The world's largest steel maker ArcelorMittal SA said sales halved in the second quarter and it reported its second quarterly loss as steel demand plunges.
The company made a loss of $1.06 billion in the three months ending March 31, compared to $2.37 billion profit a year ago. Revenues were $15.12 billion, down by half from $29.8 billion in the second quarter of 2008.
Full Report
The latest round of superb earnings from banks was all a "Great Whitewash" according to analyst Meredith Whitney. Most of the earnings came from technical, one-time factors.
Full Story
1000-1200 GM Dealers to close, 136,000 to lose jobs
Story
North Carolina short 3 Billion dollars
Link
Europe Facing Deeper Collapse
Link
Global Fishing Industry on Brink of Collapse-No Fish Left
Link
Close to Depression Level Unemployment in Chicago,other Cities Much Worse
Link
Actually, the unemployment article says Chicago is at %10 while El Centro is at 25% (depression era levels).
ReplyDelete"But compared to some metro areas, Chicago isn't faring badly. There are 109 metropolitan areas in the country that posted unemployment rates of 10 percent or more in March, up from a mere 14 such areas in 2008. The highest was in El Centro, Calif., where unemployment stood at 25.1 percent – as bad as the national average during the depths of the Great Depression in 1933. Also faring poorly were Merced, Calif., with 20.4 percent, Yuba City, Calif., with 19.5 percent, and Goshen, Ind., with 18.8 percent."
The real story is the change from 14 to 109 metropolitan areas that are surpassing %10 unemployment. Of course all of those figures are likely skewed to be lower.
What about that hole, Flint MI? What's the unemployment rate there? Or the biggest armpit of them all...Gary, Indiana...are gangbangers considered employed or unemployed?
ReplyDeleteI'm pretty sure all the unemployed gang-bangers are collected on unemployment right now.
ReplyDeletecollect-ing
ReplyDelete