December 5, 2008

Broader Unemployment Rate Hits 12.5%

Filed under: FYI,News,unemployment,US — DF @ 1:28 pm
Tags: , , ,

According to WSJ:  “The headline unemployment rate of 6.7% in November isn’t the only one the Labor Department reports. They also break the rate down by age, gender, ethnicity, and education. And in table A-12, on page 19 of the report, they also share their broadest estimate of the unemployment rate, which includes the total unemployed (the standard rate) plus “all marginally attached workers, plus total employed part time for economic reasons… plus all marginally attached workers.”
That rate (called “U-6”) in November? A whopping 12.5%.”

Grim jobs data stokes fear around world

According to Reuters: “The U.S. economy hemorrhaged more than half a million jobs in November, data showed on Friday, sending stocks lower on both sides of the Atlantic and hammering currencies from Europe to Latin America.

Canada also absorbed more job losses last month than at any time since 1982, while Germany approved a stimulus package aimed at helping Europe’s biggest economy weather what some fear may be its worst recession since World War II.

The biggest blow, though, came from the United States, where employers last month axed 533,000 jobs, the most for any month since 1974 and nearly 200,000 more than economists expected. The jobless rate hit 6.7 percent, the highest since 1993.”

December 3, 2008

Wall Street Journal launches “Laid Off and Looking” blog

According to and WSJ: “WSJ startes a new blog called ‘Laid Off and Looking’ and it follows eight out of work professionals (with MBAs) who are trying to find new jobs in this post-meltdown world. They hold MBAs from the likes of Kellogg, Harvard, UCLA and more. They range in age from 27 to 59 and have worked in finance (Lehman Bros, Bear Stearns, BofA), real estate and even in some tried-and-true type firms. They’re recounting their searches and the ups and downs of finding work. We’ll offer advice from career experts one day a week, too. We hope it will help others in the same situation.”

(Update 12-03-2008) comment: Laid Off and Looking = LOL (means that laid off people are full of optimism); sounds like we have a new brand!

November 21, 2008

Russia: Unpaid Wages Spur Reminders of 1998

According to WSJ: “Russians have begun to feel the chill of the financial crisis, as it triggers layoffs and wage-payment delays reminiscent of the economic collapse in the late 1990s.

On Thursday, Prime Minister Vladimir Putin promised new measures, including lower corporate taxes and higher unemployment payments, in addition to an existing bailout package.

Government data show that wage arrears jumped in October to over four billion rubles ($145 million), their highest level in a year, and that firms owe back pay to 300,000 people. Economists say the real figures are likely to be higher, though far below those seen in the 1990s, when tens of millions of people were affected. Then, workers went without salaries for months on end, sparking nationwide protests.”

November 14, 2008

Citigroup to lay off another 10000

Filed under: banking,worldwide — DF @ 4:02 pm
Tags: , , , , , , , ,

“NEW YORK ( — Citigroup is getting ready to lay off thousands of workers and raise credit card interest rates, according to a published report Friday.”

Full story

Blog at