Loss of 533,000 US jobs is sharpest in 34 years
Last month, businesses across the country handed out pink slips at a dizzying pace. Full Story »
Posted by Derek Hawkins
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U.S. Congress, U.S. Economy, Labor
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Posted by Derek Hawkins - Dec 6, 2008 - 1:28 AM PST
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Derek Hawkins (review), Marius Chitosca (review), Dan Kennedy (review), Norman Rogers (review), Jack Dinkmeyer (review), Richard Soenneker (review), Michael Bugeja (review), Mark Steele (review)
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Derek Hawkins - Dec 6, 2008 - 1:28 AM PST
This is what we used to call a "futures" story, or a preview of a much larger story forthcoming because of an occasion in the near future. Without knowing that, one can criticize this report for being too brief, relying overmuch on previously reported data, or otherwise lacking context. As a future's story, it covers all the bases in anticipation for the Dec. 15-16 meeting of the Federal Reserve when it prepares to lower the interest rate once again in a futile attempt to save the sinking economy.
The economy IS sinking. There is a concept in navigation called "downflooding," when sea water rushes through a port hole or other part of a damaged ship, so that bail-outs fail in a foundering death spiral. The ship of state here is the economy beyond repair.
- When the Federal Reserve meets on Dec. 15 and 16, economists expect the central bank to drop interest rates by half a percentage point, which will take short-term ... More »
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(14 answers)
This news story factually reports data that have been released by various government agencies and reacted to by Wall Street. Not much good tidings of great joy here. What’s most enlightening is that the higher than expected job loss figures indicate the end of this mess lies far into the future, not in 2009, or even in 2010 as some of the optimistic pronouncements from experts would lead us to believe.
Because there is no way to measure the number of out-of-work persons who have given up seeking employment, official government figures are inaccurate and undoubtedly higher, which also skews the official data–meaning we’re worse off than we know. And who knows what sweet little treats the Bush administration–the most secretive in history–has left for us in the Easter Bunny’s basket?
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(12 answers)
An article that does the math of the bad November economy numbers. A few expert opinions accompany an otherwise technical piece. The tone mixes worry with objectivity, which is kind of realistic and expected.
Surely, the pace of economy constriction is faster and more powerful then any strategy put before it. It's like a hurricane you know is coming, will do its damages and leave. No dam can completely stop the flood of recession.
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(7 answers)
A well-done story on the latest bad economic news, though I can't say it's better than others I've seen.
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(6 answers)
The headline is a lie - you can't use absolute numbers for valid comparisions - you have to use percentage of labor force. Labor force is perhaps 50% bigger now. Probably what is happening is about the same as 1992.
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(5 answers)
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