Job Market Becomes Worse Then Thought
Posted by coolhandluciano on July 2, 2009
Let us begin with a short meditation to face the day for the day will come it always does;
The job market we hear about this every day and now here comes the media again. Do we believe what they say or not? Those are questions that to those that are working seems unreal. To those that are unemployed or that returned to work to unwanted jobs but had to take them in order for their families to survive well that is at the reality so may people in the world are facing today.
As the song lyrics by Aerosmith says ( Something is wrong with the world today I don’t know what it is) That is exactly how this world is though of right now. So many people are crying themselves to sleep !! children are starving in our country the country of opportunity well there is not much opportunity out there or is there? I believe there is much opportunity out there and yes this is the country of opportunity.
This is a beautiful country and that is why we fight to keep it free. We as the people need to focus on a better tomorrow for our children and for ourselves if we want to survive this crisis the world is in. You see my friends it is not just this country it is the entire world. We are all in this mess together so we better buck up and begin to focus on a better tomorrow. We lost some beautiful people to death this year. That is part of life we need to understand that. When I lost my wonderful mother whom I miss so much and wish things had been different guess what it was not that is the hardest reality I had to face.
We live on borrowed time but we do have twenty four hours like everyone else successful people and non successful people. It is what we do with those twenty four hours that makes all the difference in our lives. Some people live on routine each day and never make a change and that is OK if that is the choice you make. If that makes the person happy more power to them, but then do not complain on why you might be in a situation you may not want to be.
Stop wishing your life could have been different because it is not and will not ever be until you decide to make that slight change. We all make mistakes every single human being makes mistakes but it is whether you learn from those mistakes and over forward with your head up high and make a better tomorrow.
Ok To World News;
Job market takes turn for worse
Employers cut more jobs than expected in June and unemployment rate climbed for the ninth straight month, hitting 9.5%.
NEW YORK (CNNMoney.com) — The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday.
There was a net loss of 467,000 jobs in June, compared with a revised loss of 322,000 jobs in May. This was the first time in four months that the number of jobs lost rose from the prior month.
The June job losses were also far worse than the forecast of a loss of 365,000 jobs by economists surveyed by Briefing.com.
The unemployment rate rose for the ninth straight month, climbing to 9.5% from 9.4%, and hitting another 26-year high. Economists had been expecting that the unemployment rate would hit 9.6%.
Nearly 3.4 million jobs have been lost during the first half of 2009, more than the 3.1 million lost in all of 2008.
“It’s not the catastrophic numbers we saw earlier this year, but they’re still pretty damn lousy,” said Keith Hembre, chief economist with First American Funds.
The job losses don’t tell the full picture of the pain the labor market either. The average hourly work week fell to 33 hours from 33.1 hours in May, a record low in readings that go back to 1964. Average hourly wages were unchanged, so the shorter week shaved $1.85, or 0.3%, off of the average weekly paycheck.
The so-called underemployment rate, which counts those who are working part-time jobs because they couldn’t find a full-time position as well as discouraged job seekers who have stopped looking for work, rose to a record high 16.5%.
This is not a dream this the reality of the world.
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Another look at reality;
As deficit grows, Calif. prepares to issue IOUs
AP – State employee Erika Gallo joined hundreds of state employees in protesting against additional pay cuts …
Wow!!! this is not a movie this is reality my friends reality.
Lawmakers’ failure to act on Tuesday, the end of the fiscal year, also widened California’s deficit from what already had been a whopping $24.3 billion — more than a quarter of its general fund.
The failure to balance the state’s main checkbook and the looming IOUs prompted Gov. Arnold Schwarzenegger on Wednesday to declare a fiscal state of emergency.
Under the declaration, state offices will be closed three days a month to conserve cash. If the Legislature fails to solve the deficit within 45 days, it cannot adjourn or act on other bills until the crisis is resolved.
The partial government shutdown also will lead to a third furlough day for 235,000 state employees, bringing their total pay cut this year to about 14 percent.
“California needed the Legislature to act boldly and with conviction. Their response was not a solution to California’s budget problem but an invitation to actually a bigger financial crisis,” Schwarzenegger told reporters Wednesday.
On Tuesday, as the previous fiscal year was drawing to a close, the Senate rejected three bills designed to save $5 billion, including $3.3 billion in education funding cuts that had to be enacted. Passing those bills would have given the Legislature time to work out a broader solution to the deficit and delayed the need for IOUs.
Instead, the budget shortfall is set to grow even wider because of California’s complicated school funding formula, meaning the state will not have enough money to pay all its bills.
State Controller John Chiangsaid his office is prepared to issue IOUs totaling $3.3 billion in July.
Senate Minority Leader Dennis Hollingsworthsaid neither he nor his Republican colleagues wanted to see California resort to IOUs to pay its bills, but he said Democrats had refused to make sufficient spending cuts to solve the shortfall.
“It’s unfortunate that we’re at this point,” said Hollingsworth, a Republican.
It will be the first time since 1992 that California will have issued IOUs. The move is almost certain to further damage the state’s credit rating, already the lowest of any state, saddling taxpayers with billions of dollars in higher interest payments on bonds that have yet to be sold.
Issuing IOUs — formally referred to as individual registered warrants — also will have real-world consequences for those on the receiving end. Small businesses that rely on state contracts will be most affected.
“It really doesn’t affect the million-dollar companies. It’s the smaller ones that will get hit,” said Paul Nguyen, director of Care Now Staffing, a Southern California company that employs a dozen medical professionals.
The IOUs also will be sent to California counties, which now must find other ways to fund a wide array of social programs, ranging from alcohol abuse and mental health treatment to services for the elderly and disabled. California’s universities were evaluating ways to assist students whose grants will not be funded to pay education expenses.
It was unclear whether some of California’s largest banks will accept the state’s IOUs as payment. They would be paid back, with interest, but the state’s precarious financial condition and legislative gridlock might be making some bankers nervous.
Bank of Americaannounced Wednesday it would cash the IOUs for its customers through July 10, bank spokeswoman Colleen Haggerty said. Schwarzenegger and state officials asked other banks to do the same, noting that California has never defaulted.
“We will make those payments,” he said. “We are responsible.”
Associated Press Writers Judy Lin, Juliet Williams and Jared Grigsby contributed to this report.
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