Entries categorized as ‘employment’
November 7, 2009 · 1 Comment
President Barack Obama made a promised earlier this year that unemployment would not go above 8.8 after the $787 billion stimulus package remember. Well for nearly every month except of August unemployment went up,up and away.
On Monday, the president tempered his remarks by warning the American people the unemployment will be 10%. The president was right kind of . Today, the Department of Labor released the latest non-farm payroll and the number is 10.2% for the month of October. This come on the heels of last week survey that found consumer confidence took a dive meaning the public is not buying goods and services and worried for their jobs.
So now as people getting ready for the holiday season; they were delt a one-two punch the consumer is frightened to shop or to look for a holiday job.
And retail employers are skittish about hiring temporary and stocking less and less.
Today, President Obama said it “a sobering number that underscores the economic challenges that lie ahead.” Later the president signed a series of bills that extended unemployment and extend the homebuyer tax credit to include people who have owned homes previously. The legislation also allows homeowners who are underwater on their loans and about to be foreclosed on to give mortgage to the government via bank or mortgage company; and person will rent the home from Uncle Sam.
If that not enough some economist worry that the unemployment number will climb to if not over 11%. Mark Zandi of Economy.com and Joshua Shapiro US economist with MFR, Inc say they were surprised that Unemployment reached 10% quickly and revised their outlook that unemployment will peak at 11 by mid-2010. Earlier this year the suggested the unemployment rate would reach 10.5% by mid-2010.
“It’s not a good report,” said Dan Greenhaus, chief economic strategist for New York-based investment firm Miller Tabak & Co. “What we’re seeing is a validation of the idea that a jobless recovery is perfectly on track.”
Today’s numbers is the highest in 26 years.
There are some rays of hope. Temporary work is for the third month in row. Education and Health care industries also grew.
Yahoo Finance
Categories: consumers/ the public · economy · employment
Democrats gain a foothold in US House Representative as conservative candidate Douglas Hoffman loses to Bill Owens. Until Saturday it was a three person race. The Republican Dede Scozzafava who bow out and gave her support to Bill Owens took needed votes for Hoffman. Owen won 49% to 45%. Scozzafava grabbed 6% of the vote even though she got out of the race.
But the bombshell is the landslide in Virginia Robert Mc Donnell defeated Democrat Creigh Deeds by 58%-33%. Deed lost Republicans and Independent voters Tuesday.
In New Jersey, in a very close election Republican Chris Christie former US Attorney in New Jersey beat incumbent Governor Jon Corzine by 5% points49%-45%. The margin would have been bigger however because of Independent candidate Chris Daggett garnered 5% of the vote.
President Obama spent a significant time, money and resources in the Garden State and Old Dominion. It didn’t help.
Hot Air
Yahoo News
WCBS-TV/HD “CBS 2 News”
Categories: Nanny State · Politics · consumers/ the public · economy · employment
White House has overstated the number of jobs saved or created from the $787 Billion Stimulus package are in the thousands . The White House will correct it later reports to Congress.
The White House first review of the jobs claimed by the stimulus was overstated by 5000. According to the AP review of the report.
Here are some examples :
- A company working with the Federal Communications Commission reported that stimulus money paid for 4231 jobs, when about 1000 jobs ere created.
- A Georgia Community College reported creating 280 jobs with recovery money, bu none was created from the Stimulus spending
- A Florida child care center said its stimulus money saved 129 jobs but used the money on raises for existing employees.
The AP found no evidence of the White House manipulated with the numbers in the report. However, the Fed used the numbers to show that the stimulus is working.
Ed De Seve, an Obama adviser on the stimulus jobs program says the administation is working with companies, organizations and local and state government on the accounting problems.
“If there’s an error that was made, let’s get it fixed,” DeSeve said.
AP via My Way News
Categories: economy · employment · finance
Don’t look know but the American Unemployment will be high for some time to come says economists studying the effects of the recession.
Many jobs that lead to a recovery manufacturing of cars and building of home are not there. Automakers weakened by poor sales an massive layoffs. The housing market struggling in under the weight of record high foreclosures plus growing glut of empty storefronts and offices which practically killed the commercial real estate in the country.
Small business are struggling to acquire small business loans from banks and credit unions.
Consumers are have largely unable to obtain a loan in order to purchase major appliance, cars and homes (or remodel homes). Low income consumers have been frozen out of obtaining credit cards which allows them spend. Higher income household have also cut down spending which effect lower income workers because not to spend like previously before. And many high income family lost wealth in the stock market.
“This Great Recession is an inflection point for the economy in many respects. I think the unemployment rate will be permanently higher, or at least higher for the foreseeable future,” said Mark Zandi, chief economist and co-founder of Moody’s Economy.com.
“The collective psyche has changed as a result of what we’ve been through. And we’re going to be different as a result,” said Zandi, who formerly advised Sen. John McCain, R-Ariz., and now is consulted by Democrats in the administration and in Congress.
Many economist believe that the recovery began in the third quarter August or September of this year. These economists believe the will be modest growth over the gross domestic product.
currently at a 26-year high of 9.8 percent — and likely to top 10 percent soon and stay there a while.
“Many factors are pushing against a quick recovery,” said Heidi Shierholz, an economist at the labor-oriented Economic Policy Institute. “Things will come back. But it’s going to take a long time. I think we will likely see elevated unemployment at least until 2014.”
AP via Yahoo News has the rest of the story
Categories: economy · employment
Governor Arnold Schwarzenegger will sign an Environmental Exemption that will allow construction of a new football stadium in the City of Industry. The exemption would nullify a lawsuit by the projects neighbors in Walnut a town just east of Industry and the site based on the the project environmental impact report.
The project will provide 6,700 new jobs (mostly construction) $21 million in tax revenue and over $750 million in economic activity.
KNBC-TV/DT “Channel 4 News”
Categories: Showbiz / entertainment · Silly /stupid stries · Sport · consumers/ the public · economy · employment · finance
Thousands in Detroit lined up for hours believing that would get stimulus money at Cobo Hall in Downtown but only would get a application to see if the qualify for the funds on Tuesday and Wednesday. The fund is distributed Detroit Planning and Development.
Fights have broke out between applicants . Detroit have been suffering since the collapse of the housing market. The massive plant closing and the bailout and ownership of GM and Chrysler.
The stimulus funds was designed to help low income families to stay in their homes and to help the homeless to find homes.
However, some people mistakenly believe that people were lining up a $3,000 check from the Obama Administration . Detroit city officials said that the city received $15 million to help the poor to pay bills and rent Also to help the homeless fine places to stay.
The applications were due on Wednesday.
WDIV Local 4 News
Categories: economy · employment
The bad economy has killed 4 popular magazines published by luxury publisher Conte Nast. Gourmet the high end food publication, two bridal magazine Modern Bride and Elegant Bride and parenting magazine Cookie. The magazines were attracted to middle class and high class subscription bases.
In a statement by Conte Nast publisher in CEO Charles Townsend, says Conte Nast will keep the Gourmet name in book publishing and television productions. The signature bridal magazine Bride’s will remain but will published every two months.
“We have now completed an extensive review of our business — an important undertaking given the dramatic changes in the U.S. economy. The review has led us to a number of decisions designed to navigate the company through the economic downturn and to position us to take advantage of coming opportunities.
“Condé Nast’s success comes from the ability of our publications to attract readers with a wide range of interests, as well as advertisers who value them. But in this economic climate it is important to narrow our focus to titles with the greatest prospects for long-term growth.”
Publishing Industry expected that Conte Nast they would over $200 million a year.
Hundreds of employee will be unemployed.
New York Post
Categories: Media · economy · employment
Democrats in the Senate are ready bring Health Care Reform for a vote this week. The Senate Finance Committee approved the Democrats plans last week.
Once the vote takes place. Bills in the House and Senate bills must be reconciled and then voted on.
Senate Democratic leaders are hopeful the legislation will pass. Senior Democrats said they were increasingly confident that a bill would pass this year. “I am Scandinavian, and we don’t like to overstate anything,” said Senator Kent Conrad, Democrat of North Dakota and an architect of the Finance Committee bill. “But I have a solid feeling about the direction of events.”
President Obama in his weekly radio address point out health care reform will help small business create and grow jobs.
Mr. Obama called the overhaul “a critical step in rebuilding our economy” and said he was working with his economic advisers “to explore additional options to promote job creation.”
Democrats say the votes to beat back a filibuster by the Republicans.
New York Times has the rest of the Story.
Categories: Nanny State · economy · employment · health care
What a way to start the weekend Unemployment rate to 9.8% a 26 year high. What’s worse analysts for Reuters in a survey expected a job loss of 180,000. Instead, the US Department of Labor release the statics of 263,000 jobs were eliminated in September.
The news comes a President Barack Obama flies home from Copenhagen, Denmark where the president made is case for hosting the 2016 Olympics in is adopted hometown of Chicago,Il. Today was a bad day for the President all the way around. Also the President faces larger than expected jobless numbers but Chicago was eliminated in Round one from contention for the2016 Olympics. The Olympics was awarded to Rio de Janerio, Brazil.
The news of the Unemployment numbers brought out criticism of President Obama by Republican National Committee Chairman Micheal Steel. “As President Obama travels to Copenhagen to bring the Summer Olympics to his hometown seven years from now, Americans back home are increasingly concerned they won’t have a job seven months from now as they see more and more of their neighbors and friends lose jobs today,” Steele said.
Manufacturing lost 51000 positions, Service industries gave up 147,000 and goods producing jobs lost 116,000. Even the government as a whole lost over 53,000 job positions. Health care and education were the only industries that gain job and the job gains is an abysmal 3000 jobs. Let me say it again health and schools gain a pathetic 3000 jobs some the lowest numbers in a long time.
If you add in those who got a part time job and those who give up on finding a job. The unemployment rates climbs to 17%. Since December 2007/ January 2008 more than 15 million people out of work the equivalent to Los Angeles metropolitan area out of work.( including the population of LA, Orange and San Bernadino counties.
Yahoo News
Categories: economy · employment
When it comes to Climate Change US Energy Secretary Steven Chu said the American People are like teens, and the Obama Administration as the grown-ups that need to teach the children on how to behave.
Chu said at a smart energy grid conference in Washington,D.C. “The American public…just like your teenage kids, aren’t acting in a way that they should act,” Dr. Chu said. “The American public has to really understand in their core how important this issue is.”
Chu thought the average American did not have knowledge or the will to change their behavior regarding the environment and climate change.
So the EPA is going to school. This fall the EPA will traveling to 6000 schools with the PTO Parent Teacher Organization to tech and engage kids energy efficiency and climate change.
“We’re showing people across the country how energy efficiency can be part of what they do every day,” said EPA Administrator Lisa Jackson. “Confronting climate change, saving money on our utility bills, and reducing our use of heavily-polluting energy can be as easy as making a few small changes.”
Asked about a town hall styled rebellion where the public is showed up in droves protesting Government’s Public-Option across the country this summer. Chu did not think so.
“I don’t think so…maybe I’m optimistic, but there’s very little debate” that a new green energy economy will bring economic prosperity,Chu told a group of reporters.
Later a spokesperson from the Energy Department Dan Leistkow said,
“Secretary Chu was not comparing the public to teenagers. He was saying that we need to educate teenagers about ways to save energy. He also recognized the need to educate the broader public about how important clean energy industries are to our competitive position in the global economy. He believes public officials do have an obligation to make their case to the American people on major legislation, and that’s what he’s doing.”
Wall Street Journal
Categories: Nanny State · Nature · Politics · consumers/ the public · employment
