U.S. unemployment to peak by March: poll

National Assn. of Business Economics panelists believe the end of net employment losses is near.

11/24/2009


 

According to an AFP story , the worst of U.S. job losses are expected to be over by March 2010 as the economic grows after a long recession, a poll of business economists showed Monday.

U.S. economic growth in the fourth quarter of 2009 is expected to be 3.0%, rising to 3.2% over the whole of next year, according to the consensus macroeconomic outlook of a panel of 48 professional forecasters of the National Assn. of Business Economics (NABE).

"The recovery will not remain 'jobless' for long," the outlook report said.
"With more than 7.3 million jobs lost since December 2007 (when the U.S. plunged into recession), NABE panelists believe the end of net employment losses is near, with modest declines during the fourth quarter followed by a 'bottom' in the first quarter of 2010 and gains thereafter," the report said.
The U.S. unemployment rate shot up to 10.2% in October as another 190,000 jobs were shed, the government said earlier this month.

The jobless rate, up from 9.8% in September, was the highest since 1983 but the number of jobs lost narrowed to the lowest level in over a year.

Given the severity of employment losses during the past two years, most NABE panelists (61%) however did not expect a complete recovery of the previously lost jobs until 2012.

Additionally, the unemployment rate is predicted to remain stubbornly high, averaging 9.6% in the final quarter of next year, they said.

Read the full story.



No comments
The Top Plant program honors outstanding manufacturing facilities in North America. View the 2015 Top Plant.
The Product of the Year program recognizes products newly released in the manufacturing industries.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
2016 Product of the Year; Diagnose bearing failures; Asset performance management; Testing dust collector performance measures
Safety for 18 years, warehouse maintenance tips, Ethernet and the IIoT, GAMS 2016 recap
2016 Engineering Leaders Under 40; Future vision: Where is manufacturing headed?; Electrical distribution, redefined
SCADA at the junction, Managing risk through maintenance, Moving at the speed of data
Safety at every angle, Big Data's impact on operations, bridging the skills gap
The digital oilfield: Utilizing Big Data can yield big savings; Virtualization a real solution; Tracking SIS performance
Applying network redundancy; Overcoming loop tuning challenges; PID control and networks
Driving motor efficiency; Preventing arc flash in mission critical facilities; Integrating alternative power and existing electrical systems
Package boilers; Natural gas infrared heating; Thermal treasure; Standby generation; Natural gas supports green efforts

Annual Salary Survey

Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.

There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.

But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.

Read more: 2015 Salary Survey

Maintenance and reliability tips and best practices from the maintenance and reliability coaches at Allied Reliability Group.
The One Voice for Manufacturing blog reports on federal public policy issues impacting the manufacturing sector. One Voice is a joint effort by the National Tooling and Machining...
The Society for Maintenance and Reliability Professionals an organization devoted...
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.
Maintenance is not optional in manufacturing. It’s a profit center, driving productivity and uptime while reducing overall repair costs.
The Lachance on CMMS blog is about current maintenance topics. Blogger Paul Lachance is president and chief technology officer for Smartware Group.
This article collection contains several articles on the vital role of plant safety and offers advice on best practices.
This article collection contains several articles on the Industrial Internet of Things (IIoT) and how it is transforming manufacturing.
This article collection contains several articles on strategic maintenance and understanding all the parts of your plant.
click me