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Keyword: unemployment

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  • Twinkie Party: The Loss of 18,000 Hostess Jobs Is All a Big Joke to ABC News

    11/16/2012 9:56:40 AM PST · by chessplayer · 114 replies
    The cast of Good Morning America on Friday treated the bankruptcy of Hostess and the loss of 18,500 jobs as a hilarious joke. Josh Elliott, George Stephanopoulos and others guffawed as they handed out Twinkies and ate them on set.
  • The Demise Of The Twinkie: Hostess Files Motion To Liquidate

    11/16/2012 5:13:37 AM PST · by Sub-Driver · 300 replies
    The Demise Of The Twinkie: Hostess Files Motion To Liquidate By Tom Gara And that’s that: Hostess Brands, maker of Twinkies, Wonder Bread and more, announced this morning it has filed a motion with bankruptcy court to start liquidating the company immediately. A huge number of jobs are soon to be lost. “Hostess Brands will move promptly to lay off most of its 18,500-member workforce,” said CEO Gregory F. Rayburn in the statement, “and focus on selling its assets to the highest bidders.” In a letter posted on a new site set up to communicate with employees and suppliers through...
  • Obama RX: Bleeding an Anemic Economy with Tax Increases

    11/16/2012 8:33:59 AM PST · by Kaslin · 13 replies
    Townhall.com ^ | November 16, 2012 | Donald Lambro
    WASHINGTON - If you thought the presidential election would lead to an early break in the fiscal gridlock that now divides our government, think again. President Obama's post-election press conference on Wednesday signaled he is digging in for a lengthy political battle to raise tax rates amid new evidence the economy is still very weak and will likely remain so for the foreseeable future if not throughout his second term. If anything, he's taking a tougher tone with Republicans in Congress as he prepares for negotiations with House Speaker John Boehner and other House and Senate leaders on Friday. Despite...
  • Xerox will lay off 2,500 employees

    11/15/2012 8:45:32 PM PST · by knak · 26 replies
    WXXI news ^ | 11/14/12 | crichton
    Xerox announced today they will lay off 2,500 workers world wide. This comes as a result of the company taking a $100 million charge to enable restructuring in the fourth quarter. The majority of cuts will be in the service side of the Xerox business, despite a growth in this section for the company. Services now account for more than half of Xerox's revenue. Employment in Rochester is primarily centered on the technology side of the business, or the company's legacy side, Xeroc officials say. No details have been released on the impact of any reductions in the Rochester area.
  • Harry Reid: Regulations have nothing to do with killing jobs

    11/15/2012 6:09:04 PM PST · by SeekAndFind · 64 replies
    Hotair ^ | 11/15/2012 | Mary Katherine Ham
    Sen. Harry Reid, in a floor speech Tuesday: Republicans "have yet to produce a single shred of evidence that the regulations they hate so much do the broad economic harms they claim. That's because there is none," said Reid, the Senate majority leader from Nevada.In a Senate speech, Reid said the Bureau of Labor Statistics has concluded "only a tiny fraction of layoffs have anything at all to do with tighter regulation.""Last year, only three-tenths of 1 percent of people who lost their jobs were let go principally because of government regulation or intervention," Reid said. "On the other hand,...
  • Banks told by Fed to test for 12% unemployment

    11/15/2012 3:47:54 PM PST · by Obadiah · 30 replies
    Market Watch ^ | 11/15/2012 | Ronald D. Orol
    The Federal Reserve is asking 30 big banks to make sure their capital can withstand a deep recession in which the unemployment rate rises to 12%. The Fed, which first required big banks to conduct “stress tests” in 2009, laid out three scenarios lenders have to test against. The goal is to ensure that the firms have enough capital to continue operations during stressful economic times.
  • Why The U.S. Job Market Remains Terribly Bleak

    11/15/2012 2:33:25 PM PST · by SeekAndFind · 12 replies
    Forbes ^ | 11/15/2012 | John Goodman
    Full time work is about to get scarcer. The reason? By hiring part-time workers who put in less than 30 hours per week, employers can avoid a mandate dictated by the new health reform law: either provide expensive health insurance or pay a fine equal to $2,000 per worker. Avoiding the mandate becomes even more attractive for low-wage employees, since they can get highly subsidized insurance in the newly created health insurance exchanges. Clearly the Affordable Care Act (ObamaCare) is a major factor holding back economic recovery. But it’s not alone. Other public policies enacted during the Obama administration’s first...
  • Smithfield Plant to Layoff Workers in 2013 (520 jobs in Virginia)

    11/15/2012 2:16:45 PM PST · by 2ndDivisionVet · 16 replies
    Wisconsin Ag Connection ^ | November 15, 2012
    USAgNet - Smithfield Packing Company Inc., a subsidiary of Smithfield Foods, plans to begin its planned closure of a Portsmouth, Va. hot dog and lunch meat production facility. MeatPoultry reports that the firm announced the closure this past November. Layoffs are expected to begin at the Portsmouth plant in January, and the facility will be closed by the end of March 2013. The company says its first round of layoffs will impact about 120 workers. Another 400 employees will be affected by the plant closure....
  • Initial Claims Soar To 439K, Non-Seasonally Adjusted Surge By Whopping 104,548 In One Week

    11/15/2012 6:13:43 AM PST · by Perdogg · 16 replies
    Get ready for the "it's all Sandy's fault" barrage, because the post-reelection status quo sure will desperately need it today. The latest initial claims data posted a multi-year high 104,548 surge in weekly NSA claims from 361,800 to 466,348, and even the Seasonally adjusted number soaring from 361K to 439K on expectations of a 375K print. In other words, a complete disaster for any economic data bulls. What is truly amusing is that the same Wall Street "experts" who set expectations were unable to foresee the Sandy effect that every "macrotourist" on Twitter apparently is so very aware of. Also,...
  • The Hopium Is Now Depleted

    11/15/2012 6:57:19 AM PST · by Pride_of_the_Bluegrass · 11 replies
    Zero Hedge ^ | 11-15-2012 | Tyler Durden
    Hope - it appears - peaked at the start of the year in the US, following the global coordinated central bank pump which ramped it from lows to highs within a few months. All that hope - and then some - has now apparently faded. The General Business Conditions expected six months forward dropped to its lowest level since March 2009. What is perhaps worse, given the focus on jobs jobs jobs, is that for the first time since April 2009, the employment outlook for employment turned negative - suggesting firms are looking to reduce employees at the fastest rate...
  • Update: Wake Forest Baptist Medical Center to cut 950 jobs

    11/14/2012 4:09:32 PM PST · by 2ndDivisionVet · 10 replies
    WINSTON-SALEM — Wake Forest Baptist Medical Center will lay off 76 employees this week and cut a total of 950 jobs by the end of next June, the center's chief executive said today. Dr. John McConnell said most of the cuts are administrative positions, but some faculty members could lose their jobs due to cuts in federal research funding. He also said 2012-13 revenue is being affected by "deep cuts in Medicare and Medicaid payments, which constitute nearly half of our health-care reimbursements."(continued)
  • Texas Instruments to lay off 1,700

    11/14/2012 4:00:19 PM PST · by 2ndDivisionVet · 3 replies
    CNN Money ^ | November 14, 2012 | David Goldman
    Chipmaker Texas Instruments said Wednesday that it will lay off 1,700 workers in an effort to shift focus away from its struggling mobile business. The job cuts represent about 5% of TI's staff, and they are part of a previously announced restructuring initiative aimed at cutting costs and increasing its presence in the burgeoning embedded device market. Shares of Texas Instruments rose about 1% in afterhours trading. The Dallas-based company had made some headway in the smartphone market a few years ago. But recently the biggest mobile phone makers, including Samsung and Apple have opted to design their own chips...
  • Pierce Manufacturing begins its Bradenton layoffs

    11/14/2012 2:38:20 AM PST · by 2ndDivisionVet · 7 replies
    The Bradenton Herald ^ | November 14, 2012 | Josh Salman
    BRADENTON -- Workers targeted in the area's largest single round of layoffs in more than a decade have begun this month to hit the unemployment rolls. The first wave of job cuts in what will eventually grow to 325 are now underway at Pierce Manufacturing in Bradenton, an Oshkosh subsidiary that earlier this year announced plans to discontinue its ambulance line just 18 months after the operation was moved to Florida. The maker of emergency response vehicles has let go some of its contracted workers in a process that will continue through early next year with many full-time laborers when...
  • Aetna CEO Warns of Corporate Layoffs Unless Debt Deal Is Struck

    11/13/2012 4:27:30 AM PST · by 2ndDivisionVet · 6 replies
    Fox Business News ^ | November 12, 2012
    Aetna Inc. Chief Executive Mark Bertolini, who is among a dozen chief executives meeting with U.S. President Barack Obama later this week, on Monday warned that companies are preparing backup plans that include layoffs if the White House and congressional leaders are unable to reach a deal to avoid the combination of tax increases and spending cuts known as the "fiscal cliff." "The American people are going to suffer because we'll lay them off--because we know how to respond to these kinds of situations," Mr. Bertolini warned at a Wall Street Journal CEO Council event. The comments come seven weeks...
  • With Obamacare now a reality, employers choose strategies

    11/12/2012 8:01:11 AM PST · by Nachum · 11 replies
    Chicago Sun Times ^ | 11/12/2012 | KARA SPAK
    Obamacare’s coming. Love it or hate it, President Barack Obama’s re-election Tuesday cleared the last major hurdle toward implementing the Patient Protection and Affordable Care Act. Businesses are being forced to take a fast and hard look at how to handle the shift in health-care benefits and potential costs that are part of the law that goes fully into effect in 14 months. “This is here to stay,” said J.D. Piro, a senior vice president at Aon Hewitt who leads the company’s health law consulting group. “I’ve been saying for a couple of years this is by and large an...
  • Applebee’s CEO Announces Hiring Freeze And Layoffs Over Obamacare, Boycott Threatened

    11/11/2012 1:41:55 PM PST · by 2ndDivisionVet · 54 replies
    The Inquisitr ^ | November 11, 2012 | H. Scott English
    The CEO of a huge New York Applebees franchise decided to join fellow fast food CEO John Shattner of Papa John’s in saying that he will layoff workers and stop hiring new ones if the Affordable Care Act, also known as Obamacare, is implemented. Applebees franchise owner Zane Tankel, announced his plans almost immediately after President Obama’s reelection. The Twitterverse immediately went crazy with plans for boycotts. One tweet read: “So far I’ve seen Papa John’s and Applebees threatening to fire people since their choice didn’t win the election. Disgusting on either side.” Others said: “BOYCOTT APPLEBEES NOW.” “Add @Applebees...
  • Website for layoffs, company closings

    11/11/2012 12:52:35 PM PST · by KeyLargo · 25 replies
    I found this website for future reference. Are there any other sites where we can find and keep tabs on all of the coming layoffs, plant closings, and shifts to part-time employees from full time due to the Obama economic policies ? Dailyjobcuts.com http://www.dailyjobcuts.com/
  • The Real Reason Obama Got Elected ("Freebie" Nation)

    11/11/2012 5:48:20 AM PST · by tobyhill · 36 replies
    fox news ^ | 11/8/2012 | Gerri Willis
    Here’s an interesting plot twister; Republicans made the assumption, incorrectly as it turns out, that voters in states with high-unemployment would kick the bums out. That is, that they’d vote Obama out of office and try to find someone who could solve the jobs problem in this country. Turns out, the opposite has happened. Voters in high-unemployment states actually like the president, and the reason is obvious; the Federal Government is paying the jobless, extending unemployment benefits, food stamps, and even underwriting disability payments from Social Security. Think we’re different from the Europeans? Think again. The proportion of Greek men...
  • Share This Massive List Of Post-Election Firings And Layoffs With Everyone You Can

    11/11/2012 6:16:21 AM PST · by SeekAndFind · 26 replies
    The Economic Collapse Blog ^ | 11/10/2012 | Michael Snyder
    By Michael, on November 9th, 2012 The victory by Barack Obama on election night has resulted in a huge wave of firings and layoffs all over America. A large number of businesses seem to have suddenly shifted into panic mode. The number of layoff announcements that we have seen in the last 48 hours has been absolutely shocking. So why is this happening? Well, the truth is that the federal government is absolutely suffocating small businesses all over America with rules, regulations and taxes. If you have never tried to run a small business, then you have no idea...
  • Bankrupt Bakers Footwear liquidating 21 Los Angeles-area stores (150 altogether)

    11/11/2012 4:11:50 AM PST · by 2ndDivisionVet · 9 replies
    The Los Angeles Daily News ^ | November 9, 2012 | Gregory J. Wilcox, Staff Writer
    Bankrupt Bakers Footwear Group on Friday began liquidating 150 stores across the country, including 21 in the Los Angeles area. The St. Louis-based company's stores are being liquidated by Tiger Capital Group and SB Capital Group and the process should be completed by year's end. Stores being closed have about $30 million in inventory, the companies said in a statement. There are 33 stores in California. The going-out-of-business sales involve 70 percent of the group's Bakers and Wild Pair mall-based stores, which are familiar to shoppers throughout Los Angeles and Orange counties. Bakers Footwear Group sells a private-label and national-brand...
  • Economy: Post-Election Firings and Layoffs Surge

    11/10/2012 1:41:38 PM PST · by 2ndDivisionVet · 71 replies
    Market Daily News ^ | November 10, 2012 | Michael Snyder
    The victory by Barack Obama on election night has resulted in a huge wave of firings and layoffs all over America. A large number of businesses seem to have suddenly shifted into panic mode. The number of layoff announcements that we have seen in the last 48 hours has been absolutely shocking. So why is this happening? Well, the truth is that the federal government is absolutely suffocating small businesses all over America with rules, regulations and taxes. If you have never tried to run a small business, then you have no idea how oppressive this system actually is for...
  • John Schnatter Papa John's CEO: Obamacare likely to raise costs, employee's hours being cut

    11/10/2012 12:23:22 AM PST · by 2ndDivisionVet · 28 replies
    WPTV-TV ^ | November 8, 2012 | Jessica Lipscomb
    A day after Barack Obama earned a second term in the White House, Papa John's founder and CEO John Schnatter said the president's signature health-care reform law would increase his business costs and possibly result in employees' hours being cut. Schnatter, a part-time Naples resident, made the comments Wednesday night inside a small auditorium at Edison State College's Collier County campus. In August, he made national headlines after telling shareholders the Affordable Care Act — commonly known as Obamacare — would result in a 10- to 14-cent increase for customers buying a pizza. "I got in a bunch of trouble...
  • Scores of US Businesses Announce Closings and Layoffs Due to Obama's Re-election

    11/09/2012 10:27:25 AM PST · by 2ndDivisionVet · 17 replies
    The Examiner ^ | November 9, 2012 | Barry Secrest
    Over the days following President Obama's re-election, the US stock market has undergone a two day sell-off resulting in a loss of over 400 points. On Wednesday, immediately following the election, the market suffered it greatest single day loss of the year. While numerous experts point to the Europe debt crisis or an approaching fiscal cliff in the US as the culprit, many business owners have indicated Obama's re-election as a direct cause of the faltering business climate and loss of confidence. One Las Vegas business owner, after having warned his employees of a certain lay-off if Obama were re-elected,...
  • Research in Motion lays off workers; Irving office to remain open (Blackberry phone, 200 laid-off)

    11/08/2012 3:46:54 PM PST · by 2ndDivisionVet · 9 replies
    The Dallas Business Journal ^ | November 7, 2012 | Jeff Bounds, Senior Staff Writer
    Research in Motion, the maker of the BlackBerry smartphone, did a layoff at its U.S. headquarters in Irving Wednesday, a source familiar with the situation said. The source, who requested anonymity because of the sensitivity of the matter, confirmed that a majority of those affected were call-center staffers. There was speculation that approximately 200 staffers were let go, although the source could not confirm a number. RIM employs in the ballpark of 700 people in Irving, the source said. In an emailed statement, a RIM spokesman declined to comment on the layoff. The company is reducing its global workforce by...
  • Wind industries lay off hundreds of workers

    11/08/2012 3:04:08 PM PST · by 2ndDivisionVet · 27 replies
    Minnesota Public Radio ^ | November 6, 2012 | Dan Gunderson
    MOORHEAD, Minn. — Hundreds of workers in our region are losing their jobs as wind turbine manufacturers cut production. The federal tax credit that subsidizes wind energy is set to expire at the end of the year, and political uncertainty is putting the brakes on the wind industry. More than 500 workers are losing their jobs in the Red River Valley. By the end of November, 345 workers who make wind turbine blades at a Grand Forks, N.D. factory will be out of work. Bill Burga, who heads manufacturing in North and South America for LM Wind Power, the Denmark-based...
  • Exide to idle operations in Laureldale, lay off 150

    11/08/2012 2:42:45 PM PST · by 2ndDivisionVet · 5 replies
    The Reading Eagle ^ | November 8, 2012
    Exide Technologies announced Thursday that it will be idling its lead recycling operations in Laureldale and laying off 150 workers, effective no later than March 31. Idling means that all of the permits and approvals will be kept to date and the plant will be maintained in case Exide wants to reopen it at a later date, according to Susan Jaramillo, spokeswoman for Exide. The plant has been operating since the 1930s. The company will continue to operate its plastics recycling business with about 24 employees. "This decision was based on several factors including the dramatic swings in the lead...
  • TE Connectivity to close Guilford plant, lay off 620

    11/08/2012 1:24:27 PM PST · by 2ndDivisionVet · 5 replies
    The Piedmont Triad Business Journal ^ | November 8, 2012 | Matt Evans and Amy Dominello Braun
    TE Connectivity, which makes electrical connectors for appliances and other devices, will close its factory in north High Point and eliminate 620 jobs, according to a company official. The closure and layoffs will happen in phases through the end of 2013, said Tom Peacock, a spokesman for the Pennsylvania-based firm said. TE Connectivity (NYSE: TEL) was known as Tyco Electronics until a name-change in 2011. Peacock said the closure of the facility will not impact the company’s other Triad facilities, and 50 employees from the closing factory will be transferred locally. TE Connectivity has three other Triad facilities. Peacock said...
  • Values, Not Demographics, Won the Election (He's serious!)

    11/08/2012 1:05:11 PM PST · by 2ndDivisionVet · 22 replies
    The New York Times ^ | November 7, 2012 | Joel Benenson
    MUCH of the coverage of Tuesday’s results has focused on the strength of Barack Obama’s coalition — minorities, women and young voters. But that analysis misses the real point. The contours of the 2012 presidential race were shaped less by the country’s changing demographics than by the underlying attitudes and values of American voters, who are always far more complex than they appear to pollsters. The president’s victory was a triumph of vision, not of demographics. He won because he articulated a set of values that define an America that the majority of us wish to live in: A nation...
  • Forward! To mass layoffs!

    11/08/2012 9:48:06 AM PST · by Red Steel · 113 replies
    Human Events ^ | 11/8/2012 07:58 AM | John Hayward
    Obamanomics grinds grimly onward,  as CNBC brings word that on the day after the election, “Boeing announced a major restructuring of its defense division on Wednesday that will cut 30 percent of management jobs from 2010 levels, close facilities in California, and consolidate several business units to cut costs.”  It was sweet of them to keep that under wraps until after the election, wasn’t it? And that’s not even the dreaded “sequestration” layoffs, which Obama broke the law to convince defense contractors to keep under wraps until after the election.  Those are yet to come.  The upside to living in a banana Republic...
  • The Free Republic "Elections Have Consequences" Repository

    11/08/2012 10:08:08 AM PST · by ScottinVA · 69 replies
    Self | 8 November 2012 | ScottinVA
    Fellow FReepers -- This is designed to serve as a single repository for layoff announcements, stories and other related news pertaining to the future dismantling of our economy due to the re-election of Barack Obama. The goal here is a one-stop source to bolster our argument that Obama's reelection is truly the detriment to our economic well-being.
  • Jobless claims fall; Sandy distorts data

    11/08/2012 5:48:13 AM PST · by John W · 8 replies
    nbcnews.com ^ | Reuters
    WASHINGTON - The number of Americans filing new claims for unemployment benefits fell last week, a sign the labor market's slow recovery was gaining traction although a severe storm distorted the data. Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 355,000, the Labor Department said on Thursday. That was below the median forecast in a Reuters poll of 370,000. An analyst from the department said Sandy, a mammoth storm that slammed into the East Coast on October 29, boosted claims in some states by leaving people out of work, but also reduced claims in at least...
  • Republican Business Owner Fires 8-Employess (all Obama supporters) Day After Election

    11/07/2012 8:52:48 AM PST · by Arcy · 74 replies
    Cannot Reveal Due to Possibility of Lawsuits | 11-7-12 | Arcy
    The day after the election, 8-employees of a Florida based company were individually called into the office of management and informed that their services would no longer be needed following the Thanksgiving Holiday weekend. The owner and his company cannot be named for fear of legal hassles and thug reprisals, even though Florida is a "right-to-work-state". He had previously let it be known to trusted individuals outside the company, that if Barack Obama was re-elected, the healthcare laws and other anti-business policies the Obama admistration is pushing would force his company to down-size, and that his down-sizing would begin with...
  • U.S. Shed 9,000 Mining, Energy Jobs in October, 17,000 Since May

    11/04/2012 4:42:41 AM PST · by george76 · 6 replies
    Heritage ^ | November 2, 2012 | Lachlan Markay
    Buried in Friday’s Bureau of Labor Statistics report on the country’s unemployment situation was this disheartening fact: 9,000 employees of the mining and resource extraction sector lost their jobs in October. That brings total job losses in that sector to 17,000 since May, according to BLS.
  • Black Unemployment Jumps 10.9% on Obama

    11/03/2012 10:10:11 PM PDT · by NaturalBornConservative · 3 replies
    Natural Born Conservative ^ | November 4, 2012 | Larry Walker Jr
    Are you better off today than four years ago? - By: Larry Walker, Jr. -According to the latest report from the Bureau of Labor Statistics, the official unemployment rate for all Americans rose by 1.3% since Barack Obama took office. But over the same period, the unemployment rate for Black Americans jumped by 10.9%, and the number of unemployed Black Americans climbed by 19.1%. So are we better off than we were four years ago? You might be, but the Black Community as a whole definitely is not. So will 90% of Blacks vote to re-elect Obama anyway? You betcha,...
  • Extended Jobless Benefits Set to Expire Dec. 29 (Nation-wide)

    11/02/2012 3:01:34 PM PDT · by 2ndDivisionVet · 20 replies
    Hispanic Business ^ | October 29, 2012 | Richard Craver
    The local economy, already bruised by a persistently high jobless rate, could take another hit as the new year begins, regardless of who is elected president. That's because all federal extended unemployment benefits will expire Dec. 29 unless Congress acts to extend them again. If the expiration occurs, North Carolinians would receive just up to 26 weeks of regular state benefits if they qualify for unemployment benefits, rather than what had been up to 99 weeks of state and federal benefits. Which means anyone whose job was terminated or ended after June 30 will not get any more federal unemployment...
  • Food Stamp Growth 75X Greater than Job Creation

    11/02/2012 10:00:53 AM PDT · by Gil4 · 11 replies
    The Weekly Standard ^ | Nov 2, 2012 | DANIEL HALPER
    With the latest jobs report, it is now the case that "Under Obama, Food Stamp Growth [Is] 75 Times Greater Than Job Creation," according to statistics compiled by the Republican side of the Senate Budget Committee. "For Every Person Added to Jobs Rolls Since January 2009, 75 People Added To Food Stamp Rolls." Here's a chart detailing the growth: Since January 2009, as the chart shows, a net of 194,000 new jobs have been created. During that same time, 14.7 million have been added to the food stamp rolls. "Simply put, the President’s policies have not produced jobs. During his...
  • Why The Unemployment Rate Is Direct Evidence Of Obama's Economic Failure (pic)

    11/02/2012 10:13:34 AM PDT · by The Looking Spoon · 2 replies
    The Looking Spoon ^ | 11-2-12 | The Looking Spoon
    Whether you accept this "deflated" rate (due to low labor force participation) or not there is no getting around this administrations abject failure on the economy.
  • Unemployment up 170,000 last month, unemployment rate higher today then when Obama took office

    11/02/2012 8:48:18 AM PDT · by Qbert · 10 replies
    Washington Examiner ^ | November 2, 2012 | Conn Carroll
    The Bureau of Labor Statistics released the October jobs report today showing that the labor market has only gotten worse since President Obama was sworn into office. The number of unemployed Americans rose by 170,000 in October and the unemployment rate rose to 7.9 percent. When Obama was inaugurated in January 2009 unemployment was just 7.8 percent. Overall the number of unemployed Americans is up by 209,000 since Obama took office.
  • Long-Term Unemployment Rises in October to 40.6%

    11/02/2012 8:45:13 AM PDT · by xzins · 3 replies
    CNS ^ | November 2, 2012 | Matt Cover
    The long-term unemployment rate rose to 40.6 percent in October, up from September’s level of 40.1 percent of the total unemployed, according to a report from the Bureau of Labor Statistics Friday. Long-term unemployment is unemployment lasting for 27 consecutive weeks or longer, according to BLS. The government reported that just over 5 million people were unemployed for more than six months – 27 weeks – rising from September’s level of 4.8 million. Long-term unemployment has remained elevated since the end of the recession in 2009. In January 2009, when President Obama took office, there were 2.7 million long-term unemployed...
  • October jobless rate is 7.9 percent: 171,000 jobs created. Good news for Obama (Desperation spin)

    11/02/2012 7:42:08 AM PDT · by Qbert · 18 replies
    Chicago Sun Times ^ | November 2, 2012 | Lynn Sweet
    COLUMBUS, Ohio--The last jobs report before the election was out Friday morning and the 7.9 percent October rate--virtually unchanged from last month--by not jumping to 8 percent--is a break for President Barack Obama. If the number had gone higher--it would have given Mitt Romney at last chance before the Tuesday balloting to mount a strong argument about Obama's tenure over the economy. The Obama team will be able to argue that there has been 32 months of job growth and the number of "discouraged workers"-- workplace dropouts--has declined. Romney has been hitting Obama on that point. The Bureau of Labor...
  • Obama Labor Sec. Celebrates 7.9% Unemployment (14.3 for blacks), Gives Candy to Reporters

    11/02/2012 7:04:47 AM PDT · by kristinn · 13 replies
    MacFarlane News via Twitter ^ | Friday, November 2, 2012 | Seth MacFarlane
    US Labor Secretary just bounced into studio with a big smile. Handed out candy to reporters. Loves job numbers Link to photo.
  • Forward? Number of Unemployed Increases By 170k Offsetting 171k Increase in Non Farm Payrolls

    11/02/2012 7:00:54 AM PDT · by whitedog57 · 2 replies
    Confounded interest ^ | 11/02/2012 | Anthony B. Sanders
    According to the Bureau of Labor Statistics, the unemployment rate rose from 7.8% to 7.9% for October. The number of unemployed in the US rose from 12,088,000 in September to 12,258,000 in October. An increase of 170,000. That almost perfectly offsets the increase in non farm payrolls (+171,000). And the duration of unemployment 27 weeks and over rose to 40.6%. The employment to population ratio rose in October to 58.8, but still remains at a level near the beginning of the “Reagan Recovery.” The unemployment rate among blacks/African Americans rose to 14.30%. There will be no joy in the Black/African...
  • Putting Today's Job Number In "Seasonally Adjusted" Context (Read before you read the Gov't release)

    11/02/2012 6:05:47 AM PDT · by Zakeet · 2 replies
    Zero Hedge ^ | November 2, 2012
    Today's jobs number is expected to come at 125,000, with a high estimate of 154,000 from John Hancock financial, and a low of 30,000 from Westpac Banking, and with a whisper expectation at 150,000 courtesy of yesterday's "stronger than expected" ADP re-revised print. A beat or miss at over 1 standard deviation will promptly wake the HFT algos from their deep slumber. Wait did we say miss? Hah. Anyway, just to put today's seasonally adjusted expected monthly job growth in context, below is a chart showing the average seasonal adjustment for each month of the year in the past decade....
  • BLS Employment Situation Summary (up 0.1% to 7.9%)

    11/02/2012 5:35:32 AM PDT · by xzins · 76 replies
    Bureau of Labor Statistics ^ | 2 Nov 12 | Bureau of Labor Statistics
    THE EMPLOYMENT SITUATION -- OCTOBER 2012 Total nonfarm payroll employment increased by 171,000 in October, and the unemployment rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, health care, and retail trade. _______________________________________________________________________________ | | | Hurricane Sandy | | | |Hurricane Sandy had no discernable effect on the employment and unemployment | |data for October. Household survey data collection was completed before the | |storm, and establishment survey data collection rates were within normal ranges| |nationally and for the affected areas. For information on how unusually...
  • NFP and Unemployment Rate Thread - Guess the numbers

    11/02/2012 4:31:55 AM PDT · by Outraged At FLA · 16 replies
    CNBC ^ | 11/02/12 | CNBC
    Traders are watching to see if any surprises show up in the October employment report, the last before the election, but the real surprise could come in the November number when the aftereffects of Super Storm Sandy are felt in the job market. Economists expect the October report to show a tepid 125,000 new nonfarm payrolls and a steady unemployment rate of 7.8 percent, according to Reuters. The report has been considered key since it is the final report card on job growth ahead of Tuesday’s presidential election, and expectations are low.
  • Two-thirds of jobs go to immigrants during Obama’s four years

    11/01/2012 1:32:14 PM PDT · by Jim Robinson · 16 replies
    Washington Times ^ | Oct 31, 2012 | By Stephen Dinan
    "Researchers say legals and illegals are more mobile than natives in America" Two-thirds of those who have found employment under President Obama are immigrants, both legal and illegal, according to an analysis that suggests immigration has soaked up a large portion of what little job growth there has been over the past three years. The Center for Immigration Studies is releasing the study Thursday morning, a day ahead of the final Labor Department unemployment report of the campaign season, which is expected to show a sluggish job market more than three years into the economic recovery. That slow market, combined...
  • Tomorrow Morning's Jobs Numbers Could Be a Last Minute October Surprise!

    11/01/2012 12:18:39 PM PDT · by xzins · 28 replies
    1 Nov 12 | Xzins
    When Gallup released it's mid-month jobs survey numbers, they had dropped to 7.3%. They generally are a few points under the monthly report due out tomorrow, so that would mean a 7.5% UE3. However, we know Obama and his minions will do all in their power to tie into their "don't change now that things are looking up" campaign theme the last few weeks. It is very possible that the media is all keyed to go into feeding frenzy for the entire weekend with the "progress is being made; don't change now" message. Moreover, it's very likely that Obama will...
  • ADP: Private Sector Employment Adds 158,000 Jobs in October After LOSING 402,000 Jobs With Revision

    11/01/2012 6:43:40 AM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 11/01/2012 | Anthony B. Sanders
    According to ADP, private sector employment increased by 158,000 jobs in October. This beat expectations of 131,000 but is lower than the previous reading of 158,000 (which has been revised downwards to 114,000 which was actually 88,000). This is the most jobs added in eight months. This is especially welcome news after the ADP revision showed that since February 2012, 402,000 fewer jobs were created than previously thought. ADP wanted to be more consistent with BLS for employment numbers, so the downward revision that makes this week’s increase look even higher is indeed consistent with BLS. Meanwhile, Challenger US Job...
  • Jobless in the Crisis: Eurozone Unemployment Higher than Ever Before

    10/31/2012 10:19:15 PM PDT · by Olog-hai · 3 replies
    Der Spiegel ^ | 10/31/2012 | (cgh — with wire reports)
    Global financial markets have, for the moment, been calmed. The European Central Bank has embarked on its program to buy unlimited sovereign bonds as needed from eurozone countries suffering from high borrowing costs and all of those countries have adopted strict austerity programs to get their budgets in order. That, though, has not been good for economic growth—and now the European Union has released new figures highlighting a struggling eurozone economy. According to a report released on Wednesday by Eurostat, the European Union's statistical office, unemployment in the 17-nation common-currency area stood at 11.6 percent in September, the highest it...
  • ADP Revises Methodology and Finds 365,000 FEWER Jobs Were Created Than Thought in 2012

    10/31/2012 1:24:52 PM PDT · by whitedog57 · 9 replies
    Confounded Interest ^ | 10/31/2012 | Anthony B. Sanders
    There were two purchasing manager reports today: Chicago and Milwaukee. The Chicago Purchasing Manager index was less than expected at 49.9 for October, although up a wee bit from September’s reading of 49.7. Here are the gory details to go along with the 49.9 reading. Employment at a 33 month low and inventories slipped into contraction. The downward trend in the Chicago PMI index is matched by the downward trend in the Chicago employment index. The Milwaukee PMI index fell in October to 43.30 and continues to be below 50 since the end of July 2012. Both the Chicago and...