The Thursday Job Loss Trek

Mike: Jobless claims jump unexpectedly to 16-year high I am always amused by the fact that these useless headlines have lately stated that “Jobless claims jump unexpectedly.” What is so unexpected about higher than usual jobless claims. The country is going through one of the most encompassing financial disasters in almost a century and these people are surprised, yet they still have jobs. These clowns have a much worse record of prediction than the local weather caster, since they are right around 50% of the time.

Jobless claims jump unexpectedly to 16-year high

http://finance.yahoo.com/news/Jobless-claims-jump-apf-13632269.html

Mike: The markets are at levels not seen since 2003 and the worst is still to come even if there is a bounce off these lows. With companies having less to invest, the employment outlook does not look promising. The following map is form the Bureau of Labor Statistics @ http://www.bls.gov/eag/ and it shows the unemployment rates by state in 2008, as well as other labor stats:

 

BLS - Economy at a Glance

 Mike: I’m still amazed, although I shouldn’t be, at the level of incompetence that is getting bailed out on a daily basis. Banks, former investment banks, insurance companies, and now the auto giants all want a piece of the dwindling taxpayer pie. 

 

Taxpayer Santa

Mike: The EU plans an economic stimulus plan to help get the consumer excited, but without direct investment in creating new jobs, it’s bound to be a short term fix:

http://news.yahoo.com/s/afp/20081119/ts_afp/financeeconomyeugermany_081119190838

Mike: Here are the latest job loss notes:

The Carolinas have escaped much of the downturn so far, but it’s beginning to catch up:

BofA CEO: Job loss will be ‘fairly significant’

Plath says, “Remember this economy is worsening as we speak and banks are continuing to layoff large numbers of people. That’s what B of A is responding too.”

http://www.wcnc.com/localbusiness/localbusiness/stories/wcnc-111908-mw-bofa_jobs.1cb99f235.html

N.J. Job Loss Highest Since 2003

http://www.istockanalyst.com/article/viewiStockNews+articleid_2815894.html

Mike: The following are staggering job loss numbers and it’s only going to get worse:

Michigan jobless rate soars to 9.3%

http://www.detnews.com/apps/pbcs.dll/article?AID=/20081120/BIZ/811200392/1001

Job cuts, deflation signal accelerating recession

http://media.www.hlrecord.org/media/storage/paper609/news/2008/11/20/News/Job-Cuts.Deflation.Signal.Accelerating.Recession-3554334.shtml

If your employer hasn’t laid-off anyone yet, be ready, it could be coming soon. Four out of 10 Bay Area companies plan to decrease their workforce over the next six months, according to a new study by The Bay Area Council.

http://abclocal.go.com/kgo/story?section=news/business&id=6515700

Mike: The rest of the world is buying less and that’s going to put a big dent into Chinese finances. Civil unrest is one of the results of continued job losses and that could make Tienanmen Square look like a minor disturbance:

BEIJING: Chinese leaders have finally admitted that the country is facing a “grim” situation on the employment front owing to the global economic crisis. An official survey has shown that demand for labour has fallen 5.5 per cent in the third quarter of this year across 84 different cities. 

http://timesofindia.indiatimes.com/China/Chinese_leaders_admit_country_facing_grim_job_situation/articleshow/3738235.cms

Akamai Technologies, Inc. announced that it will cut 110 jobs, or about 7% of its work force, as part of its plan to reduce operating costs.

http://www.schaeffersresearch.com/commentary/observations.aspx?ID=89289

Local paper cuts six jobs: Independent Publishing Group, ME

http://www.schaeffersresearch.com/commentary/observations.aspx?ID=89289

Mike: While many have lost a great deal of financial security, it’s a shame that these same people didn’t learn anything from the dot.com bust, the Asian currency crisis, the 1987 crash and the stagflation of the 70s. Rose-colored glasses are fine for vacations but they are useless when planning your future.

Many grappling with golden year disappointments as nest eggs dwindle

http://www.msnbc.msn.com/id/27791582/

Mike: The following is one group that won’t have a tough time finding clients:

Psychologist offers free counseling to unemployed

http://abclocal.go.com/wls/story?section=news/local&id=6515191

The Boeing Co. plans to cut 800 jobs, including management, at its Integrated Defense Systems facility in Wichita, Kan., next year.

http://www.bizjournals.com/stlouis/stories/2008/11/17/daily46.html

Toledo Police Chief Mike Navarre yesterday said 22 civilian police employees will be laid off during Mayor Carty Finkbeiner’s three-day governmental shutdown.

http://toledoblade.com/apps/pbcs.dll/article?AID=/20081120/NEWS16/811200351

Mike: Things are not very cheerful in the Toledo government workforce:

Unions file for restraining order blocking city layoffs

http://www.wtol.com/Global/story.asp?S=9379818

Toledo Powertrain puts 110 on two-week layoff

http://toledoblade.com/apps/pbcs.dll/article?AID=/20081120/BUSINESS02/811200285

Intrawest announces layoffs but no specifics

http://www.rockymountainnews.com/news/2008/nov/19/intrawest-plans-layoff-statement-today/

WILMINGTON – ABX Air said it will lay off 158 employees, starting immediately and extending through Jan. 14.

http://www.peoplesdefender.com/main.asp?SectionID=13&SubSectionID=83&ArticleID=128386&TM=49424.04

EL PASO —  Arcelor Mittal’s Border Steel facility in Vinton has laid off 151 employees, according to company officials.

http://www.kvia.com/Global/story.asp?S=9379471&nav=menu193_2

TechCrunch reports that recommendation startup Strands laid off 14 people, or 10 percent of its company, and mobile live video startup Qik also laid off 10 percent, or five people.

http://newteevee.com/2008/11/19/layoff-count-rises-akamai-qik-strands/