U.S. May Lose 824,000 Jobs as Employment Data Revised: Analysis

U.S. May Lose 824,000 Jobs as Employment Data Revised: Analysis

Feb. 3 (Bloomberg Multimedia) -- The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time.

bloomberg

[edit on 3-2-2010 by ddacunha]

Oh brother..........how many of us have been saying real unemployment is more like 17%-20%. The government is ALWAYS out of touch with main street. What's new? Unemployment is going to get much worse this year. Just wait.

Thought about creating a new thread, but I think I hit my quota this week, and the topic is related to this thread...

Planned layoffs were steady since July and are increasing again.

www.marketwatch.com...

Feb. 3, 2010, 11:19 a.m. EST

Planned layoffs rise for first time since July: Challenger

By Rex Nutting, MarketWatch

WASHINGTON (MarketWatch) -- Planned layoff announcements at major U.S. corporations increased 59% in January, reaching 71,482 from a nine-year low of 45,094 seen in December, according to the latest job-cut tally by Challenger Gray & Christmas.

It was the first month-to-month increase in layoffs since July, the outplacement firm reported Wednesday. The figures are not seasonally adjusted.

Layoff plans ran 70% lower than the 241,749 announced in January 2009, which was a seven-year high.

Planned reductions for last month were led by retail companies, which announced 16,737 job cuts, and telecommunications companies, which cut 14,010 jobs.

Challenger's monthly tally covers only a small fraction of those who lose their jobs each month. Most layoffs are not announced in press releases.

According to the government's most recent report, 2.05 million people lost their jobs via layoffs or terminations in November. Through the first 11 months of the 2009, the government counted 25.6 million layoffs.

By Challenger's count, companies announced 1.288 million job cuts during 2009.

In a separate report, ADP estimated that U.S. private-sector employment fell by 22,000 in January, the fewest jobs lost in two years. The declines have lessened every month since March, when firms cut 736,000 jobs in one month. The report is based on a sample of hundreds of thousands of companies using ADP for their payroll services.

reply to post by Dbriefed


According to the last paragraph of your article it seems things are trending down not up? But according to the first part of your article unemployment is going up?

Well there goes the 600,000 jobs that the Obama stimulus supposedly saved.

Required line

Originally posted by Zosynspiracy
reply to post by Dbriefed

 

According to the last paragraph of your article it seems things are trending down not up? But according to the first part of your article unemployment is going up?

Yup, more layoffs and more are unemployed. Employment rate is not worsening because the BLS does not count people too proud to file for unemployment, those that 'take a break' after a layoff, or those who's benefits run out, they don't count all the unemployed. Only those that claim unemployment.

Note that the labor force number is roughly the employed + unemployed, not a percent of population. Population is increasing, and the labor force is decreasing.