SubscribeAll Posts Tagged With: "unemployment"
If This Is Recovery…
If This is Recovery, Where Are the Taxes?
Last Business Standing
Stimulus, What Stimulus?
The Reality of Unemployment
Let the Good Times Roll
The Quick Double-Dip Scenario
Phoenix, New York, and Thoughts on the Internet
No one goes into Wal-Mart and asks to pay extra sales tax. Thus sales taxes are reasonable barometers for retail sales. This week we look at how taxes are doing in a period of economic recovery. Then we turn our eyes to a very interesting (and sobering) analysis of possible future unemployment…
16Nov2009 | Thoughts From the Frontline | 1 comment | ContinuedThe End Of The World As We Know It?
But, according to some portfolio managers and financial advisors, persistently high — even devastatingly high — unemployment could easily derail the recovery and cause stocks to plunge.
"We are looking at the situation as the next Great Depression at our doorsteps," says Michael Rubino, chief executive of Rubino Financial Group, a wealth management firm in Troy, Mich.
"We expect unemployment to reach Great Depression levels [of 25% at the peak] by 2011 or 2012. Boy, we hope we’re wrong."
Let it sink in for a moment: 25% unemployment.
Rubino’s view may be extreme, but there’s no question…
23Jul2009 | The Real Deal | 0 comments | ContinuedFebruary Job Losses Slam Economy, Unemployment Rate Hits 8.1%
The U.S. economy shed 651,000 jobs last month, the Labor Department reported Friday, the third-largest monthly total since the government began compiling data in 1939.
It’s the first time since 1939 that job losses have exceeded 600,000 for three consecutive months, as revisions for December and January showed an additional loss of 161,000 jobs.
The record for monthly job losses was set in September 1945, when nearly 2 million people lost their jobs after the Allied forces won the most destructive war in history and American industry was transitioning from wartime to peacetime, Money Morning reported Monday. Then,…
9Mar2009 | Money Morning | Comments Off | ContinuedU.S. Companies “Throw in the Towel”- Pushing Jobless Claims to a 26-Year High
The number of Americans filing new claims for jobless benefits rocketed to a 26-year high last week, surpassing already gloomy forecasts, as the U.S. economy sinks deeper into recession.
Initial applications for jobless benefits climbed by 58,000 to 573,000 in the week ended Dec. 6, upwardly revised from 515,000 the previous week, the U.S. Labor Department reported yesterday (Thursday). The figure was the highest since 1982, and far exceeded the median projection of 525,000 put forth by 39 economists surveyed by Bloomberg News.
The increase was due, in part, to a bounce from the week before, which…
12Dec2008 | Money Morning | Comments Off | Continued4 new reports reveal battered economy
By MARTIN CRUTSINGER
AP Economics Writer
(AP:WASHINGTON) The government released a quartet of reports Wednesday that paint a bleak picture of the nation’s economy: Jobless claims remain at recessionary levels, Americans cut back on their spending by the largest amount since the 2001 terrorist attacks, orders to U.S. factories plummeted and homes sales fell to the lowest level in nearly 18 years.
The Labor Department reported that initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week’s upwardly revised figure of 543,000. But claims remain at recessionary levels. The four-week…
26Nov2008 | INO | Comments Off | ContinuedSecond, and Possibly Third, Stimulus on the Way as Unemployment Poses Next Major Hurdle for the Economy
With gross domestic product plummeting and the jobless rate at a 14-year high, U.S. policymakers will have to author at least one more stimulus package in the months to come if they are to elbow aside the impact of high unemployment and depressed consumers.
"Investors have been reluctant to admit that this cycle, unlike 1998’s credit crisis, is imbedded in the real economy," Merrill Lynch & Co. Inc. (MER) investment strategist Richard Bernstein wrote in a research note last month. "The government can come up with any number of refinancing and liquidity plans, but households are likely…
12Nov2008 | Money Morning | Comments Off | ContinuedTen states unemployment insurance funds face insolvency
CNN.com
10/9/08
Emanuella Grinberg
The demand for unemployment benefits across the country has put a strain on state unemployment funds, with such funds in at least 10 states facing insolvency in 2009, according to a policy group.
On Tuesday, California state officials told lawmakers in a hearing that their unemployment reserve fund was on track to run dry by March based on the state’s forecast unemployment rate, which hit 7.7 percent in August.
Last month, South Carolina Employment Security Commission chief Ted Halley said his state’s fund was also projected to run out by January. As of August,…
13Oct2008 | The Real Deal | Comments Off | ContinuedSign of the times
An unemployed man with an advanced finance degree who was despondent over his own financial problems shot and killed his wife, three children, mother-in-law and then himself in an upscale home in a gated community, police said Monday.
Officers found the bodies Monday morning after the wife failed to show up at a neighbor’s home to go to work, Deputy Chief Michel Moore said. The deaths occurred sometime after Saturday evening.
A handgun that had been bought Sept. 16 was found near the father’s body, Moore said. The father left two suicide notes — one for police and…
7Oct2008 | The Real Deal | Comments Off | ContinuedHeads I Win, Tails You Lose: Why the Senate Bailout Bill Will Fail Taxpayers
My sister lives in a landmark building in Coral Gables, Fla. There was a fire in one apartment in the building. After that fire was brought under control, the fire department – for some unknown reason – dropped a hose in the burned apartment, and left the water running … for hours.
That inane maneuver destroyed many apartments, crippled the building’s infrastructure and resulted in the building being temporarily condemned. The entire building was closed down for many months. Every person who lived there had to relocate. My sister, fortunately, had the wherewithal to take up temporary residence in the…
2Oct2008 | Money Morning | 1 comment | ContinuedSpreading the Slowdown
“Wall Street, central bankers, economists, politicians – and most investors too – are betting on a soft landing,” said a friend from New York. “A slowdown in world growth has taken the pressure off commodity prices. Slower growth will help keep inflation down, generally. And as long as inflation is no problem, the Fed doesn’t have to raise rates – which will keep the slowdown from hitting too hard.”
Monday’s International Herald Tribune echoed the good news:
“World economies catch US malaise…pain of slowdown spreads far and wide, threatening businesses and growth.”
The world was growing at about a 5%…
27Aug2008 | Daily Reckoning | Comments Off | Continued
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