Word: forecast
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...York City Job Cuts Hit Urbanites Hard Cities and their surrounding communities account for 90% of all U.S. income, according to a new report from the Conference of Mayors, which is why its forecast of huge job losses in these regions is so troubling. Leading the job cuts are New York City, which is expected to undergo more painful layoffs in the financial sector, and Los Angeles, where depressed home prices have ravaged the local economy. The report also predicts that the overall unemployment rate in metropolitan areas will rise above...
...their lowest since the Bank of England was created more than 300 years ago, and the banking industry may have already received $55 billion in government money, but nervous British lenders are simply not lending enough. The result: British GDP will tumble 2.7% this year, Ernst & Young forecast on Monday, the biggest drop since 1946. "Without additional government intervention," it added, "a deep recession could evolve into a depression...
...Once Congress does go along with letting Obama's Treasury Secretary have access to the $350 billion still left from the money that was allocated for the TARP, a great deal of it may be going right back out to banks. The forecast now is that Citigroup (C) could lose $10 billion this quarter. A look at what is happening to consumer credit, LBOs, and the alarming increase in corporate bankruptcies means that Citi may need more than one injection of capital this year. The same holds true for Bank of America and a number of other financial firms which...
...easy to forecast a Darwinian winter, when we lash out or hunker down and shiver even when we sit near the fire. We read about people walking away from mortgages they can afford to pay, just because everyone else is doing it and responsibility seems like a sucker's game. Retailers report that gun sales are up, because the Democrats are back and crime is expected to rise and civilization as we know it to break down. Someone somewhere is stirring the tar and plucking the feathers for Lehman's Richard Fuld and Merrill's Stan O'Neal...
...list of cuts and shortfalls is almost apocalyptic. According to the UCLA Anderson Forecast, thousands of lost jobs in the public and private sectors will cause California's unemployment rate to leap to 8.5% by the end of 2009 (it was 6.5% in October 2008). If the state runs out of cash by mid-February, as has been predicted, hundreds of state vendors, such as electrical-supply wholesalers, food-service companies and building- and grounds-maintenance firms, will be sent IOUs from the state government. Deductions for each dependent may drop from $309 to $103 on Californians' 2009 income...