Record Number of U.S. Jobless Seen Losing Benefits

[misctrader]

Quote from CalTrader:

Hiring is steadily improving: there are more hires this month than last in my region of the country - which typically leads the nation - and I see hiring momentum building.

So, I dont really worry about this type of noise and I just let my observations guide my thinking.

All of this jobs banter is just the usual market "noise" - which makes trading possible. The job trend is towards more job creation and new hiring and this fact has not changed since the last calendar quarter of 2003.

Cal,

You are right. Hiring is coming back nationwide. But the SALARY EXPECTATIONS are WAY WAY DOWN! Than even 2 years ago.

I think even well qualified and well credentialed people are willing to work for less and less. That's so scary. This race to the bottom will lower all of our living standards. It's a sad spiral.

I see some job postings sliding as much as 10-20% from years before and even requiring more skills, educations, and credentials than before.

Life in America is not going to be the same.. Not to be pessimistic but that's how it's lookin' now. I mean the economy will come back eventually and people will get jobs. But it will not be the same. That's all I'm saying. I'm not being a superbear and saying it's the end of the world, the collaspe of US Economy, the bursting of the housing bubble,etc.

I'm not saying that at all.. Just mark my word. This is the beginning that we'll not turn back...

 

[Covertibility]

Quote from misctrader:


Life in America is not going to be the same.. Not to be pessimistic but that's how it's lookin' now. I mean the economy will come back eventually and people will get jobs. But it will not be the same. That's all I'm saying. I'm not being a superbear and saying it's the end of the world, the collaspe of US Economy, the bursting of the housing bubble,etc.

I'm not saying that at all.. Just mark my word. This is the beginning that we'll not turn back...

The same thing was probably said during the great Depression and all periods following bubbles - things will probably not be as great as it was. The world is just following the motions of a structural change taking place, namely globalization. Things will improve, just wait.

 

[CalTrader]

Quote from misctrader:


... You are right. Hiring is coming back nationwide. But the SALARY EXPECTATIONS are WAY WAY DOWN! Than even 2 years ago.

I think even well qualified and well credentialed people are willing to work for less and less. That's so scary. This race to the bottom will lower all of our living standards. It's a sad spiral.

I see some job postings sliding as much as 10-20% from years before and even requiring more skills, educations, and credentials than before.

...

This is the usual statement by most people near the bottom of an economic recovery and at or near the bottom of the subsequent jobs recovery - which lags the general uptick in the economy.

Downward pressure on wages wont last nor will it uptick in a meaningful way in the near term. We will see more hiring this year at current rates with little upward or downward pressure on compensation - at least through the most of the third quarter.

 

[misctrader]

Quote from Covertibility:

The same thing was probably said during the great Depression and all periods following bubbles - things will probably not be as great as it was. The world is just following the motions of a structural change taking place, namely globalization. Things will improve, just wait.

covertibility,

I'm not saying it's the Depression! Geez. Did you read my text at all? Of course, things will come back. And new industries will be created. After teh Depression, we had some of the best growth rates in the history of America with the automobile industry developing, home appliance, tvs, radios, and all sorts of spending. Boom times.

And we'll see boom times again no doubt about that. But I just don't know if the average American can participate in the next boom if it's really technologically advanced like Nanotech, biotech,etc. The skills level will continue to rachet up.. That's all I'm saying.

 

[misctrader]

Quote from CalTrader:

This is the usual statement by most people near the bottom of an economic recovery and at or near the bottom of the subsequent jobs recovery - which lags the general uptick in the economy.

Downward pressure on wages wont last nor will it uptick in a meaningful way in the near term. We will see more hiring this year at current rates with little upward or downward pressure on compensation - at least through the most of the third quarter.

CalTrader,

here we go again. I did not say we are not recovering. I said we will. I'm just saying I'm not sure how wages will uptick unless you are participating in some new growth industry like nanotech, biotech, or something. The software/IT industry probably had their wages in check due to outsourcing. Same for engineering.

So, where will the uptick in wages be? Where? Unless you are highly trained in the new industries I don't see that happening...

 

[VolatilitySmilz]

Myself

- Bachelors in Computer Engineering with minor in Econ, Cmpsci. with Cum Laude (The degree can cum on itself)
- Had great internships at big companies, got scholarship money, etc but full time job offer was withdrawn courtsey 911.
- Graduated Last May, was unemployed till Decemeber

Between June & Dec. last year, applied for jobs at Starbucks, Best Buy, Wall Mart, Temp. agencies, etc and got rejected everywhere. "Oh, we feel bad giving you a job since you are so qualified" and this bitch at CompUsa started laughing at my face "really, you cant get a job with a resume like yours".

I'm enjoy derivatives as they are my hobby although made a bad option bet during my senior year in college and raked up debt of $8K (Credit card to my bank and bank to broker). Since I was a engineering major, I tght I would start with at least 50K but now I'm working for a company which hasn't paid me for almost 2 months now and I guess they can exploit me since I'm a foreigner. I dont want to go back to home country as I will be probably be killed (I'm a religious minority there).

Most of my friends are in a same shape although some of the dumb ones got very high paying jobs at Lockheed and Raytheon where they browse the net all day and get paid 60K.

I'm still actively looking for jobs in Wall Street and Hedge firms though.

You guys who think its easy getting a job at Wal Mart should try applying and then you will realize how hard it is. I got rejected by Stop N Shop and was beaten by a 16 year old girl. Explain that?

 

[Guninthewater]

Getting a min. wage is hard too
Myself

- Bachelors in Computer Engineering with minor in Econ, Cmpsci. with Cum Laude (The degree can cum on itself)
- Had great internships at big companies, got scholarship money, etc but full time job offer was withdrawn courtsey 911.
- Graduated Last May, was unemployed till Decemeber

Between June & Dec. last year, applied for jobs at Starbucks, Best Buy, Wall Mart, Temp. agencies, etc and got rejected everywhere. "Oh, we feel bad giving you a job since you are so qualified" and this bitch at CompUsa started laughing at my face "really, you cant get a job with a resume like yours".

I'm enjoy derivatives as they are my hobby although made a bad option bet during my senior year in college and raked up debt of $8K (Credit card to my bank and bank to broker). Since I was a engineering major, I tght I would start with at least 50K but now I'm working for a company which hasn't paid me for almost 2 months now and I guess they can exploit me since I'm a foreigner. I dont want to go back to home country as I will be probably be killed (I'm a religious minority there).

Most of my friends are in a same shape although some of the dumb ones got very high paying jobs at Lockheed and Raytheon where they browse the net all day and get paid 60K.

I'm still actively looking for jobs in Wall Street and Hedge firms though.

You guys who think its easy getting a job at Wal Mart should try applying and then you will realize how hard it is. I got rejected by Stop N Shop and was beaten by a 16 year old girl. Explain that?
----------------------------------------

As Comic Book Guy would say: "Worst post ever".

 

[Mecro]

Quote from Guninthewater:

Getting a min. wage is hard too
Myself

- Bachelors in Computer Engineering with minor in Econ, Cmpsci. with Cum Laude (The degree can cum on itself)
- Had great internships at big companies, got scholarship money, etc but full time job offer was withdrawn courtsey 911.
- Graduated Last May, was unemployed till Decemeber

Between June & Dec. last year, applied for jobs at Starbucks, Best Buy, Wall Mart, Temp. agencies, etc and got rejected everywhere. "Oh, we feel bad giving you a job since you are so qualified" and this bitch at CompUsa started laughing at my face "really, you cant get a job with a resume like yours".

I'm enjoy derivatives as they are my hobby although made a bad option bet during my senior year in college and raked up debt of $8K (Credit card to my bank and bank to broker). Since I was a engineering major, I tght I would start with at least 50K but now I'm working for a company which hasn't paid me for almost 2 months now and I guess they can exploit me since I'm a foreigner. I dont want to go back to home country as I will be probably be killed (I'm a religious minority there).

Most of my friends are in a same shape although some of the dumb ones got very high paying jobs at Lockheed and Raytheon where they browse the net all day and get paid 60K.

I'm still actively looking for jobs in Wall Street and Hedge firms though.

You guys who think its easy getting a job at Wal Mart should try applying and then you will realize how hard it is. I got rejected by Stop N Shop and was beaten by a 16 year old girl. Explain that?
----------------------------------------

As Comic Book Guy would say: "Worst post ever".

Have you ever bothered to wait tables?

Here is a clue. Make a resume for the jobs you are applying. Lie do whatever, but dont let them know ur higher desires. Make them think that all you want is the crappy job available.

 

[FireWalker]

Quote from VolatilitySmilz:

Most of my friends are in a same shape although some of the dumb ones got very high paying jobs at Lockheed and Raytheon where they browse the net all day and get paid 60K.

Who's the dumb one?