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US unemployment highest in 20 years
The US labor department reported Wednesday that consumer prices rose 1.1 percent in June, the highest one month rise in 26 years, and the 12 month inflation rate at 5.0% the highest since may 1991. Testifying before Congress, Federal Reserve Chairman Ben Bernanke suggested that inflation would go higher.The Fed last month broke a string of reductions by leaving interest rates unchanged, a recognition that lower rates had weighed on the US dollar and led to increases in commodities such as oil and food. The so called downturn is also being fueled by the turmoil and bailout of Fannie Mae and Freddie Mac and the collapse of IndyMac. The troubled economy is having direct effects on people’s everyday lives. US home prices have fallen 17 percent over the past year, foreclosure filings surged 53 percent in June with 252,363 homes receiving at least one foreclosure-related notice and More than 71,000 properties were repossessed by lenders nationwide in June. In addition, access to health care is increasingly out of reach, In 2007, more than 75 million or 42% of all working age Americans either had no health insurance during the year or were under insured, up from 35% in 2003 and almost 16 percent of Americans or 47 million people have no health insurance at all. The jobless rate stayed at 5.5% percent in June after soaring in May to the highest rate in 20 years, and is expected to reach 6% next year. Meanwhile, consumers are taking drastic steps in changing their eating habits to adjust to rising food prices. To add to the economic woes, The Auto Industry, traditionally one of the largest employers in North America as well as offering some of the best wages and benefits is also in a financial tailspin. The Real News Senior Editor Paul Jay spoke to Canadian Auto Workers' Union Economist Jim Stanford. The US labor department reported Wednesday that consumer prices rose 1.1 percent in June, the highest one month rise in 26 years, and ... more
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One in five UK 16 and 17-year-olds 'doing nothing'
Nearly one in five UK 16 and 17-year-olds are Neets - those neither in employment, education or training.
Official figures say such youths make up 7% of their age group in England. But research by the London School of Economics says 18% across the UK spend most of their time doing nothing.
Children's Minister Beverley Hughes said: "We are making preparations now for every young person of 16 to 17 to be in education or training." Nearly one in five UK 16 and 17-year-olds are Neets - those neither in employment, education or training. ... more -
Wages, Unemployment, and Inflation
Our economic system — the market economy or capitalism — is a system of consumers' supremacy. The customer is sovereign; he is, says a popular slogan, "always right." Businessmen are under the necessity of turning out what the consumers ask for and they must sell their wares at prices which the consumers can afford and are prepared to pay. A business operation is a manifest failure if the proceeds from the sales do not reimburse the businessman for all he has expended in producing the article. Thus the consumers in buying at a definite price determine also the height of the wages that are paid to all those engaged in the industries.
Capitalism has improved the standard of living of the wage earners to an unprecedented extent. The average American family enjoys today amenities of which, only a hundred years ago, not even the richest nabobs dreamed. All this well-being is conditioned by the increase in savings and capital accumulated; without these funds that enable business to make practical use of scientific and technological progress the American worker would not produce more and better things per hour of work than the Asiatic coolies, would not earn more and would, like them, wretchedly live on the verge of starvation. All measures which — like our income and corporation tax system — aim at preventing further capital accumulation or even at capital decumulation are therefore virtually antilabor and antisocial.
One further observation must still be made about this matter of saving and capital formation. The improvement of well-being brought about by capitalism made it possible for the common man to save and thus to become in a modest way himself a capitalist. A considerable part of the capital working in American business is the counterpart of the savings of the masses. Millions of wage earners own saving deposits, bonds, and insurance policies. All these claims are payable in dollars and their worth depends on the soundness of the nation's money. To preserve the dollar's purchasing power is also from this point of view a vital interest of the masses. In order to attain this end, it is not enough to print upon the bank notes the noble maxim In God We Trust. One must adopt an appropriate policy.
Excerpt from 1958 article Our economic system — the market economy or capitalism — is a system of consumers' supremacy. The customer is sovereign; he is, says a... more -
Want dole money? Earn it!
"Benefit claimants will have to take part in a new "work for dole" plan as part of a package of welfare reforms to be unveiled next week that will aim to get millions back to work."
I have to say I am a firm believer in this even though it is a touchy subject for some. I hate being idle and would generally do any job rather than no job. Too often unemployment becomes a habit that is hard to shake. If you can live off your benefit why would you even look for work? Perhaps this will break the cycle whilst at the same time providing much needed staff to those in need.
What are your thoughts?
"Benefit claimants will have to take part in a new "work for dole" plan as part of a package of welfare reforms to be unveiled next we... more -
Young French Unemployed // Comment Picked for TV
Thanks to Mulcahey for uploading his thoughts after watching the pod, "Young French Unemployed."
What are your thoughts? Click on the link below, watch the pod, and upload your comments:
http://current.com/items/85627941_young_french_unemploy...
Thanks to Mulcahey for uploading his thoughts after watching the pod, "Young French Unemployed." ... more -
Employers cut payrolls for sixth straight month
U.S. employers cut jobs for a sixth straight month and service industries shrank in June, signaling that the economic slowdown may deepen as the impact of federal tax rebates fades.
Payrolls fell by 62,000 after a 62,000 drop in May that was greater than first reported, the Labor Department said today in Washington. The unemployment rate held at 5.5 percent after soaring the most in two decades in May. The Institute for Supply Management's non-manufacturing index sank to a five-month low.
Falling employment, along with record gasoline prices and tumbling home values, may cause consumers to tighten their budgets after spending the more than $100 billion of tax rebates. The longest string of payroll declines since the economy was pulling out of the last recession indicates limited scope for a Federal Reserve interest-rate increase this quarter.
U.S. employers cut jobs for a sixth straight month and service industries shrank in June, signaling that the economic slowdown may dee... more -
US cuts 62,000 jobs in June as economy slowdown worsens
US companies cut 62,000 jobs last month taking the number up to 438,000 this year, figures from the US Department of Labor show.
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Unemployment benefits extended 13 weeks
Jobless New Jerseyans who've exhausted their state unemployment insurance benefits will get up to 13 additional weeks of unemployment checks under legislation signed this morning by President Bush.
The unemployment extension is part of the $162 billion war spending bill that will fund operations in Iraq and Afghanistan for the rest of the Bush presidency. The legislation also doubles GI Bill college benefits for troops and veterans, and provides $2.7 billion for Midwest flood relief.
END QUOTE Jobless New Jerseyans who've exhausted their state unemployment insurance benefits will get up to 13 additional weeks of unemployment ... more -
California unemployment hits 6.8%
California's unemployment rate jumped in May to 6.8%, its highest level in almost five years, reflecting the continued loss of construction and finance jobs in the wake of the real estate collapse.
The state Employment Development Department reported today that joblessness rose six-tenths of a percentage point from last month and a dramatic 1.5 percentage points higher than a year earlier.
The 6.8% is an eye catcher," said Stephen Levy, director of the Center for the Continuing Study of the California Economy in Palo Alto. "We have a really weak economy, and I expect it will continue for at least a year."
Economists noted that California's seasonably adjusted increase, though large, wasn't unexpected because it roughly paralleled a half-percentage-point rise in the national unemployment rate, which increased to 5.5% in May, as previously reported.
California's May unemployment rate was the fifth highest in the nation, behind Michigan, Rhode Island, Alaska and Mississippi, according to the U.S. Bureau of Labor Statistics.
The total number of unemployed people in California last month was 1.26 million, up 115,000 over the previous month and 300,000 higher than in May 2007. The report said California posted a net loss of 10,900 jobs in May from the month before, mostly in construction.
California's unemployment rate jumped in May to 6.8%, its highest level in almost five years, reflecting the continued loss of constru... more -
Elizabeth Kucinich, a Leader in Her Own Right
If you haven't seen her yet, here she is. Elizabeth Kucinich is a brilliant and compassionate thinker who knows the issues inside out. She also has more charisma than Hollywood can afford to pay for. If you haven't seen her yet, here she is. Elizabeth Kucinich is a brilliant and compassionate thinker who knows the issues inside out... more
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Class of 08: Job Hunt
Its "The Graduate" updated for our times--what does the future hold for the Class of 2008 as they attempt to make their way in this world under an increasingly darker economic cloud. Will the high oil prices sink their prospects or will younger workers replace older more expensive ones as the children of late 80s finally get to work? Its "The Graduate" updated for our times--what does the future hold for the Class of 2008 as they attempt to make their way in this wo... more
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House of Representatives on the Precipice of Actually Helping the American Worker
While oil companies were let off the hook from having additional taxes levied on their windfall profits, we get stuck paying more at the pump and having our representatives in government turn their backs on the American workers that are affected greatest by this economy.
http://www.unemployedworkers.org/
While oil companies were let off the hook from having additional taxes levied on their windfall profits, we get stuck paying more at t... more -
Obama: Economy needs a $50 billion boost
On the first day of what is to be a two-week economic tour around the country, Barack Obama said Monday that lawmakers should inject another $50 billion immediately into the sluggish U.S. economy.
The presumptive Democratic presidential nominee cited the largest monthly increase in the unemployment rate in over 20 years, and record highs in oil prices, food prices and foreclosures.
"Such relief can't wait until the next president takes office. ... That's why I've called for another round of fiscal stimulus, an immediate $50 billion to help those who've been hit hardest by this economic downturn," Obama told a crowd in Raleigh, N.C.
He said that he supports the expansion and extension of unemployment benefits, as well as a second round of tax rebate checks.
On the first day of what is to be a two-week economic tour around the country, Barack Obama said Monday that lawmakers should inject a... more -
Dow Plummets Almost 400
The markets took huge losses today, battered by $139 oil and the worst unemployment report in 4 years, MarketWatch reports. The Dow fell 394.64 to close at 12,209.81, and down 3.5% for the week. The Nasdaq fell 75.38 to 2,474.56, a 1.9% weekly loss, and the S&P 500 fell 43.37 to 1,360.68, 2.9% on the week.
Crude briefly topped $139 and closed up $11.19 at $138.54 as bellicosity between Israel and Iran fueled fear of supply shortages and encouraged the equity selloff. AIG and Intel both dropped after word broke that they were under investigation by the SEC and FTC, respectively. "You have to position a portfolio for below-trend growth in the U.S.," one analyst told Bloomberg.
(reported by Newser) The markets took huge losses today, battered by $139 oil and the worst unemployment report in 4 years, MarketWatch reports. The Dow fe... more -
Waitress loses job after shaving head for cancer charity
Stacey Fearnall raised more than $2,700 for a local fundraiser for cancer research. When she showed up to work earlier this week with her new look, the Nathaniels restaurant laid her off. Seriously, people? Stacey Fearnall raised more than $2,700 for a local fundraiser for cancer research. When she showed up to work earlier this week with ... more
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US: Dow drops 400 points on unemployment news, high oil prices
"Wall Street tumbled Friday, taking the Dow Jones industrials down nearly 400 points, on a pair of alarming economic developments: oil prices that shot up by more than $11 a barrel and approached $140 for the first time, and the biggest gain in the government's unemployment reading in more than 20 years.
The jump in oil to a price that might have seemed unfathomable only a few months ago appeared to wipe out investors' recent optimism over the prospects for a strengthening of the economy. Oil jumped following a Morgan Stanley analyst's forecast of $150 oil by July 4, and in response to a drop in the dollar and fresh tensions in the Middle East.
The surge in oil seemed the guarantee that gasoline prices that are on the verge of a national average of $4 a gallon will only continue to climb, putting additional pressure on consumers who have been forced to forgo discretionary purchases in order to pay for gas and other basics.
"I think the biggest concern right now is oil and it's potential for a stagflationary environment," said Bill Knapp, investment strategist for MainStay Investments, a division of New York Life Investment Management. Stagflation occurs when stalling growth accompanies rising prices."
http://www.huffingtonpost.com/2008/06/06/dow-plummets-o... "Wall Street tumbled Friday, taking the Dow Jones industrials down nearly 400 points, on a pair of alarming economic developments: oil... more -
Bad day on Wall Street: stock market plunges, unemployment and oil rise
Morgan Stanley says oil will hit $200 by the end of the year. As an environmentalist, I have long thought that higher oil prices today could bring beneficial long-term benefits (such as encouraging energy-saving technologies), but a spike this big and fast scares even me. High gas prices encourage conservation and innovation, but new technologies don't come online overnight! I hope this helps bring the Chevy Volt to market faster. Morgan Stanley says oil will hit $200 by the end of the year. As an environmentalist, I have long thought that higher oil prices toda... more
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US unemployment rate reaches 5.5%
The US unemployment rate rose at its fastest pace in more than two decades in May, stoking fears of recession in the world's biggest economy.
The surprise jump in May's jobless rate to 5.5% from 5% is the most recent signal yet that US growth is stalling.
It shows US companies are more reluctant to hire as profits are squeezed by a consumer slowdown and soaring oil and raw material costs.
The US Labor Department said the economy lost 49,000 non-farm jobs. It follows a 28,000 decline in April, and will fuel fears the US economy is sliding towards recession, analysts said.
The worry is that a weak labour market will see consumers rein in their spending, hurting corporate profits.
The US unemployment rate rose at its fastest pace in more than two decades in May, stoking fears of recession in the world's biggest e... more -
Unemployment rate hits 5.5%
The economy continues to roll downhill, with more and more people losing their jobs. The recession is here.
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Green Collar Jobs Hold Key To Economic Recovery
Many of the US workers currently suffering as a result of the recent economic downturn possess the very skills that will be required to accelerate the transition to a low carbon economy.
That is the conclusion of a major new report released yesterday by a coalition of labour and environmental groups, which advocates a significant increase in clean tech investment as a means of tackling unemployment, enhancing wages and delivering low carbon infrastructure.
"This report demonstrates that the quickest way to put Americans back to work is through investments in solving global warming," said Dave Foster, executive director of the Blue Green Alliance. "The jobs we'll create are the very jobs our country is losing in the current recession."
The report, titled Job Opportunities for the Green Economy, looked at six cleantech sectors – building retrofitting, mass transit, fuel-efficient automobiles, wind power, solar power and cellulosic biomass fuels – and concluded that 45 occupations employing over 14 million people across the US could benefit from increased investment in green measures.
The report also studied employment conditions in 12 states – Florida, Indiana, Minnesota, Missouri, Nebraska, New York, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, and Wisconsin – and found that many of the skills required to build low carbon infrastructure were already in place.
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For those in America looking to move out of poverty, this just may well be the answer. If you are looking for a way to make a difference in regards to alleviating poverty in America, call on representatives to open up markets in clean energy alternatives (rather than coal and nuclear which are becoming stagnated and are dangerous and unhealthy) that will bring new, innovative, and challenging green jobs to America that will not only address the climate crisis, but bring an economic recovery that also addresses so many of the societal and health problems we now face in this country. Many of the US workers currently suffering as a result of the recent economic downturn possess the very skills that will be required t... more
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Unemployment
