Use access key #2 to skip to page content.

Hidden job losses

Recs

11

February 06, 2008 – Comments (8)

Seems that the types of job losses have masked the extent of the job losses.  You have far more jobs related to housing that are self-employed jobs than other sectors, such as mortgage brokers, individual contractors, etc.

Self-employment data is in and hours worked are down 15.5%.  These people don't show up in the labour loss numbers because they are ineligible for benefits...

With the number of reports of layoffs and knowing how much the building starts are down, the increase in unemployment seemed fairly small by comparison...

8 Comments – Post Your Own

#1) On February 06, 2008 at 11:22 PM, abitare (49.90) wrote:

First!

MF did a poll of the MF Allstars about bullish vs bearish in the first quarter of the year. It was split about 50 / 50, which means this market might have a long way to continue down if this is a good consense of the over all market.

How cold is it in Canada right now?

Report this comment
#2) On February 06, 2008 at 11:38 PM, abitare (49.90) wrote:

FYI - link  

Fool Intel - New Data from CAPS

http://caps.fool.com/Blogs/ViewPost.aspx?bpid=33218&t=01004350696682404198

Report this comment
#3) On February 07, 2008 at 1:59 AM, dwot (97.28) wrote:

abitarecatania, it seems I have picked the coldest winter since the 80s to move north.  Right now it isn`t too bad, -32.  With the windchill it has gone as cold as -58 or something.  I`ve had pipes freeze 4 times and when I checked them at lunch today I am sure that I was running them just in time to save them.  The cold isn`t bad, but having running water issues really sucks.  I think it has to get above -20 before we don`t have water issues anymore.

Report this comment
#4) On February 07, 2008 at 2:03 AM, dwot (97.28) wrote:

I love this article you sent, http://www.forbes.com/2003/05/09/cx_aw_0509derivatives.html

Greenspan is a smuck. 

Report this comment
#5) On February 07, 2008 at 2:35 AM, saunafool (98.96) wrote:

schmuck

Report this comment
#6) On February 07, 2008 at 3:25 AM, DemonDoug (91.96) wrote:

This is why retailers and service sector are going down more than expected.  I bet restaurants are going to get hit too... frivolous and "disposable income" type stuff is getting hit due to these self-employed (and let's not forget, many illegal immigrants worked in construction and are no longer working or moved back to mexico).

I'm trying to remember who it was, someone shot up into the top 10 when he put the red thumb down on like 50 retailers.  I'm kind of gutless and just put the thumb down on the retailers etf. :)

-demondoug, wonder what exactly it is dwot does for a career that she is in cold weather canada.  are you working for History channel's "Ice Road Truckers" tv show? :) 

p.s. Check out my latest blog and the comments 10 and 11 - should be entertaining reading for everyone.

Report this comment
#7) On February 07, 2008 at 9:04 AM, dwot (97.28) wrote:

DemonDoug, you haven't read enough of my posts to know I'm a teacher?  I relocated myself from a city of 2 million people to a hamlet of 600 people in the North West Territories.  I talk about Vancouver a lot because that is where I've lived most of my life, but I've lived in Alberta, Ontario, Quebec and Great Britain.

Something I've found quite interesting here is the amount of industry that visits the school.  Our students have had 3 or 4 different companies talk to them about their business since October. 

I had a look at those comments.  I certainly was very confused as to how the market went the way the market did and since I've done some studying of Austrian Economics, Minsky's Financial Instability Hypothesis, monetarist's theory and keynesian economic I have a much better understanding of why things that make no sense happened.

It will be a shame if Greenspan does not get his due recognition for being at the helm of the greatest bubble the world has ever seen.  The magnitude of maladjustments in the economy that must now be dealt with are so enormous I don't think the US, Canada and other developed countries will resemble what people think they are now. 

Report this comment
#8) On February 07, 2008 at 2:31 PM, floridabuilder2 (99.35) wrote:

cmon doug even i knew she was a teacher

Report this comment

Featured Broker Partners


Advertisement