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Posts Tagged ‘jobs’

Shocking! Unemployment shoots to 17.3%

February 16, 2011 Comments off

© 2011 WorldNetDaily

Editor’s Note: The following report is excerpted from Jerome Corsi’s Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and senior managing director of the Financial Services Group at Gilford Securities.

The Bureau of Labor Statistics appears to be intentionally understating the current unemployment rate, most likely with an aim to bolstering the Obama administration’s claim that the unemployment rate is improving as jobs are created in a recovering economy, Jerome Corsi’s Red Alert reports.

In a news release on Feb. 4, the unemployment rate was reported to have fallen 0.4 percent to 9.0 percent in January 2011, even though only Read more…

The Youth Unemployment Bomb

February 6, 2011 Comments off

From Cairo to London to Brooklyn, too many young people are jobless and disaffected. Inside the global effort to put the next generation to work

https://i1.wp.com/images.businessweek.com//mz/11/07/600/1107_mz_58youth1.jpg

Cairo, Egypt: A cloud of tear gas drives back antigovernment protesters on Jan. 28 Jorge Dirkx/Reporters/Redux

By Peter Coy

In Tunisia, the young people who helped bring down a dictator are called hittistes—French-Arabic slang for those who lean against the wall. Their counterparts in Egypt, who on Feb. 1 forced President Hosni Mubarak to say he won’t seek reelection, are the shabab atileen, unemployed youths. The hittistes and shabab have brothers and sisters across the globe. In Britain, they are NEETs—”not in education, employment, or training.” In Japan, they are freeters: an amalgam of the English word freelance and the German word Arbeiter, or worker. Spaniards call them mileuristas, meaning they earn no more than 1,000 euros a month. In the U.S., they’re “boomerang” kids who move back home after college because they can’t find work. Even fast-growing China, where labor shortages are more common than surpluses, has its “ant tribe”—recent college graduates who crowd together in cheap flats on the fringes of big cities because they can’t find well-paying work.

In each of these nations, an economy that can’t generate enough jobs to absorb its young people has created a Read more…

Employment Report: IT SUCKS

February 5, 2011 Comments off

Wow…. if you remember on the ADP and Claims numbers, I said I was expecting +100k.

That was way off – we really got +36k.

 

The unemployment rate fell by 0.4 percentage point to 9.0 percent in January, while nonfarm payroll employment changed little (+36,000), the U.S. Bureau of Labor Statistics reported today. Employment rose in manufacturing and in retail trade but was down in construction and in transportation and warehousing. Employment in most other major industries changed little over the month.

Youch.

There’s no love in here.  Worse, the benchmark revisions are out, and they show about 300,000 supposedly-reported jobs that didn’t really happen. No, really?  How come that number seems to always be in this direction?  That is, why is it that the BLS always seems to over-report reality in the establishment survey?

That inconvenient truth, incidentally, is why I always use the household numbers.  They’re at least a real survey without BS “adjustments” applied and while they’re subject to Read more…

Fed chief expects high unemployment, economic growth in 2011

January 24, 2011 Comments off

Vicki Needham

Unemployment will remain high, the nation’s economy could expand by 4 percent and interest rates may need go up, Federal Reserve Bank of Philadelphia President Charles Plosser said Monday.

“If economic growth in the United States continues to gain traction and the prospects begin to look ever better, it might be time for us to begin thinking about how do we begin to gradually take our foot off the accelerator,” Plosser told reporters after a speech at the Central Bank of Chile in Santiago, according to news reports.

Plosser said he may favor a rate increase if economic growth necessitates a change.

“It might. I’m not going to rule that out,” he said.

The central bank has said that it plans to keep short-term interest rates low for an “extended period.”

During Monday’s speech, Plosser also predicted that the U.S. could grow between 3 percent and 4 percent this year.

The Fed’s plan to purchase $600 billion in government debt will probably continue through June while the nation’s 15 million unemployed look for work, although Plosser didn’t rule out pulling the stimulus funds back earlier.

“It could end earlier if economic conditions call for it, but right now I’m not sure that that’s the most likely outcome,” he told reporters. “It obviously creates challenges for some countries because of appreciating currencies. But I think that will pass. Those are short-run issues.”

Plosser has expressed concern about whether the Fed’s quantitative easing, also known as QE2, will spur economic growth while lowering the jobless rate that has remained above 9 percent for 20 months.

“Monetary policy is not going to be able to speed up the adjustments in labor markets or prevent asset bubbles, and attempts to do so may create more instability, not less,” he said.

“Expecting too much of monetary policy will undermine its ability to achieve the one thing that it is well-designed to do — ensuring long-term price stability.”

QE2 has brought harsh criticism from some lawmakers on Capitol Hill who argue that the plan could devalue the dollar and cause inflation.

More than a million immigrants land U.S. jobs

January 22, 2011 Comments off

Stepped-up enforcement is not deterring trend of foreign-born employment

DALLAS — Over the past two years, as U.S. unemployment remained near double-digit levels and the economy shed jobs in the wake of the financial crisis, over a million foreign-born arrivals to America found work, many illegally.

Those are among the findings of a review of U.S. Bureau of Labor Statistics and Census Bureau data conducted exclusively for Reuters by researchers at the Center for Labor Market Studies at Northeastern University in Boston.

Often young and unskilled or semi-skilled, immigrants have taken jobs Americans could do in areas like construction, willing to work for less wages. Others land jobs that unemployed Americans turn up their noses at or lack the skills to do.

With a national unemployment rate of 9.4 percent, domestic job creation is at the top of President Barack Obama’s agenda and such findings could add to calls to tighten up on illegal immigration. But much of it is Hispanic and the growing Latino vote is a key base for Obama’s Democratic Party.

Many of the new arrivals, according to employers, brought with them skills required of the building trade and found work in sectors such as construction, where jobless rates are high.

“Employers have chosen to use new immigrants over native-born workers and have continued to displace large numbers of blue-collar workers and young adults without college degrees,” said Andrew Sum, the director of the Center for Labor Market Studies. Read more…

Why Americans are so angry

January 10, 2011 1 comment

By Linda Feldmann, / Staff writer
posted March 8, 2010 at 3:46 pm EST

Heather Gass always felt she had to suppress her conservative views, living as she did in the liberal San Francisco Bay area. A year ago that all changed.

CNBC financial reporter Rick Santelli had just blasted the Obama administration’s plan to help homeowners facing foreclosure, and called for a “tea party” protest in Chicago. The idea caught fire around the country, and soon Ms. Gass, a 40-something real estate agent, was organizing weekly street-corner demonstrations in her hometown of Orinda, Calif.

Her focus was fiscal discipline, aimed not just at the $75 billion mortgage bailout but also the administration’s $787 billion stimulus package and President Obama’s budget. She remembers her first signs well: “Stop printing money” and “China owns us.” By Congress’s summer recess, when opposition to Mr. Obama’s healthcare plan burst forth, she had 100 people protesting on street corners, she says.

Fast-forward to February 2010. Gass is still out there every Friday, her 6-year-old son in tow. Political operatives are calling her up for advice. Her roster of influential tea party activists – “Heather’s list,” as local politicos call it – is creating buzz. “We’re not dangerous,” says Gass. “We’re your neighbors. But we’ve been underground. We’re not underground anymore.”

Gass says she’s beyond anger over the direction of the country and is in “action mode.” Whatever it’s called, that intensity of feeling – the passion that led her to travel last month to the Tea Party Convention in Nashville and that drives her to tears when she worries out loud about the America her son’s generation will inherit – is unmistakable. Read more…