How bad is the economy? 533,000 jobs lost in November

Obama's response to figures

From my inbox:

"The 533,000 jobs lost last month, the worst job loss in 34 years, is more than a dramatic reflection of the growing economic crisis we face. Each of those lost jobs represents a personal crisis for a family somewhere in America. Our economy has already lost nearly 2 million jobs during this recession, which is why we need an Economic Recovery Plan that will save or create at least 2.5 million more jobs over two years while we act decisively to maintain the flows of credit on which so many American families and American businesses depend.

"There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better. But now is the time to respond with urgent resolve to put people back to work and get our economy moving again. At the same time, this painful crisis also provides us with an opportunity to transform our economy to improve the lives of ordinary people by rebuilding roads and modernizing schools for our children, investing in clean energy solutions to break our dependence on imported oil, and making an early down payment on the long-term reforms that will grow and strengthen our economy for all Americans for years to come," said President-elect Obama.

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by: Pam Spaulding @ Fri Dec 05, 2008 at 08:55:24 AM CST

rebuilding roads and modernizing schools

jobs for construction workers only. That leaves the millions out of work from retail, service jobs, white collar, technology, ect.  A 1930's WPA "New Deal" policy won't work as the majority of the country were blue collar laborers back then, but President Elect Obama can certainly try.  

Same-Sex Marriage is good for the economy.

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by: CharlesMerrill @ Fri Dec 05, 2008 at 09:24:13 AM CST

Didn't the wonks say the recession actually started last Dec.?

So, the fundamentals of the economy, in theory, haven't been sound in a while.

All praise the Flying Spaghetti Monster that Psychogeezer McCain was totally pwned in this elex.

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by: rptrcub @ Fri Dec 05, 2008 at 09:31:09 AM CST

Speaking from the front lines on this one...

I got laid off 11/18 - no warning, we'd already had two layoffs previously, with assurances that each was "the last one."  Business was down about 10% from normal, yet 30% of employees were furloughed, but what really pushed the owner over the edge was the credit crisis.  I think that's the root of this latest round.

Other contributing factors are the government's unwillingness to do anything meaningful until after January 20, and the general pessimism that has permeated the economy.  

I feel like I'm holding my breath until Jan. 20.

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by: Phil @ Fri Dec 05, 2008 at 10:36:00 AM CST

I strongly disagree with the comment, "This number is his legacy"

This number is only a VERY SMALL PART of Shrub's legacy. How many millions of US jobs have vanished in the last seven and a half years?

Plus ça change, plus c'est la même merde.

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by: TechBear @ Fri Dec 05, 2008 at 11:12:47 AM CST

no need to disagree

That figurative, TechBear. "This number" is referring to "employment figures" during his admin.

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by: Pam Spaulding @ Fri Dec 05, 2008 at 11:24:57 AM CST

[ Parent ]

ONE MILLION+ actually.

....as 567,000 stopped looking. Just the tip of the iceburg.

It's the Hammer of JUSTICE,
It's the Bell of FREEDOM,
It's the Song about LOVE between,
my Brothers and my Sisters
...All over this Land.

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by: Orion45 @ Fri Dec 05, 2008 at 11:26:23 AM CST

now watch for the crime wave

As people become desperate, there will be a rise in crime. I've seen it already where I am -- petty crime is up, more aggressive panhandling. The social safety net is going to be under tremendous strain, and law enforcement is in a poor position to address it - many in the ranks are National Guard and have been on leave in Iraq and Afghanistan. Well-trained officers are not in place to handle this. My brother went to a city council meeting where the community is fighting to get an additional 5 officers on the street to address a growing gang problem and increase in crime.

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by: Pam Spaulding @ Fri Dec 05, 2008 at 11:35:32 AM CST

[ Parent ]

Military

recruitments are up.


Click HERE and sign up: Campaign For Military Partners

Click here for DADT photobook

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by: Louise @ Fri Dec 05, 2008 at 12:08:07 PM CST

[ Parent ]

I suppose that could work to my advantage

Four years ago, I got certified and actually worked as a state corrections officer for a 15 months.   My certification is still good.  But it's really not the kind of work I'm cut out for.  Due to the current economy, however, a lot of us are going to end up doing work we really aren't cut out for.  (God I hate ending a sentence in a preposition!)

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by: Phil @ Fri Dec 05, 2008 at 16:32:27 PM CST

[ Parent ]

More guys loitering on the street

with nothing better to do than harass women. And if they clock you as trans, expect even worse. I am becoming more wary and going out less.

Here's what I find about compromise--
don't do it if it hurts inside,
'cause either way you're screwed,
eventually you'll find
you may as well feel good;
you may as well have some pride

--Indigo Girls

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by: Hypatia @ Fri Dec 05, 2008 at 23:14:39 PM CST

[ Parent ]

It's bad all over

I work for a non-profit in Chicago.  At our staff meeting Wednesday employees were "encouraged" to take non-paid leaves of absence.  It was a little strange to hear, but I guess it's better than being told you're fired.  Luckily my position is grant-funded.  I won't have to face the realities of the current market until May (oh joy!).

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by: RickyG @ Fri Dec 05, 2008 at 11:32:47 AM CST

Yes so right

Just imagine what will happen in Detroit if there is no bailout.  Crime is up in Los Angeles and Chicago.  Times are tough.

Same-Sex Marriage is good for the economy.

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by: CharlesMerrill @ Fri Dec 05, 2008 at 11:42:47 AM CST

Coincidentally, that's where I am...

I live in suburban Detroit, and I work at one of the car companies.  Believe me, every TV in this buiding is turned onto C-SPAN right now watching the congressional hearings.  

Michigan's unemployment rate, as of over a month ago, was 8.9 percent.  On my drive to work, it seems like almost daily I see another business that has closed, and it's businesses of all kinds-the travel agency near my place, bakeries, hair salons, party stores, clothes stores, and the list goes on and on and on.

In my friend's neighborhood in Dearborn, there are streets where LITERALLY every other house is vacant and for sale/rent.  I was in Downtown Detroit a couple weeks ago, and there are even more homeless people, and even the daylight and being near Comerica Park doesn't stop them from following you for blocks and begging anymore.  

I haven't seen any crime statistics here, but I know it's been bad for awhile, and with all the abandoned/vacant houses, there are a lot of people breaking in to steal the copper pipes and wiring and anything else that might be worth something.  My parents live in rural Michigan, and they tell me it's getting downright scary up there, with people being robbed, homes being broken into, cars being stolen.  

Quite frankly, if one of our car companies go down, Michigan's f---ed, plain and simple, and Detroit will be the setting of a real-life "Escape from New York."  And if one of them goes down, I'll probably be packing up and getting the fuck out of dodge, because this will become a VERY scary place to be.

Do I sound just a tiny bit scared?  Because I am.

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by: xequar @ Fri Dec 05, 2008 at 12:50:56 PM CST

[ Parent ]

We'll be renting out rooms

Just, you know, something to keep in mind.

OK, it's black humor, but it's laugh or cry and I look like hell when I cry.

Cause any fool knows, a dog needs a home; a shelter from pigs on the wing

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by: QueerInSoCal @ Fri Dec 05, 2008 at 15:02:33 PM CST

[ Parent ]

I know what you mean...

I just went and looked up the current stats for MI.

October's unemployment rate-9.3 percent!

If you want to know how the rest of the country will come out, look at Michigan.  We've gotten pretty damn experienced in recession, given that we've officially been in one for nearly three years now and realistically have been in one for eight.

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by: xequar @ Fri Dec 05, 2008 at 15:08:38 PM CST

[ Parent ]

Warning not to steal copper pipes.

Believe it or not, there are big billboards of warning as you enter Palm Springs from the freeway.  Also, alot of ads on TV and radio from law firms wanting to help people deal with the IRS.  Never saw that before until the last two years.  Must be people are not filing taxes.

Same-Sex Marriage is good for the economy.

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by: CharlesMerrill @ Fri Dec 05, 2008 at 21:06:17 PM CST

[ Parent ]

Businesses closing in LA too.

I work in the film biz...SAG strike looming.  While I support anyone who can get money out of producers (as they would have us work for free if they could) it will be another 6 months of unemployment for me down the line.

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by: Karen in Kalifornia @ Fri Dec 05, 2008 at 13:12:58 PM CST

Hotel industry

is in the toilet. A few weeks ago one of my husband's employees was looking for a different position. He applied at a property where the hiring manager knew him, had worked with him, and liked him. When no word came back, hubby called and asked what the deal was. They'd received 135 applicants for a mid-level position. People with decades in the hospitality industry, with degrees in hotel management, were applying. Hubby's employee just wasn't qualified enough to beat all those candidates.

And on Tuesday hubby got his own walking papers. Blackstone Group, which recently bought Hilton Hotels, is in debt up to their eyeballs and they're cutting 30% of jobs, across the board. He's out, after 16 years, and we're wondering what the next step is. Fortunately my job is relatively safe, for now at least. We won't lose our home but things are going to be stretched mighty thin for the next long while.

Cause any fool knows, a dog needs a home; a shelter from pigs on the wing

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by: QueerInSoCal @ Fri Dec 05, 2008 at 14:57:51 PM CST

Always look on the bright side

Maybe, just maybe, this is the beginning of the end for the fatuous soul-sucking free market fetish we as Americans have so obsessively conjoined to our national identity.

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by: lo_pan @ Fri Dec 05, 2008 at 15:04:47 PM CST

It'll get a lot worse sooner than most people expect because of Obama and the Democrats...

Obama has no solution, and if fact he's going to make it worse. He's forming a right centrist government.

Hillary Clinton's appointment as Secretary of State is another sure sign that the war will escalate. Hillary Clinton is a war hawk who's even further to the right than Obama. Add a Robert Gates, a few Sam Nunn's and Colin Powell's and you've got a formula for disaster. Obama plans to continue attacks on the Palestinians, supporting apartheid, stay in Iraq, menace Iran, ramp up the murder of civilians in Afghanistan and continue cross border raids into Pakistan and probably Syria.

On the economic front Obama has already sided with the bailout for the rich retards who wrecked the economy, which now totals about $8.5 trillion dollars. Of that not a will go to working people who fell victim to predatory mortgages, car loans and credit cardsharks, to greening the economy or to repair of the infrastructure.

His choice of key economic advisors is proof positive that Obama isn't going to do anything differently, or any better, than Bush. Obama's White House economic director will be Lawrence Summers. This is very bad news indeed. While Summers ran Harvard he enraged environmentalists and anti-racists by signing a document that said "developed countries ought to export more pollution to developing countries because these countries would incur the lowest cost from... people made ill or killed by the pollution." Then he said "the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable." He angered women by saying they had no aptitude for science and engineering. Strike three was his opposition to affirmative action and racist accusations against prominent African-American Studies professor Cornel West.

The Bush wing of the rightwing is pleased that the Obama wing of the rightwing will carry on their policies.

"...new administration is off to a good start." - Senate Republican leader, Mitch McConnell.

"Virtually perfect " - Senator Joe Lieberman, former Democrat and John McCain's top surrogate in the 2008 campaign.

"Reassuring." - Karl Rove, Bushbrain.

"I am gobsmacked by these appointments, most of which could just as easily have come from a President McCain ... this all but puts an end to the 16-month timetable for withdrawal from Iraq, the unconditional summits with dictators, and other foolishness that once emanated from the Obama campaign ... [Hillary] Clinton and [James] Steinberg at State should be powerful voices for 'neo-liberalism' which is not so different in many respects from 'neo-conservativism.'" - Max Boot, neocon McCain staffer.

"I see them as being sort of center-right of the Democratic party." - James Baker, Reagan's Secretary of State

"Surprising continuity on foreign policy between President Bush's second term and the incoming administration ... certainly nothing that represents a drastic change in how Washington does business. The expectation is that Obama is set to continue the course set by Bush... " - Michael Goldfarb of the neoconservative Weekly Standard.

"I certainly applaud many of the appointments ... "
- Senator John McCain

Hillary Clinton will be "outstanding" as Secretary of State - Henry Kissinger, war criminal

"Rahm Emanuel is "a wise choice" in the role of Chief of Staff..." - Republican Senator Lindsey Graham, John McCain's best friend.

"The country will be in good hands." - Condoleezza Rice, war criminal

Fasten your seat belts... The American economy is going to have a high speed train wreck. The 'recession' is now official and the DJ dropped 680 points today. The markets are whipsawing but trending down. And the Pentagon announced it's going to deploy more troops in the US as the situation gets less settled.

Quotes from AlterNet story 109160
The Beltway Boogie - Obama Allemandes Right  

The looter rich much prefer working with Democrats like Obama and the Clintons - they're greedier, they fool more people and they're able to get away with a lot more than Republicans.  

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by: donal1944 @ Fri Dec 05, 2008 at 15:56:05 PM CST

Las Vegas is taking a big hit, almost as bad the one after 9-11...

Nevada's unemployment rate was 7.6% in Oct, and has increased for six months in a row. The Nevada rate was worse than the national rate for the last 18 months.

Bankruptcy rates here peaked just before Biden betrayed consumers and working people with his draconian pro-business bankruptcy law in 2005. But now, because of heavy consumer debt, especially from foreclosures and people trying to live off credit card debt, they're rising again.

Nevada has led the nation with the highest foreclosure rates for the last 20 months. Multi billion dollar casino complexes on the strip are stalled midway through construction because they can't meet payroll.

The only bright side is that the Teamsters and casino unions are continuing their organizing drives. As it did in the 1930's the shock of mass unemployment and homelessness will dampen union organizing efforts but when people get over the shock then watch out. Imported and immigrant workers and African Americans are feeling the brunt of unemployment as well as casino and construction workers.

As usual the police are busy 'encouraging' the homeless to move to California for the winter. Catholic charities and other federally funded providers of food have been swamped for months. The police in Vegas are much feared (not respected, just feared) by working people, especially minority working people.

And as if that weren't bad enough, a shadow has fallen across the city. The days of the $3.75 steak and eggs deals are numbered. People are being cut off cold turkey by heartless casino managers amid widespread lamentations and gnashing of teeth. Cardiologists are in shock.    

The looter rich much prefer working with Democrats like Obama and the Clintons - they're greedier, they fool more people and they're able to get away with a lot more than Republicans.  

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by: donal1944 @ Fri Dec 05, 2008 at 20:01:48 PM CST

533,000 +

Me

I just lost my job today.  40% of the company was let go today.

Now if you'll excuse me I have more crying to do.

Besser ein ende mit Schrecken als ein Schrecken ohne ende

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by: becca @ Fri Dec 05, 2008 at 20:59:57 PM CST

I'm sorry to hear that

My other half is going all through it. One minute he's up, the next he's down. I haven't dared bring up several things we need to discuss.

We've been covered by his (executive level) insurance for the last 15 years. My peon coverage isn't going to cover his chiropractor, and the co-pays are a lot higher. The dental insurance isn't nearly as good. And it's going to cost us a bunch more for the worse coverage, which means things will be even tighter than we'd thought. Today he started clipping coupons and putting them in his envelope. We've been here before; there was a time when I walked back and forth to work because we couldn't afford the $70 to reregister my car. We just haven't been here for a long, long time.

Cause any fool knows, a dog needs a home; a shelter from pigs on the wing

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by: QueerInSoCal @ Fri Dec 05, 2008 at 22:47:20 PM CST

[ Parent ]

A red light for the economy...

I worked (as a union member) for railroads for almost 30 years and never saw figures like the ones announced to day by the rail Association of American Railroads. Rail carloads are a key indicator of what the economy will be like for the next few months. According to Traffic World magazine November 2008 was the worst month since they began keeping records.

November's 10.1 percent decline in U.S. rail carload freight and 7.9 percent decline in intermodal freight are by far the largest monthly declines since we started keeping track of monthly traffic... U.S. railroads originated 1,189,472 carloads of freight, down 10.1%. from November 2007. U.S. railroads also originated 851,517 intermodal units (Trailers on Flatcars, mostly imports) in November 2008, a decrease of 7.9 % from November 2007.

Here are some clues about how the economy's going to perform for the next few months.

Only one commodity showed any increase November: coal was up 2.1 percent. (It's winter.) But 17 other commodities declined during November. Worst performers were motor vehicles and equipment (down 25,984 carloads, or 32.7 percent); chemicals (down 19,621 carloads, or 16.3 percent); metals and metal products (down 19,181 carloads, or 39.6 percent); and grain (down 17,134 carloads, or 16.6 percent).

Terible news becca. My sympathies to everyone taking a hit so the rich can get richer.  

The looter rich much prefer working with Democrats like Obama and the Clintons - they're greedier, they fool more people and they're able to get away with a lot more than Republicans.  

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by: donal1944 @ Fri Dec 05, 2008 at 22:43:28 PM CST

A few rich are getting richer

Some who lost it all are jumping out windows.  The stock market is going to go down below 3,000 or maybe lower.

Same-Sex Marriage is good for the economy.

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by: CharlesMerrill @ Sat Dec 06, 2008 at 13:04:09 PM CST

[ Parent ]

Wonderful news...

For the first time since the rise of the CIO in the depths of the 1930's depression local unions are taking the initiative and disregarding advice from AFL-CIO HQ to make concessions and play it cool. In on of the most important developments to date workers in Chicago are organizing a sit-down strike.

Heres a short description circulated to members of the left wing Railroad Workers Union.

"December 6, 2008

WORKERS OCCUPYING the Republic Windows & Doors factory slated forclosure are vowing to remain in the Chicago plant until they win the $1.5 million in severance and vacation pay owed them by management.

In a tactic rarely used in the U.S. since the labor struggles of the 1930s, the workers, members of United Electrical, Radio and Machine Workers of America (UE) Local 1110, refused to leave the plant on December 5, its last scheduled day of operation.

"We decided to do it because this is money that belongs to us," said Maria Roman, who's worked at the plant for eight years. "These are our rights."

Sit down strikes challenge private property rights.

Unions are the heavy infantry of social change and one of the key alliances we'll need to fight for our agenda. Unions contirbuted over $1.2 to the misled No on 8 campaing and did their own statewide mailings, etc.  

The looter rich much prefer working with Democrats like Obama and the Clintons - they're greedier, they fool more people and they're able to get away with a lot more than Republicans.  

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by: donal1944 @ Sun Dec 07, 2008 at 10:22:09 AM CST

[ Parent ]

Right.

The uberrich, the multibillionaires are gettng richer. Particulary Sam Waltons litter. People like them got richer during the depression too.  

The looter rich much prefer working with Democrats like Obama and the Clintons - they're greedier, they fool more people and they're able to get away with a lot more than Republicans.  

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by: donal1944 @ Sun Dec 07, 2008 at 10:25:31 AM CST

[ Parent ]