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WhoRyder

Turbo Monkey
Nov 28, 2007
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The Labor Department's report, released Friday, underscored the grim toll the deepening recession is having on workers and companies. And it highlights the difficulty President-elect Barack Obama faces in resuscitating the flat-lined economy. This year has gotten off to a rough start with a flurry of big corporate layoffs, pointing to another year of hefty job reductions.

For all of 2008, the economy lost a net total of 2.6 million jobs. That was the most since 1945, when nearly 2.8 million jobs were lost. Though the U.S. labor force has more than tripled since then, losses of this magnitude are still being painfully felt.

With employers throttling back hiring, the nation's jobless rate averaged 5.8 percent last year. That was up sharply from 4.6 percent in 2007 and was the highest since 2003.

While economists were forecasting even more payroll reductions in December -- around 550,000 -- job losses in both October and November turned out to be deeper than previously estimated. Revised figures showed employers slashed 584,000 positions in November and 423,000 in October.

The unemployment rate, meanwhile, rose from 6.8 percent in November, to 7.2 percent last month, the highest since January 1993. Economists were expecting the jobless rate to rise to 7 percent.

Losses were widespread in December. Construction companies slashed 101,000, and manufacturers axed a a whopping 149,000 jobs. Professional and business services got rid of 113,000 jobs. Retailers eliminated nearly 67,000 jobs, and leisure and hospitality reduced employment by 22,000. That more than swamped gains in education and health care, and the government.

All told, 11.1 million people were unemployed in December.
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http://finance.yahoo.com/news/Jobless-rate-jumps-to-72-apf-14013613.html

I wonder how the cycling community will be effected by this? Should bike companies start cutting the prices of their bikes?

Trek has a 5K DH bike, Frames are going for 3K without Shocks.... i wonder if bike companies are feeling the pinch as well?
 
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Westy

Westy

the teste
Nov 22, 2002
54,397
20,187
Sleazattle
Luckily when the economy was good the Bush administration kept a nice balanced budget so now some deficit spending can pull us out.
 
W

WhoRyder

Turbo Monkey
Nov 28, 2007
1,834
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NYC
SkaredShtles said:
It's kind of amusing - 7.2% isn't really that high in the grand scheme of things... what's "full" employment considered nowdays? 5%?
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it's still sad.... I have a few friends who got cut...

The question here is will the bike companies suffer from the slowing economy?
 
dan-o

dan-o

Turbo Monkey
Jun 30, 2004
6,499
2,805
If you stop taking hits off the Fear pipe you'll realize that means this country has 93% employment. HTFU America.
 
mandown

mandown

Poopdeck Repost
Jun 1, 2004
20,243
7,773
Transylvania 90210
unemployment numbers fall fall in the last bucket of "lies, damn lies, and statistics." there are several factors they ignore. those who have been out of work for more than a certain period of time no longer considered part of the workforce and thus their jobless status is removed from the uneployment calculation despite the fact they are without a job and looking. it also doesnt provide insight on how many people are out there working jobs below what they would usualy work and are in search of something in their career field (like lawyers who found themselves working at Mc Donnalds to pay the rent until they can find a job at a law firm). the numbers can also exclude the full time students who are finishing and leaving university and don't have a job yet; since they have never had a job they were never employed and thus not "unemployed" while searching for their job.
 
Stray_cat

Stray_cat

Monkey
Nov 13, 2007
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Providence
DaveW

DaveW

Space Monkey
Jul 2, 2001
11,192
2,719
The bunker at parliament
SkaredShtles said:
It's kind of amusing - 7.2% isn't really that high in the grand scheme of things... what's "full" employment considered nowdays? 5%?
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Still sounds scary high to me...... Unemployment rate has been around 3-4% down here for the last few years. Although that is now on the rise and has finally gone over 4% for the first time in over 5 years.

The latest Statistics New Zealand figures showed unemployment in the September 2008 quarter rose 0.3 percent to 4.2 percent, or 94,000. That is the highest level since December 2003. The December quarter unemployment figures are due out on February 5.
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Austin Bike

Austin Bike

Turbo Monkey
Jan 26, 2003
1,558
0
Duh, Austin
SkaredShtles said:
It's kind of amusing - 7.2% isn't really that high in the grand scheme of things... what's "full" employment considered nowdays? 5%?
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Full employment has typically been in the 3-3.5% range, obviously depending on the season.

Fricitional unemployment was typically 1-1.2% in the past, but based on the fact that nobody is hiring, fricitional should be well below 1%, making that 7.2% sting even more.
 
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