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Richard Leong
Reuters
Thu, 01 May 2008 17:16 EDT

Grand Theft Economics

U.S. companies' planned layoffs jumped 68 percent in April from the prior month to the highest since September 2006, pointing to further deterioration in the labor market, a report showed on Thursday.

Planned job cuts in U.S. companies totaled 90,015 last month, up from 53,579 in March and up 27 percent from a year earlier, employment consulting firm Challenger, Gray & Christmas Inc. reported.

The April layoffs were the steepest since the 100,315 cuts announced in September 2006.

Most of the announced job cuts came from the financial sector, due to the housing slump and about $300 billion in write-downs on bad mortgages and investments, the firm said.

The financial services industry announced 23,106 cuts in April with almost half of them occurring in a two-day period that saw hefty planned layoffs from Citigroup and Merrill Lynch, it said.

The telecommunications sector was second in announced layoffs in April with 8,007, followed closely by 7,954 planned cuts in the transportation industry.

Employers have announced 290,671 jobs to be eliminated in the first four months of 2008, up 9 percent from the 266,658 cuts recorded during the same span in 2007, the firm said.

Going forward, the fallout from record oil prices may result in more layoffs than the housing slump, John A. Challenger, chief executive officer of Challenger, Gray & Christmas.

"The impact of high gasoline prices is rippling through the economy much faster than the housing collapse ever did or will," Challenger said in a statement.

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Hey By Great hierophant

Didn't the Department of Labor announce Friday, May 2, that job losses for April was 20,000? [Link]
The numbers cited in the above article against 20,000 "official" job losses do not jive! On Thursday, May 1st, another jobless statistic came out that was quickly buried by the media. [Link]
01T131422Z_01_N01347937_RTRUKOC_0_US-USA-ECONOMY.xml says, "The number of workers applying for jobless benefits surged last week in gloomy news for the labor market, but personal spending in March was stronger than expected, government data on Thursday showed. Initial claims rose by 35,000 and the number of workers remaining on jobless benefits climbed to a four-year high, the Labor Department said..."

The article says that "initial claims" (for the third week in April) rose by 35,000 yet the "official" job losses number is 20,000! Maybe some of the "initial claims" aren't all legitimate claims, but anyone living in america knows how hard it is to get unemployment benefits there. In most cases, you can't file for benefits if you quit your job. This means that most "initial claims" are legitimate!

But hey, it gets worse! On Friday at 10:00 (Amsterdam time), CNN announced that "economists" were expecting the job loss numbers for April to be 70,000. During an interveiw with CNN Economics editor Todd Benjamin at 12:11, a graphic came on that said economists expected 30,000 job losses. The Dept. of Labor's report was released as a ticker-tape on CNN at 2:33 and somehow the economists got it wrong because the number was lower than predicted! More, at 15:00 on CNN, there was a ticker tape saying that economists had expected 75,000 job losses. Do you see the in-discrepancies here? I watch this stuff meticulously because I'm an economist and my ex-husband used to rape me with those kinds of false economic statistics (http://atlanticfreepress.com/content/view/3686/81/)

It's obvious that the puppet masters have co-opted vital economic facts again. More, the "economists" were wrong because the government figure is so vastly different.

As with everything, there is a B-O-B (Behavior-Outcome-Benefit) to this! The "good" economic "news" (propaganda) made the stock markets rise and the dollar rise in strength thus making the price of oil fall.

And what happens to all the people who were not counted in the statistics but suffer just the same?

They're supposed to find some dark corner out of the way and die there a lone only because they have become redundant to society and to its industry, plus it costs "society" money to keep them alive when these people have no value to the status quo.


Added: Sun, 04 May 2008 09:17 EDT

Replies
Link For Reuters Didn'T Come Through By Great hierophant

It is: [Link]


Added: Sun, 04 May 2008 09:18 EDT


 

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