More happy holiday news
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on tuesday, the day after i got back, i went in for a haircut... i was talking with the woman cutting my hair and asked how business was going... i was treated to a long dissertation about how rotten business was and just how worried all the shop employees were about having enough money for the upcoming holidays and even about keeping their jobs... the next evening, i stopped by a fast food place on my way to teach my class and overheard several of the employees there talking about the same thing... when you've got minimum-wage, front-line service employees in a twitter right before christmas, you know things are getting bad out there...
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Retailers Report a Crisis in All Aisles
November Sales Slump as Shoppers Stow Credit Cards
By Ylan Q. Mui
Washington Post Staff Writer
Friday, December 5, 2008; Page A01
Retailers posted the worst November sales in more than 30 years yesterday, as holiday shopping not only failed to lift the economy but showed that the financial crisis is further distressing everyday consumers.
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Employers cut 533K jobs in Nov., most in 34 years
By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa
WASHINGTON – Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.
The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.
on tuesday, the day after i got back, i went in for a haircut... i was talking with the woman cutting my hair and asked how business was going... i was treated to a long dissertation about how rotten business was and just how worried all the shop employees were about having enough money for the upcoming holidays and even about keeping their jobs... the next evening, i stopped by a fast food place on my way to teach my class and overheard several of the employees there talking about the same thing... when you've got minimum-wage, front-line service employees in a twitter right before christmas, you know things are getting bad out there...
Labels: economic collapse, economy, financial meltdown, job cuts, Labor Department, recession, retail sales, unemployment
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posted by profmarcus at
12/05/2008
