IMF says global economy in ‘dangerous new phase,’ slashes growth forecasts for US and Europe
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From the category archives:
Unemployment Crisis
“The U.S. is not picking up, Europe is having a lot of trouble, and all the opportunity that I’m seeing is here in Asia”
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The Census Bureau’s annual report released Tuesday offers a snapshot of the economic well-being of U.S. households for 2010, when joblessness hovered above 9 percent for a second year. It comes at a politically sensitive time for President Barack Obama, who has acknowledged in the midst of his re-election fight that the unemployment rate could persist at high levels through next year.
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Editor’s Note: As the month of June comes to a close, the unemployment picture in the United States is still bleak at best. A news story from Reuters indicates that this week marks the 12th straight week that jobless claims were above “normal” or stable levels. We are not surprised by the unemployment levels, and in fact, we believe that the numbers are much higher than the government reports. We expect unemployment to remain high as economic conditions continue to worsen for the nation.
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The unemployed have, on average, remained unemployed longer than in the 1930s; Employers wary of job gaps in resumes
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Here’s the Forbes list of America’s top cities for jobs… Texas cities come in first, while cities in California, Nevada, and Florida have the bleakest job prospects.
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By Edward Luce in Washington The Financial Times | Published: July 13 2010 18:51 | Last updated: July 13 2010 18:51 Robert Gibbs, Barack Obama’s chief spokesman, got into hot water this week for daring to speak the truth – that the Democrats could lose control of the House of Representatives in November. But it [...]
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Submitted by Tyler Durden on 07/09/2010 17:02 -0500 | Zerohedge.com As we close on another week replete with ugly economic data and the usual bizarro counterintuitive market, here is a summary of the 50 most underreported facts about the state of the US economy, courtesy of the Coto report. After reading these it almost makes [...]
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U.S. News & World Report | Liz Wolgemuth, On Wednesday July 7, 2010, 11:58 am EDT It’s “Recovery Summer,” according to White House officials who have been circling the country to show off solar-panel installers working on Federal buildings and construction workers building senior housing projects–jobs created by last year’s stimulus, which is still being [...]
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(Jerry’s Comments: It is currently a sad state of affairs in our nation. The high unemployment that America has been suffering imparts extreme to our nation’s economy. The time is counting down and Washington knows something must give. But the options are few when spending cuts are unacceptable and our monetary system remains corrupted by [...]
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Alan Zibel, AP Business Writer, On Thursday June 17, 2010, 9:27 am WASHINGTON (AP) — The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed. Initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, [...]
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By Jerry Robinson | FTMDaily.com The mainstream financial commentators still don’t get it. After years of getting it wrong time after time, many of the financial pundits and talking-heads are now puzzled as to why the price of gold is still going up considering that the “economic recovery” is finally taking hold. In my next [...]
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By Shobhana Chandra June 4 (Bloomberg) — American companies hired fewer workers in May than forecast and workers dropped out of the labor force, indicating government support is still needed to spur economic growth. Private payrolls rose by 41,000, Labor Department figures showed today, trailing the 180,000 gain forecast by economists. Including government workers, employment [...]
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