Clipmarks | Unemployment Clips

2 Million unemployed by Christmas

Thu, 28 Aug 2008 23:14:46 GMT

clipped by: notareargunner
clipper's remarks: A conservative estimate?

MPC dove Blanchflower to vote for rate cut

Two million Britons may be out of work by Christmas and big cuts in interest rates are needed now to stop the economy heading into a deep and prolonged slump, claims Bank of England policymaker David Blanchflower.

He also indicated he would be calling for borrowing costs to be cut by more than 25 basis points at next week's Monetary Policy Committee meeting.

His view echoes that of the majority of financial experts, who are now betting that the Bank of England will have to cut interest rates in the near future as it tries to avoid the onset of a deep recession in the UK.

Tags: unemployment, uk

Map title

Mon, 25 Aug 2008 23:54:36 GMT

clipped by: Energizer7

Clip Source: geography.about.com

A map's title provides important clues about the cartographer's intentions and goals. You can hope to expect entirely different information on a map titled "Unemployment in Jefferson County" versus "Topography of Mount St. Helens."

Fed Chairman: Economy Bad, Worst "in Memory"

Fri, 22 Aug 2008 19:19:13 GMT

clipped by: blueridge
clipper's remarks: It is not just gas prices. Bernanke talks about how inflation has not yet had its full effect, comparing it to a storm that has not yet fully hit the mainland:

"Although we have seen some improved functioning in some markets, the financial storm that reached gale force'' around this time last year "has not yet subsided, and its effects on the broader economy are becoming apparent in the form of softening economic activity and rising unemployment,'

Bush and McCain do not acknowledge this, and Obama's policies would never fix it.

The role that both Bush and Congress have played in RUINING the economy through government overspending (on unjust wars), devaluing the dollar (which is a key factor in inflation), and causing a rise in oil prices, are not discussed.

The Fed is not innocent and causes inflation too by printing more money for government overspending from thin air!

The Fed Chairman is using this to try to obtain new powers for th

Clip Source: wvgazette.com

Bernanke: Financial crisis taking toll on economy

JACKSON, Wyo. (AP) -- Federal Reserve Chairman Ben Bernanke said today the financial crisis that has pounded the country -- coupled with higher inflation -- is taking a toll on the economy and poses a major challenge to Fed policymakers as they try to restore stability.

"Although we have seen some improved functioning in some markets, the financial storm that reached gale force'' around this time last year "has not yet subsided, and its effects on the broader economy are becoming apparent in the form of softening economic activity and rising unemployment,'' Bernanke said in a speech to a high-profile economics conference here.

Although Bernanke welcomed the recent drops in prices for oil and other commodities, and believes inflation will moderate this year and next, the Fed chief said the inflation outlook remains highly uncertain.

financial and economic environment is one of the most challenging to Fed policymakers "in memory,''

Tags: economy, federal reserve, inflation, unemployment, oil prices, bush

US economy "stuck in purgatory"

Fri, 22 Aug 2008 07:10:58 GMT

clipped by: psyberg
clipper's remarks: Fuel prices going down and we're out of the woods? Fat chance.

Clip Source: biz.yahoo.com

A private sector measure of the economy's health showed the largest drop in a year, and while new jobless claims fell for the second straight week, they remain near the highest levels since 2002. The reports are the latest evidence the languishing American economy remains stuck in low gear.

"The economy is stuck somewhere between sluggish growth and recession," said Mark Vitner, senior economist at Wachovia Corp. "We're in economic purgatory."

Unemployment claims have increased in the past several weeks, partly reflecting an outreach effort by the Labor Department to notify people of the benefit extension. The action has turned up some people eligible to file new claims.

Several companies have announced job cuts recently. Newspaper publisher Gannett Co. Inc. said it would lay off 600 workers, Ford Motor Co. said it would cut 300 workers at an engine plant, and chip designer Rambus Inc. is trimming 90 jobs.

Tags: us recession, us economy, us unemployment

John McCain's Confusion About the Economy

Fri, 22 Aug 2008 01:16:25 GMT

clipped by: papananook
clipper's remarks: So one thing is clear: McCain is confused about the economy. Working families can't afford to let another four years go by where the president is confused about basic economic issues and compensates for that confusion by prioritizing the agenda of the privileged and wealthy.

Clip Source: www.politicalaffairs.net

A newly released TV ad from the Obama campaign links John McCain's personal wealth and privilege to his fundamental misunderstanding about the economic realities working families face.

With one million home foreclosures this past year and millions more likely to come, along with seven straight months of rising unemployment, John McCain seemed out of touch when he stated this week that "the fundamentals of our economy our strong."

McCain owns seven homes valued at about $2 million each, the Obama campaign ad states.

The ad suggests that McCain's inability to recall the number of homes he owns is a strong signal that his personal wealth and privilege is so great that not only is he unsure about how wealthy he is, there is also a serious disconnect between him and working Americans.

displaying further confusion about its views on the economy. Despite claiming that "the fundamentals of the economy are sound," McCain has admitted that he understands little about economic issues.

The Fall of Great Cities: America's Fastest-Dying Cities

Thu, 21 Aug 2008 18:53:24 GMT

clipped by: urbanlife
clipper's remarks: The former manufacturing backbone of the U.S. is in rougher shape than ever, still searching for some way to replace its long-stilled smokestacks. Where's it worst? Ohio has 4 of the 10 cities and Michigan has 2 cities making the ranking.

So far this decade, 115,000 people have left Cleveland. Smaller changes in other regions can be just as painful: People are leaving in the thousands and they are not being replaced by either new babies or new immigrants.

These cities face fleeing populations, painful waves of unemployment and barely growing economies... And they face even bleaker futures.

Once great centers of business and industry, these cities now are shells of their former selves. They will have to re-shape their image & think outside of the box in order to try to attract future residents and businesses.

The top 5 fastest dying American cities:

1. Canton, Ohio

2. Youngstown, Ohio

3. Flint, Mich.

4. Scranton, Pa.

5. Dayton, Ohio

Clip Source: www.forbes.com

Charleston, W.Va.

Migration (since 2000): -5,776

Total population change: -5,682

Unemployment: 4.8%

Clip Source: www.forbes.com

Detroit, Mich.

Migration (since 2000): -174,592

Total population change: +15,033

unemployment: 9.7%

Clip Source: www.forbes.com

Buffalo, N.Y.

Migration (since 2000): -51,302

Total population change: -41,926

Unemployment: 5.7%

Clip Source: www.forbes.com

Springfield, Mass.

Migration (since 2000): -16,626

Total population change: +2,643

Unemployment: 5.9 %

Clip Source: www.forbes.com

Cleveland, Ohio

Migration (since 2000): -115,411

Total population change: -51,539

Unemployment: 7.7%

Clip Source: www.forbes.com

Dayton, Ohio

Migration (since 2000): -33,499

Total population change: -12,616

Unemployment: 6.9%

Clip Source: www.forbes.com

Scranton, Pa.

Migration (since 2000): +2,431

Total population change: -11,197

Unemployment: 6.2%

Clip Source: www.forbes.com

Flint, Mich.

Migration (since 2000): -17,221

Total population change: -1,433

Unemployment: 9.7%

Clip Source: www.forbes.com

Youngstown, Ohio

Migration (since 2000): -28,435

Total population change: -32,260

Unemployment: 7.3%

Clip Source: www.forbes.com

Canton, Ohio

Migration (since 2000): -7,807

Total population change: +212

Unemployment: 6.7%

Tags: revitalization, suburban sprawl, unemployment, population, migrate, future, vacant, planning, industry

UK Recession is Months Away

Mon, 18 Aug 2008 08:47:57 GMT

clipped by: abailart
clipper's remarks: Not surprising news. But a chance to reflect on the past 18 months. First, there was denial of an economic slowdown. Then the idea of recession was laughed at. Now the discussion is of whether the recession will be a big one or a little one. Interesting contemporary case study of how the rhetoric of denial runs parallel to the realities.

Clip Source: news.bbc.co.uk

Recession looms in the UK in the next six to nine months as firms face "a difficult and risky climate", the British Chambers of Commerce warns.

The BCC predicts UK unemployment will rise by between 250,000 and 300,000 in the next 18 months to two years.

"Over the next two or three quarters, we expect UK GDP growth to be slightly negative or zero, satisfying the conditions of technical recession," the BCC says.

This would be mainly caused by "a very sharp deceleration in consumer spending growth, in reaction to falling house prices and the acute squeeze on household disposable incomes".

ECONOMIC INDICATORS

Recession fears hit sterling

Bank warns of flat growth

Jobless total up sharply

Inflation surges to 4.4%

IMF cuts growth forecast

UK growth slows sharply

Tags: economics, uk economy

He Saw It Coming

Sun, 17 Aug 2008 19:17:13 GMT

clipped by: debbyski
clipper's remarks: What economic developments does Roubini see on the horizon? And what does he think we should do about them? The first step, he told me in a recent conversation, is to acknowledge the extent of the problem. “We are in a recession, and denying it is nonsense,” he said.

The United States, Roubini went on, will likely muddle through the crisis but will emerge from it a different nation, with a different place in the world. “Once you run current-account deficits, you depend on the kindness of strangers,” he said, pausing to let out a resigned sigh. “This might be the beginning of the end of the American empire.”

Clip Source: www.nytimes.com

On Sept. 7, 2006, Nouriel Roubini, an economics professor at New York University, stood before an audience of economists at the International Monetary Fund and announced that a crisis was brewing. In the coming months and years, he warned, the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession.

The audience seemed skeptical, even dismissive.

At the time, unemployment and inflation remained low, and the economy, while weak, was still growing, despite rising oil prices and a softening housing market.

Over the past year, whenever optimists have declared the worst of the economic crisis behind us, Roubini has countered with steadfast pessimism.

As a result, Roubini, a respected but formerly obscure academic, has become a major figure in the public debate about the economy: the seer who saw it coming.

Another Voice

Wed, 13 Aug 2008 21:21:24 GMT

clipped by: nchnted

Clip Source: bulletin.aarp.org

THE DIE HARD RIGHT WING REPUBLICANS WILL TRY TO COME UP WITH ANY EXCUSE INCLUDING LIES TO TRY AND BLAME THE DEMOCRATIC PARTY [THEY ALWAYS DO], BUT THE FACTS ARE DURING BUSH?S TWO TERMS:

1) 1% of American homes are in foreclosure.

2) Americans have seen their home equity drop by 12 Trillion dollars and prices still dropping;

3) Our Government went from being in the black to being Trillions in the red

4) Consumer confidence has plummeted

5) Gasoline went from $2.19 a gallon to over $4 a gallon & climbing! (Should it go down they will take credit. Should it go up they will blame the Democrats.

6) Unemployment is up to 5% (a 10% increase);

7) We have gone to war on lies (weapons of m****destruction). Over four thousand of our soldiers have died, along with countless of thousands of wounded that will have to live the rest of their lives with various handicaps.

The economic shell game continues...

Tue, 12 Aug 2008 23:14:32 GMT

clipped by: AinzF

Clip Source: www.marketwatch.com

lets face some facts...the mkts will not heal until the financials do...the financials will not heal until the real estate mkt stabilizes and heals...

the banks have written off maybe 500B so far...the writedwons will not stop until 1.5T is written off...MER selling their CDO's at 20 cents on the dollar was big, as most banks will now have to mark their CDO's down to realistic levels.

This economy is based on credit expansion and debt accumulation and the severe recession we should have had in 2000-2005 was averted by Greenspan and his free money campaign...now the problem is too big to dissipate without some serious pain...

the truth is hidden from us, as the media is in on the shananigans along with the govt...they edit and censor the thoughts not supporting their agenda...they alter the GDP, CPI, unemployment rates all to keep the charade going.

as noted many times, the SP and the DOW will head down soon...

Stick with SKF, SRS, FXP, SDS, QID, DXD and perhaps USO and OIH.

Tags: economics, economy, markets, stocks, finance, credit crisis

Are You a Trillionaire?

Thu, 07 Aug 2008 21:13:13 GMT

clipped by: bellapria

Clip Source: www.endpayrollheadaches.com

Are You a Trillionaire?

The ongoing political crisis in Zimbabwe is fueling one of the highest rates of hyper-inflation that the world has perhaps ever known. With inflation at an estimated 50,000,000% during July, the government was forced to issue the world's first $100 billion bill. When issued, this note was worth about US$1.25 on the black market and bought one loaf of bread. The GDP per capita in Zimbabwe is just US$200 per year and plunging, with an unemployment rate of 80%.

Tags: trillionaire, zimbabwe, money

the perfect English village?

Thu, 07 Aug 2008 14:35:26 GMT

clipped by: valann 47

Clip Source: www.dailymail.co.uk

Aside from the cows, there isn't much in the way of traffic here. There is a bus service, but it comes only once a week and goes as far as the bright lights of Blandford Forum. If you find yourself here for no reason, you are well and truly lost.

The traditional cliche for pretty little villages such as this is 'sleepy'. But there's nothing bleary-eyed about the Dorset backwater of Chettle.

This is a village which defies every statistic and market trend. It has zero unemployment. Its businesses are booming. It has no problem with outsiders buying up second homes - because they are simply not allowed. Rents are way below the market rate.

Chettle: Is this the perfect English village?

The Manor House: Chettle House is owned by Peter Bourke

Chettle is full of beautiful old houses, but villagers pay only the minimum of rents

Chettle has been owned and controlled by the Lord of the Manor for more than 1,000 years

The Castlesman family owned Chettle in 1903

Tags: britain, village, lord of the manor

Barack Obama Calls Signals From Jimmy Carter's Playbook

Wed, 06 Aug 2008 07:24:07 GMT

clipped by: merrie
clipper's remarks: * Price controls on oil? Check.
* A windfall profits tax? Check.
* Taxpayer-funded boondoggles on solar energy? Checkety-check.
* Taxpayer-funded boondoggles on synthetic fuels? Check and mate, biznatch!

Clip Source: directorblue.blogspot.com

Yes, ripped from today's headlines are the very strategies set in motion by the worst president in history: James Earl Carter.

Clip Source: bp3.blogger.com

Clip Source: directorblue.blogspot.com

Let's pause a moment here and reminisce about 8% unemployment, 15% inflation, and 17% auto loan rates.

Tags: carter energy shortages, windfall profits tax, solar energy research/development, temperature restrictions, interest rate, inflation, unemployment

Housing Lenders Fear Bigger Wave of Loan Defaults

Tue, 05 Aug 2008 12:23:04 GMT

clipped by: JICWyllie

Clip Source: www.nytimes.com

The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.

Reports last week showed another drop in home prices, slower-than-expected economic growth and a huge loss at General Motors. On Friday, the Labor Department reported that the unemployment rate in July climbed to a four-year high.

Homeowners with good credit are falling behind on their payments in growing numbers,

The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.

Defaults are likely to accelerate because many homeowners’ monthly payments are rising rapidly.

“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm

that trades mortgage securities.

Tags: economy, consumers, housing, i-debt, i-mortgage, financial markets, i-risks, i-increase

Unemployment Spike Because of Minimum Wage Increase

Tue, 05 Aug 2008 04:59:45 GMT

clipped by: jamesgrimes
clipper's remarks: This is something you won't hear the media talk about.

Clip Source: boortz.com

A BIT OF A SPIKE IN UNEMPLOYMENT

OK .. so the rate is 5.7% right now. When Clinton was president 5.5% was considered to be full employment. Truthfully, this rate doesn't come anywhere near what you would call a disaster. But ... a question. Why in the world isn't anyone connecting the increase in the jobless rate last month to the increase in the minimum wage? At the beginning of the last month the minimum wage went up by 70 cents. When employers are forced to pay people more than they are worth .. they get kicked to the curb. Trust me, I know. I was fired once because the minimum wage went up and I was the last person hired. So I hit the streets. Being a junior at Pensacola High helped a bit, having a place to live and all.