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Its no suprise if you were following the reports in November and December of 2008 that already expected GDP fall of ~4% then ~6.5% as well as ~8% uneployment in Q1-2009 (lulz at those that claimed this is ALL a fabrication of BO).
Some are still debating if this is as severe recession as any other, only behind 1930s. A lot of the people that tries to debate that "its not that bad"(its all jsut fear, liberal medias fault ) are some of the same(economist and forum members) that were callin BS on recession fears 18 months ago.
ADP Says U.S. Companies Reduced Payrolls by 697,000
By Bob Willis
March 4 (Bloomberg) -- Companies cut 697,000 jobs in the U.S. in February as the recession’s grip tightened, offering no sign the pace of the decline in payrolls is easing.
The drop in the ADP Employer Services gauge, a survey based on payroll data, was larger than economists forecast and followed a revised cut of 614,000 for the prior month.
Employers are cutting staff as demand plummets in the face of strained credit and battered housing and equity markets. The Labor Department may report in two days that employers cut payrolls in February for a 14th consecutive month, putting jobs losses in the current downturn at more than 4.2 million, according to a Bloomberg survey.
“We doubt any of these numbers have hit bottom yet,” Ian Shepherdson, chief U.S. economist at High Frequency Economics Ltd. in Valhalla, New York, said in a note to clients. “Employment is tanking right across the economy.”
The ADP report was forecast to show a decline of 630,000, according to the median estimate of 26 economists in a Bloomberg News survey. Projections ranged from decreases of 500,000 to 770,000.
ADP revised its methodology late last year in a bid to limit differences between its calculations and the government’s payrolls numbers.
The ADP figures include only private employment and do not take into account hiring by government agencies. Macroeconomic Advisers LLC in St. Louis produces the report jointly with ADP.
Announcements Surge
Job cuts announced by U.S. employers more than doubled in February from a year earlier, led by planned cutbacks at retailers and automotive companies, Chicago-based placement firm Challenger, Gray & Christmas Inc. said today.
Firing announcements rose 158 percent last month from February 2008, to 186,350. The monthly total fell 23 percent from January’s seven-year high of 241,749 following the worst holiday retail sales season in four decades, Challenger said.
Today’s ADP report showed a reduction of 338,000 workers in goods-producing industries including manufacturers and construction companies. Employment in manufacturing dropped by 219,000. Service providers cut 359,000 workers.
Companies employing more than 499 people shrank their workforces by 121,000 jobs. Medium-sized businesses, with 50 to 499 employees, cut 314,000 jobs and small companies decreased payrolls by 262,000.
GM Crisis
General Motors Corp. was among companies cutting staff. On Feb. 18 the Detroit-based automaker said it planned to cut an additional 47,000 workers worldwide and needed an additional $16.6 billion in new federal loans to keep operating while it restructures its operations to avoid bankruptcy.
Caterpillar Inc., the world’s largest maker of earth-moving machinery, said Feb. 11 it was offering a voluntary retirement package to about 2,000 U.S. production employees, in addition to more than 22,100 announced dismissals.
“Depending on business conditions, more voluntary and involuntary workforce reductions may be required as the year unfolds,” the Peoria, Illinois-based company said in a statement.
The ADP report is based on data from 400,000 businesses with about 24 million workers on payrolls.
ADP began keeping records in January 2001 and started publishing its numbers in 2006.
Terrible news, adding all the known data already plus what is expected friday :
Quote:
Originally Posted by DeLong
It is overwhelmingly likely that the current downturn-in-progress will then surpass the united 1979-1982 downturn as the worst downturn since the Great Depression itself.
And like the 30's the dem. party wants to fix the problem the same way . Which has come to light years later that it only prolonged the depression for 10 years . So lets do it again !!!
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And liberals are like dogs . They bark till everyone is annoyed.
Recessions such as these... while painful, should almost be embraced. It's the market adjusting to artificially high bubble prices that were unsustainable to begin with. Instead of trying to stop it (and only postpone it), we should just let it happen already.
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Our forefathers made one mistake. What they should have fought for was representation without taxation. Fletcher Knebel
Recessions such as these... while painful, should almost be embraced. It's the market adjusting to artificially high bubble prices that were unsustainable to begin with. Instead of trying to stop it (and only postpone it), we should just let it happen already.
Recessions such as these... while painful, should almost be embraced. It's the market adjusting to artificially high bubble prices that were unsustainable to begin with. Instead of trying to stop it (and only postpone it), we should just let it happen already.
wat? to begin with...the "do nothin" like in the 1800s up till great depression all recesions lasted longer, and unemployment was 3-4 times higher than since the inception of monetary policy and central bank.
And you are confusing "market adjustments", and milder recessions that can be controlled by central bank alone with something of the current magnitude. Current downturn is not just tied to the bubbled business that blew. U think in the 1980s it was a free market victory? it was a monetary policy victory, at that point interest rates had peaked to 15-20% and it was cut to7%, same as wthe high taxes. You can track that housing bubble with home price charts from 1999, and the deflation spiral right now is taking everything past it.Here this chart tracks part of the giant mess from around 2003:
Booger, i already told you to read you history, FDR reduced in first term unemployment from 20% to low 10s, then in 1937 he cut back on spending and recession returned, eventually WWII push us out with full unemployment and private debt completly restored.
Booger, i already told you to read you history, FDR reduced in first term unemployment from 20% to low 10s, then in 1937 he cut back on spending and recession returned, eventually WWII push us out with full unemployment and private debt completly restored.<!-- google_ad_section_end -->
^^^^^
where did you come up with this info ???? Either way spending money on a problem that was basicly caused by borrowing , spending and lending to people that couldnt afford it . CANT BE SOLVED by spending and borrowing more .
Its backward thinking ......plain and simple......no if and or buts about it !!!<!-- / message --><!-- sig -->
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And liberals are like dogs . They bark till everyone is annoyed.
Booger, i already told you to read you history, FDR reduced in first term unemployment from 20% to low 10s, then in 1937 he cut back on spending and recession returned, eventually WWII push us out with full unemployment and private debt completly restore
^^^^
So what you are saying FDR tried spending for 7.....yes .....7 years . and it didnt work . reduced spending and the depression only lasted for 3 more years . Hmmmmm
sounds like sending made it last for 7 years and reducing spending made in recover in 3 years . Sounds about right . How you see it ....it makes no sense .
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And liberals are like dogs . They bark till everyone is annoyed.
as i said booger read your history on NRA.... created in 1933
Manufacturing employment in the United States from 1920 to 1940
Quote:
Originally Posted by booger
So what you are saying FDR tried spending for 7.....yes .....7 years . and reduce unemployment but didn not fully get it out of depression. . reduced spending and the depression only lasted for 3 more years AS WWII FISCAL SPENDING GOT UNEMPLOYMENT DOWN TO ZERO AND ON ROAD TO RECOVER BY mid 1940s . Hmmmmm
fixed, btw, after FDR saw the reducing spending resulted in a fall back on economy he rose spending on NRA again, then WWII followed(look at trend on chart above).
The way people that read history and EVERYONE else who doesnt read history , is like night and day
fixed again i agree...
(i knew you wouldnt even bother to look )
all that is kinda ot anyways...i am just pointing to the severity of the economy, for those that want to spin it as a media fabrication and its not that bad...
there is no spin to it and I dont think anyone thinks that . So the point of your thread is useless . Is this just an attempt to post something other than.....a or a or a ???????????
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And liberals are like dogs . They bark till everyone is annoyed.
While one can argue about the long-term impact of entitlement programs created as part of the New Deal, FDR's plan did not extend the depression if you look at economic data.
However, I understand that facts aren't part of the Fox News talking point memo so I can see how and why you guys state the things you do.
of the long term entitlement programs SS is fine, Medicare continuing rising cost are what makes long term budgets scary, eliminating medicare isnt going to reduce cost, or increate number of insured either.
Most people here did not agree with the bailout in the first place. You're a little late to the party.
Now that we've committed to the bailout, rehashing old arguments over the validity of the bailout itself is a waste of time.
Feel free to whine about it, but that's what's going on. All you can do is hope for the best and entertain the far-off notion that somehow this massive investment will help us down the line.
To steal a line from Jesseenglish, "we're going to tax you into prosperity".
Worst Economic downturn since.....like 30s
) are some of the same(economist and forum members) that were callin BS on recession fears 18 months ago.
or a 
or a 
???????????
