Paul Sakuma/Associated PressUnemployment brochures are on display at an employment training center in Menlo Park, Calif. The jobless rate rose to 5.7 percent in July.
"Nation’s employers: eliminated 51,000 jobs in July, the seventh consecutive contraction in the labor market, as the unemployment rate reached a four-year high."
"July 2008: the unemployment rate rising to 5.7 percent from 5.5 percent in June, its highest level since March 2004."
"Teenage Unemployment: rate rose to 19 percent, its highest level in 16 years."
"Companies avoided job cuts: by reducing their workers’ hours, among private employers, the average work week fell to 33.6 hours from 33.7 hours in June."
"Robert Barbera, the chief economist of ITG: an economic research company. “The bad news is there’s nothing about the data that suggests improvement anytime soon.”
COMMENTS
Brother can you spare a dollar: As the credit crunch crashes through Main Street we are slowly beginning to see the fall out on employment. From teenagers, veteran auto workers, to service professionals we are all feeling the pinch and it is starting to hurt - - ouch. Sadly, there is no end in sight or even a hint of a plan regarding how to handle the problem.
Worried about Inflation: Jobs contracting across the board, overseas problems now bubbling up forcing them to tighten profit margins, and stagnant wage grow in the lower and middle sectors of the wage scale. These are deflationary signals.
Humm, cost going up and no money in my pocket, I wonder what is going to happen. I guess I won't buy that big luxury SUV with the extra wide profit margins or take that super duper luxury vacation. This year I will be taking a homcation - - and spend it with my wife and kids in the backyard.
Yep, just turn the water hose on and enjoy all the sun and fun of our backyard. For dinner we can have a real special treat from big Al's bucket of chicken shop, Honey, order all the fixing, No cooking for anyone while we are enjoying ourselves.
Jim
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