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| The economy, is it good or bad. (Page 119/181) |
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84Bill
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JAN 03, 03:29 PM
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| quote | Originally posted by loafer87gt:
Around here the job market is quite, strange, for lack of a better word. Employers are so desperate for workers that there are signs up at 7-11 looking for workings with advertised pay of $15 an hour plus full health / dental coverage, and Dominos pizza now has billboards up advertising $20 bucks an hour for new employees. . |
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15 and 20 per hour isnt really all that great of a wage. If it includes health then it aint so bad but at straight rate no bens especially if one uses a car, it aint worth the aggravation.
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84fiero123
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JAN 03, 03:33 PM
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| quote | Originally posted by Old Lar:
http://biz.yahoo.com/ap/080103/wall_street.html
NEW YORK (AP) -- Wall Street rebounded Thursday after a report of an increase in new jobs during December eased some concerns about the economy a day before the Labor Department's key reading on employment. Investors appeared unfazed by a further climb in oil prices, which set a new trading record above $100.
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Well I guess this from your own link means nothing
"We are worried about inflation," said Nicholas Raich, director of equity research at National City Private Client Group in Cleveland. "That's probably the biggest risk in 2008."
You people amaze me, your own educated people are worried about this yet you guys say it ain’t happening.------------------
Technology is great when it works,
and one big pain in the ass when it doesn't.
Detroit iron rules all the rest are just toys.
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84Bill
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JAN 03, 03:34 PM
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| quote | Originally posted by Old Lar:
Give it a break 84Bull. You are on the public dole. Unfortunately that is your income, and you have no fear of losing your free cheese. |
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Give it a rest Old Lard
As of 3:29 -18.05 -0.14% 13,025.91
Stocks struggle in late trade
Wall Street wobbles after previous session's big decline, as investors mull reports on jobs and factory orders.[This message has been edited by 84Bill (edited 01-03-2008).]
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84Bill
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JAN 03, 03:49 PM
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| quote | Originally posted by 84fiero123:
You people amaze me, your own educated people are worried about this yet you guys say it ain’t happening.
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It's called denial..
Mixed report on factory orders
This is what they read...
WASHINGTON (AP) -- Orders to U.S. factories jumped in November by the largest amount in four months,
Which means this isnt important... BUT a key gauge of business investment fell for a second straight month, raising new worries about the strength of manufacturing.
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84Bill
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JAN 03, 03:55 PM
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Economy faces weak winter
Conference Board index of leading indicators falls by 0.4 percent in November, adding to fears of 2008 recession
NEW YORK (AP) -- A gauge of future business activity fell last month, indicating the economy could be dragged down further amid rising costs and housing woes, a business research group said Thursday.
The Conference Board said its index of leading indicators dropped 0.4 percent in November, after falling 0.5 percent in October and rising by a slight 0.1 percent in September.
It was at 136.3 in November, versus a revised 136.9 in the previous month.
Last month's drop was close to what economists surveyed by Thomson/IFR had predicted, who on average said there would be a drop of 0.5 percent.
The index is watched as an indicator of where the U.S. economy is headed, and persistent weakness can signal a recession in three to six months. Many economist believe the current slowdown could mean a full recession in 2008.
Ten indicators make up the leading index. Seven of them fell: stock prices, average weekly initial claims for unemployment insurance, index of consumer expectations, real money supply, building permits, interest rate spread and manufacturers new orders for consumer goods and materials. To top of page
Jobless claims up
Third-quarter growth rate left unchanged
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84Bill
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JAN 03, 04:52 PM
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More consumers late on loans since 2001
In levels not seen since the recession of 2001, consumers face 30-days past due notices.
WASHINGTON (AP) -- Late payments on a cluster of consumer loans, including those for autos, home improvement and certain home equity loans, climbed in the summer to their highest point since the country's last recession in 2001.
The American Bankers Association reported Thursday that the delinquency rate on a composite of consumer loans increased to 2.44 percent in the July-to-September quarter. That was up sharply from 2.27 percent in the previous quarter and was the highest late-payment rate since the second quarter of 2001, when the economy was suffering through a recession.
Payments are considered delinquent if they are 30 or more days past due. The survey is based on information supplied by more than 300 banks nationwide.
Late payments on credit cards, meanwhile, dipped during summer.
The delinquency rate on credit cards dropped to 4.18 percent in the third quarter, down from 4.39 percent in the second quarter.
The association's quarterly survey of consumer loans painted a mixed picture of how people are managing their debt. It suggested that some people feel more squeezed than others.
A severe housing slump and weaker home values have clobbered some homeowners - making it difficult, or even impossible for some to pay their monthly mortgages. Foreclosures surged to record highs and more homeowners fell behind on their payments during the third quarter of last year, the Mortgage Bankers Association reported last month.
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JazzMan
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JAN 03, 06:25 PM
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. [This message has been edited by JazzMan (edited 12-04-2008).]
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loafer87gt
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JAN 03, 06:52 PM
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| quote | Originally posted by JazzMan:
Though at first glance it seems like $15-20 an hour with benefits sounds like a really great deal, I have a few questions.
1. I thought that Canada had a national health service plan? If so, doesn't that mean that the health and dental plans are already there for every citizen? Why mention them in the context of a job opportunity? Down here there are no health plans of any kind available for Domino's, I know because I worked there for a year, and the basic cost of health insurance (with severely limited benefits and costly deductibles/copays) runs several thousand a year down here in Texas. That's why 1 in 7 Texans has no health insurance.
2. I know that Canadian employees pay a fairly high tax rate toward supporting the national health care service, IIRC it's somewhere around 30%? To be more accurate, that initial offered dollar wage of $15-20 should be reduced by the percentage paid in taxes so that what's left more accurately reflects what the person is earning.
3. I remember reading that the COL, Cost of Living, is actually quite a bit higher in Canada. Getting $20 an hour doesn't seem like such a great deal when the rents in the area are over a thousand a month and of that $20 only $11 actually makes it to the pocket of the rent payer. Energy is more expensive up there, as are food, clothing, and other essential living expenditures.
JazzMan |
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Hey Jazz,
1. Our healthcare plan does not cover any medication or prescription drugs, nor do we have any sort of universal dental plan coverage. For such things we have to go through a 3rd party health insurer.
2. Yes - our taxes are very high. Tax freedom day in Canada is now on June 20 for us Canucks. In comparison, residents of the US start earning for themselves instead of the government on April 30th.
3. Cost of living is about on par with the United States, from what I have read. This largely depends on which province you are in. In our case, our housing cost are somewhat lower than those in BC or Alberta, but other costs are quite high because our socialist government is the sole provider of telecommunications, car insurance, oil, gas, energy, and of course, liquor.
I know $20 is not that high of a hourly wage, but when you consider that it is very hard to find even higher up employees in successful businesses here making more than $40 an hour it does not seem like a bad income for relatively unskilled labour.[This message has been edited by loafer87gt (edited 01-03-2008).]
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84fiero123
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JAN 04, 11:36 AM
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Jobless Rate Hits 5 Percent, 2-Year High

Friday January 4, 10:50 AM EST
WASHINGTON (AP) — Hiring practically stalled in December, driving the nation's unemployment rate up to a two-year high of 5 percent and fanning fears of a recession.
Employers last month added the fewest new jobs to their payrolls in more than four years, according to the employment report released Friday by the Labor Department. The report showed that employment conditions are deteriorating, strained by a housing slump and credit crunch that are sapping economic strength.
"The economy is getting hit by some body blows. The big question is whether the economy can withstand it or will it take a fall," said Ken Mayland, president of ClearView Economics.
The unemployment rate jumped from 4.7 percent in November to 5 percent in December, the highest since November 2005 after the Gulf Coast hurricanes dealt the country a mighty blow. Total payrolls — both private employers and government — grew by just 18,000 last month, the worst showing since August 2003, when the economy suffered job losses as it struggled to recover from the 2001 recession.
http://money.excite.com/jsp...ews_id=ap-d8tv5ce80&------------------
Technology is great when it works,
and one big pain in the ass when it doesn't.
Detroit iron rules all the rest are just toys.
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84Bill
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JAN 04, 05:38 PM
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Dow 12,800.18 -256.54 / -1.96%
Brutal selloff on Wall Street
Dow tumbles over 250 points after weaker-than-expected jobs report revives recession worries. The Nasdaq plunges.
NEW YORK (CNNMoney.com) -- Stocks tanked Friday, with the Dow shedding over 250 points, after a weaker-than-expected December jobs report exacerbated recession fears.
The Dow Jones industrial average (INDU) tumbled almost 2 percent. The broader S&P 500 (INX) index lost around 2.5 percent. The Russell 2000 (RUT.X) small-cap index fell 3.2 percent.
The Nasdaq (COMPX) composite lost 3.8 percent, or just over 98 points. According to Stock Trader's Almanac, it was the tech-heavy index's biggest one-day point loss since Sept. 17, 2001, the first day the market reopened for trading after having been closed in the aftermath of 9/11. On that day, the Nasdaq lost 115.83 points.
A weaker-than-expected unemployment rate sparked a big stock selloff. Bonds rallied, as investors sought safety and the dollar fell versus other major currencies. Oil and gold prices retreated from recent records.
Employers added 18,000 jobs to their payrolls last month, short of forecasts for 70,000 and down from a revised 115,000 in the previous month. The 18,000 figure marked the weakest monthly jobs growth since August 2003. (Full story).
The unemployment rate, generated by a separate survey, rose to 5 percent - a more than two-year low - from 4.7 percent in the previous month. Economists thought it would rise to 4.8 percent.
Average hourly earnings, the report's inflation component, rose 0.4 percent after rising a revised 0.4 percent in the previous month. Economists thought wages would rise 0.3 percent.
Stocks have been volatile for months as investors have mulled the fallout from the housing and credit market crises, and worried that the economy could be heading into recession.
The weak labor market report amplified those worries.
"In September, October and November we saw pretty solid payroll numbers, indicating that although the economy was in a bit of a slowdown, the jobs market was holding up, giving us some sort of floor," said Georges Yared, chief investment strategist at Yared Investment Research. "That floor was pulled out from under us this morning."
In the next few months, investors will be looking to see if the employment report was a temporary indication or the start of a longer-term downtrend for the labor market.
"Jobs growth in the month was moribund and we should expect it to be moribund for a while," said Brett Hammond, chief investment strategist at TIAA-CREF. "But I think we shouldn't get too overwhelmed by the notion of a recession yet."
He said that economic growth prospects look to pick up in the second half of the year, and that by that point the housing issues will be "through the trough," although the woes for that sector won't be over yet.
In the short-term, investors will be looking to see how the Dec. jobs report impacts near-term Federal Reserve policy, with bets now rising that the central bank could cut rates more aggressively, perhaps at the next meeting on Jan. 29 and 30. (Full story)
The Federal Reserve announced Friday that it will lend up to $60 billion this month to banks through its new auction process as a means of easing the credit crunch.
Treasury prices climbed, as investors sought safety in the comparably less risky government debt. The rise lowered the yield on the 10-year note to 3.84 percent from 3.89 percent late Thursday. Treasury prices and yields move in opposite directions.
In currency trading, the dollar slipped versus the yen and the euro.
U.S. light crude oil for February fell $1.27 to settle at $97.91 a barrel on the New York Mercantile Exchange, after hitting a record trading high above $100 a barrel during Thursday's session.
COMEX gold for February delivery fell $3.40 to settle at $869.10 an ounce, pulling back from an all-time high hit Wednesday.
Jobs weak, unemployment soars
Stock declines were broad based, with 29 out of 30 Dow components falling, led by tech stocks such as Intel (INTC, Fortune 500), IBM (IBM, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500) and financial companies such as Citigroup (C, Fortune 500) and JP Morgan Chase (JPM, Fortune 500).
Intel's decline followed a JP Morgan downgrade to "neutral" from "overweight." Separately, the chipmaker said it is pulling out of the One Laptop Per Child program.
Intel also trades on the Nasdaq and was among the 96 components of the Nasdaq 100 that fell on the session.
A slew of retail stocks fell on concerns that weaker job growth will slam consumer spending. The S&P Retail index lost nearly 4 percent.
Market breadth was negative. On the New York Stock Exchange, losers topped winners by more than three to one on volume of 1.26 billion shares. On the Nasdaq, decliners beat advancers four to one as 2.07 billion shares changed hands.
In other economic news, the Institute for Supply Management's reading on the services sector showed a smaller monthly decline than economists had been expecting. (Full story).
Wall Street also considered the results from Thursday's Iowa caucuses, which kicked off the 2008 presidential election. Former Arkansas Gov. Mike Huckabee won on the Republican side and Sen. Barack Obama of Illinois won for the Democrats.
Stocks were mixed Thursday as a jump in factory orders helped temper concerns about inflation as oil and gold prices hit record highs.[This message has been edited by 84Bill (edited 01-04-2008).]
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