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NYT: Rate of Job Losses Slowed Significantly In May (Smallest Number Since Last September) [View All]

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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-05-09 10:07 AM
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NYT: Rate of Job Losses Slowed Significantly In May (Smallest Number Since Last September)
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Edited on Fri Jun-05-09 10:46 AM by ClarkUSA
There's a glimmer of good news amidst all the gloom that is the labor market.

The rate of job losses in the United States slowed significantly in May, the government reported Friday, lifting hopes that the countrys plummeting labor market was on its way to stabilizing.

Some 345,000 jobs were lost last month, a stark figure, but one that represented the smallest number of monthly job losses since last September, the Labor Department reported. Economists said the figures showed the governments efforts to prop up the economy were beginning to have an effect... Economists were encouraged that businesses were cutting fewer jobs, but... They warned that job losses were likely to pile up through the rest of the year as the countrys labor market bottomed out... But 18 months into the longest recession since the 1930s, economists said the milder pace of job losses indicated that the economy was gradually leveling off as government stimulus money trickled out and businesses reined in their budgets and payrolls.

Things are still getting worse, but the pace of decline has slowed down, said David Wyss, chief economist at Standard & Poors. Over all, its not quite as dire as it looked in the first quarter.... Construction jobs fell by 59,000 a marked improvement from just a month ago, when there was a net loss of 108,000 jobs in the sector.

But there's a caveat.

Some economists, anticipating an additional two million job losses nationwide, say the job market will be a disaster zone even after the economy starts to heal. After months of sharp economic contraction and falling profits, many employers will be reluctant to expand their work forces to meet the first increases in orders and sales.

Instead of hiring full-time workers, many employers are likely to hire temporary workers as needed, or have their extant employees work overtime. Economists said the length and severity of this recession will make businesses especially leery about re-inflating their payrolls once growth eventually resumes.

Take a look at graphs that show the marked decline in job losses in the last four months: /
Story link:

Keep in mind that unemployment is always a lagging indicator, which means that the unemployment rate will continue to rise through the rest of the year. However, it's heartening to see that there is a clear pattern of decline since January even though Americans face difficult times ahead.

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  -NYT: Rate of Job Losses Slowed Significantly In May (Smallest Number Since Last September) ClarkUSA  Jun-05-09 10:07 AM   #0 
  - Just wait for the GM fallout....  PassingFair   Jun-05-09 10:09 AM   #1 
  - If I'm in a car headed towards a cliff, I'll take "the car is slowing down" as a positive,  Occam Bandage   Jun-05-09 10:11 AM   #2 
  - If your strapped into it with no way out, it won't make any difference.  PassingFair   Jun-05-09 10:14 AM   #3 
     - Depends on the speed and location of the cliff, doesn't it? nt  Occam Bandage   Jun-05-09 10:31 AM   #5 
     - PHYSICS FAIL  Teaser   Jun-05-09 01:01 PM   #10 
        - It wasn't my silly analogy to begin with.*  PassingFair   Jun-05-09 01:17 PM   #16 
           - Improvement in the first derivative of the joblessness rate is still improvement.  Occam Bandage   Jun-05-09 01:46 PM   #22 
              - derivatives are what got us into this mess. I don't trust them. First, second, or unregulated  Teaser   Jun-05-09 02:31 PM   #26 
                 - lol nt  Occam Bandage   Jun-05-09 06:40 PM   #29 
  - The IAW isn't complaining so why are you? For people I know, this is good news.  ClarkUSA   Jun-05-09 10:26 AM   #4 
  - For you...  PassingFair   Jun-05-09 11:18 AM   #7 
  - How so? The OP is both nuanced and balanced. Your one-liners are misguided.  ClarkUSA   Jun-05-09 12:19 PM   #8 
     - You don't think that the coming tsumi of job losses that are heading our way...  PassingFair   Jun-05-09 12:49 PM   #9 
        - You're ignoring the fact that job losses have been slowing each month for the past four months.  ClarkUSA   Jun-05-09 01:02 PM   #11 
        - I see I can stop looking up who the "IAW" is...  PassingFair   Jun-05-09 01:05 PM   #12 
           - Get over yourself. I corrected my typo before you even posted your reply.  ClarkUSA   Jun-05-09 01:10 PM   #13 
           - Wait a week. n/t  PassingFair   Jun-05-09 01:15 PM   #15 
              - What's your point?  ClarkUSA   Jun-05-09 01:26 PM   #18 
                 - This is my point:  PassingFair   Jun-05-09 01:40 PM   #20 
                    - That kind of conjecture doesn't mean that other sectors of the labor market aren't improving.  ClarkUSA   Jun-05-09 01:56 PM   #23 
                       - I live in Michigan. I KNOW people in the UAW. They are NOT what you could call "happy".  PassingFair   Jun-05-09 04:15 PM   #28 
                          - Creative editing aside, I said "the UAW is very happy that GM isn't completely going belly-up"...  ClarkUSA   Jun-06-09 07:46 AM   #32 
                             - You said they weren't complaining.  PassingFair   Jun-07-09 11:18 AM   #38 
                                - lol! Moving the goalposts again? That's right, the UAW isn't complaining.  ClarkUSA   Jun-07-09 11:39 AM   #40 
                                   - I hear them complaining at every dem meeting I go to here in the Detroit area.  PassingFair   Jun-07-09 03:48 PM   #41 
                                      - Color me skeptical given your obvious bias and known history of creative editing.  ClarkUSA   Jun-08-09 07:47 AM   #44 
           - Yep  spoony   Jun-06-09 08:10 AM   #34 
        - What job losses are expected from GM and Chrysler?  high density   Jun-05-09 01:24 PM   #17 
           - Thousands, hundreds of thousands if you count the dealerships that are closing as well.  PassingFair   Jun-05-09 01:35 PM   #19 
              - Um, no. Your "hundreds of thousands" number is based on worst-case speculation as per your link.  ClarkUSA   Jun-05-09 02:11 PM   #25 
  - I mean UAW.  ClarkUSA   Jun-05-09 01:13 PM   #14 
  - Yeah, just wait until the GM fallout  DrToast   Jun-05-09 10:43 AM   #6 
     - Basically since they were going under in the first place. But people don't get that. n/t  vaberella   Jun-08-09 02:23 AM   #43 
  - K&R  Raine1967   Jun-05-09 01:45 PM   #21 
  - I expect the job losses to stop in a couple of months, we'll either barely miss or barely go over 10  Qot   Jun-05-09 01:59 PM   #24 
  - Thanks for your totally baseless reply. Oh, and welcome to DU. Really.  ClarkUSA   Jun-05-09 02:42 PM   #27 
     - Deleted message  Name removed   Jun-05-09 08:18 PM   #30 
     - LOL...what was that about?  DrToast   Jun-05-09 08:23 PM   #31 
        - You got me. Whatever it was, it was a fail.  ClarkUSA   Jun-06-09 07:49 AM   #33 
  - JOB LOSS NUMBER WAS SMALLER DUE TO UE BENEFITS ENDING!!!!! U6 rate increased....  uponit7771   Jun-06-09 08:17 AM   #35 
  - The blogger's opinion at your link seemed purely speculative, not factually definitive.  ClarkUSA   Jun-06-09 08:37 AM   #36 
  - You have no idea what you're talking about  DrToast   Jun-07-09 11:26 AM   #39 
  - DOOMandGLOOM  Uzybone   Jun-06-09 11:43 AM   #37 
  - Seriously how many more jobs are there left to cut in this country?  avaistheone1   Jun-08-09 02:19 AM   #42 

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