DOOMED: Jobs collapse in US

[ChimpMaster]

http://www.marketwatch.com/news/stor...E3A3ABE908C%7D


So it continues...

[oracleslave]

Services-producing industries added 93,000 jobs. Government added 31,000, including 25,000 in education.

"The unemployment rate shot up to 5%"

Shot up all the way from 4.7%?

[ChimpMaster]

"A separate survey of households showed employment plunging by 436,000, marking the biggest decline in five years."

I just hope we can hold up over here.

[DimPrawn]

It's different this time.

HTH

[oracleslave]

"A separate survey of households showed employment plunging by 436,000, marking the biggest decline in five years."

I just hope we can hold up over here.

Do they specify what jobs those people were doing? From the skim-read I did of the article seemed like mostly construction workers and people in the manufacturing sectors and specifically not services?

[AlfredJPruffock]

I can hardly be bothered to even muster a yawn after reading this dreary artice - why it that so many on this site seem to relish any economic news which gives rise to gloom - I say get your gladrags out tonight - paint the town red this weekend and to hell with the expense !

Remember - as long as the West prints the Fiat Currency - debt doesn't matter.

To do otherwise is to submit to the whims of the neer-do-wells and gloomy socialists which are all too common these days.

[ChimpMaster]

Do they specify what jobs those people were doing? From the skim-read I did of the article seemed like mostly construction workers and people in the manufacturing sectors and specifically not services?

You're right but the fear factor in the markets/economy is that there will be a sector wide collapse in jobs. It's all linked in the consumer economy. So today the construction jobs are falling as people aren't buying houses any more and companies aren't in need of new commercial property because they're holding back on spending. Consumers are unable to extend the spend any further, so consumption and hence manufacturing fall, and those jobs go. Eventually this will link back to the services industry when companies no longer wish to spend on new projects, consultants etc.

[DimPrawn]

I can hardly be bothered to even muster a yawn after reading this dreary artice - why it that so many on this site seem to relish any economic news which gives rise to gloom - I say get your galdrags out - paint the town red this weekend and to hell with the expense !

Remember - as long the West prints the Fiat Currency - debt doesnt matter.

To do otherwise is to submit to the whims of the neer-do-wells and gloomy socialists which are all too common these days.

Hear Hear.

Boomed!

[sasguru]

I think a doomed scenario is to be welcomed. Those who have not been wise will learn a lesson and those who have will reap the benefits ...Economic pain is a necessary medicine in the current climate of excess.

[Pinto]

Here here.

Boomed!

Wot 'e said, but spelt correctly.