Friday, October 21, 2011

Another Shoe To Drop On Our Economy

Washington must be a horse because it seems we have more than two shoes. And, another one is about to drop.

As I have predicted, with upcoming budget cuts there will be more state employees cut from the payroll. This is usually a very stable category of employee because they are not usually subjected to the variables of the economy. We are about to experience the blow of another iron shoe.

Associated Press
October 21, 2011

Washington state loses 18,000 jobs in September
OLYMPIA, Wash. -- Washington state recorded its first monthly job declines in more than a year Wednesday, losing more than 18,000 jobs in September largely due to deep cuts in government.

The reductions, which also included a decline in private sector positions, wiped out much of the past year's gains. The number of positions had been steadily increasing by a few thousand each month, and growth over the past year now stands at about 27,000.

The figures seemed to run counter to the jobless rate, which fell from 9.3 percent to 9.1 percent in September. The numbers are produced from two different surveys.

"It's not unusual for the surveys to generate somewhat different results, but the gap between the two September surveys is much larger than we usually see," said Greg Weeks, who leads labor market analysis at the Employment Security Department. He expects the numbers will be revised in the coming weeks.

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