The number layoffs by U.S. employers edged up in January as manufacturers stepped up job cuts, data showed on Tuesday, but probably not enough to alter views that the economy is on the brink of creating jobs.
The Labor Department said the number of mass layoff actions — defined as job cuts involving at least 50 people from a single employer — increased by 35 to 1,761. Mass layoffs had trended lower since August. More here.
The futures so bright I gotta wear shades! In my area, the county’s largest and oldest employer announced it would be shutting down production in April.
Another 260 employees out of work in a county already suffering from one of the highest unemployment rates in the state at over 19%.
I’m sure once those workers are added into the official count that rate will climb to well over 23-25%.
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I continue to be amazed every time I hear someone say "when things get back to normal" when referring to the economy and jobs; don't they understand that things will NEVER be the way they were?!? The whole system that has been built over the last 40-50 years is flawed, and now it is finally being exposed.
We don't produce anything here, we borrow money from other countries in exchange for their cheap labor and we spend the money here. For a while that worked out well, home prices skyrocketed, and the jobs in construction, loan servicing, remodeling, etc. replaced the manufacturing jobs. People were always able to tap the cash machine that they lived in if they wanted anything that they couldn't afford.
Now that housing prices have fallen to more realistic levels (although they still have a ways to go) people are "underwater" on their mortgages and are unable to sell their house, or get a HELOC to take a trip or add on a patio. The government can try to prop up housing prices all they want, but eventually they will settle to the price that people are willing/able to pay. The days of cheap money and easy credit are over, and people need to learn to live more simply. Smaller houses, grow a garden, save money, live within in your means; all the things our grandparents did and we laughed at them. Who's laughing now?
Right on the money Anon 4:11. Only things that will bring our economy back are the fair tax and legislation allowing all US dollars, now overseas, to come home with no penalty or at a rate no greater than 5%. Doubt this will ever happen as then gubmint has no control. We are truly witnessing world changing events and they're just starting.
We will continue to have more layoffs until we learn to buy American. Until then all our money goes overseas. It has to stay in the states to support more jobs. More layoffs means people will demand government intervention and that means Uncle Sugar will institute his controls. He can't wait to turn us into a third world nation. Enjoy your stay in the Fema camps guarded by UN troops.
Anon 4:11 is correct, things won't go back to what they were. So many jobs lost due to automation; jobs lost that won't be replaced. I read today in the LA Times that Freddie Mac lost 26 billion in 2009. Initial job loss claims surged 12% at the end of last week. Living simply, within one's means; grow a garden if possible – I have a friend who used an old bookcase, took out the shelves, filled it with dirt and grew veggies. Innovative! My grandparents had to be frugal and inventive to survive the Great Depression – one worked two menial jobs, the family doubled up – they survived.
Mechanic,
You're absolutely right. A big part of prepping is to do the best you can with the least amount of resources, but some people lose sight of the big picture. Sure you can save money by going to Walmart, but that doesn't do jack for your local economy. We need to support our local farmers and small businesses now because we'll need them more than ever post SHTF and we have a moral obligation: why contribute to a global multibillion dollar company when your neighbor is working his ass off to barely make ends meet.
Our nation has been on the path to self destruction since the "Wilson" administration. This is when "progressives" realized there was nothing to stop them and their idea of a utopian society made of mindless subjects ruled by an enlightened class who knew the best way to care for us was to direct every aspect of our lives. Obama is nothing more than a continuation of this progressive idea and by the way his first year has been he may be the final piece in the utopian puzzel.
Banks, industry, property, and now health care are under the rule of an oppressive central government and there is little that can be done to stop them. All greddy and corrupt politicians are responsible for the downfall. Unemployment is easily double or triple the rate being reported. Businesses have few means to raise capital to continue their businesses and more layoffs and economic downfalls are cascading this country into servitude.
http://www.ajc.com/business/georgia-kia-plant-still-333187.html
Mass Layoffs? I had 5 full time employees. Because of the sluggish sales figures, I now have 3 part time employees. That is roughly a 45% to 50% layoff. How "mass" does it have to be in order to be counted by the government as a problem in our small town?
The Fed is slated to stop printing money at the end of March.
Things are going to change quickly after that.
Get what you can in March as I believe EVERYTHING is going
up in price.
Jim in Ohio
I think those of us that 'have' better start praying for those that will be affected by the layoffs. During the Great Depression, my grandmother would go out and collect cigarette butts for her parents and do other things such as beg for and find food to keep the family going. Sometimes, she had to go to orphanages just to help relieve the parents until they could find jobs. We must appreciate all we have right now for tomorrow it may not be there.
I am really wondering where has Obama's promise gone to and when it will come to materialize. Many Americans are losing hope with the present economic condition. Will there still be hope?
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