U.S. Job Losses in Dec. Could Be Worst in 60 Years

From the desk of: Jim White PhD

Monday, January 12, 2009

Did you know that the U.S. job losses in December could be the worst in almost 60 years as companies scramble to cut costs even deeper to survive the country’s economic and financial storms?

A barometer on layoffs showed on Thursday, January 8, 2009 that the number of newly laid off people signing up for state unemployment insurance last week rose to 540,000, up from 492,000 in the previous week, according to economists’ projections.

Just days into the new year, managed care provider Cigna Corp., aluminum producer Alcoa Inc., data-storage company EMC Corp. and computer products maker Logitech International were among those announcing layoffs to cope with a recession that has just entered its second year. The flurry of job cuts suggest the employment picture will remain grim this year.

U.S. private employers shed close to 700,000 jobs in December, far more than economists had estimated, a report by ADP Employer Services said on Wednesday, suggesting a more comprehensive government report on Friday will be dismal as well.

“This is shockingly awful,” Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, New York told Reuters. “If the recent relationship between the ADP numbers - after their recent revisions - and the official payroll data holds, then we should expect a drop of about 700,000 on Friday, the largest decline in 59 years.”

The number of people continuing to draw jobless benefits is projected to stay near 4.5 million, demonstrating the troubles the unemployed are having in finding new jobs.

Electronic unemployment filing systems have crashed in at least three states in recent days due to the crush of newly jobless Americans seeking benefits.

“Businesses were panicked at the end of the year and those that had been holding off on layoffs are now capitulating,” said Mark Zandi, chief economist at Moody’s Economy.com.

With jobs disappearing, shoppers held tight to their wallets and pocketbooks last month. Michael P. Niemira, chief economist at the International Council of Shopping Centers, predicts retail sales out Thursday will show a drop for December and the worst holiday shopping season since at least 1969.

For all of 2008, employers likely slashed payrolls by at least 2.4 million. That’s based on economists’ forecasts for a net loss of 500,000 additional jobs in December, as well as the job losses already reported every month last year by the government. Some, however, think the number of jobs cut last month will be higher - around 600,000 or 700,000. The Labor Department will release that report Friday.

If the conservative, 2.4 million estimate of payroll reductions for 2008 proves correct, it would mark the first annual job loss since the previous recession in 2001. It also would be the worst year of job losses since 1945, when employers slashed nearly 2.8 million jobs. Though the number of jobs in the United States has more than tripled since then, job losses of that magnitude would be sober testimony to the nation’s economic woes.

With employers throttling back hiring, the unemployment rate is expected to jump from 6.7 percent in November to 7 percent in December, which would be the highest in 15-1/2 years. That figure also will be released Friday.

President-elect Barack Obama, who takes over Jan. 20, is proposing a mammoth $775 billion package of tax cuts and government spending over two years to revive the moribund economy. With add-ons by lawmakers, the package could swell to $850 billion, his advisers say.

Even with a big government stimulus, economists still believe the unemployment rate will keep climbing, hitting 8 or 10 percent by the end of this year. Obama’s economic advisers estimate that a $850 billion recovery package would lower the jobless rate to about 7.4 percent and create 3.2 million jobs by the first quarter of 2011.

Vanishing jobs, tanking home values and shriveled investments have forced consumers to cut back sharply on their spending. In turn, businesses have retrenched as well.

Consumers and companies are folding under the negative forces of the collapsed housing market, a global credit crunch and the worst financial crisis since the 1930s. The recession, which started in December 2007, already is the longest in a quarter-century.

The expectation of more job losses ahead “will only perpetuate the vicious downward cycle propelling the economy,” said Bernard Baumohl, chief global economic at the Economic Outlook Group.

Sobering Huh!

I know from personal experience that challenges such as we are experiencing, brings many opportunities if you are open to receive them. I also know that this is the time for you to take a serious look at your financial, relationship, spiritual, physical and mental health. How are you doing in these five areas? If you are challenged in any of these five areas you can take positive steps to deal with the pain. You can make them go away!

However, you must be willing to make a decision. A decision to make the rest of your life the best of your life.

As you probably know Oprah Winfrey kicked off a series on Monday, January 5, 2009 called “Best Life Week”. For five days her show dealt with the five areas of life that I have been teaching since 1992 in my What’s My Purpose Life Mastery Course and they are financial, relationships, spiritual, physical and mental health.

The series that Oprah started was in part a result of her struggle with her weight. What an inspiration she is. She went on national television and said “I can not believe I am still talking about my weight” What courage.

It is people like Oprah, you, and me that will make a positive difference in millions of lives around the world.

I am asking you to join me as we take a 12 week journey together.  The journey will require you to look at your stuff. The stuff that is holding you back from your best life.

If you are open and willing to look at your self in this deep way we will work together to define, implement, and then make a plan to live your life on purpose. What are the benefits of doing so? They are: Financial, Relationship, Spiritual, Physical and Mental health abundance.

If you will accept my offer, I will take my $1,895.00 What’s My Purpose Life Mastery Tele-Course and give it to you, your friends, your co-workers and your family for only $49.00 per class.

Then, after the 12 week journey is over, I am going to give you two 90 minute Bonus Sessions at no additional charge. Yes, at no additional charge.

The two Bonus Sessions will include material from my One Year Executive Circle of Success Program. You will learn how to handle a lay off (Just in case), you will learn how to land an interview and get that new job if and when you ever need to do a job search, and you will learn eleven ways to handle your house-hold bills and get out of debt should that be an issue.

So please do not wait… go ahead and register now.

This is our first time ever offering the two Bonus Sessions. Please do not miss this opportunity. With the two Bonus Sessions included, your per class price will be $40.83 per class. So please make sure you read, listen to and view all the testimonials you will find on the order page and then make the decision to change your life for ever.


I will talk to you soon.

With Appreciation,

Jim White PhD

Author and Creator,

What’s My Purpose?

What’s My Purpose Life Mastery Course

CEO and Founder,

JL White International, Inc.

In order to obtain the two Bonus Sessions, you must complete the 12 week course and no refunds will be offered at this price.

© 2008 JL White International, Inc.

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One Response to “U.S. Job Losses in Dec. Could Be Worst in 60 Years”

  1. new york state unemployment - alsbc.co.cc Says:

    [...] New York State’s computerized unemployment insurance system to shut down twice over two days. US Job Losses in Dec. Could Be Worst in 60 Years A barometer on layoffs showed on Thursday, January 8, 2009 that the number of newly laid off people [...]


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