From Zero Hedge:
[Thursday], the rumor turned out to be a joke. Today, there was no rumor, but as we warned, it was only a matter of time.
Less than four hours later, the time has come, and Jon Hilsenrath’s “Fed Maps Exit from Stimulus,” conveniently appearing after the close, has just been released.
From Hilsy… pointing out what everyone already knew:
Federal Reserve officials have mapped out a strategy for winding down an [...]
The IRS is doing a better job at getting new employees on board quickly, a new federal audit has found.
The Treasury Department’s inspector general for tax administration found that the IRS has almost met the goal, set by the Office of Personnel Management, to bring on new hires in 80 days or less.
By contrast, the agency said in 2009 that it was taking an average of 157 days – or roughly [...]
Managing credit is one of the most common subjects that I’ve been getting asked about lately.
Perhaps it’s because so many had their credit scores damaged during the recession and are now trying to improve them in order to qualify for the record-low mortgage rates we’ve been seeing. In addition, employers have increasingly been using credit scores to evaluate applicants and especially in this job market, every little factor really [...]
In 2010, influenced by the Tea Party and its focus on fiscal issues, 17 states elected Republican governors. And, according to an Examiner.com analysis, every one of those states saw a drop in their unemployment rates since January of 2011. Furthermore, the average drop in the unemployment rate in these states was 1.35%, compared to the national decline of .9%, which means, according to the analysis, that the job market in [...]
American families are uprooting their entire lives and relocating their families to China to give their children a leg up in learning Mandarin as China’s influence continues to grow, according to The Wall Street Journal.
High-powered American couples reportedly move to China and enroll their children in elementary schools that teach Mandarin. Instruction is completed in two years in these schools, and then the families move back to the United States.
And even if parents aren’t [...]
The job market is terrible.
There used to be pages and pages of jobs listed for any one particular skill or field, even back in 2002 when the job market was pretty damn poor. Now there are only one or two pages listed within a 100 mile radius for a specific field or skill set and most of those jobs have been there since before Thanksgiving. They just keep re-listing them [...]
“Despite the perception that payrolls appear to be slowing because of the initial print, the three-month change in nonfarm payrolls is modestly ahead of the 12-month change. Each of the last four payroll reports have revised the previously reported gain in private employment higher by an average of 45,000 per month…In short, through the volatility, the job market continues to expand and slack in the labor market continues to be [...]
We’ve pointed out for a long time that initial claims is one of the best concurrent stock market indicators.
The chart of the inverse of initial claims vs. the stock market is one of the most powerful pieces of evidence that the market’s movements have been fundamentals driven, rather than liquidity driven.
Anyway, today initial jobless claims spiked to their worst level since January at 380,000.
This is problematic for for the market, and it undercuts [...]
If you’re out of work and hungry for a paycheck, the news from the government on March 13 sounded almost too good to be true: Employers have literally millions of jobs going unfilled. To be precise, there were 3.5 million job openings in the U.S. as of the last business day in January, the U.S. Bureau of Labor Statistics said. That was an increase of 45 percent since the depth [...]
The US employment report for February contains further evidence that, on the surface at least, the American labour market is returning to normal. The unemployment rate of 8.3 per cent is 1.7 percentage points below its peak in October 2009. Yet consumer pessimism about job prospects remains almost as bleak as it was in the darkest hour of the recession. If the labour market is really improving as much [...]
From Financial Armageddon:
If recent history is any guide, a notable deceleration in the pace of U.S. retail spending following a period of strong gains signals trouble ahead for the jobs market.
As the chart shows, each time monthly retail sales growth has risen above 8.5% and subsequently reversed course (by roughly two percentage points or so), the turnaround has preceded a peak in year-on-year increases in total nonfarm payrolls.
Whether it reflects [...]
From Carpe Diem:
New York Times editorials on raising the minimum wage:
1. From 1987, “The Right Minimum Wage: $0.00″:
“Raising the minimum wage by a substantial amount would price working poor people out of the job market. A far better way to help them would be to subsidize their wages or – better yet – help them acquire the skills needed to earn more on their own.
An increase in the minimum wage to, [...]
I am an actor. One of the most ridiculous pieces of career advice I’ve been given is “showing up (at auditions) is half the battle.” That is suuuuuch bullshit. It is not HALF the battle. I would say it’s the last 2% of the battle (though a critical 2%, I will admit). However, you can’t JUST show up. That’s stupid. It doesn’t matter how many auditions you “show up” at, [...]
PARIS, Dec 26 – The number of jobless people in France hit a 12-year high in November in the latest sign the French job market is deteriorating ahead of the April-May presidential election.
Labour ministry data issued on Monday showed that the number of registered jobseekers in mainland France rose by 29,900 in November to reach 2.85 million, up 1.1 per cent on the month and 5.2 per cent on [...]
Student loan defaults are rising fast, according to figures released this week by the U.S. Department of Education. While much of the press coverage focused on defaults by students attending for-profit schools, defaults at state colleges and universities went up, too.
The bad job market is a big factor: Unemployment in 2010 was 10.1 percent for people between the age of 25 to 34, and those [...]
PRINCETON, NJ — Job market conditions in the United States deteriorated for the second month in a row as Gallup’s Job Creation Index fell to +13 in August, down from +14 in July and +15 in June. Net new hiring is at about the level it was during the recession of late 2008.
Both Hiring and Firing at Bottom of Their Recent Range
The August Job Creation Index [...]
WASHINGTON (AP) — The job market is even worse than the 9.1 percent unemployment rate suggests.
America’s 14 million unemployed aren’t competing just with each other. They must also contend with 8.8 million other people not counted as unemployed — part-timers who want full-time work.
When consumer demand picks up, companies will likely boost the hours of their part-timers before they add jobs, economists say. It means they have room to expand [...]
Some people criticize the way the unemployment rate is measured, since it doesn’t include Americans who have left the workforce temporarily, but ultimately will want or need to get a job. If you include these people in the calculation, the labor market picture has worsened since last November, as I explained on Saturday. So Federal Reserve economists can’t pretend that the unemployment picture has [...]
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Catherine Austin Fitts
Investment advisor Catherine Austin Fitts joins us again for a fascinating 2-part interview.
In this first half of our discussion, Catherine explores whether we are going through an economic collapse – or if, in fact, this economic “breakdown” we’re witnessing is actually a carefully planned re-engineering of the world’s economic system. Catherine breaks down the meaning of [...]
If you’re looking for work, it might be a good idea to take a look at Roanald’s awesome cover letter below and then use it as a template. What could possibly go wrong?
An unequal job market
By Annalyn Censky
In today’s economy, it can be tough to find a job. But chances are you’ve already got one — if you’re a white, college-educated woman over the age of 25.
For that group, unemployment was just 4% last year, or less than half the national average.
But other folks aren’t nearly as lucky. Some groups are still suffering from unemployment in the double [...]
NEW YORK (CNNMoney) — Good news: The job market is improving and employers are starting to hire again. But the rules of landing a job have changed.
There’s still a lot of competition out there. If you want to get a foot in the door, you’ll need to use every tool available to you.
If there’s one thing that’s different in the post-recession job market it’s this: [...]
Can’t wait to see the headlines “Jobs are back”! Bet this administration will use this as- see how well we are doing! Yeah right minimum wage jobs, will feed the family
McDonald’s Corp. plans to hold its first national hiring day April 19 to fill 50,000 openings at its restaurants nationwide.
The company says it is making a concerted effort to add staff as its [...]
The Seattle Times: Nation & World: Bush report: Sending jobs overseas helps U.S.
“WASHINGTOÂÂN â€” The movement of American factory jobs and white-collÂÂar work to other countries is part of a positive transformaÂÂtion that will enrich the U.S. economy over time, even if it causes short-term pain and dislocatioÂÂn, the Bush administraÂÂtion said yesterday.
The embrace of foreign “outsourciÂÂng,” an acceleratiÂÂng trend that has contributeÂÂd to U.S. job losses in recent years [...]
Low-wage jobs dominated hiring so far in job market recovery – Jan. 31, 2011
“NEW YORK (CNNMoney) — There are two problems with the jobs recovery to date. Employers haven’t added enough jobs. And those they have added aren’t particularÂly good ones.
The former has gotten a lot of attention. But the low-wage jobs that have been added are also a cause for concern.
“Growth has been concentratÂed in mid-wage and lower-wage industriesÂ. [...]
Probably the last chart to bury any doubt about just how truly horrible today’s employment data was, comes from a little observed data metric: that showing the number of people who are not in the labor force, but who want a job now. The number just hit 6,643K, a jump of 431K from December, and the highest number in history. These are people that would send [...]
1. Do drug testing on those who receive welfare. If youâ€™re doing drugs then you lose out on the benefits. You can afford the drugs, then you can afford the food.
2. If you are on welfare then you will need to be on birth control. This will be your choice either be on birth control or donâ€™t receive welfare. It should not be the governments [...]
First the unemployment numbers that are being given by the government are not true. They are completely false. The unemployment rate is a lot higher than 9.6%. We are way above 10%. The government is falsifying the numbers to protect themselves and from freaking out markets and the people of the United States. They are not accounting for part-time workers and people without unemployment. [...]
Frustrated area teens are facing a historically horrendous summer job market — a situation setting the stage for potentially devastating long-term consequences.
The teen unemployment rate was 25.7 percent in June, more than double the nation’s 9.5 overall jobless rate.
“This could end up being the worst teen summer job market in employment records going back to 1948,” said John Challenger, CEO of Chicago outplacement firm Challenger, Gray & Christmas.
3 minimum wage hikes since 2006 and more competition for low wage jobs (just because they are jobs)
Young people need to be able to gain valuable work skills and for teenagers the minimum wage hikes have just made it that much harder to find work.
The minimum wage is in reality just cruel price fixing. Drop the minimum wage back to where it was in 2006 and get some of these [...]
Gains in the major averages now stand in the 70% range or higher. The longer it lasted and the higher it climbed, the more people have believed it must be “for real.”
But of course, it was certain to be this way. It’s common for stocks to rally strongly after a big decline, especially one as immense as the decline of 2007-2008. And the flip side of more people believing in [...]
Continuing claims…indicates “how hard…or easy”…it is for displaced workers to find new jobs.
Any number above 400,000…indicates a “deteriorating/contracting” labor market.
Above 400,000…is an indication of “labor market weakness”.
Close to 400,000…is generally considered to mean jobs are “hard to find”.
A range of 300,000 to 325,000 is consistent with “healthy job growth”.
Consistent level “over 350,000″…signals “some weakening” in the labor market.
Some of our community folk need to learn…and then remember these numbers…because even [...]