Payrolls Decrease in 36 U.S. States, Led by Michigan

Discussion in 'Economics' started by ASusilovic, Sep 21, 2010.

  1. Payrolls dropped in 36 U.S. states in August, led by Michigan, indicating the labor market will take time to rebound from the worst recession since the 1930s.

    Employers in Michigan cut 50,300 jobs last month, the biggest drop since January 2009, figures from the Labor Department showed today in Washington. Texas and California rounded out the three states with the biggest job losses. Joblessness climbed in 27 states, with Nevada reaching a record 14.4 percent rate, the highest in the nation.
  2. then how come the unemployment rate is stagnant at 9.6%
  3. Because there are places in this country that aren't Detroit where companies are hiring.

    Also, contrary to popular belief there's a fair amount of elasticity in the labor market - people who will work when times are good, but who will not look for work in a bad economy.
  4. Yeah, it seems we have not yet reached the pain level on the elasticity scale....
  5. Texas lost 34,200 jobs,

    Majority of those in the "Multi-national Banking and Lending Arena" and construction.
  6. businessstaxes

    businessstaxes Guest

    home construction or housing is 25% of the economy or jobs.

    lots of people make a living in construction. chome onstruction is part of manufacturing sector.

    banks are not lending since they were defrauded by mortgage fraud.

    the amount of mortgage fraud is unbelievable..even a small 10% of mortgage defaulting can result in bank bankruptcy. banks are lenders are not lending to risky borrowers or subprime borrowers and want 30% downpayment. and gaurantee collateral. loans that was once easy to get insurance few will insure loans.

    just like student loans..students have high default on student loans,,if gov't didnt' gaurantee loans..students won't get the loans and won't go to college without student loans. that is what is happening in the mortgage business. it's not the interest rate it's just to risky to lend at such low interest rate. educationa and construction is like at least 30% of all jobs.

    add the aging population..real estate prices can be stagnant for a boomers retiring are selling their homes but the demand isn't there. it's demographic shift like japan is experiencing...low growth.

  7. Don't worry everything is fine NDX up 15% in 2 weeks.
  8. businessstaxes

    businessstaxes Guest

    market is trading like a manipulated thinly traded penny stock.

  9. That's a good way to put it.
  10. bat1


    become a daytrader everything will be fine:D
    #10     Sep 21, 2010