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Ugh, the economy. America lost 263,000 jobs in September, far more than analysts expected, and the national unemployment rate rose to 9.8 percent, according to the Labor Department's monthly report. (Last month it was announced that 10.3% of NYC is unemployed, the highest rate since the Dinkins administration.) State and local governments across the country slashed 47,000 jobs last month, and now the unemployment rate is at a 26-year high.
Basically, there just aren't any jobs, and now guys like laid-off construction worker Richard Hall spend their days driving around Florida in pick-up tricks picking up washing machines, ovens and loose metal from the street to sell for scrap. They pay cash by the pound, he says!
Closer to home, 56-year-old Stephanie Wheeler in Elizabeth, N.J. is starting to panic after exhausting her savings in a year spent fruitlessly looking for work. Formerly employed by a data processing company, she has $800 left in her savings account and six more weeks of $379 unemployment checks before she's completely ruined. Wheeler tells the Times, "It’s terrifying. I have an apartment. I’ve been here for eight years. I don’t know what’s going to happen. I’m petrified of being set out on the street."
And Dean Baker, co-director of the Center for Economic and Policy Research, says, "People have been celebrating that we’re through the financial crisis, but the underlying issues are all still there. We’ve lost trillions of dollars in housing wealth, and consumption’s going to be weak. It’s not the ’30s, but there’s really nothing to boost the economy." Not even scrap.
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Yeah, not to mention all the new jobs being added are low-income. I was laid off a month ago so my company could replace me with a recent college grad for half the salary. Sure it's not technically a "lost job" by economic standards, but it's certainly not a liveable salary in NYC.
My boss got fired yesterday (NOT laid off) and I'm worried about her finding a new job. She was looking for months but now there's no paycheck coming in and no prospects for new employment. It's pretty bad out there.
Don't worry gang. Mayor Mike will get us through this crisis. He has closed down lanes of traffic and placed furniture around Times Square and other areas for people to sit and starve. It's about Progress not Politics.
Lol.
I dont doubt it - but personally I havent seen it. A few people lost jobs but they got new ones - I just see my company squeezing employees more. real estate is bust, but it seems to thats a good thing as it will stop all the corrupt developers for a while
I'm not worried, I'll get one of those "green jobs" the mayor was talking about. if not, I'm collecting cans, you think the vendor wars are tough, wait till you see the deposit can lines.
it won't take much for that 9.8 to reach 10.0 nationwide.
Ughh, this is just nerve racking.
Scary times.
Brother, can you spare a squeegee?
the jobless hordes better learn some chinese.
Have to sleep with the boss.
Obama: "If this stimulus bill does not pass, unemployment could go as high as 8%!"
It's now 9.8%; Welcome back Jimmy Carter.
Puuuuhhhleaze.
Go get a trust fund like everyone else.
FLEDGLING FASHIONISTAS
Along Fifth Avenue they march
--High fashion news! —
Young trendy women bearing signs:
"Will work for shoes."
Enjoy the "Change you can believe in"!
This should be no surprised, many people (including me) have been saying for a year that it would get worse and here it is (and its going to get much worse).
This is Japan in 1991 basically! Let's hope we don't get another Soviet Union collapse (but brace yourselfs for the worse).
Interesting enough Japan is *finally* getting out of its recession and China is doing pretty (better then Japan, that's for sure!).
well looks like the unemployed should cook up an extortion plan a la letterman
Even worse, Chicago didn't get an olympic nod!!! I'm so glad 790B stimulus has saved, or created all those jobs in last few months. Hurray!