Well, we're up to six months of job losses (pdf). The long term carnage in manufacturing had spread to construction some time ago. It has now been joined in administrative services, with admin and support services shedding over 70K jobs. The temp market is drying up, but so is office hiring of all kinds.
What hasn't shown up on this report, but will be showing up in months to come is a contraction in bad jobs. Starbucks, for example, will be closing 600 stores. That's a lot of jobs. This won't be isolated to Starbucks; retail and hospitality of all kinds will start contracting as people shop less and eat in more. With consumer credit being restricted by banks, with jobs being lost and with fixed expenses for heating, gasoline and food going up, the consumer is not going to be able to keep up the spending pace. This crisis didn't start out as a classic consumer demand recession, but it's about to experience some significant consumer demand contraction nonetheless.
Governments increased hiring last month, but government hiring is also going to come under significant pressure. State revenues dropped 5.3% from last year, they will continue to drop. Municipal tax bases are going to be absolutely annihilated by the real estate meltdown, which still has at least 2, and possibly 4 years to play out and which will see declines of at least 20% on average before it's done. As real estate is revalued, tax assessments will crash. Municipal and state governments will find themselves with a lot less money than they're used to and will be forced to make cuts.
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