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.”

Job cuts cast dark cloud over economy

According to CNN: “As the economic outlook worsens, job cut announcements have come in hard and fast this week from businesses across the nation.
In all, employers have announced in excess of 110,000 job cuts thus far in November – over 60,000 of which were announced this week alone. Though many of the job cuts represent global figures or won’t take place until next year, the ever-worsening job scene is an ominous sign before this month’s payroll figures are announced in two weeks.”

Crisis Monitor at Flickr: Sacramento, California

Sign Waver job only

Photo: CrisisMonitor

Unemployed? More help for you

According to CNN: “Congress passed legislation late Thursday to extend the period of government assistance to Americans struggling in the shrinking job market.
The bill, which was already approved by the House, is expected to be quickly signed by President Bush.
The measure helps people whose benefits have recently expired, extending benefits by seven weeks in most states and 13 weeks in states with unemployment higher than 6%.
Workers typically get 26 weeks of unemployment benefits, and it’s not uncommon for the government to extend that during economic slowdowns.”

Clean up your locker and hit the road, Mr. Murti at Goldman Sachs

According to NY Times (05/21/2008): “An analyst at Goldman Sachs, Mr. Murti has become the talk of the oil market by issuing one sensational forecast after another. Mr. Murti remembers the pain of the oil shocks of the 1970s. But he is bracing for something far worse now: He foresees a “super spike” — a price surge that will soon drive crude oil to $200 a barrel.”

According to CNN Money (11/20/2008): “crude futures fell $4 to settle at $49.62 a barrel, the lowest settle price since May 23, 2005”.

LayoffBlog.com comment: “Clean up your locker and hit the road, Mr. Murti”.

Layoff Tracker update (11/20/2008)

According to TechCrunch Layoff Tracker(11/20/2008, 12:00 pm PST):

Total Layoffs Since August 27, 2008: 225
Total Employees: 77,151

CNN: No job, bad mortgage – out of luck

According to CNN: “All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can’t make their monthly payments because they’ve lost their jobs. But something needs to be done for them, experts said, or the country will sink deeper into an economic recession.”