Economy and Job Resource Thread

[Cherub]

Thought this would be a good thread for us to post information we find or idea's we have in regard to issue's relating to the economy and jobs

So, here we go

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What job woes mean to you

Even if your job is safe, problems in housing, Wall Street and the auto sector hint at widespread pain and a deeper downturn ahead.

By Chris Isidore, CNNMoney.com senior writer
Last Updated: April 4, 2008: 6:29 PM EDT

The weakening job market could lead to a further decline in the dollar and higher food and energy prices.
Jobs report points to recession (http://javascript%3cb%3e%3c/b%3E:cnnVideo%28%27play%27,%27/video/fortune/2008/04/04/recession.jobs.fortune%27%29;)http://i.cdn.turner.com/money/.element/img/1.0/misc/icon_video.gif (http://javascript%3cb%3e%3c/b%3E:cnnVideo%28%27play%27,%27/video/fortune/2008/04/04/recession.jobs.fortune%27%29;)

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Full-time jobs hard to find (http://javascript%3cb%3e%3c/b%3E:cnnVideo%28%27play%27,%27/video/news/2008/04/04/news.chernoff.unemployment.cnnmoney%27%29;)http://i.cdn.turner.com/money/.element/img/1.0/misc/icon_video.gif (http://javascript%3cb%3e%3c/b%3E:cnnVideo%28%27play%27,%27/video/news/2008/04/04/news.chernoff.unemployment.cnnmoney%27%29;)
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What job woes mean to you (http://money.cnn.com/2008/04/04/news/economy/recession_jobs/index.htm)
Cheese to the rescue (http://money.cnn.com/2008/04/02/smbusiness/cheese_rescue.fsb/index.htm)
80,000 jobs lost, unemployment spikes (http://money.cnn.com/2008/04/04/news/economy/jobs_march/index.htm)
Fed official: Economy 'all but stalled' (http://money.cnn.com/2008/04/04/news/economy/yellen_speech/index.htm)
Gas sets second straight record high (http://money.cnn.com/2008/04/04/news/economy/gas_prices/index.htm)Photos

America's Money: In their own words (http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/index.html)
Everyday folks tell their stories about hard economic times. Check back frequently for new stories. View photos (http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/index.html)



NEW YORK (CNNMoney.com) -- You may think your job is safe. But you still may not be spared the pain resulting from the weak labor market.
The loss of nearly a quarter-million jobs so far this year and a jump in the unemployment rate means the debate over whether there is a recession is pretty much over.
"There is a recession. The question now is how deep and how long," said Lakshman Achuthan, the managing director of the Economic Cycle Research Institute. And he thinks the economy could get worse.
Here's a look at how a deteriorating job market could lead to a worse recession than many are predicting.
Less money in workers' pockets
First of all, a weak labor market could lead to smaller wage increases for workers in all types of industries, as employers get more conservative.
A recent survey by human resources consulting firm Mercer found that 6% of U.S. employers are already trimming their compensation budgets and another 10% are considering cuts.
But the real problem for workers is that slim salary increases may not keep up with inflation, especially with food and energy prices soaring.
From November through February, average hourly wages have fallen compared to a year earlier, when adjusted for inflation, and the modest gain in wages reported for March will likely be wiped out by price gains when the Consumer Price Index is reported later this month.
Inflation pressures could intensify further if the Federal Reserve continues to slash rates in an effort to spur the economy. That's because the Fed's rate cuts have been one factor behind the weak dollar.
A weaker dollar means higher prices for imported goods, especially commodities like oil. The record high for gasoline and the record lows for the dollar are not a coincidence.
Ashraf Laidi, chief foreign exchange strategist for CMC Markets US, said the dollar could lose another 5 percent this year versus both the dollar and the yen as the economy continues to slow. He thinks it will be "difficult for the dollar to make any recovery" if the Fed keeps cutting rates.
Deeper problem for troubled sectors
It now appears the recession started late last year. But the labor market was the one bright spot for much of 2007. Now, a rising unemployment rate has the potential to further dent consumer confidence and put a crimp in spending.
"As long as the unemployment rate was low, people had the sense they could continue to spend and count on improving income," said Bernard Baumohl, executive director of The Economic Outlook Group, a Princeton, N.J. economic research firm. "That has all dramatically changed since the summer of 2007."
An even bigger fear is that the most troubled spots in the economy -- housing, Wall Street and the auto sector -- will suffer even more.
More home price declines
The housing market has already taken a major hit. And the plunge in home values, the worst since the Great Depression, happened even with the labor market being relatively healthy last year.
Normally, home sales and prices don't plunge unless there is weakness in the job market. Well, now there is. So that's another big concern for the already battered real estate market.
Some homeowners who lose their jobs may not be able to afford their mortgage payments because of a loss of income. That could force more people to sell at distressed prices, or have their homes go into foreclosure if they can't find a buyer.
And this could hurt you even if you have a safe job and home that's fully paid off since it may mean that your house will now be worth less than previously.
More shocks to Wall Street
The housing problems triggered a meltdown on Wall Street last year, the aftershocks of which are still being felt. When mortgage defaults and delinquencies on subprime mortgages started to rise, it caused big problems for securities backed by those riskier home loans.
But if more people who had conventional home loans find themselves out of work and have difficulty paying their mortgages, this could affect safer loans backed by government-sponsored mortgage finance firms Fannie Mae (FNM (http://money.cnn.com/quote/quote.html?symb=FNM&source=story_quote_link)) and Freddie Mac (FRE (http://money.cnn.com/quote/quote.html?symb=FRE&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2007/snapshots/543.html?source=story_f500_link)).
A rise in defaults in mortgages made to people with good credit, Fannie's and Freddie's bread and butter, would put more strain on their already stretched capital reserves.
In the worst case scenario, they might need their own government-sponsored rescue, said Dean Baker, co-director of the Center for Economic and Policy Research.
"Subprime loans went bad first but a lot of the prime loans will go bad as well," he said. "I would be surprised [Fannie and Freddie] don't need some help before this over."
What's more, Wall Street is awash in securities backed by other types of consumer debt, including car loans and credit card balances. If rising unemployment causes higher delinquencies with those types of loans, then there is a strong possibility of more unpleasant surprises ahead in the credit markets.
"I'll be surprised if we don't see another investment bank get itself into trouble," Baker said.
Auto woes: Not just Detroit any more
The auto industry was battered by high gas prices last year. Sales fell 2.5% in the U.S last year. This year started out even worse, with first quarter sales down 8% compared to a year ago.
And the weak economy is starting to hurt overseas automakers like Toyota Motor (TM (http://money.cnn.com/quote/quote.html?symb=TM&source=story_quote_link)), which also saw U.S. sales fall in the first quarter.
Automotivemarket research firm CNW reports that buyer traffic is sharply lower across the industry. According to the most recent report from CNW, floor traffic at dealerships plunged nearly 30% in the second half of March, the largest drop since the early 1990s.
If more people find themselves out of work, this trend is likely to continue. That could spell trouble for employees of leading Asian automakers, which now make about half the cars and trucks they sell in the U.S. at North American plants.
So far, many of these manufacturers have avoided the temporary shutdowns and closings common at GM (GM (http://money.cnn.com/quote/quote.html?symb=GM&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2007/snapshots/563.html?source=story_f500_link)), Ford (F (http://money.cnn.com/quote/quote.html?symb=F&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2007/snapshots/529.html?source=story_f500_link)) and Chrysler. But weak demand could lead to job cuts and reduced hours by the likes of Toyota, Honda and others.
And if that happens, this could be bad news for many companies that depend upon the auto industry, from parts makers to dealerships and even to media companies that depend on advertising from car companies.
Simply put, fewer auto sales could lead to a deeper recession. http://i.cdn.turner.com/money/images/bug.gif (http://money.cnn.com/2008/04/04/news/economy/recession_jobs/index.htm?cnn=yes#TOP)
First Published: April 4, 2008: 3:59 PM EDT
Jobs slashed, unemployment spikes (http://money.cnn.com/2008/04/04/news/economy/jobs_march/index.htm?postversion=2008040412)

Confessions of a layoff coach (http://money.cnn.com/2008/04/03/news/economy/outplacement.fortune/index.htm?postversion=2008040408)

[Cherub]

Nursing: the recession-proof job market

Former finance workers are switching careers to answer the huge demand for new nurses.

By Aaron Smith, CNNMoney.com staff writer
Last Updated: March 26, 2008: 2:58 PM EDT

idi Sadowsky left the finance sector to study nursing at NYU, where she administers IVs to SimMan, the simulated man.
Lisa Rubin, clinical and lab instructor at NYU's College of Nursing, trains students.

What job woes mean to you (http://money.cnn.com/2008/04/04/news/economy/recession_jobs/index.htm)
Cheese to the rescue (http://money.cnn.com/2008/04/02/smbusiness/cheese_rescue.fsb/index.htm)
80,000 jobs lost, unemployment spikes (http://money.cnn.com/2008/04/04/news/economy/jobs_march/index.htm)
Fed official: Economy 'all but stalled' (http://money.cnn.com/2008/04/04/news/economy/yellen_speech/index.htm)
Gas sets second straight record high (http://money.cnn.com/2008/04/04/news/economy/gas_prices/index.htm)


As a male nurse-in-training at NYU, Neville Lewis defies the stereotype that nursing is women's work.
Photos

America's Money: In their own words (http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/index.html)
Everyday folks tell their stories about hard economic times. Check back frequently for new stories. View photos (http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/index.html)

NEW YORK (CNNMoney.com) -- When Heidi Sadowsky quit the finance sector, she abandoned a job market on the verge of collapse for one that may be air-tight: nursing.
"I was never happy in my life in finance," said Sadowsky, 39, a former liaison for institutional investors and money managers at Citibank and Invesco. "I always felt like a square peg in a round hole. I decided I had to get out of this business. I was never cut out for this."
Inspired by the compassion of nurses who cared for her terminally ill father, Sadowsky took up training last year at New York University's College of Nursing. Since she already had an undergraduate degree, she was accepted into the nursing school's accelerated 15-month bachelors program and she expects to graduate in May. At $64,000, the NYU tuition is far from cheap, but starting pay for graduates is up to $70,000 a year in New York City. Nationwide, the average pay is about $56,000.
Most importantly, the job security is iron-clad. When Sadowsky graduates in May, she will enter one of the few areas of the job market that's showing significant growth.
"People are always going to be sick, and the nurses are the front line in the hospitals," said Sadowsky, who believes there will "always be jobs" in the nursing profession.
Timing is everything
Sadowsky picked the right time to switch careers. The finance sector (http://money.cnn.com/2008/03/17/news/companies/job_cuts/index.htm?postversion=2008031816) has shed 124,000 jobs since the beginning of 2007, according to the Department of Labor, including 22,000 jobs in the first two months of this year. Major firms like Bear Stearns (BSC (http://money.cnn.com/quote/quote.html?symb=BSC&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2007/snapshots/1341.html?source=story_f500_link)), Merrill Lynch (MRL (http://money.cnn.com/quote/quote.html?symb=MRL&source=story_quote_link)) and Sadowsky's old employer Citigroup (C (http://money.cnn.com/quote/quote.html?symb=C&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2007/snapshots/309.html?source=story_f500_link)) have been hard-hit by the subprime collapse, and analysts expect up to 30,000 more job cuts in finance by the end of the year.
Meanwhile, hospitals, clinics and nursing schools are scrambling to fill vacant positions for nurses and teaching staff. The Department of Labor estimates the number of vacancies for registered nurses will expand to 800,000 in 2020, from its 2005 tally of 125,000.
"No other occupation is seeing a higher ratio of job postings to seeker-resumes," said Hugo Sellert, head of economic research at the employment Web site Monster.com.
Sellert said there's been a 15% increase in nursing jobs posted on Monster.com over the last year, compared to a 15% decrease in finance and insurance jobs, and a 5% decline overall.
"We know that the demand for nursing is going to grow," said Cheryl Peterson, senior policy fellow at the American Nurses Association. "We've got an aging baby boomer population which is only going to drive the demand." Many nurses are themselves boomers who will be retiring soon, further increasing the need.
Claire Young, chief nursing officer at the Cleveland Clinic, one of the nation's top-ranked hospitals, said she's looking for 300 new nurses to add to her current staff of 3,800. Many of these nurses would be working in expanded facilities to meet "enormous" demand from a growing patient population, she said.
In order to woo new nurses, the clinic is offering thousands of dollars in tuition reimbursement, as well as free uniforms and flexible schedules.
It's also trying to convince workers who've been laid off from other professions, like manufacturing and computer technology, to move into nursing. "The shortage is something we'll be living with for a long time, but we can't stop offering care," said Young. "Unfortunately, one of the strategies is capitalizing on this recession."
NYU's College of Nursing has doubled enrollment since 2001, to 1,180 students. Terry Fulmer, dean of the college, said the school doubled the size of its facility since 2002, and doubled its full-time faculty to 52.
"We're turning away students because the demand is tremendous," said Fulmer, whose school accepted only 200 students out of 908 applicants for the fall semester. To meet demand, she said the college is getting ready to build a new facility that's twice the size of the current one.
Nine women to every man
To help fill the ranks, the nursing profession is trying to convince men, not just women, to become nurses. The profession is currently 90% female.
"Tradition holds that a guy's going to be a doctor, and the female is going to be a nurse," Neville Lewis, 40, an NYU nursing student who is married to an RN.
Like Sadowsky, Lewis abandoned finance to take up nursing. Since he already had a bachelor's, he qualified for NYU's accelerated 15-month program. Lewis said he majored in political science and mass communications at Midwestern State University in Texas, and then embarked on a 15-year career in the bond and IPO sector at the investment firms Equiserve (now Computershare) and Fidelity Investments.
"I kind of fell into finance after graduation," said Lewis, who had felt the lucrative pull of the finance sector. "You make a lot of money, but do you enjoy it? I was not happy."
After getting laid off from Equiserve in 2002, Lewis took a job at Fidelity and considered going back to school to pursue tax law. But he changed his mind, quit Fidelity in 2007, and started at NYU's nursing school in January, 2008. He expects to graduate in 2009.
"I felt like I could accomplish more by working to heal people, then by helping people fight over money," he said. And as he watched his former sector collapse, Lewis realized that altruism wasn't the only motive to get into nursing.
"Seeing what's happening now, I have no regrets in leaving finance," he said. "People are always going to be sick. We live in an aging society." http://i.cdn.turner.com/money/images/bug.gif (http://money.cnn.com/2008/03/25/news/economy/nurse/index.htm?postversion=2008032614#TOP)
First Published: March 26, 2008: 9:57 AM EDT
Wall Street's pink slip parade (http://money.cnn.com/2008/03/17/news/companies/job_cuts/index.htm?postversion=2008031816)

Protect yourself from a slow economy (http://money.cnn.com/2008/03/24/pf/saving/toptips/index.htm?postversion=2008032411)

[Cherub]

10 resumes a day, no takers

Mortgage underwriter Joshua Hager saw the writing on the wall and started looking for a new job in November. Now out of work, he's trying to get his foot back in the door of a financial firm.

By Tami Luhby (tami.luhby@turner.com), CNNMoney.com senior writer
Last Updated: April 1, 2008: 12:50 PM EDT

Joshua Hager, out of work since February, is hustling to find a job.


What job woes mean to you (http://money.cnn.com/2008/04/04/news/economy/recession_jobs/index.htm)
Cheese to the rescue (http://money.cnn.com/2008/04/02/smbusiness/cheese_rescue.fsb/index.htm)
80,000 jobs lost, unemployment spikes (http://money.cnn.com/2008/04/04/news/economy/jobs_march/index.htm)
Fed official: Economy 'all but stalled' (http://money.cnn.com/2008/04/04/news/economy/yellen_speech/index.htm)
Gas sets second straight record high (http://money.cnn.com/2008/04/04/news/economy/gas_prices/index.htm)
America's Money: In their own words (http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/index.html)
Everyday folks tell their stories about hard economic times. Check back frequently for new stories. View photos (http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/index.html)

NEW YORK (CNNMoney.com) -- A week ago, Joshua Hager was despondent. Laid off by a mortgage company, he has looked for jobs ranging from bank teller to risk analyst. He was sending out as many as 10 resumes a day but was getting barely a nibble from employers or recruiters.This week, things are are looking up. Hager, a Jersey City, N.J., resident, went on one interview for a fraud investigator job at a mortgage insurance company and another for a position underwriting employee dishonesty insurance. Executives at the latter told him they'd make a decision within 10 days.
He doesn't know what next week will bring.
"It's always flowed for me," said Hager, 29, who discovered his love of math and finance in high school in Proctorville, Ohio, about three hours southeast of Columbus. "I've always had a job and every time I changed jobs, it was for advancement. Now, it's like 'What do I do with myself because I can't wait for that next step.' "
Hager has joined nearly 125,000 others on Wall Street and at mortgage firms and other financial companies who received pink slips since the start of 2007. It seems that nearly every week another financial firm lets go of thousands of workers at all levels. With the market flooded, it's hard for the unemployed to land a job, experts said.
Every time he turns on the television, Hager worries that he'll hear of morelayoffs. He shuddered when he learned that JPMorgan Chase would acquire Bear Stearns, which employs 14,000 staffers.
"How many people will be swamping the job market?" he said. "Everybody in finance will be looking for a job."
It used to be easy
Not too long ago, it was easy to land work in real estate or finance. After spending three years in the Navy, Hager joined the booming mortgage industry in 2003, signing on with Countrywide Financial Corp. (CFC (http://money.cnn.com/quote/quote.html?symb=CFC&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2007/snapshots/372.html?source=story_f500_link)) in Tampa, Fla., as a junior loan processor. Within a year, he was promoted to underwriter, a job he loved because it allowed him to analyze borrowers' applications and determine how risky it would be to lend to them.
For instance, during the mortgage frenzy's height, when stated-income loans became all the rage, one applicant he reviewed said that he was a school engineer making $5,000 a month. A quick call revealed he was actually the janitor making about $1,600. Hager said hedid not approve the application, the same decision he made on about half those that crossed his desk.
Talkback: Are you having trouble landing a job? (http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2008/03/28/10-resumes-a-day-no-takers/)
Last February, Hager transferred to a Countrywide office in New Jersey to be closer to New York City and to relatives. He moved in with a friend, who owned an apartment in downtown Jersey City, a suburb of the Big Apple.
Two months later, he switched to Aurora Loan Services, a subsidiary of Wall Street investment bank Lehman Brothers (LEH (http://money.cnn.com/quote/quote.html?symb=LEH&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2007/snapshots/780.html?source=story_f500_link)). In addition to a salary boost, he took on increased responsibility, getting more involved with investigating fraud and doing second reviews on loans.
By the fall, it was clear to Hager that his job was in trouble. Lehman had shuttered its subprime mortgage unit and he figured that his division, which handled so-called Alt-A loans that required little or no income documentation, was next.
As someone who always plans his next step, Hager didn't want to wait until he was laid off to start looking for another job. So he began sending out resumes in November, staying clear of the mortgage and real estate industries. Instead, he focused on insurance underwriting positions.
After applying for more than 100 jobs and getting only two interviews, he realized he had to broaden his search. By that time, he was out of a job, one of 1,300 people at Aurora that were let go in late February. Starting to get more desperate, he branched out to consumer credit analysis at companies such as American Express or Mastercard.
Just trying to find a way in
With the job fairs, networking events and resume blasts yielding little, Hager found he had to set his sights lower and lower. In mid-March, he began exploring bank teller postings.
"The strategy is continually changing," Hager said. "You are trying to think of a way to get your foot in the door."
For now, Hager has enough money to get by, though he's starting to worry. The $1,900 he collects every month in unemployment is a far cry from the $4,600 he took home while he was working, but his expenses are relatively low. He pays $600 a month for his share of the apartment, though the maintenance is going up. He's signing up for veterans benefits so he can get health insurance since he can't afford COBRA. Also, his parents have said they would help him out.
If the economy weren't on the rocks, Hager feels he'd be able to land a job more easily. Companies are posting jobs, but they don't seem to be hiring, he said. He still sees notices from September that have gone unfilled. And it takes weeks for executives to respond, if they do at all.
"The consumer dictates what employers do and no one is spending money," Hager said. "Employers don't want anybody right now because no one wants products or services."

[Cherub]

Careers vanish after subprime 'free fall'

Kent and Mysti Cope were well-paid executives at subprime lenders who never thought the industry could disappear overnight. Now they're just trying to get by.

By Chris Isidore, CNNMoney.com senior writer
March 31, 2008: 5:30 AM EDT

Mysti and Kent Cope met when both worked at subprime lender New Century. Both lost their jobs last year when the industry collapsed.
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America's Money: In their own words (http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/index.html)
Everyday folks tell their stories about hard economic times. Check back frequently for new stories. View photos (http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/index.html)

SAN CLEMENTE, Calif. (CNNMoney.com) -- Kent and Mysti Cope met and fell in love working for one of the nation's top subprime lenders. Now, their life has been turned upside down after the sudden implosion of the subprime mortgage industry.

Mysti was one of the last people out the door at New Century Financial, once the nation's No. 2 subprime lender. She had been in charge of e-commerce customer service with dozens of employees reporting to her.It was at New Century where the Copes met in 2000.
Kent worked for several of the firms that helped give birth to the industry, which specializes in making loans to people with less-than-perfect credit, in the 1990s. He has been out of work since August when he was laid off by Friedman, Billings, Ramsey Group (FBR (http://money.cnn.com/quote/quote.html?symb=FBR&source=story_quote_link)) unit First NLC Financial Services.
"We're still both in shock that it could go from something so good to so bad so quick," said Kent, 59. "New Century in 60 days went from top of the heap to out of business."
The two didn't say exactly how much money they made at their last jobs but Kent admitted they each had six-figure incomes.
Today, they're trying to get by on his unemployment benefits of about $450 a week, which covers only about an eighth of the basic payments they owe every month.
Only $1,800 to cover $10,000 in bills
Their home equity line, mortgage, health and life insurance premiums alone cost about $10,000 a month. Still, they are trying to hang onto what they call their dream home with a view of the Pacific Ocean where they live with Mysti's 11-year old son.
Kent estimates the mountainside home in San Clemente, Calif., which they bought in 2005, is worth 20% less than it was a year ago. And in the current market, he said he's not sure he could sell it for even that amount.
"We've used up most of our reserves, cashed in her 401K," said Kent. "We're going Mach 1 into a wall. When we run into it, then we've got to decide what to do next."
Despite their financial problems, the Copes have worked hard to protect their credit rating, staying current on bills. And they've made cutbacks: trading in Kent's Corvette for a Suburban and getting rid of the gardener, for example. But the couple also has learned that it didn't need everything it used to spend money on.
"We used to eat out a lot. Now we are the leftover king and queen," said Kent.
Since he lost his job, Kent has gotten a real estate license and is trying to start a business selling the rapidly increasing inventory of foreclosed homes in Orange County, Calif. Mysti is trying to build an online business selling jewelry and beachwear, some of which she designs herself.
"Is it scary? Yeah," said Kent. "How long do you have to hold on before it starts to turn around? If anything, that piece of it is the most unnerving for us."
For Mysti, 37, all her efforts to find work since she lost her job last May have been futile. She said she believes the attention given to subprime borrowers who have run into trouble paying their mortgages work against her and other former colleagues. It's almost like having "Enron" on your resume.
"The media has somewhat tarnished the subprime industry and all the employees, and portrayed them as being dishonest," she said. "We're not dishonest. Not everybody was a bad borrower. Not every company was a bad lender."
Hopes of hanging on to jobs quickly dashed
Mysti said she and many other employees who survived the early rounds of layoffs at New Century thought they'd be able to ride out the bad times even after the firm stopped taking new mortgage applications in March of last year and filed for bankruptcy in April.
"We were New Century. We were a large corporation. We were the No. 2 subprime lender in the industry," she recalled. "You figured someone would come in and want to invest and take it over."
But the potential buyers soon disappeared as did the remaining jobs. She and her co-workers got word on May 3 that they were being laid off, effective the next day.
Kent's story is similar. Throughout last summer, he tried to keep up the morale of the 150 sales people he had reporting to him. Friedman Billings had a deal to sell First NLC Financial Services to Sun Capital Partners, the private capital firm that had sold it to them only two years before. So there was hope. Or so he thought.
"We knew we're going to lose money, we were just going to try to not hemorrhage," he said. "That's the message we all had to deliver to our troops -- Sun Capital is going to come in, they're behind us, they wouldn't be buying us if they didn't think we could ride out the storm," Kent recalled.
But by August it was apparent that deal was no longer going to happen, and he too was laid off.
For some, getting laid-off is better than still working
The Copes are just two of many in Orange County, formerly the center of the nation's subprime lending industry, now trying to move on. Nearly 9,000 jobs have been lost (http://money.cnn.com/2008/03/27/news/economy/irvine_subprime/index.htm?postversion=2008032810) there in the past year, with more than 4,000 alone in Irvine, where New Century was based.
But the damage extends far beyond those like the Copes who lost their jobs.
"You can't run into someone who isn't impacted by what's going on," said Kent. "It's very expensive to live in Orange County, and you pay a lot for your home and you can't get what it's worth now."
Some of their former colleagues found jobs with other lenders, only to get laid off again when those firms closed up. Kent said some of the sales people he knows who still have jobs are actually the worst off.
"They may be employed by a company for months and months, but they can't close a deal," he said. "They've got the borrowers, but unless that thing is pure gold, it isn't made. It's a commission business. They're to the point frankly where they would rather get laid-off so they can go collect unemployment than be employed and make no money."
The subprime industry in Orange County was a close-knit close cluster of lenders. The industry rapidly expanded as executives at one firm would strike out on their own and setup shop nearby. But the industry fell apart even more quickly.
The Copes and their colleagues tracked the collapse through rumors and Web sites, such as lenderimplode.com.
"You kept looking everyday to see if your company was on there or not," said Kent. "It seemed like every day there was a company going under."
"You know you could take a roller coaster ride down," he said. "But you never envisioned it could be a free fall." http://i.cdn.turner.com/money/images/bug.gif (http://money.cnn.com/2008/03/31/news/economy/copes/index.htm?postversion=2008033105#TOP)

[Cherub]

City of Dearborn Job Openings



City of Dearborn Human Resources Department. 4500 Maple, Dearborn, Michigan 48126. Open Monday-Friday, 8 a.m. to 5 p.m. Equal Opportunity Employer.
*Please Read Carefully - some jobs may require you to fill out a standard employment application and a supplemental application.

ADA Accommodation Request.
If you require an accommodation under the Americans with Disabilities Act of 1990 and Section 210.18 of the Michigan Handicapper Civil Rights Act,
Click Here (http://www.cityofdearborn.org/departments/hr/ADA%20Accommodation%20Request%202002.pdf)


Full Time Positions

Accountant II or III (http://www.cityofdearborn.org/departments/hr/employment/Accountant%20II%20or%20III%2005-04-07%20Bulletin%20For%20Web%20Page.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Accountant%20II%20or%20III%202007.pdf)
Firefighter I (http://www.cityofdearborn.org/departments/hr/employment/Firefighter%20I%2002-05-08%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Firefighter%20I%202007.pdf)
Fire Department Video-Learn more! (http://www.cityofdearborn.org/departments/hr/employment/fr.wmv)
Police Officer (http://www.cityofdearborn.org/departments/hr/employment/Police%20Officer%2012-10-07%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Police%20Officer%202007.pdf)

Part Time Year Around Positions

Custodian (http://www.cityofdearborn.org/departments/hr/employment/Custodian%20%28PT%29%2006-26-07%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Custodian%20%28PT%29%2007.pdf)
Department Associate (http://www.cityofdearborn.org/departments/hr/employment/Department%20Associate%20%28PT%29%2009-23-05%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Department%20Associate%20%28PT%29%2007.pdf)
Field Inspector (http://www.cityofdearborn.org/departments/hr/employment/Field%20Inspector%20%28PT%29%20B&S%2002-12-08%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Field%20Inspector%20%28PT%29%2007.pdf)
Fleet Porter (http://www.cityofdearborn.org/departments/hr/employment/Fleet%20Porter%20%28PT%29%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Fleet%20Porter%20%28PT%29%2008.pdf)
Groundskeeper (http://www.cityofdearborn.org/departments/hr/employment/Groundskeeper%20Parks%2003-10-08%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Groundskeepr%20Parks%2007.pdf)
Library Page (http://www.cityofdearborn.org/departments/hr/employment/Department%20Assistant%20%28PT%29%20Library%20Page%2008-06-07%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Department%20Assistant%20%28PT%29%20Library%20Page%2007.pdf)
School Traffic Attendant (http://www.cityofdearborn.org/departments/hr/employment/School%20Traffic%20Attendant%2012-28-06%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-School%20Traffic%20Attendant%2007.pdf)

Recreation Part Time Year Around Positions

Lifeguard - Indoor (http://www.cityofdearborn.org/departments/hr/employment/Lifeguard%20Indoor%202005%209-06-05%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Lifeguard%20Indoor%2007.pdf)
Recreation Assistant - Babysitter (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Assist%20%28PT%29%20Babysitters%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Recreation%20Assistant%20%28PT%29%20Babysitter%2007.pdf)
Recreation Assistant - Building Attendant (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Assist%20%28PT%29%20Building%20Attendant%202007%20Bulletin%20Web%20Version.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Rec%20Asst%20%28PT%29%20Bldg%20Attn%2007.pdf)
Recreation Associate - Service Desk/Box Office (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Assoc%20%28PT%29%20Service%20Desk-Box%20Office%2003-20-08%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Recreation%20Associate%20%28PT%29%20Service%20Desk-Box%20Office%2008.pdf)
Stagehand (http://www.cityofdearborn.org/departments/hr/employment/Stagehand%2003-19-08%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Stagehand%2007.pdf)

Seasonal Positions


Camp Dearborn

Camp Laborer (http://www.cityofdearborn.org/departments/hr/employment/Camp%20Laborer%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Camp%20Laborer%2007.pdf)
Head Lifeguard (http://www.cityofdearborn.org/departments/hr/employment/Head%20Lifeguard%20Camp%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Head%20Lifeguard%20Camp%202007.pdf)
Lifeguard (http://www.cityofdearborn.org/departments/hr/employment/Lifeguard%20Camp%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Lifeguard%20Camp%202007.pdf)
Recreation Aide - Concession Helper (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Aide%20%28PT%29%20Concession%20Helper%20Camp%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Rec%20Aide%20%28PT%29%20Conc%20Helper%20Camp%2007.pdf)
Recreation Assistant - Camp Bookkeeping (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Assist%20%28PT%29%20Camp%20Bookkeeping%20Assistant%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Recreation%20Assistant%20%28PT%29%20Camp%20Bookkeeping%202007.pdf)
Recreation Assistant - Field Assistant (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Assist%20%28PT%29%20Recreation%20Field%20Assistant%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Recreation%20Assistant%20%28PT%29%20Field%20Assistant%202007.pdf)
Recreation Associate - Camp Cashier (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Assoc%20%28PT%29%20Cashier%20Camp%20Dearborn%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Recreation%20Associate%20%28PT%29%20Camp%20Cashier%202007.pdf)

City Recreation

Enforcement Officer - Park Ranger (http://www.cityofdearborn.org/departments/hr/employment/Enforcement%20Officer%20%28Park%20Ranger%29%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Enforcement%20Officer%20%28PT%29%20Park%20Ranger%202007.pdf)
Head Lifeguard (http://www.cityofdearborn.org/departments/hr/employment/Head%20Lifeguard%20Outdoor%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Head%20Lifeguard%20Outdoor%2007.pdf)
Lifeguard (http://www.cityofdearborn.org/departments/hr/employment/Lifeguard%20Outdoor%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Lifeguard%20Outdoor%2007.pdf)
Program Specialist (PT) - Park/Pool Manager (http://www.cityofdearborn.org/departments/hr/employment/Prog%20Spec%20%28PT%29%20Park%20Pool%20Manager%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Prog%20Spec%20%28PT%29%20Park-Pool%20Mngr%2007.pdf)
Recreation Aide (PT) - Park Aide (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Aide%20%28PT%29%20Park%20Aide%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Rec%20Aide%20%28PT%29%20Park%20Aide%2007.pdf)
Recreation Asst (PT) - Summer Playground/Center Camp (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Assist%20%28PT%29%20Summer%20Playground%20Center%20Camp%20Director%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Rec%20Asst%20%28PT%29%20Summer%20Playground-Center%20Camp%20Director%2007.pdf)
Recreation Assoc (PT) - Cashier/Lifeguard (http://www.cityofdearborn.org/departments/hr/employment/Rec%20Assoc%20%28PT%29%20Cashier%20Lifeguard%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Recreation%20Associate%20%28PT%29%20Cashier%20Lifeguard%2007.pdf)

Dearborn Hills Golf Course

Chef's Assistant (http://www.cityofdearborn.org/departments/hr/employment/Chef%27s%20Assistant%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Chef%27s%20Assistant%202007.pdf)
Food & Beverage Assistant (http://www.cityofdearborn.org/departments/hr/employment/Food%20&%20Beverage%20Assistant%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Food%20and%20Beverage%20Assistant%202007.pdf)
Groundskeeper (http://www.cityofdearborn.org/departments/hr/employment/Groundskeeper%20Golf%20Course%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/App%20Form%20with%20Supplement-Groundskeepr%20Golf%2007.pdf)
Waitstaff (http://www.cityofdearborn.org/departments/hr/employment/Waitstaff%202008%20Bulletin.pdf)
Application (http://www.cityofdearborn.org/departments/hr/employment/Application%20Forms%20-%20Waitstaff%202007.pdf)

[Cherub]

City of Sterling Heights

Fitness Instructor
By: cr - Thursday, March 13, 2008

The Sterling Heights Parks and Recreation Department is taking applications for a certified Fitness Instructor. Applicants should be certified to teach a variety of classes. Classes will be conducted at the Recreation Center in Dodge Park on Monday and Wednesday evenings from 7 – 9 pm starting in September 2008.

Applications are available at the Parks and Recreation Office Monday through Friday, from 8:30 am to 5 p.m. or you may apply online at: www.sterling-heights.net (http://www.sterling-heights.net/)

For more information please call (586) 446-2703.

[Cherub]

City of Taylor

PUBLIC SERVICE OFFICER (CADET)
The City of Taylor Is seeking qualified applicants for employment to create a two year eligibility list for the position of Civilian Public Service Officer (Cadet).
REQUIREMENTS: age at least 18, high school diploma or GED, good health and moral character, good driving record and a valid Michigan Driver’s license.
All Candidates must submit an application. Applicants who pass the written exam must then pass an oral examination and complete a fingerprint check, psychological exam and background investigation.
Starting Annual Salary: $27,552 plus benefits.
APPLICATIONS: will be available on March 25, 2008 and accepted through April 7, 2008 at the
City of Taylor
Office of the City Clerk
23555 Goddard, Taylor, MI 48180
9:00 am – 5:00 pm
(734) 374-1483
City of Taylor is an AA/EEO employer

The City of Taylor Recreation Center is seeking Certified Instructors. The following positions are available:
-A certified and motivated Personal Trainer that is passionate about helping people achieve their fitness goals.
-A certified Aerobics Instructor to teach two to three classes per week.
-A certified Nutritionist to help our clients achieve optimum health.
Those interested should submit an application with resume to the Taylor Recreation Center, 22805 Goddard Road. For more information, call (734) 374-3901.

[Cherub]

Huge job losses set off recession alarms

By JEANNINE AVERSA, AP Economics Writer Sat Apr 5, 12:09 PM ET

WASHINGTON - It's no longer a question of recession or not. Now it's how deep and how long. Workers' pink slips stacked ever higher in March as jittery employers slashed 80,000 jobs, the most in five years, and the national unemployment rate climbed to 5.1 percent. Job losses are nearing the staggering level of a quarter-million this year in just three months.

For the third month in a row total U.S. employment rolls shrank — often a telltale sign that the economy has jolted dangerously into reverse.
At the same time, the jobless rate rose three-tenths of a percentage point, a sharp increase usually associated with times of deep economic stress.
The grim picture described by the Labor Department on Friday provided stark evidence of just how much the jobs market has buckled under the weight of the housing, credit and financial crises. Businesses and jobseekers alike are feeling the pain.
"It is now very clear that the fat lady has sung for the economic expansion. The country has slipped into a recession," said Stuart Hoffman, chief economist at PNC Financial Services Group. Indeed, there is widening agreement that the first recession since 2001 has arrived. Even Ben Bernanke, in a rare public utterance for a Federal Reserve chairman, used the "r" word, acknowledging for the first time this week that a recession was possible.
Job losses were widespread last month, hitting workers at factories, construction companies, retailers, banks, real-estate firms and even temporary-help agencies. Also mortgage brokers, hotels, computer design shops, accounting firms, architecture and engineering companies, legal services, airlines and other transportation as well as telecommunications companies.
Those cuts swamped employment gains elsewhere, including at hospitals and other heath-care sites, educational services, child day-care providers, bars and restaurants, insurance companies, museums, zoos and parks. And the government, which is almost always up.
In fact, private employers have shed jobs for four straight months, though December showed an overall gain for the economy because the government increase outweighed the private loss.
March's losses were the most since the same month in 2003, when companies were still struggling to recover from the last recession. Adding to the angst: Revised figures showed losses were actually deeper than first reported for both January and February.
All told, the economy now has lost 232,000 jobs in the first three months of this year.
On Wall Street, investors took the weak employment figures in stride. The Dow Jones industrials lost just 16.61 points, while other indexes edged higher.
All the economy's problems are forcing people and businesses to hunker down, crimping spending and hiring, a vicious cycle.
"Across the board, businesses have become very, very conservative," said Joel Naroff, president of Naroff Economic Advisors. More downbeat about their own sales prospects because of cautious consumers, employers are cutting back. "It only makes sense for them to run leaner if we are going into a recession or already in one" as Naroff now believes.
The new employment figures were much weaker than economists were expecting. They were anticipating a drop of 50,000 payroll jobs.
Michael Gregory, senior economist at BMO Capital Markets Economics, said the employment report was "emitting recession signals."
The national unemployment rate of 5.1 percent, relatively modest by historical standards, is nonetheless the highest since September 2005, following the devastating blows of the Gulf Coast hurricanes.
Some groups are feeling more of the strains from the economy's current woes. The unemployment rate for Hispanics, for instance, jumped to 6.9 percent in March, the highest in over four years. The rate for blacks climbed to 9 percent, a two-month high.
With the public on edge, Congress, the White House and presidential contenders are scrambling to come up with their own relief plans to stem record-high home foreclosures and stabilize housing — even as they engage in a political blame game.
Democrats want more economic assistance, including extending unemployment benefits. The Bush administration has resisted, saying the government's $168 billion stimulus package of tax rebates for people and tax breaks for businesses will be sufficient once it kicks in.
"We don't like to see one job lost, let alone 80,000," Commerce Secretary Carlos Gutierrez said in an interview with The Associated Press. "These are challenging times," he said. Gutierrez was hopeful the economy would turn around in the second half of this year, given the relief efforts by the government and the Federal Reserve. "We'll get through this."
Democrats were skeptical of the administration's efforts.
"Our economy is spiraling downward," said presidential contender Hillary Rodham Clinton. "It is time for this administration to put ideology aside and get serious about stemming this crisis."
Barack Obama said, "Instead of doing nothing for out-of-work Americans, we need a second stimulus that extends unemployment insurance and helps communities that have been hit hard by this recession."
Republican John McCain said the unemployment news "underlines the need to focus on innovation, which grows the economy and creates an urgent need for effective worker retraining."
Given the worsening employment situation, the Federal Reserve probably will lower a key interest rate, now at 2.25 percent, later this month.
The Fed has taken a number of extraordinary actions recently — slashing interest rates, providing financial backing to JP Morgan's takeover of troubled Bear Stearns and opening an emergency lending program for big investment houses. All the actions were aimed at limiting damage to the national economy.
With the pace of hiring slowing, the number of unemployed people increased to 7.8 million in March.
Workers with jobs saw modest wage gains. Average hourly earnings for jobholders rose to $17.86 in March and are up 3.6 percent over the past 12 months. With lofty energy and food prices, workers may feel like their paychecks are shrinking. If the job market continues to falter, wage growth probably will slow, too, making consumers even less inclined to spend, which would further hurt the economy.
Many analysts believe the economy shrank in the first three months of this year and could still be ebbing now. The government will release its estimate of first-quarter economic growth later this month. Under one rough rule, if the economy contracts for six straight months it is considered in a recession. When a determination is made by a panel of experts about when a recession has started and ended — it is usually done well after the fact.
Bernanke and the Bush administration are hopeful the economy will improve in the second half of this year. Even so, Bernanke predicted this week that the unemployment rate would rise further. Some analysts say it could climb to 5.75 percent or higher this year.
Advises Hoffman: "If you've got a job, hang on to it the best you can."