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Jobless up to 6-Year High

Discussion in 'Political Discussion' started by wistahpatsfan, Aug 7, 2008.

  1. wistahpatsfan

    wistahpatsfan Rookie

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    WASHINGTON (AP) -- The number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.

    The Labor Department reported Thursday that new applications filed for unemployment insurance rose by a seasonally adjusted 7,000 to 455,000 for the week ending Aug. 2. The increase left claims at their highest level since late March 2002.





    Wasn't it ten days ago when they were at a four-year high?
    WTF is going on?
  2. PatriotsReign

    PatriotsReign Rookie

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    And locally....

    Home / Business
    Gillette to cut 215 jobs in S. Boston
    Devens plant will be closed; work going to Poland, Mexico

    By Angel Jennings
    Globe Correspondent / August 7, 2008


    Procter & Gamble Co. yesterday unveiled plans to shutter its plant at Fort Devens and shed 215 jobs from Gillette's South Boston headquarters, the first major swipe at the world shaving facility.

    The cuts are the latest move by the Cincinnati company to trim jobs in Massachusetts since it acquired Gillette in 2005, one of a series of major takeovers of local firms by out-of-state corporations. But P&G, which plans to shift some Massachusetts operations to Poland and Mexico, said it will continue to invest in South Boston.


    http://www.boston.com/business/articles/2008/08/07/gillette_to_cut_215_jobs_in_s_boston/

    Once heavy inflation sets in for an extended period and retail sales (the most important kind) begin to decline, you can expect unemployment to accelerate. And once that happens, sales decline even more and more jobs are cut and so on.

    We are now in a period where economic decline should begin to accelerate...unless of course, the federal government cuts more stimulus checks. Which would be the ultimate in stupidity because it just delays and stretches the decline & suffering over a longer period. And it will sustain an inflationary climate.
    Last edited: Aug 7, 2008
  3. wistahpatsfan

    wistahpatsfan Rookie

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    Sometimes when a toe, foot , or leg goes gangrenous, the best thing to do is remove it. Let the sectors bottom out or fail. Someone will replace it.
  4. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Not to downplay this in any way but :


    "A program to locate people eligible for jobless benefits played a role in the increase, a Labor Department analyst said. However, the analyst couldn't say how much of a role."


    This does play at least some of a factor.
  5. PatriotsReign

    PatriotsReign Rookie

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    Like you said in another thread, weekly trends don't mean that much. So we'll have to watch this over the next 4-6 months to see which direction we're going in.
  6. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    The Non Farm payroll report showed ~ 25k fewer jobs lost than the analyst had projected. HAven't checked how the $ reacted to this report yet.
  7. PatriotsReign

    PatriotsReign Rookie

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    If you're referring to the stock markets, you never know because there's so much news that comes out everyday. I think the more important thing to watch is how this trend will affect consumer demand over the next few months.
    Last edited: Aug 7, 2008

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