Recession? What recession?

[Botnst]

Louisiana nonfarm jobs increase in March, compared to 2007

© 2008 The Associated Press

NEW ORLEANS — Jobs gains in the service industry fueled an increase last month in Louisiana's nonfarm employment, the state labor department reported Friday.

On a non-seasonally adjusted basis, the state had 30,300 more non-farm jobs in March than it had in the same month last year. That increase includes 22,900 more service-providing jobs and 7,400 more goods-producing jobs.

Total nonfarm employment for March 2008 was 1,945,800, an increase of 10,500 jobs over the previous month.

Job gains in the state's service-providing sector over the year included increases of 9,100 educational and health services jobs, 5,200 leisure and hospitality jobs and 3,000 retail trade jobs.

Manufacturing jobs in the state's goods-producing sector rose by 1,600 between March 2007 and March 2008. The state also gained 4,400 construction jobs over the same period.

On a seasonally adjusted basis, the state's unemployment rate was 4.5 percent in March, an increase from the previous month's mark of 3.7 percent. The national unemployment rate last month was 5.1 percent.

The department reported 9,118 new and renewed claims for unemployment compensation last month, down from 11,528 in February and 9,151 in March 2007. Last month, 2,117 recipients exhausted their benefits, up from 1,543 in February and 1,997 in March 2007.

Nonfarm jobs in New Orleans rose by 9,800 over the year, with 3,400 coming from the goods-producing sector and 6,400 from the service-providing sector.

[Chris Bell]

Originally Posted by Botnst

Louisiana nonfarm jobs increase in March, compared to 2007

© 2008 The Associated Press

NEW ORLEANS — Jobs gains in the service industry fueled an increase last month in Louisiana's nonfarm employment, the state labor department reported Friday.

On a non-seasonally adjusted basis, the state had 30,300 more non-farm jobs in March than it had in the same month last year. That increase includes 22,900 more service-providing jobs and 7,400 more goods-producing jobs.

Total nonfarm employment for March 2008 was 1,945,800, an increase of 10,500 jobs over the previous month.

Job gains in the state's service-providing sector over the year included increases of 9,100 educational and health services jobs, 5,200 leisure and hospitality jobs and 3,000 retail trade jobs.

Manufacturing jobs in the state's goods-producing sector rose by 1,600 between March 2007 and March 2008. The state also gained 4,400 construction jobs over the same period.

On a seasonally adjusted basis, the state's unemployment rate was 4.5 percent in March, an increase from the previous month's mark of 3.7 percent. The national unemployment rate last month was 5.1 percent.

The department reported 9,118 new and renewed claims for unemployment compensation last month, down from 11,528 in February and 9,151 in March 2007. Last month, 2,117 recipients exhausted their benefits, up from 1,543 in February and 1,997 in March 2007.

Nonfarm jobs in New Orleans rose by 9,800 over the year, with 3,400 coming from the goods-producing sector and 6,400 from the service-providing sector.

Now, Now Bot. Don't you know, your not allowed to post good economic news until there's a Democrat in the White House.

[Botnst]

Been swimming against the current for years.

[Medmech]

Originally Posted by Botnst

Been swimming against the current for years.

Swimming the Mississippi north takes time.

[cmac2012]

It's tough to accurately gauge these things. I know around here, many builders are scrambling for crumbs. I'm starting to sweat a bit myself.

And I hear reports that indicate people in many areas are struggling.

[Botnst]

Most recessions haven't affected all regions equally. When they say we are in recession what they actually mean is that, on average across the USA we are in recession. Most people are hurting but some people are doing ok.

[Dee8go]

Originally Posted by cmac2012

It's tough to accurately gauge these things. I know around here, many builders are scrambling for crumbs. I'm starting to sweat a bit myself.

And I hear reports that indicate people in many areas are struggling.

Carl, I didn't know things ever turned down out where you live. The computer hardware and software business seems nearly as steady and secure as our local industry, the federal government.

I see people at the gas stations around here filling their Hummers and Suburbans as though nothing has changed. It's got to hurt to stand there and put $100.00 in your gas tank, but they don't seem to think anything of it.

[davestlouis]

I do debt collection work and was on the phone with a credit union today. The collector's comment was that she has never seen so many people go from A-Credit to foreclosure/bankruptcy in 90 days as she has in the past 12 months. It's like these people just dry up and blow away. I have seen it myself: I go to the delinquent debtor's home and knock on the door, to try to get them to talk. 10 years ago, I spent a lot of time in the city, in low income areas. Now I rarely even venture into the city, I spend a lot of time in upscale subdivisions. I work for multiple lenders, and there are times that I knock on a guy's door, about his mortgage and his car, and maybe even his piano loan.

Scary stuff. All I can offer is my personal experience, but what I see in STL points to a not-so-pretty trend.

[rugby2]

I live in a middle class neighborhood and there are 4 repos in the area. looked at a 6 br. doctors house on a lake the bank took back. heard some golf courses where not going to open this yr. because of the poor economy. so I'd say its bad.

[OMEGAMAN]

Originally Posted by davestlouis

I do debt collection work and was on the phone with a credit union today. The collector's comment was that she has never seen so many people go from A-Credit to foreclosure/bankruptcy in 90 days as she has in the past 12 months. It's like these people just dry up and blow away. I have seen it myself: I go to the delinquent debtor's home and knock on the door, to try to get them to talk. 10 years ago, I spent a lot of time in the city, in low income areas. Now I rarely even venture into the city, I spend a lot of time in upscale subdivisions. I work for multiple lenders, and there are times that I knock on a guy's door, about his mortgage and his car, and maybe even his piano loan.

Scary stuff. All I can offer is my personal experience, but what I see in STL points to a not-so-pretty trend.

How much of their debt problems are caused by poor judgement, in your opinion?
I Remember a customer who we sold an Audi worked for a software company that focused on Y2K software. Pretty soon he was trying to sell mortgages and having trouble paying the bills. Put himself in debt for some fancy stuff and then the bottom fell out.

[LaRondo]

Originally Posted by davestlouis

I do debt collection work and was on the phone with a credit union today. The collector's comment was that she has never seen so many people go from A-Credit to foreclosure/bankruptcy in 90 days as she has in the past 12 months. It's like these people just dry up and blow away. I have seen it myself: I go to the delinquent debtor's home and knock on the door, to try to get them to talk. 10 years ago, I spent a lot of time in the city, in low income areas. Now I rarely even venture into the city, I spend a lot of time in upscale subdivisions. I work for multiple lenders, and there are times that I knock on a guy's door, about his mortgage and his car, and maybe even his piano loan.

Scary stuff. All I can offer is my personal experience, but what I see in STL points to a not-so-pretty trend.

There is an interesting observation throughout the mortgage pops.

Many, esp. upper middle class, but also first time buyers with clean credit, took part in the frenzy at the height of the real estate bubble syndrom.

Not know much of anything grabbing the low to zero down payment option on expensive homes, disregarding refi terms and mortgage rate increase.

Now, it has become a popular move for those, to take equity on their expensive property, put it down on something more affordable and once escrow is closed, they dump the previous high price property, which was destined to be unpayable sooner or later and leave it to foreclosures.

Doing that, they wreck their credit, but manage to live on in a home they can actually pay for and worry about restoring their credit later.

[cmac2012]

Originally Posted by Dee8go

Carl, I didn't know things ever turned down out where you live. The computer hardware and software business seems nearly as steady and secure as our local industry, the federal government.

I see people at the gas stations around here filling their Hummers and Suburbans as though nothing has changed. It's got to hurt to stand there and put $100.00 in your gas tank, but they don't seem to think anything of it.

Word I've heard from the old timers is that this area, silicon valley especially, is the last to show pain and the first to recover. Doesn't sound fair but oh well.

It is harder to find work I hear (I'm still doing OK) but I hear that Mexican migrants are starting to head home. Who knows?

[Medmech]

One thing I am noticing in Michigan is the losers are moving, our neighbor hood dunce family moved to Alabama, they did it overnight leaving their rust farm behind. Most of my incoming new clients are profs at MSU or engineers for the growing military sector which is much better than the uaw clientele and home prices reflect that, the over $300 segment is doing much better than the others.


At first I was a bit fearful for what Me and Michigan had to look forward to but to be honest I'm doing better each month...so viva la recession.

[MBlovr]

Consumer confidence lowest since 1982
Survey from the University of Michigan says uncertain consumers intend to save their money rather than spend it.
NEW YORK (CNNMoney.com) -- Consumer confidence sank to its lowest level in 26 years, according to a survey published Friday.

The University of Michigan Consumer Confidence survey revealed that high food and fuel prices, coupled with shrinking incomes and falling home values, have driven consumers to save their money rather than spend it.

"The recent acceleration in the loss in confidence indicates a longer and potentially deeper recession," said Richard Curtin, the university's consumer survey research director.

The survey's Index of Consumer Sentiment, a closely watched indicator of the economy's current health, fell to 62.6 in April, a drop of 6.9 points from the previous month and the lowest level since 1982.

The Index of Consumer Expectations, which economists use to help determine the economy's future direction, fell to 53.3 in April, a decline of 6.8 points from the previous month.

According to the survey, only 30% of consumers plan to spend their upcoming tax rebate, while the rest said they would use it to pay off debt or put it into savings.

Though the stimulus rebates, due to start arriving in mailboxes next week, will boost spending temporarily, rising prices for food, gas and other essentials along with worries about income levels could cause consumers to spend less through late 2008 and early 2009, according to Curtin.

The survey said that 90% of consumers believed the economy was in a recession, and 75% believed the economic problems will persist for at least another year.

A third of those surveyed specifically said that they were reigning in spending because of uncertainty about employment and income.

[raymr]

Yes. The McMansion is going the way of the HumVee, and not a moment too soon. The ridiculous super-sizing fad can't go on forever.