"Rising Unemployment Takes Its Toll" -- article

[Wednesdays]

(Remarkable in that this comes from a financial website, and it's original source is Yahoo News.)


Rising Unemployment Takes Its Toll
Mike Mish Shedlock Jun 23, 2008 10:00 am

Corporations are slashing jobs. States are in on the act too. Let's take a look at a few headlines, all of which are from last weekend.


* Citigroup to Slash Investment-Banking Jobs (Yahoo Finance)

* Teachers Protest Job Cuts (NBC)

* Continental Airlines to Slash Jobs (The Economic Times)

* Janesville GM Closing Could Result Job Loss of 9,000 (The Chicago Tribune)

* Proposal Looks to Slash Local Tax Collectors' Jobs to Streamline Process (The Evening Sun)

* California Unemployment Hits 6.8% (The Los Angeles Times)

Big California Unemployment Jump

Click to enlarge

* Fla. Unemployment At Highest Rate Since Early '03 (NBC)

Dismal Job Reports

Those are dismal job reports. There are hundreds more you can find.

It's question time.

Which way are foreclosures going to head? Bankruptcies? Credit card defaults? Home equity defaults? Commercial real estate defaults? Corporate loan defaults? Corporate profits?

The answers: Up, Up, Up, Up, Up, Up, Down.

<snip>

Some suggest we are in the eye of a hurricane. However, as I said on Sunday, the reality is there are Many Hurricanes, Many Eyes. Most have not even reached shore yet. Very few people are prepared for the series of storms about to hit. And for those barely hanging on, each storm will be worse than the one before it.


http://www.minyanville.com/articles/C-gm-JOBS-CAL-unemployment-bankruptcy/index/a/17672/from/yahoo

[Frustratedlady]

1. The unemployment from the flood is going to hit hard pretty soon.

A lot of those businesses that were flooded are not going to reopen. They were on the edge, anyway, and the flood just made the decision for them.

Also, a lot of people can't get to their job for a couple months. Won't they get counted? George will probably blame the flood for the entire unemployment rate going up.