UNEMPLOYMENT 

 

Half-million jobs disappear, worst in 34 years, as economy deteriorates ever more rapidly  “Staring at 533,000 lost jobs, economists were anything but hopeful. Since the start of the recession last December, the economy has shed 1.9 million jobs, and the number of unemployed people has increased by 2.7 million — to 10.3 million now out of work.  Some analysts predict 3 million more jobs will be lost between now and the spring of 2010 — and that the once-humming U.S. economy could stagger backward at a shocking 6 percent rate for the current three-month quarter.”  Associated Press  12/5/08
Citigroup’s Pandit Targets 52,000 Jobs to Eliminate (Update2)  “The head count will drop to 300,000, from about 352,000 as of Sept. 30 and 375,000 at the beginning of this year, according to the presentation. The overall reductions include 12,500 jobs shed with the pending sale of Citi Global Services Ltd., an Indian business unit that handles processing and other “back- office” services. Citigroup also is selling its retail banking operations in Germany, with about 5,600 employees.  Bloomberg  11/17/08

The Real Unemployment Numbers  “Warning: Lengthy post ahead that contains truths that talking heads and government officials would prefer you gloss over. Continue at your own peril.

Unemployment continues to skyrocket to a number far higher than 6.5% … although this is the official number the American people are told. That number simply does not jive with every anecdotal piece of evidence, sentiment gauge, and the like. Because it’s a government manufactured myth, as we’ve pointed out many times in the past – keep feeding the sheep false figures and hope they don’t figure it out. I’ve long since stopped dissecting a few of the major government reports because they all have been (ahem) “modified” since the early ’90s to show favorable statistics. But since we get new readers, most of whom don’t recognize the “Man” behind the curtain statistics, I pull out some old blog entries to showcase reality.”  Seeking Alpha  11/7/08



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