Misery Index

The Department of Labor reported 240,000 jobs lost in October, driving the total number of jobs lost for the year to 1.2 million.  Nearly one of of eight American workers is now unemployed or underemployed.  But yet, no one has officially announced we are in a recession.  If this isn't a recession, then I hate to see what one looks like, and I truly fear what a depression would look like.

First-time claims for jobless benefits increase by 32,000 to 516,000 in the week ending Nov. 8, from 484,000 the week before, the Labor department said.

In the good news department, gas prices are the lowest in 21 months, but who has the money for it?  And it shows since the number of barrels bought was the fewest in more than five years.

And while reading this, I want you to remember that AIG, who just renegotiated their loan to $150 billion, is giving away $500 million in deferred compensation to retain 6,000 employees.

And the first bit of news if for you Obama supporters

■  Millions of U.S. jobs may head overseas if a labor bill backed by President-Elect Obama passes, the head of the Consumer Electronics Association said.

■  Mayor Bloomberg, NYC, forecasts that as many as 140,000 of that city's 300,000 member work force, could be cut by July 2009.  Notices to more than 4,000 city staffers, including 1,000 police were sent out, effective immediately.  He is proposing to raise taxes either 7.5 or a 15% increase in income tax, and a 7% increase in property tax!

■  In New York State, Governor Paterson announced a two-year $5.2 billion deficit reduction plan.  Over 200 non-profit groups protested.

■  In the same article as above, Philadelphia is facing a $108 million shortfall and $1 billion deficit by the end of the fiscal year, has closed libraries, swimming pools and cut 800 city jobs.

■  In also the same article, Gov. Schwarzenegger has forced state employees to take one day off each month without pay in order to help with $4.5 billion in government cuts.  And he has proposed raising taxes as well, 1.5% increase in the sales tax over three years.

■  Citigroup to cut at least 10,000 jobs.  Will make a total of 23,000 jobs lost this year for Citigroup.  They plan on cutting another 39,000 jobs by September of 2009 for a total of 62,000 jobs lost.

■ DHL is shutting down domestic services, ending 9,500 jobs.

■  Circuit City filed bankruptcy, laying off another 700 workers on top of the 7,000 layoffs it announced a week ago, along with the closure of 155 stores.

■  Jobless claims hit 25-year high.

■  In Toledo Ohio, Unions are promising legal action if three-day governmental shutdown is done in an effort to save $300,000 to $1 million.

■  U.S. Steel Corp. laid off 677 hourly workers at its domestic plants.

■  Chicago Mayor Daley warned of "huge" layoffs during the remainder of the year an into 2009.

■ 1,900 possible layoffs at GM stamping and powertrain facilities.

■  GM plans to cut at least 3,500 more salaried jobs in the next few months with 3,460 salaried workers signing up for "sweetened" retirement offers trying to shed 7,000 salaried and contract jobs.

■  Chrysler has announced the elimination of 35,000 jobs since Feb 2007, including plans to trim as many as 5,000 salaried positions by the end of this year.

■  Intel has reduced its revenue estimate by about $1 billion, but still plans on making $9 billion (plus or minus $300 million.....)  National Semiconductor plans to cut about 5 percent of workers.  Applied Materials said it will cut 1,800 jobs.

■  Sun Microsystems says it will cut up to 6,000 of its workers, or 18 percent of its global staff in the next year.

Oh, and have a nice day.  This has been Misery Index bringing you your daily dose of "misery".  (Yea.. I love ya too..........................)