Job losses aren't letting up, forecasters say

[Omaha Steve]

http://www.marketwatch.com/news/story/job-losses-arent-letting-up/story.aspx?guid={1B804FB2-494E-485C-9AF8-5BB09A6E3B1E}&dist=google

By Rex Nutting, MarketWatch
Last update: 5:08 p.m. EDT April 2, 2009

WASHINGTON (MarketWatch) -- The axe is still falling hard on U.S. workers.
The intense job cuts that began in earnest in November continued in March, economists said ahead of the release on Friday morning of the government's monthly employment report. In fact, it could be the worst month for job losses in 60 years.
Economists surveyed by MarketWatch are looking for payrolls to decline by 688,000 in March, after 651,000 were lost in February, 655,000 in January, 681,000 in December and 597,000 in November.

If the forecast is right, it would be the largest monthly job loss since 834,000 jobs were lost in October 1949 in a massive national strike. What's more, employment would have plunged by 2.7% over the past six months, the second-largest percentage loss in the past 50 years, nearly matching the 2.75% lost in the 1975 recession.
It would be the first time on record (dating back to 1939) that payrolls declined by more than 0.4% for five months in row.
The unemployment rate is expected to climb to 8.5% from 8.1% in February. Six months ago, the jobless rate was 6.2%.

The U.S. labor market continues to melt down as companies scramble to adjust their head counts in the face of a deepening economic slump that is among the most serious downturns in the postwar period," wrote Meny Grauman, an economist for CIBC World Markets.
While there have been some tentative signs that the worst may be in the past for consumer spending and home sales, there's little hope for any immediate relief from the intense and dramatic job destruction that began last November.

FULL story at link.

[ShortnFiery]

1. But the Stock Market is up and CNBC's Cramer says "the worst" is now over?

:eyes:

[GoesTo11]

4. Was Cramer talking about stocks or about the real economy?

It wouldn't surprise me if stocks are more or less done dropping. Turning the economy is like turning an ocean liner, but if we have 6 more months of deep job losses instead of 12, it's bad but it's good, you know?

[ShortnFiery]

5. He hinted at the fact that the rest of the economy will follow in somewhat short order.

He was almost giddy. :puke:

[Deja Q]

2. "Postwar"? Well, * did say the war was over only 2 months after it started.

:eyes:

The doughboys are gone...

Why do they keep saying "postwar" when WW2 ended only 64 years ago? We've had only four or five little wars since then...

[xchrom]

3. no it isn't -- we are going to bleed -- badly. nt