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  • Spain jobless rate tops 20%, adds to debt worries
    credit crisis hastened the collapse of its labour intensive construction industry at the end of 2008 The country has the highest unemployment rate in the 16 nation eurozone and accounts for half the region s job losses over the last two years according to the European Union s statistics office Eurostat The rise in unemployment during the first quarter means Spain s socialist government which has vowed to protect social welfare spending will face an even bigger bill for jobless benefits as it tries to rein in a public deficit that hit 11 2 percent of Gross Domestic Product last year Ratings agency Standard Poor s cut the country s long term sovereign credit rating on Wednesday to AA from AA amid concerns about the country s growth prospects sending the euro and global stock markets tumbling on fears Madrid faces similar problems to debt stricken Greece We now believe that the Spanish economy s shift away from credit fueled economic growth is likely to result in a more protracted period of sluggish activity than we previously assumed S P s credit analyst Marko Mrsnik said The Spanish economy Europe s fifth largest contracted 0 1 percent in the fourth

    Original URL path: http://www.911omissionreport.com/spain_jobless_20percent.html (2016-02-14)
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  • The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
    jobs situation Instead he believes the economy could flatline or L for an extended period as small businesses struggle to grow and consequently rehire the workers that have been furloughed as the U 3 unemployment rate has doubled since March 2008 As that trend has happened the U 6 rate has expanded at an even more dramatic pace Economists cite several reasons for the phenomenon For one more workers are becoming discouraged as real estate the focal point for the expansion in the earlier part of the decade has collapsed and taken millions of directly related and ancillary jobs with it Many workers believe those jobs aren t coming back and have thus quit looking and added themselves to the broader unemployment count In the earlier part of this decade 40 percent of all new jobs created were in real estate Attorneys mortgage brokers agents construction they were all circled around housing Pento says We ve had a jobless recovery in the last two recessions This is going to be the third jobless recovery in a row Another factor that may be leading people onto the rolls of those no longer looking for jobs is the government s accommodative extensions of jobless benefits Workers are unemployed for a much longer span than we ve seen historically says David Resler chief economist at Nomura Securities International in New York Part of that may be affected by the longer availability of benefits It reduces the incentives for an urgent job search The U 6 rate debuted in January of 1994 at 11 8 percent while the U 3 was at 6 6 percent The measure hit a low of 6 9 percent in April 2000 while U 3 sat at 3 8 percent While the current methodology only dates back 15 years

    Original URL path: http://www.911omissionreport.com/real_jobless_rate.html (2016-02-14)
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  • States Hobbled By Unemployment Bills
    unemployment benefits three times the number from last year New York s unemployment insurance fund went insolvent about two hours into 2009 says Patricia Smith commissioner of the New York labor department Since Jan 1 that flood of jobless claims has forced New York and four other states South Carolina Indiana Ohio and Michigan to borrow money from the federal government to pay benefits Fourteen more states are at major risk of breaking the unemployment bank in the next year Many states just didn t think we were going to have a recession this severe and didn t build the savings says Andrew Stettner deputy director of the National Employment Law Project If states don t pay back the loans by Sept 30 they ll have to start paying interest In New York s case that could mean 100 million in interest payments by 2010 What s going to happen to employers in that state is the federal tax is increased on them to get the money back Stettner says So the feds are going to get the money back one way or another An under funded unemployment system is creating other problems too In a state like New York

    Original URL path: http://www.911omissionreport.com/states_unemployment_bills.html (2016-02-14)
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  • Jobs can't keep up with population growth in many states
    hot areas even states that are doing well can still end up with a large jobs deficit Texas Governor Rick Perry is very proud of the state s job creation efforts His office set up a website titled Texas Brags to herald Texas ongoing success and endless opportunity Over the past two years 40 of the new jobs in the U S were created in Texas Perry told attendees at the National Conference of State Legislatures summit in San Antonio Wednesday It s one of only three states to have more jobs now than before the recession But Texas has also seen a population boom since 2007 The number of working age residents grew by 6 6 nearly twice the national average This explosive growth means that Texas would need to create another 629 000 jobs or 5 6 more positions just to reach its pre recession employment level when factoring in this population growth according to the institute Perry s office acknowledges that the state has to create even more jobs since people are flocking to the state in search of work It will continue to focus on luring companies with its business friendly policies It s not surprising that companies individuals and families are looking to Texas said Lucy Nashed a governor s spokeswoman It s the epicenter of job growth in the U S Having a relatively low unemployment rate doesn t mean that a state has no jobs deficit Take Utah for example The state s unemployment rate is 7 4 far below the nation s But it has the 8th largest jobs deficit and needs to create 10 9 more jobs in order to climb out That s because the Beehive State has seen its working age population grow by 6 7 Much of that

    Original URL path: http://www.911omissionreport.com/jobs_population_growth.html (2016-02-14)
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  • What's Causing the Strange Jobs Data Discrepancies?
    differ We ll consider each The household survey includes people on unpaid leave among the employed The establishment survey does not There s little reason to believe that this has had a significant effect recently There hasn t been any sociological shock that would require many workers to take unpaid leave to inflate the Household Survey s numbers The household survey is limited to workers 16 years of age and older The establishment survey is not limited by age This one can t explain it either If anything this would inflate the Establishment Survey s numbers since it could include more employed workers under the age of 16 We re seeing better performance in the Household Survey instead The household survey has no duplication of individuals because individuals are counted only once even if they hold more than one job In the establishment survey employees working at more than one job and thus appearing on more than one payroll are counted separately for each appearance Again this difference could only inflate the Establishment Survey as it could double count employment So this can t explain any disparity either The household survey includes agricultural workers the self employed unpaid family workers and private household workers among the employed These groups are excluded from the establishment survey This explanation might help to explain the differences As Americans struggle to find firms hiring more may be turning to self employment or taking on the role of unpaid or private family household workers This implies that the Establishment Survey is underestimating employment because it doesn t include those groups of workers Of course you could just as easily argue that the Establishment Survey is more accurate because the Household Survey is overestimating workers For example if 1000 unemployed people who were laid off in

    Original URL path: http://www.911omissionreport.com/jobs_data_discrepancies.html (2016-02-14)
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  • More job seekers give up, reducing unemployment
    not to seek work means the drop in unemployment from 9 8 percent in November to 9 percent in April isn t as good as it looks If the 529 000 missing workers had been out scavenging for a job without success the unemployment rate would have been 9 3 percent in April not the reported rate of 9 percent And if the participation rate were as high as it was when the recession began 66 percent in December 2007 the unemployment rate could have been as high as 11 5 percent A majority of the 42 economists in the latest Associated Press quarterly economic survey said they expect the labor force participation rate to start growing consistently before the year ends Twelve don t expect it to happen until next year at the earliest Five think it never will It s certainly not happening yet The labor force grew by just 15 000 in April from March not even enough to keep up with population growth Economists say many would be job seekers remain daunted by the odds against finding work There were 4 3 unemployed people for each job opening in March more than double the ratio before the recession And job vacancies are running 35 percent below the pre recession peak I basically have stopped looking for work because there is just nothing out there says Kim Rinde of Minneapolis who was laid off in December 2008 from a customer service job at a company that makes cleaning equipment Longer term trends are working to keep the participation rate down The Congressional Budget Office expects the participation rate to fall steadily to 63 percent by 2021 as baby boomers retire The share of men 20 and older in the labor force peaked long ago at 89 percent

    Original URL path: http://www.911omissionreport.com/job_seekers_give_up.html (2016-02-14)
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  • Unemployment to stay 'unacceptably high' - Geithner
    000 jobs which would mark only the second time jobs have increased since the recession started in December 2007 The economy s going to start creating jobs again Geithner said The economy s growing now that s the first step and with growth jobs will come But it will take a long time to make up ground lost to the recession he said Geithner said a regulatory overhaul working its

    Original URL path: http://www.911omissionreport.com/unacceptably_high.html (2016-02-14)
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  • Bernanke Says Unemployment Will `Remain Elevated'
    at each meeting The FOMC next meets March 15 Bernanke s remarks his first since a Labor Department report on Feb 4 showed the jobless rate unexpectedly fell to 9 percent in January were similar to comments he made last week at the National Press Club and testimony last month to the Senate Budget Committee Although the growth rate of economic activity appears likely to pick up this year the unemployment rate probably will remain elevated for some time Bernanke said in today s testimony Joblessness rose above 9 percent in May 2009 beginning the longest period of unemployment at that level or higher since monthly records began in 1948 Payroll Growth Last week s Labor Department report also showed employers added 36 000 workers short of the 146 000 median gain projected in a Bloomberg News survey of economists as winter storms deterred hiring Since late last month Bernanke and his colleagues have expanded the focus of monetary policy beyond the jobless rate The Fed chairman said on Feb 3 that he needs to see a sustained period of stronger job creation before he deems the recovery firmly established a statement he repeated to the House On Nov 3 the central bank announced that it would embark on a second round of asset purchases to help boost the recovery and achieve the Fed s mandates The program slated to last through June follows 1 7 trillion of purchases of mortgage and government debt through last March Challenge on Stimulus Republicans on the panel challenged Bernanke on the effects of the stimulus The panel s chairman Representative Paul Ryan of Wisconsin reiterated his criticism of the Fed s Treasury purchases saying they risk asset price bubbles and faster inflation The increase in long term bond yields this week certainly adds to these concerns and fuels some of this speculation he said The yield on the two year Treasury note fell to 0 81 percent at 4 59 p m in New York from 0 85 percent yesterday The 10 year Treasury s yield fell to 3 65 percent from 3 74 percent It has risen from 2 57 percent on Nov 3 an increase that Bernanke today attributed to signs of an improving economy Representative Scott Garrett a New Jersey Republican pressed Bernanke to reconcile his positions that Fed monetary policy didn t fuel a housing bubble last decade with the stance that the Fed can help home prices now with its asset purchases Not Responding Home prices are not responding at all to the Fed s policy and the bubble was far greater than could be explained by the central bank s interest rate actions Bernanke said in response Ryan has said he supports legislation proposed by fellow Republicans Tennessee Senator Bob Corker and Indiana Representative Mike Pence that would remove the Fed s employment mandate and have it focus solely on keeping prices stable Maryland Representative Chris Van Hollen the committee s senior Democrat commended Bernanke s actions

    Original URL path: http://www.911omissionreport.com/unemployment_elevated.html (2016-02-14)
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