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Great Recession’s Scope is Deep and Broad



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Mar 04 2009
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Like it or not we may be entering the Great Recession without us realizing it and only time will tell if we’re indeed walking into the history. So how does it feels or just how comprehensive is this so-called Great Recession? In reality unless you’re in the manufacturing or other vulnerable sectors and have been laid off you would probably making fun about this recession. What recession? You may ask. But you may want to save that for another day because it’s still too early to tell if you would be the next victim. In the United States the job losses demonstrate both deep and broad with almost every state affected as if were plague by incurable disease.

Some points for your consumption:

  • This (Great) Recession is causing much more job loss among the less educated than among college graduates – construction workers, hotel workers, retail workers and others without a four-year degree were affected the most.
  • This (Great) Recession is hurting men more than women, hurting homeowners and investors more than renters or retirees.
  • The city affected the most in U.S. is El Centro, an agricultural area of California, of which the unemployment rate registered a staggering depression like 22.6 percent.

US Unemployment Map CoverageAccording to a report by ADP Employer Services private sector job losses increased in February with private employers cut 697,000 jobs in February compared with 614,000 jobs lost in January. Economists’ estimation for February job losses were 610,000. President Obama on the other hand is hoping that his plan to help up to 9 million home borrowers via refinanced mortgages modified to lower monthly payments will bear fruits. Obama also intend to revamp wasteful spending especially the way federal contracts are being awarded. It was hoped tens of billions of dollars could be saved when the procurement process are to be refined.

This morning’s recovery in Dow Jones is merely technical rebound after 5-days of selling and investors or traders should take profit (if there’s any). Obviously investors are overly optimistic that China will soon announce a big stimulus package. In the current situation any measure that could help to calm investors are welcome but to overly depend on such (China) stimulus package is suicidal.

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Comments

I totally agreed with you. China itself is in a very bad situation. Many factories been closed due to low demands from oversea. China exports play an important part in China economy. While the U.S and Europe are in deep shit, how can China be safe?

May I know what is the difference between recession and depression?

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