Unemployment
Jobless benefits about to crash
With no end in sight to the nation’s high unemployment, the government program to help the jobless is heading for a crash.
And with Democrats and Republicans now divided over what used to be routine extensions of unemployment insurance benefits, there’s little prospect anytime soon for the sort of costly and complex rescue […]
Economy loses 95,000 jobs in September, worse than expected
WASHINGTON – A wave of government layoffs in September outpaced weak hiring in the private sector, pushing down the nation’s payrolls by a net total of 95,000 jobs.
The unemployment rate held at 9.6 percent last month, the Labor Department said Friday. The jobless rate has now topped 9.5 percent for 14 straight months, the longest […]
U.S. unemployment hits 10.1%
Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September — up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month — the unemployment rate was 9.4% in mid-September — and therefore is unlikely to be […]
Companies Unexpectedly Cut 39k Workers in September, ADP Says (Thank you Obama)
Companies in the U.S. unexpectedly cut jobs in September, data from a private report based on payrolls showed today.
Employment decreased by 39,000, the biggest drop since January, after a revised 10,000 rise in August, according to figures from ADP Employer Services. The median estimate of 37 economists surveyed by Bloomberg News called for a 20,000 […]
Jobs picture gets worse in 27 states
NEW YORK (CNNMoney.com) — The national unemployment rate may have only ticked up slightly in August, but on a state-by-state basis, the jobs picture continues to look a lot more grim in places like Nevada, Michigan and California.
A total of 27 states reported higher unemployment rates in August, nearly double the […]
Private sector unexpectedly cuts 10,000 jobs in August
The private sector cut 10,000 jobs in August compared to a revised gain of 37,000 in July, ADP Employer Services said. The July figure was originally reported as a gain of 42,000.
Read the whole story at Yahoo News
Hardship withdrawals from 401(k)’s at record high (Disturbing Trend — and Worse to Come)
As the economy continues to worsen under Obama’s “recovery” plan, more disturbing news emerges. A record number of workers made hardship withdrawals from their 401(k) retirement plans. In fact, “the number of workers borrowing from their accounts reached a 10-year high” and reflects “the financial stress many workers” are experiencing according to Beth McHugh, Fidelity’s […]
New Jobless Claims Rise to 500,000 …Highest level in 9 months
Initial claims for jobless benefits rose by 12,000 last week to 500,000, the Labor Department said Thursday. It was the fourth increase in the past five weeks and evidence that the economic recovery has weakened.
Read the whole story at Yahoo News
Economy sheds 131,000 jobs in July (Gov’t revised payrolls for May and June show 97,000 fewer jobs than previously reported)
Employment fell for a second straight month in July as more temporary census jobs ended while private hiring rose less than expected, pointing to an anemic economic recovery.
Read the whole story at CNBC
Weekly Jobless Claims Show Unexpected Increase
- In a report that is likely to lead to renewed concerns about the job market, the Labor Department said Thursday that first-time claims for unemployment benefits unexpectedly showed a moderate increase in the week ended July 31st.
The report showed that initial jobless claims rose to 479,000 from the previous week’s […]
U.S. underemployment rate 18.4 percent in July, according to Gallup poll
The underemployment rate as measured by Gallup was 18.4 percent in July, up slightly from 18.3 percent in June. The results confirm that there was no real improvement in the U.S. job market last month.
The underemployment rate measures both Americans who are unemployed and those working part-time but wanting full-time work.
Share The […]
Jobless Claims: Take the Latest Drop with a Grain of Salt (They actually rose)
On the face of it, the large drop in new jobless claims last week is one of the single most encouraging signs the U.S. economy has seen lately. The drop of 29,000 to a level of 429,000 took the series to its lowest level so far this year….
But…
Indeed, the Labor Department’s […]
Unemployment Rate Falls For “All the Wrong Reasons” - More than 650,000 people gave up on the job search last month
The U.S. job market remains anemic. Employers cut 1250,00 jobs in June, more than expected. The job cuts came as the government let go 225,000 temporary census workers, as expected. Meanwhile, the private sector gained 83,000 jobs, the sixth-consecutive monthly increase but still less than most economists forecast.
Yet the unemployment […]
Payrolls drop by 125,000, jobless rate falls to 9.5 percent. Rate dips as 652,000 give up job search…
A wave of census layoffs cut the nation’s payrolls in June for the first time in six months, while private employers added a modest number of jobs. The unemployment rate dipped to 9.5 percent, its lowest level in almost a year.Employers cut 125,000 jobs last month, the most since October, […]
JOBLESS CLAIMS RISE SHARPLY TO 472,000 (Give due credit to “Hope and Change”)
The number of people filing new claims for jobless benefits jumped unexpectedly last week after three straight declines, another sign that hiring remains weak.Initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. It was the highest level in a month.
First-time claims have hovered near 450,000 since […]
Jobless Recovery: Stocks Tumble on “Punk” Private Sector Hiring (411,000 temporary census workers, 41,000 from Private Sector)
On the surface, Friday’s jobs report doesn’t look so bad: Non-farm payrolls rose by 430,000 in May, the second straight month of solid gains, the unemployment rate fell to 9.7%, and the averages for hours worked and hourly earnings beat expectations.But it’s hard to put lipstick on this pig, which helped send stocks sharply lower […]
Say goodbye to full-time jobs with benefits
NEW YORK (CNNMoney.com) — Jobs may be coming back, but they aren’t the same ones workers were used to.
Many of the jobs employers are adding are temporary or contract positions, rather than traditional full-time jobs with benefits. With unemployment remaining near 10%, employers have their pick of workers willing to accept less secure positions.
(Excerpt) Read […]
100,000 teachers nationwide face layoffs
Senior congressional Democrats and the Obama administration scrambled Wednesday to line up support for $23 billion in federal aid to avert an estimated 100,000 or more school layoffs in a brutal year for education budgets coast to coast.
(Excerpt) Read more at washingtonpost.com
Jobpocalypse now (5 million Americans are ‘long term’ unemployed. Gov’t puts off the problem)
This week, the Senate is expected to extend jobless benefits to more than 5 million Americans through the end of the year. It is the sixth time in nearly two years that they’ve expanded or extended unemployment benefits — putting off, again, a day of reckoning our political leaders seem unwilling to face.
With the national […]
32 States Borrowed $37.8 billion from the Federal Government to Make Unemployment Payments; California Has Borrowed $7 Billion (Collapse of America?)
EconomicPolicyJournal.com has learned that 32 states have run out funds to make unemployment benefit payments and that the federal governmant has been supplying these states with funds so that they can make their payments to the unemployed. In some cases, states have borrowed billions. As of May 20, the total balance outstanding by 32 states […]