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KevO
Expert
Joined: May 24, 2005
Posts: 2429
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 Posted: Fri Jun 06, 2008 11:35 am Post subject: USA about to hit recession |
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aka TSHTF
| Quote: | The US unemployment rate rose at its fastest pace in more than two decades in May, stoking fears of recession in the world's biggest economy.
The surprise jump in May's jobless rate to 5.5% from 5% is the most recent signal yet that US growth is stalling.
It shows US companies are more reluctant to hire as profits are squeezed by a consumer slowdown and soaring oil and raw material costs.
The US Labor Department said the economy lost 49,000 non-farm jobs.
It follows a 28,000 decline in April, and will fuel fears the US economy is sliding towards recession, analysts said.
The worry is that a weak labour market will see consumers rein in their spending, hurting corporate profits. |
BBC News
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TireFire
Tar Sands
Joined: May 27, 2008
Posts: 32
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| Posted: Fri Jun 06, 2008 11:57 am Post subject: Re: USA about to hit recession |
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A recession is a forced powerdown in sorts, and may prove beneficial in the long run though undesireable for those most affected.
It is also inevitable in my opinion, and necessary. This will force many in the US to adjust their wasteful lifestyles. |
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gnm
Expert
Joined: Jul 08, 2004
Posts: 2737
Location: plundering eco-villages
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| Posted: Fri Jun 06, 2008 12:41 pm Post subject: Re: USA about to hit recession |
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I'm thinking it will be more like depression, without end and worsening for decades.
-G
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I Have and will continue to vote against ANY politician who supports the various bailouts. Curse you for selling out our future for status quo now! |
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burtonridr
Intermediate Crude
Joined: Aug 03, 2007
Posts: 763
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| Posted: Fri Jun 06, 2008 1:00 pm Post subject: Re: USA about to hit recession |
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If only I had seen this coming sooner 
I'm just hoping for another 6 months of employment atleast, so I can better prepare...
Our needs are simple, I just need more time. 8 months is not enough, I havent had the chance to put theory to practice or anything......
I need to go buy more food......
Those are some staggering numbers... 28,000 to 49,000 in one month....
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Tired of high gas prices?  Then stop driving to work, duh..... Learn to Work from home
Peak Oil Blog = http://getroasted.wordpress.com |
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like_the_dinosaurs
Heavy Crude
Joined: Jun 23, 2007
Posts: 112
Location: Australia
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| Posted: Fri Jun 06, 2008 1:10 pm Post subject: Re: USA about to hit recession |
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These kind of economic figures should have pushed oil lower not 10 dollars higher. The pace of the fall has definetly quickened of late.
I wonder when people will start to sign off from peak oil never to return. lol
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This story will be told for generations! |
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burtonridr
Intermediate Crude
Joined: Aug 03, 2007
Posts: 763
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| Posted: Fri Jun 06, 2008 1:12 pm Post subject: Re: USA about to hit recession |
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| like_the_dinosaurs wrote: |
I wonder when people will start to sign off from peak oil never to return. lol |
I might be one soon..... Wish me luck.
Good luck to everyone. 
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Tired of high gas prices? Then stop driving to work, duh..... Learn to Work from home
Peak Oil Blog = http://getroasted.wordpress.com |
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TheDude
Expert
Joined: Apr 06, 2006
Posts: 3626
Location: 3 miles NW of Champoeg, Republic of Cascadia
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| Posted: Fri Jun 06, 2008 1:42 pm Post subject: Re: USA about to hit recession |
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Do you actually own a compound bow?
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Cogito, ergo non satis bibivi
C'mon man, who're you gonna believe? |
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burtonridr
Intermediate Crude
Joined: Aug 03, 2007
Posts: 763
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| Posted: Fri Jun 06, 2008 1:52 pm Post subject: Re: USA about to hit recession |
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| TheDude wrote: | | Do you actually own a compound bow? |
Nope I have a self made long bow, its made from a maple tree, backed with fiberglass.... because I'm not all that good at tillering and it was my first. Still came out really good.
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Tired of high gas prices? Then stop driving to work, duh..... Learn to Work from home
Peak Oil Blog = http://getroasted.wordpress.com
Last edited by burtonridr on Fri Jun 06, 2008 1:54 pm; edited 1 time in total |
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charliebrownout
Heavy Crude
Joined: Apr 17, 2008
Posts: 291
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| Posted: Fri Jun 06, 2008 1:53 pm Post subject: Re: USA about to hit recession |
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| gnm wrote: | I'm thinking it will be more like depression, without end and worsening for decades.
-G |
Ditto that.  |
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Cashmere
Light Sweet Crude
Joined: Mar 27, 2008
Posts: 1971
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| Posted: Fri Jun 06, 2008 2:03 pm Post subject: Re: USA about to hit recession |
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"about to?"
?
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Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group. |
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shortonoil
Fission
Joined: Dec 02, 2004
Posts: 2752
Location: VA USA
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| Posted: Fri Jun 06, 2008 3:43 pm Post subject: Re: USA about to hit recession |
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USA about to hit recession
It’s not official until it is denied three times. I think I’ve heard someone from the FED say it’s not a recession about 50 times so far.
I guess we will have to wait for official confirmation. If Bernanke had been the chief of Maritime Affair in 1912, the Titanic wouldn’t have sunk until 1946. |
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TheDude
Expert
Joined: Apr 06, 2006
Posts: 3626
Location: 3 miles NW of Champoeg, Republic of Cascadia
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| Posted: Fri Jun 06, 2008 5:04 pm Post subject: Re: USA about to hit recession |
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| shortonoil wrote: | USA about to hit recession
It’s not official until it is denied three times. I think I’ve heard someone from the FED say it’s not a recession about 50 times so far.
I guess we will have to wait for official confirmation. If Bernanke had been the chief of Maritime Affair in 1912, the Titanic wouldn’t have sunk until 1946. |
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Cogito, ergo non satis bibivi
C'mon man, who're you gonna believe? |
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TireFire
Tar Sands
Joined: May 27, 2008
Posts: 32
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| Posted: Tue Jun 10, 2008 9:19 am Post subject: Re: USA about to hit recession |
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| TheDude wrote: | | Do you actually own a compound bow? |
Yes
And a crossbow too.
Stocking up on bolts and arrows. Trying to figure a way of making my own with rough materials - not as easy as it sounds.
Shopping for a gun(s) next month.
my house doesn't have a neighbor in sight, a large lake in the back for fishing.
Bring it on baby!!! |
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Ache
Heavy Crude
Joined: Apr 23, 2005
Posts: 263
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| Posted: Tue Jun 10, 2008 9:25 am Post subject: Re: USA about to hit recession |
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Bernanke says worst may be over
| Quote: | | Federal Reserve Chairman Ben Bernanke said the worst days for the U.S. economy may have passed, but he warned that inflation is an increasing risk. Though Main Street will continue to suffer tough times, "the risk that the economy has entered a substantial downturn appears to have diminished over the past month or so," Bernanke said Monday night. The Fed is expected to leave its key interest rate unchanged when it meets in two weeks, but the comments may be a signal that an increase from the current 2% may come later this year. |
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Eli
Fusion
Joined: Jun 18, 2005
Posts: 3985
Location: In a van down by the river
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| Posted: Tue Jun 10, 2008 9:31 am Post subject: Re: USA about to hit recession |
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| gnm wrote: | I'm thinking it will be more like depression, without end and worsening for decades.
-G |
If you combine Government debt and spending with the Banks losses in lending in home loans and consumer credit, I think you are right on about the a depression. Of course then their is PO to deal with and there is not a word to describe what that will bring except maybe the Great Die Off.
Consumer credit is the next thing to go TU when that goes so goes 75% of our so called economy. |
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