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Employers made deeper cuts in their payrolls in September, according to the Labor Department's monthly jobs report, as the economy experienced the biggest drop in jobs in more than five years.
There was a net loss of 159,000 jobs in September, the ninth straight month the U.S. economy has lost jobs. The August job loss was revised to 73,000 jobs, taking year-to-date job losses to 760,000.
The unemployment rate remained at 6.1%, the same level as August and in line with economists' forecast.
Economists surveyed by Briefing.com had forecast the loss of 105,000 jobs in the month. It was the largest monthly job loss total since March 2003, when payrolls were down 212,000.
Job losses were again widespread. Manufacturing lost 51,000 jobs while construction employment shrank further by 35,000 jobs. But retailers also trimmed payrolls by 40,000 workers, and the leisure and hospitality industries cut 17,000 jobs.
Professional and business services, a catch-all category seen by some as a proxy for overall economic activity, had a 27,000 drop in employment.
The only two major sectors to post gains were government, which added 9,000 jobs, and education and health services, in which employment grew by 25,000.
In another sign of weakness, the average hourly work week slipped by 0.1 hour to 33.6 hours. And a modest 3-cent gain in the average hourly salary, combined with the shorter week, means that the average weekly paycheck fell by 81 cents to $610.51. Both the work week and hourly wage gains were weaker than forecasts.
The report is based on surveys of employers and households conducted in the week of Sept. 8 to 12, a period before the worst of the current financial crisis hit Wall Street. That crisis caused banks to hoard cash and cut back on credit extended to businesses.
Fears that the credit crunch will cause widespread job losses and a severe downturn in the already struggling economy prompted Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to push for a $700 billion Wall Street bailout.
The measure, which passed the Senate Wednesday night, was voted down in the House on Monday. But the House is set to vote on the measure again Friday
Bank High School - Students - Business - Economics - Jobs Bummer
... the first quarter average employment gain at 159,000 jobs. ... The manufacturing sector lost 8,000 jobs in March. ... since just prior to the horrific events of September 11 ...
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jobsgopublic - Public Jobs and Careers | Pages | Show
In September 2007 Jobsgopublic participated in the ... our total monthly jobseekers are looking for jobs in the Voluntary, Charity and Third Sector. Social Care & Work. Over 159,000 ...
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U.S. economy edges closer to recession | The Honolulu Advertiser ...
... short-term loans, a full percentage point since September ... performance since August 2003, when the economy lost 42,000 jobs. ... 115,000 and a downwardly revised October gain of 159,000
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Jobless rate expected to hit 6% - MarketWatch
... of the past four months, the economy has now shed 159,000 jobs ... quite sure what was behind February's 308,000 lost jobs. ... 52 AM today : Consumer confidence edges higher in September
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NBC Nightly News #1 For 11th Straight Season; ABC Closes The Gap, Wins ...
Jobs and recruiting for media professionals in journalism ... NBC is using the primetime season measurement of September ... NBC: 8,834,000 / ABC: 8,668,000 / CBS: 7,159,000
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US economy sheds 159,000 jobs
The US economy lost 159,000 jobs in September – the largest monthly drop since March 2003 – as the unemployment rate held firm at 6.1 per cent, the labour department said on Friday. The payroll data was far worse than expected by economists ...
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Source: Financial Times
NewsDateTime: 33 minutes ago
U.S. employers cut 159,000 jobs in September
However, the cuts in July turned out to be a bit deeper — 67,000 versus the 60,000 previously reported. The 159,000 jobs lost in September were the most since March 2003, when the labor market was still struggling to get back on its feet after being ...
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NewsDateTime: 40 minutes ago
U.S. Payrolls Fell 159,000 in September; Jobless Rate at 6.1%
Oct. 3 (Bloomberg) -- The U.S. lost the most jobs in five years in September and earnings rose less than forecast as the credit crisis deepened the economic slowdown. Payrolls fell by 159,000, more than anticipated, after a 73,000 decline in August ...
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NewsDateTime: 1 hour ago
Jobs: Worst in 5 years
There was a net loss of 159,000 jobs in September, the ninth straight month the U.S. economy has lost jobs. The August job loss was revised to 73,000 jobs, taking year-to-date job losses to 760,000. Economists surveyed by Briefing.com had forecast the ...
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Source: CNN Money
NewsDateTime: 47 minutes ago
US jobless rate level in September, but economy lost 159,000 jobs
Washington - Unemployment in the United States remained steady at a rate of 6.1 per cent in September, unchanged from the month before, with some 9.5 million people out of work, the US Labor Department reported Friday. But the department noted that ...
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NewsDateTime: 26 minutes ago
Under terms of the agreement, which has been approved by directors of each company, Wachovia shareholders will receive 0.1991 shares of Wells Fargo stock in exchange for each share of Wachovia stock. The transaction, based on Wells Fargo’s closing stock price of $35.16 on Thursday, is valued at $7 a share. Wachovia has almost 2.2 billion common shares outstanding. The agreement requires the approval of Wachovia shareholders and regulators.
“This deal enables us to keep Wachovia intact and preserve the value of an integrated company, without government support,” Wachovia’s chief executive, Robert K. Steel, said in a statement. “The market presence and composition of our businesses, along with our service-oriented cultures, are extraordinarily complementary and this combination creates great potential for sustained stability and growth.”
The agreement, the chairman of Wells Fargo, Richard M. Kovacevich, said, “provides superior value compared to the previous offer to acquire only the banking operations of the company and because Wachovia shareholders will have a meaningful opportunity to participate in the growth and success of a combined Wachovia-Wells Fargo that will be one of the world’s great financial services companies.”
“Wachovia’s brokerage and asset management businesses, which would have been left behind in the prior proposal,” Mr. Kovacevich said, “are tightly interwoven with Wachovia’s core banking business — and this agreement avoids the complexity and unavoidable loss of value in trying to separate them, which would have disrupted Wachovia’s team members and customers.”
Under the Citigroup deal, Wachovia would have retained parts of its wealth management businesses, including the Evergreen and Wachovia Securities franchises, and Citigroup would received the banking subsidiaries. In addition, as part of the Citigroup deal, the F.D.I.C. had agreed to guarantee losses above $42 billion in exchange for preferred stock and warrants worth about $12 billion.
The deal will further concentrate power within the nation’s banking industry in the hands of a few giant lenders.
A sale to Wells Fargo would further concentrate Americans’ bank deposits in the hands of just three banks: Bank of America, JPMorgan Chase and Wells Fargo would control more than 30 percent of the industry’s deposits. Together, those three would be so large that they would dominate the industry, with unrivaled power to set prices for their loans and services. Given their size and reach, the institutions would probably come under greater scrutiny from federal regulators. Some small and midsize banks, already under pressure, might have little choice but to seek suitors.
For Wells Fargo, a deal will extend its reach past the Mississippi River, creating a cost-to-coast branch network that will compete with Bank of America and now JPMorgan Chase. It would also give Wells Fargo an important foothold in New York, Florida, and other big markets along the Atlantic Coast, ramping up its ability to sell mortgages, checking accounts, and other consumer loans.
On the surface, Wachovia and Wells Fargo, the country’s fourth and fifth largest banks by assets, appear to be almost mirror images of each other. Both were oversized regional banks that never seemed to have national ambitions. Both emphasized consumer banking over lending to big institutional clients. And both had strong sales culture and a focus on nuts-and-bolts operations.
Wells and Wachovia have been the subject of merger speculation for years. But Wachovia, like WaMu, has been hobbled by bad mortgages, making a merger more urgent and prompting federal regulators to push for a quick sale. Wachovia’s share price has plunged nearly 74 percent this year.
With a big presence along the California coast, Wells Fargo has racked up big losses on mortgages and credit card loans as the housing market has melted down. But it has not been crippled by the bust like many of its big competitors, and maintained relatively strong finances.
Wells Fargo kept its lending standards relatively high, even as other big mortgage lenders barreled into California as the housing market boomed. It held many of its loans, rather than packaging and selling them to outside investors. And without a big investment bank, it never suffered the massive write-offs of its big Wall Street rivals. It also bolstered its results with aggressive accounting.
Wachovia, by contrast, has been ravaged. Its 2006 purchase of Golden West Financial, a California lender specializing in so-called pay-option mortgages, has proved disastrous. The bank also faces mounting losses on loans made to home builders and commercial real estate developers, and its acquisition of A. G. Edwards, a retail brokerage firm, turned out to be problematic. In June, Wachovia’s board ousted G. Kennedy Thompson, the bank’s longtime chief executive.
The talks intensified on Sunday after a weekend of tense negotiations in Washington over a $700 billion rescue for the banking industry. Only days earlier, federal regulators seized and sold the nation’s largest savings and loan, Washington Mutual, in one of a series of important deals that have reshaped the financial landscape.
As the credit crisis has deepened, a consolidation in the financial industry that analysts have predicted for years seems to be playing out in a matter of weeks.
The impact will be felt on Main Street, Wall Street and in Washington. While the tie-ups may restore confidence in the industry, they also could leave a handful of big lenders to determine fees and interest rates on everything from home mortgages to credit cards to checking accounts. Some small and midsize banks may be unable to compete with these behemoths.
But a Wells-Wachovia deal also could shift the center of power in the banking industry further from New York. JPMorgan, which bought Seattle-based WaMu, is based in Manhattan. But Bank of America, which recently acquired Merrill Lynch, is based in Charlotte, N.C. And Wells, which is seeking to buy Charlotte-based Wachovia, is based in San Francisco. In the last two weeks, Wachovia had entered into discussions with several possible suitors. After the collapse of Lehman Brothers, Wachovia held talks with Goldman Sachs and Morgan Stanley and put out inquiries to other banks, according to people close to the situation.
Last week, it held discussions with Citigroup, Wells Fargo and Banco Santander of Spain, before the foreign bank’s interested cooled.
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