Bad News Already Priced In?

“I can’t see anything good whatsoever on the way in these third-quarter numbers,” Gimme Credit automotive analyst Shelly Lombard said. “GM and Ford are being overwhelmed by the global economic crisis and will likely throw themselves on the mercy on the court.”

The fact that the futures and overseas markets have been consistently higher tonight would seem to corroborate the view that the much anticipated bad news of a 200k job loss IS indeed baked in. But whatever. This does not change the big picture and further large job losses are certain to be reported in coming months.

Comments about job market from people:
1.
“My husband’s company had a meeting about the state of affairs..and they were told not to expect Christmas bonus’s.. I think employees were thanking their lucky stars that the company wasn’t giving pink slips!

There is also a pay rate freeze.. for awhile anyway.

There is so much concern out there that this company’s CEO, and CFO assured the employees that they were in a very good position.. No Debt, lots of cash,..and still had sales! Even so, they are being very careful with their money until this economy turns around.

Scary stuff.. I hope and pray this company can weather the storm.”

2.
“my husband is a software engineer, not a financial guy. Being in that business has left him unemployed three times since 2001. My family has suffered our own financial disaster..and we have three kids, two in college.

My point was.. the bonus doesn’t matter, the job does. We are simply happy to be reasurred that the company can weather this crisis.

He has only been at this job 1 1/2 year since the last layoff, and look at the state of the economy.

Maybe you can understand why my family feels particularly stressed.”

3.
“The official unemployment rate doesn’t reflect the true situation. I worked in Detroit area and many of my collegues lost jobs but ended up finding a job with substantial pay cut. My manager and I had lost jobs several years ago due to office shutdown. We couldn’t find an equivalent job so we started an IT business but our projects never get any funding. It seems all the funding for IT projects were either cut, or outsourced to India.”

4.
“In my opinion, the layoffs are just in the beginning stages and we will see a rougher employment report for this month than the past month. Get ready to sit in a baby seat after today’s jobs number. Next month, we’ll be sitting in the baby seat, strapped in, crying like a baby and sucking our thumbs. The good news is that the worse it gets, the closer we come to turning upwards.”

Related Posts:

• Look like 20% economy will be down within Jan. 2010.
• Just a little example what unemployment number worths.
• “While disappointing, the September numbers were not catastrophic, some economists said.”
• In short: Things look promising, but hey, you never know.
• ‘Bad News: Unemployment Falls To 9.4%’

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