....its good for....
PSS: Growing on debt, especially debt put to use that doesn't create ongoing income or wealth, will always hit a brick wall.
No problemo!! The retail sector will be soon be hiring for Christmas. That will mean thousands of minimum wage temp jobs. Yee Haaa!!
And yet the Conference Boards "Jobs Plentiful" minus "Jobs Hard to Find" measure keeps improving. This used to be a good leader for the Unemployment Rate. Now that the Unemployment Rate has been shown as useless in the current environment, I wonder if Conference Board stats have the same bias. That is, if you've given up looking for work then you've statistically ceased to exist.
The reason for a jump in GDP before the election was "A 10% jump in federal spending, mostly on Pentagon hardware. It was the biggest increase in federal spending since 2009, when the Obama administration put in place a huge economic stimulus package." this says it all!
The economic recovery that the media and talking heads have been bantering around is a manipulated myth. A manipulated stock market distorted by recent economic policy hides and mask the real truth, in many ways it is ground zero in the war to convince us all is well. Fact is if QE or the massive government deficit spending that props up our economy is removed it will fold like a cheap umbrella.
Recent changes in how the GDP is figured , which boosted growth thus reducing the debt to growth ratio, and attempts to spin poor numbers regarding employment have been met with skepticism. More on this subject in the article below.
http://brucewilds.blogspot.com/2013/10/myth-of-economic-recovery.html
http://dailyjobcuts.com
Folks...Obamacare hasn't even been fully implemented yet.
Shit is going to get a hell of a lot worse.
These numbers don't reflect an interesting trend that I am witnessing in tech right now. I sub K to IBM and we just got a notice to take 7 days with no pay from now until xmas. This came from IBM bean counters. I get a chance to hear interesting conference calls and they are shitting the bed at big blew. Funny thing is the dumb fvckers want us to take it in 2 hours per day so someone is there to keep an eye on things.
IBM cuts 50000 jobs.
http://wraltechwire.com/as-ibm-reportedly-cuts-50-000-india-jobs-ceo-rep...
India jobs don't count in US reports.
Still, it is interesting. Now they are cutting the outsourced jobs... getting ready to close down?
Would the last worker to leave please turn off the lights.
Craig
So Open Enrollment began in Oct/Nov for most companies...and Obamacare employer mandate kicks in post election right?