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How has the recent economic turmoil affected you?

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Madmarcus
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Re: How has the recent economic turmoil affected you?

Post by Madmarcus » Fri May 20, 2016 12:00 pm

LordMortis wrote: Very much this. I don't get it all. But I guess "I'm a saver" which is to say I suffer anxiety and stress over what the future may hold. I wish I was grasshopper. I think it's a happier life. But either genetically or though years of culture ingraining, I'm an ant.
I'm another ant. The positive side is that while I feel a similar dislike of spending money I have found that being an ant removes a ton of stress from my life. Years and years ago we heard about having six months of living expenses available so we've done that. We haven't had to use it much but we've always had money available. Which in the end removes the stress from things like new roofs, new refrigerators, and so on because we know we can afford them.

A quick calculation says we live on around $36,000 a year (including spreading the cost of cars and major house upkeep stuff over the time of ownership). Some of this is just being a cheap ant - we bought way less house than we could have, we buy cheap cars and keep them forever, we don't spend a ton on entertainment and electronics. Some is luck - other than my wife's teeth we're a healthy family of 4.

I find it hard to imaging spending $20k+ per year more year after year.

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Re: How has the recent economic turmoil affected you?

Post by RunningMn9 » Fri May 20, 2016 12:06 pm

Smoove_B wrote:It is more of a "holy crap this happened once and it sucked so I'm going to make sure it never happens again" type deal.
What happens when it happens again, before you are able to make sure it never happens again? What happens when it happens 10 more times before you are able to make sure it never happens again?

I can understand your lack of understanding for people that don't bother trying to have an emergency fund. But I think if you take a few moments, you will easily understand the sets of circumstances that actively prevent it - even for people that earn over $100K.
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range

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Re: How has the recent economic turmoil affected you?

Post by LawBeefaroni » Fri May 20, 2016 12:41 pm

Isgrimnur wrote:That's exactly how they're measuring it.
A third said they would have to borrow from a bank or from friends and family, or put the bill on a credit card. Thirteen percent would skip paying other bills, and 11 percent said they would likely not pay the bill at all.

Those numbers suggest that most American families do not have at least $1,000 stashed away in an accessible savings account, much less under their mattresses, to cover an emergency.
It could merely suggest that the 1/3rd don't have a checkbook so they put it on the credit card instead of the debit card. All the rewards program discussions on here lead me to believe that most people do that, even when they have the cash. They just pay it off that month.
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Re: How has the recent economic turmoil affected you?

Post by Max Peck » Fri May 20, 2016 12:48 pm

Madmarcus wrote:
LordMortis wrote: Very much this. I don't get it all. But I guess "I'm a saver" which is to say I suffer anxiety and stress over what the future may hold. I wish I was grasshopper. I think it's a happier life. But either genetically or though years of culture ingraining, I'm an ant.
I'm another ant. The positive side is that while I feel a similar dislike of spending money I have found that being an ant removes a ton of stress from my life. Years and years ago we heard about having six months of living expenses available so we've done that. We haven't had to use it much but we've always had money available. Which in the end removes the stress from things like new roofs, new refrigerators, and so on because we know we can afford them.

A quick calculation says we live on around $36,000 a year (including spreading the cost of cars and major house upkeep stuff over the time of ownership). Some of this is just being a cheap ant - we bought way less house than we could have, we buy cheap cars and keep them forever, we don't spend a ton on entertainment and electronics. Some is luck - other than my wife's teeth we're a healthy family of 4.

I find it hard to imaging spending $20k+ per year more year after year.
Being ant, for me, was more about having an adversity to debt than a dislike of spending money, but I guess it works out to the same in the end. It also helped to be able to clearly distinguish between what I needed (food, a roof over my head, utilities, books, computer games) and what I merely wanted, and lucky enough to always have more than enough money coming in to cover the needs, and eventually the wants, which meant little-to-no financial anxiety. In the end, I was able to retire at 50 with no debt, with enough money coming in to cover all the bills and still add to my savings, and enough investments and cash-on-hand to cover any foreseeable expenses between now and the onset of eternity.

I don't have the slightest iota of grasshopper envy. :)
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Re: How has the recent economic turmoil affected you?

Post by Skinypupy » Fri May 20, 2016 1:08 pm

RunningMn9 wrote:But I think if you take a few moments, you will easily understand the sets of circumstances that actively prevent it - even for people that earn over $100K.
Pretty sure we've all acknowledged that at this point. I've got full sympathy and understanding for the people who don't have $1,000 because of (often multiple) emergencies or crises. The ones who choose to buy the new boat or jet skis with the $1,000 rather than put it away? That's what I can't understand.

And yes, I know those things aren't mutually exclusive. It's entirely possible to buy the new boat when you're flush, and end up with nothing a month later because of crisis X, Y, and Z. I just think that's very much the exception circumstance, rather than the (38%) rule.
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Re: How has the recent economic turmoil affected you?

Post by Madmarcus » Fri May 20, 2016 1:14 pm

LawBeefaroni wrote: It could merely suggest that the 1/3rd don't have a checkbook so they put it on the credit card instead of the debit card. All the rewards program discussions on here lead me to believe that most people do that, even when they have the cash. They just pay it off that month.
That was my first thought also. However the one segment on this I heard on NPR implied that putting it on a card you will pay off each month was treated as having the cash. I'd like to see if that was really the case.

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Re: How has the recent economic turmoil affected you?

Post by Kraken » Fri May 20, 2016 1:22 pm

All of the money in our non-retirement savings is allocated. To an outsider, there's just one savings account with one balance. To me, it's a collection of buckets for insurance, taxes, medical expenses, car repairs, heating bills, vacations, home repairs, and a few other things. None of my buckets has more money than I realistically expect to need, but taken together they look like a healthy savings account to an uninitiated eye.

Could I cover a $1,000 emergency? Sure, but I'd have to steal it from one or more my buckets.

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Re: How has the recent economic turmoil affected you?

Post by PLW » Fri May 20, 2016 1:26 pm

These surveys are almost useless. I bet 95% of those people making $100k/year could quite easily come up with $1000 in an emergency. It's easy to say you couldn't, but they are just kidding themselves. Sell something.

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Re: How has the recent economic turmoil affected you?

Post by LawBeefaroni » Fri May 20, 2016 1:44 pm

PLW wrote:These surveys are almost useless. I bet 95% of those people making $100k/year could quite easily come up with $1000 in an emergency. It's easy to say you couldn't, but they are just kidding themselves. Sell something.
While I agree it's grossly misrepresented, the survey is about available cash, not net worth. Selling something is trapping into net worth.
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Re: How has the recent economic turmoil affected you?

Post by RunningMn9 » Fri May 20, 2016 1:58 pm

Skinypupy wrote:Pretty sure we've all acknowledged that at this point. I've got full sympathy and understanding for the people who don't have $1,000 because of (often multiple) emergencies or crises. The ones who choose to buy the new boat or jet skis with the $1,000 rather than put it away? That's what I can't understand.
I guess I was just responding to what seemed like instant jumping to the "buy the new boat or jet skis" reason for not having the $1000 on hand, that's all.
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range

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Re: How has the recent economic turmoil affected you?

Post by PLW » Fri May 20, 2016 2:00 pm

Ok... but let's be super clear that quantity of assets that are liquid is a terrible measure of your overall financial position, especially in a world with such easy access to credit as we have.

edit: typo
Last edited by PLW on Fri May 20, 2016 2:21 pm, edited 2 times in total.

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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Fri May 20, 2016 2:14 pm

Cash liquidity issues? Blame the tech sector:
The rising cash holdings of U.S. corporations is increasingly in the hands of a few U.S. companies, with just five tech firms having grabbed a third of it. And nearly three-quarters of cash held by non-financial U.S. companies is stashed overseas, outside the long arm of Uncle Sam.

Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Cisco Systems (CSCO) and Oracle (ORCL) are sitting on $504 billion, or 30%, of the $1.7 trillion in cash and cash equivalents held by U.S. non-financial companies in 2015, according to an analysis released Friday by ratings agency Moody's Investors Service. That's even more cash concentration than in previous years, as these five companies held 27% of cash in 2014 and 25% in 2013. Apple alone is holding more cash and investments than eight of the 10 entire industry sectors.
For reference, the Federal Reserve states that there's only $1.45 trillion in circulation.
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Re: How has the recent economic turmoil affected you?

Post by RunningMn9 » Fri May 20, 2016 3:39 pm

That is mind-blowing. $1 of every $3 USD in existence is sitting in the bank accounts of five companies?

That can't be right. There are more than $1.45T USD out there right now. Is that just talking printed cash? There has to be a lot more than that in virtual cash, no? Is Apple's hoards physical cash or virtual cash?
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range

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Re: How has the recent economic turmoil affected you?

Post by stessier » Fri May 20, 2016 3:44 pm

RunningMn9 wrote:That is mind-blowing. $1 of every $3 USD in existence is sitting in the bank accounts of five companies?

That can't be right. There are more than $1.45T USD out there right now. Is that just talking printed cash? There has to be a lot more than that in virtual cash, no? Is Apple's hoards physical cash or virtual cash?
As soon as it goes into the bank, it becomes virtual, right? And I doubt they have it stuffed under the bed. Although I've never been to Cupertino, so I guess I can't rule that out...
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Re: How has the recent economic turmoil affected you?

Post by coopasonic » Fri May 20, 2016 3:50 pm

RunningMn9 wrote:That can't be right. There are more than $1.45T USD out there right now.
Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Cisco Systems (CSCO) and Oracle (ORCL) are sitting on $504 billion, or 30%, of the $1.7 trillion in cash and cash equivalents held by U.S. non-financial companies
Not of cash in existence, of cash held by non-financial companies. That's a specific subset of all cash.

The 1.45T is the actual physical cash in circulation, which the companies probably hold close to zero of.
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Re: How has the recent economic turmoil affected you?

Post by PLW » Fri May 20, 2016 3:55 pm

Fed wrote:M1 is defined as the sum of currency held by the public and transaction deposits at depository institutions (which are financial institutions that obtain their funds mainly through deposits from the public, such as commercial banks, savings and loan associations, savings banks, and credit unions). M2 is defined as M1 plus savings deposits, small-denomination time deposits (those issued in amounts of less than $100,000), and retail money market mutual fund shares.
In April 2016

M1: $3.18 T
M2: $12.65 T

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Re: How has the recent economic turmoil affected you?

Post by LawBeefaroni » Fri Jun 03, 2016 9:32 am

Job growth shocker today. 38k vs 162k expected for May. Slams the brakes on any rate increases and will put a big damper on the summer markets.
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Re: How has the recent economic turmoil affected you?

Post by malchior » Fri Jun 03, 2016 9:38 am

Awful report - and it makes sense. Europe is a total economic mess in aggregate. The negative interest rate experiment is sorta helping and sorta hurting at the same time. Japan is still awful. China is pretty flat. And there is plenty of political uncertainty out there -- Brexit, authoritarian leanings in central Europe are popping back up, and our election certainly ain't helping. The only net positive is energy is still cheap. And the skills gap is still huge here. The participation rate is falling through the floor but their are tons of job openings with no one to fill them - i.e. skills mismatch. IT jobs have a huge salary boom right now because of it but they aren't entry level jobs...

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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Fri Jun 03, 2016 10:07 am

May Unemployment - 4.7% (0.3%)

>= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma6.70.81.3
High school graduates, no college4.80.40.6
Some college or associate degree3.60.30.6
Bachelor's degree and higher2.20.10.4
Table A-1 - Unemployment Rate Ages 16-19 - 16.2% (1.6, 1.6 YOY)

Table A-11 - Reasons for unemployment
Job losers and persons who completed temporary jobs2.1
Job leavers0.5
Reentrants1.5
New entrants0.5
Table A-12 - Unemployed persons by duration of unemployment
WeeksChangeYOY Change
Average Duration27.84.13.0
Median Duration11.41.80.8
Last edited by Isgrimnur on Mon Jun 06, 2016 12:59 pm, edited 1 time in total.
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Re: How has the recent economic turmoil affected you?

Post by Moliere » Mon Jun 06, 2016 12:57 pm

"The world is suffering more today from the good people who want to mind other men's business than it is from the bad people who are willing to let everybody look after their own individual affairs." - Clarence Darrow

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Re: How has the recent economic turmoil affected you?

Post by RunningMn9 » Fri Jun 10, 2016 11:19 pm

RunningMn9 wrote:Or I suppose I could take this opportunity to try and discover what it would be like to actually like your job. :)
For some reason I was perusing this thread from back during the dark times, and came across my own layoff. With that being almost six years in the rear view mirror, I think I can report that I actually like my job. :)
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range

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Ding!

Post by The Meal » Wed Jul 13, 2016 11:02 am

In June 2015 The Meal wrote:
In April 2014 The Meal wrote:A company-wide "Global Job Leveling" process has just resulted in me getting my first non-change-in-employer raise since... 2004 or 2005.

3%! Used to feel like an insult, now it's a sign that my employer loves me. Strange times.
First performance-based raise since four jobs ago (a job I left in 2006) granted to me today. Of course, it's smaller than the across-the-board raise given out by the company just over a year ago, but I earned this one.
More company-wide leveling! +3% to my base pay and incentive pay increases (was a target of 10% yearly, now 12%).
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Tue Jul 19, 2016 12:11 pm

Comerica
In an effort to address investor concerns about profits, Dallas-based Comerica Bank executives announced a slate of cost-cutting measures -- including chopping 9 percent of its workforce -- during the company’s quarterly earnings call Tuesday morning
...
Comerica had 8,533 full-time employees and 570 part-time workers as of Dec. 31, according to the company's regulatory filings.
...
On Tuesday, executives said a possible sale of the bank -- among the smallest subject to federal “Too Big to Fail” regulations -- still hadn’t been ruled out.
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Tue Jul 19, 2016 12:28 pm

June Unemployment - 4.9% (0.2%)

>= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma6.80.10.5
High school graduates, no college4.80.00.3
Some college or associate degree4.00.40.1
Bachelor's degree and higher2.60.40.0
Table A-1 - Unemployment Rate Ages 16-19 - 19.2% (3.0, 2.2 YOY)

Table A-11 - Reasons for unemployment
Job losers and persons who completed temporary jobs2.3
Job leavers0.5
Reentrants1.5
New entrants0.8
Table A-12 - Unemployed persons by duration of unemployment
WeeksChangeYOY Change
Average Duration25.72.10.5
Median Duration8.33.11.1
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Wed Jul 27, 2016 4:51 pm

No Fed rate change
The Federal Reserve left interest rates unchanged on Wednesday but said near-term risks to the U.S. economic outlook had diminished, opening the door to a resumption of monetary policy tightening this year.

The U.S. central bank said the economy had expanded at a moderate rate and job gains were strong in June. It added that household spending also had been "growing strongly," and pointed to an increase in labor utilization.

While Fed policymakers said they continued to closely monitor inflation data and global economic and financial developments, they indicated less worry about possible shocks that could push the economy off course.

"Near-term risks to the economic outlook have diminished," the Fed's policy-setting committee said in its statement following a two-day meeting in which it left its benchmark overnight interest rate in a range of 0.25 percent to 0.50 percent.

The Fed noted, however, that inflation expectations were on balance little changed in recent months, and gave no firm indication of whether it would raise rates at its next policy meeting in September.
Good. That will give me time to keep pursuing debt consolidation before the rates become less attractive.

I'd say there's no chance that they move things before the election, in any case.
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Re: How has the recent economic turmoil affected you?

Post by Kraken » Wed Jul 27, 2016 5:30 pm

Isgrimnur wrote: I'd say there's no chance that they move things before the election, in any case.
That's what I read. To do so would be seen as political. Next rate hike will be in December, assuming smooth economic sailing in the interim (and no Trump presidency to blow up the economy).

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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Fri Aug 05, 2016 9:28 am

July Unemployment - 4.9% (0.0%)

>= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma6.30.51.9
High school graduates, no college5.10.30.4
Some college or associate degree4.40.40.1
Bachelor's degree and higher2.80.20.0
Table A-1 - Unemployment Rate Ages 16-19 - 16.3% (2.9, 0.8 YOY)

Table A-11 - Reasons for unemployment
Job losers and persons who completed temporary jobs2.4
Job leavers0.5
Reentrants1.5
New entrants0.7
Table A-12 - Unemployed persons by duration of unemployment
WeeksChangeYOY Change
Average Duration26.30.60.2
Median Duration9.61.30.2
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Tue Sep 06, 2016 12:18 pm

August Unemployment - 4.9% (0.0%)

>= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma6.80.50.9
High school graduates, no college5.00.10.5
Some college or associate degree4.40.00.0
Bachelor's degree and higher3.00.20.5
Table A-1 - Unemployment Rate Ages 16-19 - 15.4% (0.9, 1.4 YOY)

Table A-11 - Reasons for unemployment
Job losers and persons who completed temporary jobs2.4
Job leavers0.6
Reentrants1.4
New entrants0.6
Table A-12 - Unemployed persons by duration of unemployment
WeeksChangeYOY Change
Average Duration26.70.41.6
Median Duration10.30.71.8
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Mon Sep 12, 2016 12:45 pm

Shipping issues:
A Hanjin Shipping Co Ltd vessel is finishing unloading in California and scheduled to leave port on Monday, shipping industry officials said, as shareholders and executives associated with the South Korean firm pledged funds to help resolve the turmoil created by its collapse.

The Hanjin Greece docked in Long Beach on Saturday after a U.S. bankruptcy court granted it protection and terminal operators agreed to take it.
...
However, the Greece carries only a fraction of the $14 billion in goods on dozens of ships owned or leased by the world's seventh-largest container carrier.

The collapse of Hanjin under debts of $5.5 billion has caused havoc in global trade networks and a surge in freight rates. Some vessels have also been seized.

On Monday, Choi Eun-young, a former chairwoman of Hanjin Shipping pledged to provide $9 million in private funds to help resolve the situation "in which economic damage is increasing from the turmoil in shipping due to its unexpected court restructuring".

Choi, who controlled Hanjin Shipping between 2007 and 2014, will provide the funds "within days".

Parent company Hanjin Group pledged last week to raise 100 billion won ($90 million) in funds to help rescue stranded cargo.
...
Charter owner Seaspan Corp (SSW.N) has three ships under charter with Hanjin - the Hanjin Buddha, Hanjin Namu and Hanjin Tabul – which are all due to hit the U.S. West Coast within the next few days. Chief executive Gerry Wang said he was confident the South Korean government would provide sufficient funds to pay port operators and Seaspan by the time those ships arrived to ensure they were unloaded.
...
Creditors have sought an arrest warrant against the Seaspan Efficiency, a ship hauling cargo for Hanjin that was due to arrive in Savannah. Wang said the cargo concerned amount to just around $800,000 and that he was confident the parties involved could come to an agreement.

It is not clear when port operators will bring others to berths in Southern California and elsewhere. The U.S. court on Friday gave three other Hanjin ships protection from seizure.

The three other Hanjin ships protected by the U.S. court order are the Hanjin Boston, which remained off the Port of Long Beach awaiting orders on Sunday, and the Hanjin Gdynia, which was several hundred miles away from Long Beach, and the Hanjin Jungil, 310 nautical miles west of San Francisco with its destination listed as Long Beach, according to Marine Exchanges on the west coast that coordinate shipping traffic.

Another Hanjin ship off Long Beach, the Hanjin Montevideo, is under the supervision of a court-ordered custodian after two fuel companies obtained an arrest warrant for it over unpaid bills. Hanjin and the fuel providers are trying to work out an arrangement to release the vessel.
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Fri Oct 07, 2016 3:53 pm

September Unemployment - 5.0% (0.1%)

>= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma7.70.90.8
High school graduates, no college5.00.00.0
Some college or associate degree4.10.30.1
Bachelor's degree and higher2.50.50.0
Table A-1 - Unemployment Rate Ages 16-19 - 15.8% (0.4, 0.4 YOY)

Table A-11 - Reasons for unemployment
Job losers and persons who completed temporary jobs2.2
Job leavers0.6
Reentrants1.5
New entrants0.5
Table A-12 - Unemployed persons by duration of unemployment
WeeksChangeYOY Change
Average Duration27.20.51.0
Median Duration10.20.11.2
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hitbyambulance
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Re: How has the recent economic turmoil affected you?

Post by hitbyambulance » Mon Oct 17, 2016 5:10 pm

got a lay-off notice today - i now have two months left at the company i've worked at for the past few years.

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Re: How has the recent economic turmoil affected you?

Post by tjg_marantz » Mon Oct 17, 2016 6:31 pm

Poopstick. Severance enough to give you time to figure things out?
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Re: How has the recent economic turmoil affected you?

Post by The Meal » Mon Oct 17, 2016 6:46 pm

hitbyambulance wrote:got a lay-off notice today - i now have two months left at the company i've worked at for the past few years.
:cry: Sorry to hear it. Hopefully change leads to bigger and brighter things.
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hitbyambulance
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Re: How has the recent economic turmoil affected you?

Post by hitbyambulance » Mon Oct 17, 2016 6:51 pm

nine weeks of severance pay. i had been working at a startup six and a half years ago, and that company was purchased by the current one a few years later. i'd also been promoted twice, so it's kind of a weird-looking resume item.

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Re: How has the recent economic turmoil affected you?

Post by LordMortis » Mon Oct 17, 2016 7:27 pm

luck to you.

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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Tue Nov 08, 2016 1:47 pm

October Unemployment - 4.9% (0.1%)

>= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma6.71.00.1
High school graduates, no college5.10.10.2
Some college or associate degree3.70.40.6
Bachelor's degree and higher2.50.00.0
Table A-1 - Unemployment Rate Ages 16-19 - 15.1% (0.7, 0.3 YOY)

Table A-11 - Reasons for unemployment
Job losers and persons who completed temporary jobs2.1
Job leavers0.6
Reentrants1.5
New entrants0.5
Table A-12 - Unemployed persons by duration of unemployment
WeeksChangeYOY Change
Average Duration27.90.71.0
Median Duration10.50.31.2
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Fri Dec 02, 2016 10:54 am

November Unemployment - 4.6% (0.3%)

>= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma7.71.01.0
High school graduates, no college4.70.40.5
Some college or associate degree3.70.00.6
Bachelor's degree and higher2.20.30.2
Table A-1 - Unemployment Rate Ages 16-19 - 14.6% (0.5, 0.3 YOY)

Table A-11 - Reasons for unemployment
Job losers and persons who completed temporary jobs2.1
Job leavers0.6
Reentrants1.4
New entrants0.4
Table A-12 - Unemployed persons by duration of unemployment
WeeksChangeYOY Change
Average Duration27.10.82.0
Median Duration10.50.00.9
Last edited by Isgrimnur on Fri Dec 02, 2016 11:35 am, edited 1 time in total.
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Fri Dec 02, 2016 11:18 am

Isgrimnur, Dec 03, 2010 wrote:November Unemployment - 9.8% (up 0.2%)

>= Age 25 by education level

Less than a high school diploma - 15.2% (up 1.2%, up 0.8% Year Over Year)
High school graduates, no college - 9.6% (up 0.4%, up 0.3% YOY)
Some college or associate degree - 8.3% (up 0.2%, down 0.1% YOY)
Bachelor's degree and higher - 4.8% (up 0.3%, up 0.2% YOY)
I'm so glad that the economy was the number #1 issue for voters.
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Re: How has the recent economic turmoil affected you?

Post by RunningMn9 » Fri Dec 02, 2016 11:34 am

Isgrimnur wrote:I'm so glad that the economy was the number #1 issue for voters.
After they became policy experts on how unemployment statistics are reported, they were able to see that despite things being ok for them, clearly they must not be ok "out there", and so it's super important.

To be fair, there are obviously places and industries where it's *not* ok. But that's for reasons other than "the economy". Their Facebook PhDs in Economics apparently hasn't covered that yet. Or maybe they were busy getting their Facebook PhDs in Constitutional Law, or Healthcare, or Science on the days it was covered? I don't know.
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range

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Re: How has the recent economic turmoil affected you?

Post by Kraken » Fri Dec 02, 2016 12:25 pm

RunningMn9 wrote:
Isgrimnur wrote:I'm so glad that the economy was the number #1 issue for voters.
After they became policy experts on how unemployment statistics are reported, they were able to see that despite things being ok for them, clearly they must not be ok "out there", and so it's super important.

To be fair, there are obviously places and industries where it's *not* ok. But that's for reasons other than "the economy". Their Facebook PhDs in Economics apparently hasn't covered that yet. Or maybe they were busy getting their Facebook PhDs in Constitutional Law, or Healthcare, or Science on the days it was covered? I don't know.
The economy is bordering on overheating in Boston (where we have labor shortages), and I presume that's true of most major cities. The Democrats won the cities by comfortable margins. I can't speak to the economy in the hinterlands, where Trump won.

A business story pointed out today that no US expansion has ever gone more than 10 years, and we're in year 7 of this one. Economic policies aside, history says Trump is likely to face a contraction before his term is over.

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