November Unemployment Statistics to Highlight Economic Reports This Week
October 9th, 2009 Posted in NewsThis week’s economic reports will be highlighted by Friday’s unemployment report, which analysts expect will illustrate the 11th straight month of declining job ranks in the U.S. economy.
Non-farm payroll employment fell by 240,000 in October, and the unemployment rate jumped to 6.5%, up from 6.1% the month before, the Bureau of Labor Statistics reported in early November.
October’s drop in payroll employment followed declines of 127,000 in August and 284,000 in September, according to revised BLS reports. Employment has fallen by 1.2 million in the first 10 months of 2008, with more than half of that decrease occurring in August, September and October. In October, job losses continued in manufacturing, construction and several service-providing industries. Conversely, the healthcare and mining sectors saw their job ranks grow.
And it’s going to get much worse before it gets better, Goldman Sachs Group Inc. (GS) has predicted. Goldman Sachs says the U.S. unemployment rate will spike to 9.0% by the fourth quarter of 2009, as corporate profits plunge an estimated 25% – and that’s after an estimated decline in profits of about 10% this year, Goldman analysts say. The U.S. economy – as measured by gross domestic product (GDP) – will decline by 5.0% in the current quarter, followed by declines of 3.0% in the first quarter of 2009 and 1.0% in the second quarter, Goldman analysts predict.
Those numbers are worse than Goldman originally predicted, and create an outlook similar to Money Morning’sprojections, which called for a credit-crisis-nurtured economic downturn that could last as long as 12-18 months.
The NBER yesterday (Monday) formally announced that the U.S. economy peaked and entered into a recession in December 2007. The U.S. Commerce Department estimated that the U.S. economy, as measured by GDP, rose 0.9% in the first quarter. In the second quarter, GDP advanced an estimated 2.8%. For the third quarter, GDP declined an estimated 0.3%.
Also this week, the U.S. Federal Reserve’s “We have marked down our forecasts for US real GDP in response to continuing signs of falling domestic and foreign demand, labor market deterioration, renewed tightening in financial conditions, and an apparent impasse in fiscal policy pending the transfer of power to the Obama administration in late January. As a result, we expect the unemployment rate to reach 9% by the fourth quarter of 2009, profits to fall 25% for 2009 as a whole following an estimated 10% drop this year, and the Federal Open Market Committee (FOMC) to use nontraditional policy tools more aggressively, as detailed below – Beige Book – due out tomorrow (Wednesday) – offers a look into activity within the various regions of the country.
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Watch the video related to unemployment 2009
THE GRIM REALITY. I was there. A Career Job Fair sponsered by BAE Systems at the Detroit Marriott in Troy Michigan where I guess more than 1500 people were waiting in line to interview for only a few job openings. Seriously depressing. There were Troy police handing the traffic because some many desperate people attended the fair in search to find a solution of being unemployed. The hotel parking lots were full where people had to park in lots next to the Marriott and they were being towed …
Help answer the question about unemployment 2009
In NH will there be another unemployment extension in 2009?Need to know if in New Hampshire we will be seeing another unemployment extension as of February 2009? I'm just not finding much about our state versus some others. Thanks.
12 Responses to “November Unemployment Statistics to Highlight Economic Reports This Week”
By Wordpress on Oct 9, 2009
Not just Michigan, but Ohio too, I can’t find a fucking decent paying job for the life of me here, despite obtaining my college degree (Bachelors) almost 4 YEARS AGO! Cleveland is the 2nd poorest major city in the nation (they’ve been #1 a few times before…recently too) and there is just no future here!
By WPMixer on Oct 9, 2009
I would love to know how many people are killing themselves because of the economic crisis.
By christopherhale1972 on Oct 9, 2009
i found one.
granted it's not in my field and hardly pays the bills….
but i got off my butt and did something, try that.
By compteck2001 on Oct 9, 2009
yep
By Blogger on Oct 10, 2009
Any update in the siituation as on Aug ‘ 2009 ? Please let me know..
By Blogger on Oct 12, 2009
if you live in michigan, GET THE FUCK OUTA THERE! that place is doomed
By Free Blog on Oct 12, 2009
Not shaken – it was the same in 92 in LA, when the aerospace industry collapsed. 2500 or so people showed up for a job fair, I doubt if 50 got hired. I still remember that a guy at a booth told the engineers to sign up for a realestate course, licence in 2 weeks. Also, a security company hired some – as night watchmen.
By Anonymous on Oct 12, 2009
How’s that hope and change working out for your America? All you idiots that voted for Obama, just wait till the 700 Billion actually starts coming out of your wallet. Then you will really feel the sting. Unemployment 10% today and looking to double in one year. Well, Obama was right about one thing. He did bring change.
By Giggles on Oct 12, 2009
Not yet.
The Senate is introducing a new companion bill ( S1699 ) which is almost identical to HR 3548 which passed the House on the 22nd and was forwarded to the Senate.
From what I am hearing, it may be voted on either 9/29 or 9/30 for signing by Obama on the 1st
By Free Blog on Oct 12, 2009
He certainly says some interesting things. I don’t think I am being hard on him & he is not hurting anything by communicating with me.
Let him be. As far as I know, he seems harmless yet strong in his conviction. He is OK by me.
By WPBlog Shop on Oct 12, 2009
You are correct. Just take a walk in down town Detroit and look at all of the abandoned buildings…..
By Blogger on Oct 13, 2009
Cockroach, did you know Valu777 is posting from a crazy house ? Yup, he’s a resident of a psych ward in a Brisbaine. He’s a little schizophrenic, so don’t be too hard on him, he hears the voice of god in his head. he’s prettty much harmless to others though. He is the janitor for the hospital, so he has access to some of the offices and internet. Pretty much though a complete loon. He thinks Jesus will be here this coming September 11th.