Nouriel Roubini: "If you are unemployed, you'd better hunker down. The jobs just aren't coming back"

[Amerigo Vespucci]

This is the current lead story on Huffington Post:

UNEMPLOYMENT: 'THE WORST IS YET TO COME'



Roubini: Jobless Americans Should 'Hunker Down,' Another Stimulus Needed

http://www.huffingtonpost.com/

The Worst is yet to Come: Unemployed Americans Should Hunker Down for More Job Losses

Nouriel Roubini | Nov 15, 2009

ttp://www.rgemonitor.com/roubini-monitor/257978/the_worst_is_yet_to_come_unemployed_americans_should_hunker_down_for_more_job_losses

From the Daily News:

Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%.

While losing 200,000 jobs per month is better than the 700,000 jobs lost in January, current job losses still average more than the per month rate of 150,000 during the last recession.

Also, remember: The last recession ended in November 2001, but job losses continued for more than a year and half until June of 2003; ditto for the 1990-91 recession.

So we can expect that job losses will continue until the end of 2010 at the earliest. In other words, if you are unemployed and looking for work and just waiting for the economy to turn the corner, you had better hunker down. All the economic numbers suggest this will take a while. The jobs just are not coming back.

[Craftsman]

1. If true, and I think it is, many Politcos will need resume help in 11-2010

[roguevalley]

16. my brother just got laid off today. what a shit world this is

[inna]

2. "Conditions in the U.S. labor markets are awful and worsening."

Shit.

Nouriel usually knows what he's talking about.

:(

[marmar]

3. Roubini is right more often than just about any other economist.....

..... All the happy talk can't create jobs.

[FBaggins]

10. That's not really true.

He has just been right during the current collapse.

It's like picking a popular perma-bear and claiming that he's "right more often than just about any other economist" while the stock and real estate markets were soaring.

I don't know whether we've seen the bottom already, but I'm reasonably comfortable that when things DO get better, he'll still be claiming that the end is near.

[Tierra_y_Libertad]

4. It's a catch-22 "recovery". No job or lower paying jobs.

The labor market is flooded with the unemployed. Jobs are going to the lowest bidders and it's going to continue for a long time.

[rfranklin]

6. It isn't a recovery...it's a "readjustment"

And most of us can readjust to having no income while the banksters and Wall Street crooks figure out how to grab more of the smaller pie.

[C_Lawyer09]

8. Here is what is super fun

When you attempt to ask the H.R. person a job relevant question, and they keep talking over you, and insisting they are answering the question you asked. Then when you attempt to ask the question again, they interupt, talk louder, and answer another question you didn't ask. Why are so many Sales job H.R. specialists those whom have never sold anything in their life. Cest la vie, this is frustrating!

[HughBeaumont]

5. Dow 100. It's COMING.

http://journals.democraticunderground.com/HughBeaumont/78

No, seriously. DON'T talk "recovery" unless some corporations bite some bitter pills and start HIRING. NO jobs, NO "recovery". "Recovery" isn't about how well the jet set is doing. Recovery is about how WE are doing. WE cannot spend and purchase if WE aren't gainfully employed.

[gkhouston]

7. Hunker down? In what, a cardboard box?

The thing that's driving me nuts is that someone wants to offer my husband a job but there's a hiring freeze in effect. It would be a good fit for him and this guy really wants to make the hire, but we're screwed by administrative mandate. :grr:

[madrchsod]

9. they have`t came back since the mid-late 70`s

and we have reached the fork in the road....

[Craftsman]

12. Bingo!!!

All safe one of the G20 countries protect key industries. Care to guess with one does not?

[defendandprotect]

18. Right . . . GOP's "third world America" in the making . . . !!!

[Warpy]

11. Not without serious government intervention, they're not

It has got to dawn on them that this country has lost too many strategic industries to survive the next big war, let alone win it. We no longer make such basic things as cloth or shoes. We are entirely dependent on a world that could turn hostile at any moment and then, my friends, this country is seriously fucked.

We no longer have the manufacturing jobs, the manufacturing infrastructure has been exported, sold for scrap, or left to rot along with them.

We are going to have to rebuild from the ground up and that is going to take money. There are two places to get that money: progressive taxation and cutting the Pentagon budget. Both will have to be done if we're to get this country strong again and provide good jobs doing it.

This country has been reduced to an empty shell guarded by a nuclear arsenal. We are incredibly vulnerable, not to attack but to embargo.

Getting our industry back is a national security issue and should be sold as such.

[phantom power]

14. "empty shell guarded by a nuclear arsenal"

+1

[ipaint]

13. The jobs would not have come back in 2001

were it not for the housing bubble and giving credit out like free candy. I don't see that happening again. The jobs were as artificial as the bubble that created them.

[treestar]

15. So only the same jobs can ever exist?

And no new ones are ever created?

This "journalist" ought to try reading just a little history.

[defendandprotect]

17. ONLY if we overturn the trade agreements . .. and slam the doors on those who left -- !!!

[XemaSab]

19. I had my first day at the census today

I'm probably going to wind up entering time sheets for $8.75 an hour, if I don't wind up staffing the phones to set people up for employment interviews.

I am *so* overqualified, but it's a job. :(

[Matariki]

20. Hunker down? Is that edible?