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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 1:04 pm Reply with quoteBack to top

... out in 30 minutes.

Consensus seems to be around down 300K (which would put the "official" Rolling Eyes unemployment rate at 6.8%), but pretty much to a person they're saying that down 500k wouldn't surprize them. And "if not this month, then next".

Just in the last 2 days alone, 23,000 job cuts across various industries have been announced:

Among the standouts: AT&T (T, Fortune 500) said it would cut 12,000 jobs, or 4% of its workforce, while DuPont (DD, Fortune 500) said it was cutting 2,500 jobs. Both companies are Dow components. Also, Swiss bank Credit Suisse (CS) said it was cutting 5,300 jobs, or about 11% of its workforce, in the U.S. and globally. A trio of financial services firms announced 3,000 job cuts Wednesday.

Canda reported employment this morning and it was a BIG downside surprize. http://www.reuters.com/article.....0520081205
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 1:28 pm Reply with quoteBack to top

down 533K

largest drop since 1974

October unemployment revised down from 240K to 320K

September unemployment revised down from 284K to 403K (!)

So, we have lost 1.256M jobs in 3 months ...


Last edited by bdc63 on Fri Dec 05, 2008 1:37 pm; edited 1 time in total
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gogostevie
Cherry Bomb


Joined: 07 Apr 2007
Posts: 130
Location: The ATL

Re: Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 1:34 pm Reply with quoteBack to top

That'll leave a mark.

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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 1:43 pm Reply with quoteBack to top

Yeah, I'd say this crisis ball just rolled down hill from Wall Street and has slammed right into the heart of Main Street.

533,000 jobs, and automotive hasn't even begun shedding its jobs yet. Man, this is going to get UGLY(er).

Expect much more spending and handouts from congress, and a national debt that would make the Weimer's blush.

DOW pre-open is only down about 100 ... Question ... uhmmmm, the third leg of the stool has just been pulled out guys, and the laws of gravity have not changed ...
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Rotag
Wrecking crew


Joined: 01 Nov 2007
Posts: 1722

Re: Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 2:34 pm Reply with quoteBack to top

gogostevie wrote:
That'll leave a mark.



That line reminds me of the Chris Farley movie(Tommy Boy) where he was just hit in the face w/ a 2 X 4 and is sitting in the restaurant and says it does not hurt here or here, rather it hurts right here(where it is purple) and the waitress comes up and says something like OMG what happened to you.

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gnk
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Joined: 06 Dec 2007
Posts: 778

Re: Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 4:06 pm Reply with quoteBack to top

bdc63 wrote:
down 533K

largest drop since 1974

October unemployment revised down from 240K to 320K

September unemployment revised down from 284K to 403K (!)

So, we have lost 1.256M jobs in 3 months ...


So given that trend in government reporting, should we assume that in January 2009 that November's unemployment numbers will be "revised" to 600K - 700K+++?

Wouldn't surprise me.

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bdc63
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Joined: 16 Feb 2007
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Location: Maryland

Re: Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 7:09 pm Reply with quoteBack to top

Alright, now I've seen some strange trading days in the last 6 months, but today has got to take the cake.

5th worst monthly job loss of all time, worst in 26 years, and about 200K higher than analysts were expecting ... additionally, worst housing default data since they started tracking it, and it clearly shows that the problems are moving into prime mortgages ...

and, the stock market is trading flat, with financials and retail up ... the bond market isn't doing much of anything ... and gold is down 15 bucks.

anyone care to explain this to me?
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Rotag
Wrecking crew


Joined: 01 Nov 2007
Posts: 1722

Re: Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 7:17 pm Reply with quoteBack to top

bdc63 wrote:
Alright, now I've seen some strange trading days in the last 6 months, but today has got to take the cake.

5th worst monthly job loss of all time, worst in 26 years, and about 200K higher than analysts were expecting ... additionally, worst housing default data since they started tracking it, and it clearly shows that the problems are moving into prime mortgages ...

and, the stock market is trading flat, with financials and retail up ... the bond market isn't doing much of anything ... and gold is down 15 bucks.

anyone care to explain this to me?



Yes, President Bush spoke today.

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Agent Smith: You hear that Mr. Anderson?... That is the sound of inevitability
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bdc63
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Joined: 16 Feb 2007
Posts: 4392
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Re: Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 7:49 pm Reply with quoteBack to top

Rotag wrote:
Yes, President Bush spoke today.


What the heck did he say? Let me guess ... he is going to personally hire those 1.2M people that have lost their jobs to clean up horse sh*t at the Crawford ranch ...
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Rotag
Wrecking crew


Joined: 01 Nov 2007
Posts: 1722

Re: Jobs Report (Non-Farm Payroll)
PostPosted: Fri Dec 05, 2008 8:26 pm Reply with quoteBack to top

bdc63 wrote:
Rotag wrote:
Yes, President Bush spoke today.


What the heck did he say? Let me guess ... he is going to personally hire those 1.2M people that have lost their jobs to clean up horse sh*t at the Crawford ranch ...


Actually, it was along the lines of blah blah blah joblosses, blah blah blah, intereste rates, blah blah blah auto workers. Laughing Laughing Laughing

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