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Imperial shows off new aluminum plant
The Chicago-based company plans to hire up to 50 people...
Peebles said the company expects to produce about 100 million pounds of product a year.
For those keeping score of our productivity at home, that's at least 2 million pounds of product per additional American worker, per year.
This is the continuation of a series. You may note that the first two parts were offered in September of 2007, shortly after starting this blog. The unemployment rate was 4.7% and seemingly stable.
See Also:
Jobs of the Future, Part 1
Jobs of the Future, Part 2
Friday: No Major Economic Releases
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[image: Mortgage Rates] Note: Mortgage rates are from MortgageNewsDaily.com
and are for top tier scenarios.
Friday:
• At 10:00 AM ET, *University of Michig...
6 hours ago
25 comments:
ENGLEWOOD CLIFFS, N.J. (AP) - Consumer products maker Unilever PLC said Thursday it will close a Southern California plant and cut 61 jobs to lower costs.
http://tinyurl.com/yctaexw
Lets see -61 + 50 = -11
Ah crap.
LOL
Kevin
Kevin,
Good grief. Your job loss discovery was over 20% larger than my job creation discovery. My mood, once elated, has now turned darker and more subdued.
I'm not completely lacking all hope though. Perhaps Congress can push through job creation stimulus that can offset a small fraction of the net losses?
Stag,
The idea that human labor would be replaced by machines and other productivity improvements has been widely predicted by futurists for many decades.
What wasn't widely predicted was that all of the economic surplus would be siphoned off by the finance industry and the Government. To add insult to injury, CONgress shifted more of the tax burden from capital to labor - a double whammy! The fruits of robotic labor belong to those with lobbyists it seems.
Adding to the plight of labor, America now owes a shed load to low cost Asian nations. Much of our economic surplus (if we even have one now) is pledged to others.
It's going to be very difficult for American households to climb out of their debt holes while competing against low paid Asians and unpaid robots.
I think there are a pile of losses in the global financial system that are just waiting to be recognized. Neither Asians nor Americans can afford their real estate. And Americans can't afford their past consumer lifestyles or debts. Wall St. and other shills are distributing the losses right now. I'm trying to prevent those losses form showing up on MY balance sheet.
Mark,
as you have noted it is not like there is an unmet aluminum need. From the article:
"The plant will use scrap aluminum to produce an alloy for the building and automotive industries, he said."
Commercial real estate and auto factory sales are the main goals? Uh oh.
What about a toilet paper mill?
Mark,
"Perhaps Congress can push through job creation stimulus that can offset a small fraction of the net losses?"
Mark, pretty soon the only people working are going to be working FOR the government, except maybe the bankers who will be lending the government money to make payroll.
That would kind of suck because government employees don't pay taxes because they ARE the tax.
I think we're screwed here.
What do you think?:-)
Kevin
Kevin,
I think I saw an item on Clusterstock about governemnt pay:
Six-Figure Federal Salaries Jumped 46% During The Recession
http://tinyurl.com/yaktp76
Just unreal.
I exited,stage left, all of my trading positions today, something just feels wrong to me. Almost all in cash except my trusty metals hoard.
GYSC,
The people who came out of the Great depression the best all worked of the federal government, after all their jobs are not based on whether the government makes a profit like the private sector, it isn't a surprise that the same thing is going to happen this time around. State workers are not going to be nearly as lucky though.
Kevin
Kevin,
I think TARP will now become a state budget fund, but yes, there should still be some problems for State employees.
Economic news raises hopes for global recovery
"WASHINGTON – Signs of a strengthening global recovery emerged Friday, with consumers boosting retail sales, companies restoring stockpiles and Chinese exports mounting a comeback."
http://tinyurl.com/y9djlq9
Happy days are here again! Wait a minute, I've typed that before...
GYSC
One of my daughters is a correctional officer in the great bankrupt state of Caliifornicated,
her hours have been cut, her pay has been cut, she is working a couple of days a month for a promised reimbursement is the future, trust me if one is nursing on a government tit for a living it is a whole lot better to nurse on the biggest one, the federal government where you don't have to worry about pesky things like a mandatory balanced budget but you are first in line for the money rolling off the printng presses which the states don't have.
Kevin
President Barack Obama said he is frustrated that “fat-cat bankers” are continuing to take large bonuses and fighting his effort to revamp financial regulations.
“I did not run for office to be helping out a bunch of fat-cat bankers on Wall Street,” Obama said in an interview with CBS’s “60 Minutes” program.
http://tinyurl.com/yedrf5n
Buy that and I have a bridge I'll sell you.
Kevin
GYSC,
"What about a toilet paper mill?"
I'm doing what I can! I just bought more toilet paper and paper towels at Costco this evening. I can't ever seem to have enough, lol.
Kevin,
"I think we're screwed here.
What do you think?:-)"
I think we're screwed here. That's what I think.
You are amazing. How long have you been studying economics and/or hypnotism? ;)
But seriously, I think we are screwed here. I told the guy that cuts my hair about our 11-Jobs-Lost information exchange today. It's quite the story in my opinion.
GYSC,
"I exited,stage left, all of my trading positions today, something just feels wrong to me."
It seems so calm now. Why did you pre-panic? Um, I mean panic? Our country is on the road to recovery. We simply need to get some minor problems out of our way and it's nothing but unlimited prosperity for all!
http://despair.com/perseverance.html
watchtower,
"WASHINGTON – Signs of a strengthening global recovery emerged Friday, with consumers boosting retail sales, companies restoring stockpiles and Chinese exports mounting a comeback."
Here's the comeback we are mounting.
Nations' mounting debts worry global investors
http://www.washingtonpost.com/wp-dyn/content/article/2009/12/11/AR2009121104405.html
Global investors worry about global investors' debts. Other than that, everything is great.
Kevin,
"Buy that and I have a bridge I'll sell you."
Can I buy the bridge even if I don't buy that?
242yo bridge for sale amid toll uproar
http://www.abc.net.au/news/stories/2009/12/03/2760980.htm
Allsop, which will conduct Thursday's auction (local time), said there was "enormous" global interest in the bridge, with potential buyers from Australia, Europe, Jamaica and the United States.
Tax haven toll bridge up for sale
http://www.rac.co.uk/news-advice/motoring-news/post/2009/12/tax-haven-toll-bridge-up-for-sale/
The buyer will be exempt from paying income tax, capital gains tax, inheritance tax or VAT on the bridge because of the Act.
The Internet truly is a wonder. No matter what I seem to type there is always something that relates back to our economy.
Take banana.
Westpac slips on banana smoothie rates pitch
http://www.heraldsun.com.au/business/westpac-slips-on-banana-smoothie-rates-pitch/story-e6frfh4f-1225808830469
"A bank is really just like a company that sells banana smoothies."
Mark,
I am a fan of "pre panic" plus I had gains I wanted to lock in (thanks SPAM from HRL!!).
I have a funny anecdotal story on tonights post you may like about paper products.
I am very uneasy about this "stronger dollar" story and I need a reload come new year on some ideas I have for "trades". Not to worry, I still hold a major metals position as my core, plus all in cash now so I have time to make a plan.
TP3X, a toilet paper 3X bull fund, what do you think?
I think TP3X should be a toilet paper 3X "bowl" fund!
The fund will be "flush" with assets, and we'll make that clear in the risk section of the prospectus. ;)
beware "us" in any discussion on these things.
Stag,
There was an big "unexpected" jump in the NSA intial claims during the week of Thanksgiving. The astute Rick Santelli of CNBS mentioned it as suspicious in a debate with Steve Liesman.
I decided to try and get to the bottom of this oddity so I went back and checked the data for the past five years.
It turns out, every Thanksgiving week for the past five years has seen a big jump in NSA initial claims.
That proves one thing - the CONspiracy has been going on much longer than even Santelli suspects! ;)
Zero Hedge looks at Roubini's call for SPAM over gold:
http://tinyurl.com/yd3tcqe
I am conflicted, I love both!
mab,
Crazy theory time!
Nobody ever factors in the effect of the single turkey pardon at the White House. Let one go free and it no doubt gets others thinking.
Here's another crazy theory.
"Wendy's Exits Japan Amid Stiff Competition"
http://online.wsj.com/article/SB10001424052748703522904574589342577248268.html
TOKYO--Hamburger restaurant Wendy's will close its doors in Japan as the local operator of the U.S. fast-food chain struggles with cutthroat competition.
How could Wendy not compete with Ronald McDonald in Japan? I mean really, she's a girl and he's just some old guy in a clown suit.
http://www.youtube.com/watch?v=dVcRecCk8sw
Oops. Advantage McDonalds.
GYSC,
SPAM vs. gold?
My first instinct is to hoard the one I can eat. So much for that theory.
Just kidding. SPAM tastes good to me if cut really thin and fried like bacon. Really thin, lol. ;)
I love SPAM and I am not even Hawaiin.
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