Economic Depression
Update
Updated: December 10, 2008
The number of unemployed is
now at a 26 year high.
Part time jobs are getting harder to find as the growing number of
unemployed grab any work they can find.
Retail sales are down with
even the high-end stores seeing their sales fall off. Nordstrom
sales are down 15.9%, Macys sales are off 13.3% and even discounter Costco saw
it's sales slump 5%.
The International Council of
Shopping Centers is now predicting that 73,000 stores will shut
their doors in 2009 and 600,000 retail workers will lose their jobs.
In November alone the U.S. lost 533,000 jobs. These job losses
occurred across almost all industries. Over 2 million jobs were lost
during the past 12 months, most vanished during the last 90 days.
In November the
manufacturing industry lost 85,000 jobs bringing the total of jobs
lost over the past year to 600,000. The construction industry lost
82,000 jobs in November bring the total decline in their industry to
568,000.
State unemployment funds are
running low in many states. The worst hit are Michigan, Ohio, New
York, South Carolina and Indiana. Governors in these states have
asked the federal government to supplement their declining state incomes.
The Mortgage Bankers
Association now says that one in ten home owners are more than 30
days behind in their mortgage.
If Chrysler is allowed to go
bankrupt, 1 million jobs will be lost over the ensuing 2 years
period.
Barack Obama is now
predicting that his program to create 2.5 million new jobs may take
up to two years to "kick in".
The arts are suffering
terribly from the spreading recession. The famous St. Louis Ballet
has seen a 30% drop in ticket sales for their traditional Christmas presentation
of the Nutcracker Ballet.
The economic decline is rapidly spreading into
a wide range of industries. Life in this country is about to become
very difficult. Learn how to survive and thrive during the coming bad
times. Get the facts -
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