From FoxBusiness.com:
The National Bureau of Economic Research declared Monday that the U.S. has been in a recession since last December.
While it may now be official, the announcement hardly came as news to economists and consumers.
“We’ve been saying this since February or March,” said Gus Faucher, director of macroeconomics at Moody’s Economy.com. “It’s been pretty obvious for a while.”
Faucher cited as evidence payroll employment numbers that have been falling every month since January. Private sector employment payroll figures have declined every month since last December, he added.
These figures have been indicating for months “that firms are cutting back and that they are producing less,” said Faucher.
A recession is traditionally defined as two consecutive quarters of economic contraction.
The NBER, a private group of leading economists, also cited declining employment numbers as a key indicator that the recession began nearly a year ago.
Hell, I could have told you that. I was laid off last November and found that insurance claims work job offerings have been sparse at best. I did land a position as an independent contractor for an independent adjusting company last February, but claim assignments have been few and far between. Luckily, I maintained my security permits that I obtained years ago when I worked in armed private patrol. I was able to get a job working as a field supervisor for a company who contracts with Los Angeles County.
I have landed a job this week with another independent adjusting company. This one looks to be more promising. If things work out as I hope, I will just concentrate on that.
It is not surprising that insurance claims positions are sparse, as AIG problems has shown, insurance carriers are very much tied to the financial markets through investments. Since the mortgage meltdown, insurers have had a tough time because of bad investments, and by people cutting back on buying insurance. We can thank Sen. Chris Dodd, Rep. Barney Frank and others for this mess.
Is there a light at the end of the tunnel? I hope so, but right now I don't see it. Things may get worse before it gets better. But putting the same people in charge of the economy who denied problems with Countrywide, Fannie Mae, Freddie Mac, et al is not boosting my confidence level any.
ADDENDUM: See How The Democrats Created The Financial Crisis by Kevin Hassett at Bloomberg.com.
3 comments:
I agree, there's opportunities to be had. That's provided that one is in a secure job and in the position to take advantage of low housing prices.
The country has been brought to the brink of bankruptcy and you blame Chris Dodd & Barney Frank?!? Typical republican denial of reality. The Bush Administration was warned back in 2005 about a credit meltdown & was advised to place more regulations on banks but he ignored & stripped those rules.
http://money.cnn.com/2008/12/01/news/ignored_warnings.ap/index.htm?postversion=2008120106
So go ahead & blame anyone you want. The mess WE (you're a US citizen, aren't you?) are in is due to Bush and the ridiculous free market nuts whose failed ideology brought us to this point. I wish the best in finding a job but only when you admit past mistakes can you solve them.
The free market had nothing to do with the mess. The forcing by Democrats on lenders to extend loans to people who had no business getting them was the cause. Bush tried several times to reform the sub-prime mortgage companies but was rebuffed by the Democrats. Also, Republicans on the House Finance Committee tried to get reforms in 2005, but Barney Frank, Maxine Waters and others resisted (check out the YouTube video of one of their committee hearings). The Democrats own this mess. The facts prove otherwise. I've already documented the Dems' culpability elsewhere.
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