[url=http://www.globalresearch.ca/index.php?context=va&aid=8568]US jobless figures: The specter of a new depression
Friday’s Labor Department report, revealing that US payrolls were cut by 80,000 jobs in March and that 232,000 jobs have been lost in the past three months, can only mean new levels of social misery and raises the specter of a severe economic slump, perhaps the deepest since the Great Depression of the 1930s.
The March decline in jobs is the largest in five years. The number of private sector jobs has dropped by 300,000 since November 2007.
Millions of Americans face the prospect of a sharp decline in living standards and conditions of life. Because of their commitment to the profit system, no section of the US political establishment—neither the Bush administration and the McCain campaign nor the Clinton and Obama camps—is capable of proposing any measures that will materially assist those seeing their jobs, homes nor social benefits disappear or devastated by the present developments.
The figures contained in the Bureau of Labor Statistics (BLS) survey are bleak. The number of those officially counted as jobless rose by 434,000 in March to 7.8 million. The unemployment rate rose from 4.8 to 5.1 percent (the highest since the aftermath of Hurricane Katrina in September 2005). In the past 12 months, 1.1 million people have been added to the jobless rolls and the official jobless rate has climbed by 0.7 percent.
The number of people unemployed because they lost jobs climbed to 4.2 million; that figure has grown by almost one million in a year.
The debacle in the housing, credit and financial sectors is leading to “a broad-based decline,” in the words of Moody’s economist Mark Zandi. March’s figures on jobs, said Zandi, indicated that the problem “wasn’t just housing and Wall Street. The problems in the housing market have now affected the rest of the economy.” (Los Angeles Times)
Construction continued to be hard hit, with a loss of 51,000 jobs in March. Construction employment is down 394,000 since its peak in September 2006. Most of the decrease in March, 42,000 jobs, took place among specialty trade contractors. Both residential and commercial construction employment declined. David Wyss of Standard and Poor’s told the Associated Press that the construction figures were “doubly troubling” because March is “the first good month you get on construction because seasonal factors aren’t as large as they are in January.”
Read more about this gloomy situation at the link
HERE'S HOW GEORGE BUSH RESPONDED TO THIS NEWS:
George W. Bush spent Friday evening with the president of Croatia, Stjepan Mesic, in Zagreb. Oblivious to popular suffering either in America or the Balkans, during the course of his toast to Mesic, Bush idiotically declared: “We believe there’s a Creator that has given every man, woman and child on the face of the Earth the great gift of freedom. We believe markets are capable of unleashing the entrepreneurial spirit of our peoples. We understand that freedom requires sacrifice.”
Yeah, George...just as long as it's not you and your BASE that's doing the sacrificing!
And George.... how about that so-called creator's gift of freedom being extended to the Iraqi people? Give them freedom from American occupation. Bring out troops home NOW!