Forums: Jobless Recovery

I can't wait for Labor Day. I'm feeling too corporate lately. That Human Resources Department (apparently they weren't around in Caligula's day) makes me behave. I do plan to commit several Human Resource violations this weekend at the beach, but that's why it's Labor Day! Speaking of labor, I saw an interesting survey from Zoosk that might provide solace for unemployed daters: 60% of women said that they'd date an unemployed guy, up from 52% in 2009; 90% of men said they'd date someone who was unemployed versus 92% in 2009. "What do you do?" can make or break things,...

The U.S. economy will eventually rebound from the Great Recession. Millions of American workers will not. What some economists now project — and policymakers are loath to admit — is that the U.S. unemployment rate, which stood at 9.6% in August, could remain elevated for years to come. The nation's job deficit is so deep that even a powerful recovery would leave large numbers of Americans out of work for years, experts say. And with growth now weakening, analysts are doubtful that companies will boost payrolls significantly any time soon. Unemployment, long considered a temporary, transitional condition in the United...

Per CNBC TV.

PRINCETON, NJ -- Underemployment, as measured by Gallup, was 18.6% in August, up from 18.4% at the end of July. Underemployment peaked at 20.4% in April and has yet to break below 18.3% this year. Gallup's underemployment measure estimates the percentages of American workers who are either unemployed or working part time but wanting full-time work. It is based on more than 15,000 phone interviews with U.S. adults aged 18 and older in the workforce, collected over a rolling 30-day period and reported daily and weekly. Gallup's results are not seasonally adjusted and tend to be a precursor of government...

The White House is bracing for a new jobs report Friday that is expected to show paltry hiring by the private sector The report from the Labor Department is expected to show the nation’s unemployment rate rising above 9.5 percent. While weekly claims for unemployment fell on Thursday, a private report earlier this week projected the businesses would lose 10,000 jobs for the month. President Obama, under pressure to bolster the sluggish economy with only two months before the mid-term election, is working on new business tax breaks to provide a jolt to the sluggish economy. In Rose Garden comments...

Without excessive government or consumer spending - which can only create temporary jobs - we believe 9% is now close to full employment in America. Although this statement is initially somewhat shocking, we've been expecting it and only recently realized why it took so long to finally show up. For ten years - from 1998 to 2008 - excess consumer spending, which amounted to about $400 billion a year, created millions of temporary but really nonessential jobs. This somewhat artifical job production masked for ten years the damage being done to America from the loss of 20 million jobs to...

Nevada’s worst in the nation 14.3 percent unemployment rate for July does not even begin to tell the real story of the state’s dismal job situation, a state agency reported today. The actual unemployment rate in Nevada through the second quarter of 2010 is 21.5 percent, according to data compiled by the U.S. Bureau of Labor Statistics. The announced jobless rate reported over the same time frame was 13.1 percent, an 8.4 percentage point difference. The agency said the difference in the two numbers is due to the fact that the monthly jobless report underestimates the number of unemployed. The...

As the economy continues to worsen under Obama's "recovery" plan, more disturbing news emerges. A record number of workers made hardship withdrawals from their 401(k) retirement plans. In fact, "the number of workers borrowing from their accounts reached a 10-year high" and reflects "the financial stress many workers" are experiencing according to Beth McHugh, Fidelity's vice president of marketing insight. The report was made by Fidelity Investments which administers 17,000 plans and represents 11 million participants. The number of people initiating the hardship distributions has risen from 45,000 in 2009 to 62,000 in 2010. Equally alarming is that "45 percent...

NEW YORK (CNNMoney.com) -- A government report Thursday brought bad news for workers and the economy: The number of unemployed Americans seeking a financial lifeline has reached its highest level in nine months. Last week, the number of first-time filers for unemployment insurance rose for the third time in a row, to 500,000, according to a Labor Department report released Thursday. There were 488,000 claims filed the previous week. "This 500,000 level is very difficult, on both a psychological and semi-technical level," said Tim Quinlan, an economist at Wells Fargo. Initial claims had been hovering in the mid- to upper-400,000s...

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