http://thehill.com/blogs/on-the-money/economy/258957-us-job-growth-stronger-than-originally-believed- Labor revises job growth up by 386,000
The Bureau of Labor Statistics announced Thursday that they had under counted job growth; the economy had 386,000 more jobs than previously thought. The new look at the job market comes right before the 2012 election. With these new numbers it adds 32,000 jobs to the market per month, to the BLS’s initial job count. This changes the numbers from a loss of 261,000 jobs to a gain of 125,000. This means that the economy is doing slightly better than thought, and that most economic figures are subject to change. Job growth is the #. 1 issue in our country’s economy, and this might have huge effects on the upcoming presidential election.
Dallas Fed President Richard Fisher claims that America is on a fiscal cliff, and collapsing due to unemployment. This month, they plan to buy $40 billion mortgage backed securities every month in order to attempt to lessen unemployment rates.Because inflation rates have remained below the governments goal of 2% and unemployment rates are at a high 8%. The Fed's will continue to do this if inflation remains under control. Fisher believes it is not dangerous to abandon the efforts to try and contain inflation if it means lessening unemployment rates. However,they will continue to work on both issues.
According to this article, the unemployment rate for the 27-member European Union is at a record high. There are currently more than 25 million people out of work in Europe. Last week France’s government released its devastating unemployment rate of 10.6 percent, higher than it has been since 1999. Most economists in the Euro Zone are estimating that their gross domestic product will shrink by 2.5 percent next year. With unemployment rates at an all-time high, it is safe to assume that the industrial sectors of most countries in Europe, specifically those of France and Spain, are experiencing sharp downturns. Unfortunately, as London economist Jennifer McKeon noted, “Because unemployment is at a record high, the outlook for the consumer sector is gloomy as well.” The current unemployment rate in the 17-member euro zone is currently 11.4 percent, according to Eurostat.
The article I read was about how 13 states have been slicing their unemployment rates quite a bit. Mississippi led the states off with slicing their unemployment rate from 10.9 to 9.1 percent, that is a whole 1.8 points. The District of Columbia, Florida, and Nevada all came in second by slashing their unemployment rates by 1.7 points. Forty-two states decreased their unemployment rates in the past year. America as a whole decreased their unemployment rate by one point as of compared to the unemployment rate as of August 2011. However, five states' (including New York and New Jersey) unemployment rates increased. Pennsylvania's unemployment rate has not changed in the past year. This report in all is a positive note; perhaps America can make even more improvements in the next year.
In this article we see how in the month of August the spending rate picked up. It increased by 0.5% in August compare to 0.4% in the month of July. The economic growth depends on the spending consumers. About three-quarters of the nation’s economy depends on spending growth. But for the second month the personal income has only increased by 0.1%. This because of the continued weakness in the job market, it has kept wages in check. One of the causes for the increases in spending might have been because of the higher gasoline prices. This being because non-durable goods are accounted for the majority part in the increase of spending .
According to Danielle Kurtzleben, CEOs everywhere are just as concerned about making sales as they were at the end of the third quarter in 2009 (after the end of the Great Recession). She explains that the "group's Economic Outlook Survey Index (which measures CEOs' expectations for sales, spending, and employment over the next half year) fell by its third-largest margin in the survey's history, from 89.1 in the second quarter of this year to 66.0 in the third quarter of this year. CEOs also reduced their outlook for 2012 GDP growth, from 2.1 percent to 1.9 percent." With all of these negative perspectives onlookers were bound to research what the cause was. Jim McNerney, chairman of the Business Roundtable and CEO of the Boeing Company, says that "the darkening outlook is due to economic hardship in Europe and China, but also uncertainties in domestic fiscal policy, including the spending cuts and tax hikes scheduled for the end of the year." It is because of this that unemployment seems to becoming a necessary action to take now considering thirty-four percent of the one hundred and thirty-eight CEOs expect their companies to cut jobs within the next six months and only twenty-nine percent think that employment will increase. Most of the CEOs, including McNerny, blame the legislators for bad or unjust laws. On a brighter note, according to a recent survey there will be continued economic growth, nevertheless it will be slow.
The unemployment rate is bad. Across the United States, it is near 15% if you were to look at how it is measured by a survey of U.S. households. This is the “U-6″ for its data classification by the Labor Department. It includes those who have given up looking for work and those who can only find part-time jobs and other "marginally-attached" workers (those who have done something to find a job such as send out a resume or asked a friend).
Here in Florida, the jobs differ by the season. For instance, the orange fields are not ready for harvest and this would affect the farmworkers. In Naples, the restaurant workers have a hard time with managing their budget on a reduced income. Some restaurants even close for part of the summer.
http://www.economywatch.com/world_economy/china/?page=full http://www.tradingeconomics.com/china/unemployment-rate http://www.tradingeconomics.com/unemployment-rates-list-by-country?c=major http://bber.unm.edu/econ/us-pci.htm For the past decade China has had one of the most stable unemployment rates in the world. Since 2002 China’s unemployment has ranged from 3.9% to 4.3% of the major economic countries (France, USA, China, UK, Canada, Germany, Austrailia, Japan, and India) China currently has the second lowest unemployment rate (second to India’s 3.8%). However this does not take into account those people who are under-employed. The “per capita” income of the average Chinese person is only 2,000 US dollars! The average “per capita” income for Americans is over $40,000! Another problem with this is not only are people drastically under-employed, but the wealth is very divided, the Urban individual making 2.8 times the amount of the rural Chinese citizen. (as of 2000, gap appears to have been growing larger). In a short a low unemployment rate is a poor way to measure how well employed a nation is.
Apparently, a lower unemployment rate isn’t always as good as it sounds. As of August, the unemployment rate is down from 8.3% to 8.1%. However, this is not due to an increase in jobs; rather, it is due to a decrease in the labor force. The labor force participation rate is at its worst level since 1981 – 63.5% ( a contraction of 368,000). According to Kathy Bostjancic, director of macroeconomic analysis at The Conference Board, “The unemployment rate remains elevated, and the duration of joblessness is unprecedented for many. These conditions could easily stretch into the early months of 2013." http://www.cnbc.com/id/48938568/New_Jobs_at_96_000_Missing_Expectations_Rate_Hits_8_1
Michigan, like most other states, is climbing in its unemployment rate. It was at 9.4 percent in August, which was higher than previously this year. On that note, its economy is doing poorly. But despite this ominous point, Michigan has been raising their creation of new jobs to 5,400 new jobs in the same period this year. This is not a very significant number, but it is nevertheless an improvement. So there are two different ways you can look at their unemployment situation. There is a high unemployment rate, but also a growing number of jobs. Hopefully, these created jobs will lead to a lower unemployment rate. After all, the US needs a lower one. Michigan might be a good place to start.
US unemployment rates have remained stagnant at 8.1%. Although this is an improvement from the 9.4% in December 2010, it's still not something positive our country has going for it.
This article argues that our government has "given up", because the immovable unemployment rates are too daunting. Instead, they (both Democrats and Republicans) think it is time for a tax hike on families of nearly $1,000.
Instead of continuing with stimulus, the commanders of our country are vying for its end and seeking deficit reduction.
But is deficit reduction the way to go? Or should unemployment rates be taken care of first? Will the wellness of one lead to the wellness of the other?
The unemployment rate in America seems grim; however, in Canada, the unemployment rate is at a record braking low. In March, Canada was able to churn out over 82,300 jobs. Which decreased the unemployment rate to under 7.2%. This is the lowest since September 2011. Most economists predicted that in March, only 10,500 jobs would be produced and that the unemployment rate would remain stagnate. Derek Holt remarked, “This is a very positive print that was entirely unexpected by anyone in the consensus guessing game that must deal with a paucity of leading indicators.”
The unemployment rates for each province are as followed: N.L. 13%, P.E.I. 11.3%, N.B. 10.2%, N.S. 8.1%, QUE 7.9% ONT. 7.4%, B.C.7%, ATLA. 5.3% MAN.5.3% and SASK. 4.8%. These statistics are not completely horrendous compared to Americas' 8.1%. Also, we must take into consideration the job conditions near the Arctic and the smaller population. However, overall Canada seems to have steadied itself.
The article I chose to use this week address a startling issue; the current unemployment numbers are misleading! Recently, statistics were realeased that placed the national unemployment rate at roughly 8.3 percent. This number is remarkably dismal, and even though these numbers higher than they were back in 2009, the are still very much sub-par for a supposed world superpower. But even more troubling than this is a statistic which is called "Real Unemployment." Unlike the unemployment rate, which only measures the number of people who have left the work force and are currently looking for work, the real unemployment work meausres the actual total amount of people who have left the workforce. This statistic takes into account "discouraged potential employees" -- people who have quit looking. It also includes those individuals who are underemployed, meaning they want to work full-time but forced to work part-time. The national average is 14.9, just under 15 percent. Some states, such as Nevada for instance, have real unemployment rates in the 20th percentile. This numbers are shocking, and are an issue that must be addressed within the up and coming presidential debates.
http://www.abc27.com/story/19680139/nj-senators-looking-at-unemployment-appeal-backlog I read the article that I read online it says that the New Jersey Senate committee has passed a bill that would make the state pay if it takes too long to rule on unemployment insurance appeals. Under the bill, New Jersey would have to start paying benefits eight weeks after the appeal is filed. The person who filed it is found to be trying to cheat the system they would have to repay any benefits that they may have received. The higher level appeals board is making up its backlogs and the lower levels appeal is still far behind
Great Britain has been going through a lot of hardships these past few years. The last time it went through a hard time was in the 1930’s. It is actually worse than it was in the 1930’s with GDP dropping this year lower than it was in the 1930’s. Although the unemployment rates have been relatively moderate for the position in which the British economy is in right now, the rates could be better. So normally employment rates would be in better shape if the economy wasn’t so slow. This was all due to the drop in productivity.
http://thehill.com/blogs/on-the-money/economy/258957-us-job-growth-stronger-than-originally-believed-
ReplyDeleteLabor revises job growth up by 386,000
The Bureau of Labor Statistics announced Thursday that they had under counted job growth; the economy had 386,000 more jobs than previously thought. The new look at the job market comes right before the 2012 election. With these new numbers it adds 32,000 jobs to the market per month, to the BLS’s initial job count. This changes the numbers from a loss of 261,000 jobs to a gain of 125,000. This means that the economy is doing slightly better than thought, and that most economic figures are subject to change. Job growth is the #. 1 issue in our country’s economy, and this might have huge effects on the upcoming presidential election.
This comment has been removed by the author.
ReplyDeleteFed's Fisher says U.S. "drowning in unemployment"
ReplyDeletehttp://articles.chicagotribune.com/2012-09-28/news/sns-rt-us-usa-fed-fisherbre88r16v-20120928_1_fed-s-fisher-president-richard-fisher-inflation-and-inflation-expectations
Dallas Fed President Richard Fisher claims that America is on a fiscal cliff, and collapsing due to unemployment. This month, they plan to buy $40 billion mortgage backed securities every month in order to attempt to lessen unemployment rates.Because inflation rates have remained below the governments goal of 2% and unemployment rates are at a high 8%. The Fed's will continue to do this if inflation remains under control. Fisher believes it is not dangerous to abandon the efforts to try and contain inflation if it means lessening unemployment rates. However,they will continue to work on both issues.
http://www.nytimes.com/2012/10/02/business/global/unemployment-in-euro-zone-rose-to-new-high-in-august.html?_r=1&ref=economy
ReplyDeleteAccording to this article, the unemployment rate for the 27-member European Union is at a record high. There are currently more than 25 million people out of work in Europe. Last week France’s government released its devastating unemployment rate of 10.6 percent, higher than it has been since 1999. Most economists in the Euro Zone are estimating that their gross domestic product will shrink by 2.5 percent next year. With unemployment rates at an all-time high, it is safe to assume that the industrial sectors of most countries in Europe, specifically those of France and Spain, are experiencing sharp downturns. Unfortunately, as London economist Jennifer McKeon noted, “Because unemployment is at a record high, the outlook for the consumer sector is gloomy as well.” The current unemployment rate in the 17-member euro zone is currently 11.4 percent, according to Eurostat.
http://www.bizjournals.com/memphis/blog/2012/10/mississippi-leads-13-states-with-big.html
ReplyDeleteThe article I read was about how 13 states have been slicing their unemployment rates quite a bit. Mississippi led the states off with slicing their unemployment rate from 10.9 to 9.1 percent, that is a whole 1.8 points. The District of Columbia, Florida, and Nevada all came in second by slashing their unemployment rates by 1.7 points. Forty-two states decreased their unemployment rates in the past year. America as a whole decreased their unemployment rate by one point as of compared to the unemployment rate as of August 2011. However, five states' (including New York and New Jersey) unemployment rates increased. Pennsylvania's unemployment rate has not changed in the past year. This report in all is a positive note; perhaps America can make even more improvements in the next year.
http://money.cnn.com/2012/09/28/news/economy/income-spending/index.html?iid=SF_E_River
ReplyDeleteIn this article we see how in the month of August the spending rate picked up. It increased by 0.5% in August compare to 0.4% in the month of July. The economic growth depends on the spending consumers. About three-quarters of the nation’s economy depends on spending growth. But for the second month the personal income has only increased by 0.1%. This because of the continued weakness in the job market, it has kept wages in check. One of the causes for the increases in spending might have been because of the higher gasoline prices. This being because non-durable goods are accounted for the majority part in the increase of spending .
http://www.usnews.com/news/articles/2012/09/26/more-ceos-expect-to-cut-jobs-over-next-six-months
ReplyDeleteAccording to Danielle Kurtzleben, CEOs everywhere are just as concerned about making sales as they were at the end of the third quarter in 2009 (after the end of the Great Recession). She explains that the "group's Economic Outlook Survey Index (which measures CEOs' expectations for sales, spending, and employment over the next half year) fell by its third-largest margin in the survey's history, from 89.1 in the second quarter of this year to 66.0 in the third quarter of this year. CEOs also reduced their outlook for 2012 GDP growth, from 2.1 percent to 1.9 percent." With all of these negative perspectives onlookers were bound to research what the cause was. Jim McNerney, chairman of the Business Roundtable and CEO of the Boeing Company, says that "the darkening outlook is due to economic hardship in Europe and China, but also uncertainties in domestic fiscal policy, including the spending cuts and tax hikes scheduled for the end of the year." It is because of this that unemployment seems to becoming a necessary action to take now considering thirty-four percent of the one hundred and thirty-eight CEOs expect their companies to cut jobs within the next six months and only twenty-nine percent think that employment will increase. Most of the CEOs, including McNerny, blame the legislators for bad or unjust laws. On a brighter note, according to a recent survey there will be continued economic growth, nevertheless it will be slow.
http://blogs.wsj.com/economics/2012/08/03/why-did-unemployment-rate-increase/
ReplyDeleteThe unemployment rate is bad. Across the United States, it is near 15% if you were to look at how it is measured by a survey of U.S. households. This is the “U-6″ for its data classification by the Labor Department. It includes those who have given up looking for work and those who can only find part-time jobs and other "marginally-attached" workers (those who have done something to find a job such as send out a resume or asked a friend).
Here in Florida, the jobs differ by the season. For instance, the orange fields are not ready for harvest and this would affect the farmworkers. In Naples, the restaurant workers have a hard time with managing their budget on a reduced income. Some restaurants even close for part of the summer.
http://www.economywatch.com/world_economy/china/?page=full
ReplyDeletehttp://www.tradingeconomics.com/china/unemployment-rate
http://www.tradingeconomics.com/unemployment-rates-list-by-country?c=major
http://bber.unm.edu/econ/us-pci.htm
For the past decade China has had one of the most stable unemployment rates in the world. Since 2002 China’s unemployment has ranged from 3.9% to 4.3% of the major economic countries (France, USA, China, UK, Canada, Germany, Austrailia, Japan, and India) China currently has the second lowest unemployment rate (second to India’s 3.8%). However this does not take into account those people who are under-employed. The “per capita” income of the average Chinese person is only 2,000 US dollars! The average “per capita” income for Americans is over $40,000! Another problem with this is not only are people drastically under-employed, but the wealth is very divided, the Urban individual making 2.8 times the amount of the rural Chinese citizen. (as of 2000, gap appears to have been growing larger). In a short a low unemployment rate is a poor way to measure how well employed a nation is.
Apparently, a lower unemployment rate isn’t always as good as it sounds. As of August, the unemployment rate is down from 8.3% to 8.1%. However, this is not due to an increase in jobs; rather, it is due to a decrease in the labor force. The labor force participation rate is at its worst level since 1981 – 63.5% ( a contraction of 368,000). According to Kathy Bostjancic, director of macroeconomic analysis at The Conference Board, “The unemployment rate remains elevated, and the duration of joblessness is unprecedented for many. These conditions could easily stretch into the early months of 2013."
ReplyDeletehttp://www.cnbc.com/id/48938568/New_Jobs_at_96_000_Missing_Expectations_Rate_Hits_8_1
http://www.mlive.com/business/index.ssf/2012/09/rick_haglund_while_michigans_u.html
ReplyDeleteMichigan, like most other states, is climbing in its unemployment rate. It was at 9.4 percent in August, which was higher than previously this year. On that note, its economy is doing poorly. But despite this ominous point, Michigan has been raising their creation of new jobs to 5,400 new jobs in the same period this year. This is not a very significant number, but it is nevertheless an improvement. So there are two different ways you can look at their unemployment situation. There is a high unemployment rate, but also a growing number of jobs. Hopefully, these created jobs will lead to a lower unemployment rate. After all, the US needs a lower one. Michigan might be a good place to start.
http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/10/01/washington-to-the-unemployed-eh-were-over-this/
ReplyDeleteUS unemployment rates have remained stagnant at 8.1%. Although this is an improvement from the 9.4% in December 2010, it's still not something positive our country has going for it.
This article argues that our government has "given up", because the immovable unemployment rates are too daunting. Instead, they (both Democrats and Republicans) think it is time for a tax hike on families of nearly $1,000.
Instead of continuing with stimulus, the commanders of our country are vying for its end and seeking deficit reduction.
But is deficit reduction the way to go? Or should unemployment rates be taken care of first? Will the wellness of one lead to the wellness of the other?
http://business.financialpost.com/2012/04/05/canadas-job-gains-blow-past-forecasts/
ReplyDeleteThe unemployment rate in America seems grim; however, in Canada, the unemployment rate is at a record braking low. In March, Canada was able to churn out over 82,300 jobs. Which decreased the unemployment rate to under 7.2%. This is the lowest since September 2011. Most economists predicted that in March, only 10,500 jobs would be produced and that the unemployment rate would remain stagnate. Derek Holt remarked, “This is a very positive print that was entirely unexpected by anyone in the consensus guessing game that must deal with a paucity of leading indicators.”
The unemployment rates for each province are as followed: N.L. 13%, P.E.I. 11.3%, N.B. 10.2%, N.S. 8.1%, QUE 7.9% ONT. 7.4%, B.C.7%, ATLA. 5.3% MAN.5.3% and SASK. 4.8%. These statistics are not completely horrendous compared to Americas' 8.1%. Also, we must take into consideration the job conditions near the Arctic and the smaller population. However, overall Canada seems to have steadied itself.
http://www.cnbc.com/id/48468748/Real_Unemployment_Rate_Shows_Far_More_Jobless
ReplyDeleteThe article I chose to use this week address a startling issue; the current unemployment numbers are misleading! Recently, statistics were realeased that placed the national unemployment rate at roughly 8.3 percent. This number is remarkably dismal, and even though these numbers higher than they were back in 2009, the are still very much sub-par for a supposed world superpower. But even more troubling than this is a statistic which is called "Real Unemployment." Unlike the unemployment rate, which only measures the number of people who have left the work force and are currently looking for work, the real unemployment work meausres the actual total amount of people who have left the workforce. This statistic takes into account "discouraged potential employees" -- people who have quit looking. It also includes those individuals who are underemployed, meaning they want to work full-time but forced to work part-time. The national average is 14.9, just under 15 percent. Some states, such as Nevada for instance, have real unemployment rates in the 20th percentile. This numbers are shocking, and are an issue that must be addressed within the up and coming presidential debates.
http://www.abc27.com/story/19680139/nj-senators-looking-at-unemployment-appeal-backlog
ReplyDeleteI read the article that I read online it says that the New Jersey Senate committee has passed a bill that would make the state pay if it takes too long to rule on unemployment insurance appeals. Under the bill, New Jersey would have to start paying benefits eight weeks after the appeal is filed. The person who filed it is found to be trying to cheat the system they would have to repay any benefits that they may have received. The higher level appeals board is making up its backlogs and the lower levels appeal is still far behind
http://www.csmonitor.com/Business/Stefan-Karlsson/2012/1001/Why-is-British-unemployment-so-low
ReplyDeleteGreat Britain has been going through a lot of hardships these past few years. The last time it went through a hard time was in the 1930’s. It is actually worse than it was in the 1930’s with GDP dropping this year lower than it was in the 1930’s. Although the unemployment rates have been relatively moderate for the position in which the British economy is in right now, the rates could be better. So normally employment rates would be in better shape if the economy wasn’t so slow. This was all due to the drop in productivity.