Keyword: unemployment
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Here’s something that many Americans -- including some of the smartest and most educated among us -- don’t know: The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading. Right now, we’re hearing much celebrating from the media, the White House and Wall Street about how unemployment is “down” to 5.6%. The cheerleading for this number is deafening. The media loves a comeback story, the White House wants to score political points and Wall Street would like you to stay in the market. None of them will tell you this: If you, a family member...
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The Obama presidency has been distinguished for unprecedented levels of federal social welfare spending. In his second term, President Obama is pursuing new and expanded federal anti-poverty initiatives. There has been a sharp increase in the food-stamp and Children’s Health Insurance programs. Obama has proposed more federal funding for Head Start and pre-school education generally, job training for laid-off workers, and Medicaid. In fact, the Affordable Care Act (“Obamacare”) has bloated the Medicaid rolls. He is even seeking free federally subsidized community college education. I have seen numbers ranging from 79 to 126 federal programs aimed at reducing poverty...
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Yes you read that right, and an academic one, no less, much to the consternation of the circles he travels in. “I’m a philosophy professor specializing in ethics and political philosophy, and like many of my fellow academics, I’m a political progressive,” Philip Cafaro writes in The Chronicle Review. “I value economic security for workers and their families, and support a much more equal distribution of wealth, strong and well-enforced environmental-protection laws, and an end to racial discrimination in the United States. I want to maximize the political power of common citizens and limit the influence of large corporations. My...
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HOUSTON — ConocoPhillips has told its employees layoffs could be on the way, as the independent producer looks to reign in spending amid lower crude prices. The layoffs and an accompanying pay freeze will supplement cost-control steps the Houston company has already taken, such as slashing its exploration and production budget, Daren Beaudo, a spokesman for ConocoPhillips, said in an emailed statement. The company did not detail how many workers would be let go or when the job cuts could take place. “As with our capital program we will be deferring, delaying or eliminating controllable costs where we can,” he...
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The VAR Guy reported last week that IBM's massive layoffs would begin this week — and this seems to be the case. Word surfaced last weekend that IBM is prepping to layoff up to 26 percent of its global workforce, or some 100,000 workers.Many of these layoffs come on the heels of Lance Crosby's resignation. Crosby, the founder of SoftLayer, a company IBM acquired for around $2 billion in July 2013, said in a statement that he was taking some time off before pursuing his "next challenge."Here's what you need to know about IBM's most recent round of layoffs....
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In a 1994 “Seinfeld” episode, George realizes that “every decision that I have ever made in my entire life has been wrong. My life is the complete opposite of everything I want it to be.” Jerry replies: “If every instinct you have is wrong, then the opposite would have to be right.” So Costanza approaches a gorgeous woman in the coffee shop and announces, “My name is George. I’m unemployed and I live with my parents.” To his surprise, she’s interested. He lands a job with the Yankees after insulting George Steinbrenner. Maybe President Obama ought to take Jerry’s advice...
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WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits tumbled last week to its lowest level in nearly 15 years, adding to bullish signals on the labor market. Initial claims for state unemployment benefits dropped 43,000 to a seasonally adjusted 265,000 for the week ended Jan. 24, the lowest since April 2000, the Labor Department said on Thursday. It was the biggest weekly decline since November 2012. The drop, which far exceeded economists' expectations for a fall to only 300,000, probably exaggerates the strength of the jobs market as the data included the Martin Luther King...
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AIMEE PICCHI January 28, 2015 1 In 5 American Kids Rely On Food Stamps America is a global leader on a number of fronts, including having the largest economy in the world. But here is one area where the U.S., given its general affluence, would rather not distinguish itself: It has one of the highest rates of child poverty in the industrialized world. Even as the economy continues to recover from the Great Recession, 1 in 5 children are on food stamps, the U.S. Census said on Wednesday. Before the housing crash, 1 in 8 received federal food assistance. This...
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Unemployment: A new study finds that 60% of the jobs gained last year were due to the fact that Republicans managed to block one of President Obama's key "middle class economics" policies in Congress. Let's dial the clock back to December 2013. At that point, 1.3 million faced an end to the federal unemployment benefits that Congress had extended repeatedly in the wake of the recession. Obama predicted doom if this were to happen: "Economists have said failing to extend unemployment benefits is going to have a drag on economic growth for next year." Unemployment insurance, he said, is "one...
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A new study finds that 60% of the jobs gained last year were due to the fact that Republicans managed to block one of President Obama's key "middle class economics" policies in Congress. Let's dial the clock back to December 2013. At that point, 1.3 million faced an end to the federal unemployment benefits that Congress had extended repeatedly in the wake of the recession. Obama predicted doom if this were to happen: "Economists have said failing to extend unemployment benefits is going to have a drag on economic growth for next year." Unemployment insurance, he said, is "one of...
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America’s national character will have to be changed if progressives are going to implement their agenda. So, changing social norms is the progressive agenda. To understand how far this has advanced, and how difficult it will be to reverse the inculcation of dependency, consider the data Nicholas Eberstadt deploys in National Affairs quarterly: America’s welfare state transfers more than 14 percent of gross domestic product to recipients, with more than a third of Americans taking “need-based” payments. In our wealthy society, the government officially treats an unprecedented portion of the population as “needy.” Transfers of benefits to individuals through social...
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Clayton, N.C. — Hospira, a manufacturer of injectable and other drug products as well as medical devices, is closing its plant in Clayton which employs some 250 people. Hospira says the facility will close in the second half of this year. “After a thorough evaluation of the site and the various products produced at this facility, we had to make this difficult decision,” said Matt Stober, senior vice president for operations, in a statement. The firm operates a major plant in Rocky Mount as well. In 2012, it decided to add 200 works at that operation. Hospira (NYSE: HSP) disclosed...
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The great wage mystery deepens. In economic recoveries, there usually comes a time when strong job gains lead to strong wage gains. Businesses must pay more to recruit and retain the workers they need. Not this time - or at least not yet. The unemployment rate has dropped from a peak of 10 percent in October 2009 to 5.6 percent at the end of 2014. But hourly wage gains haven't accelerated. They've plodded along at about a 2 percent annual rate, roughly matching inflation. Economists are baffled. "This labor market recovery looks different from anything since World War II," says University...
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For the first time in at least 50 years, a majority of U.S. public school students come from low-income families, according to a new analysis of 2013 federal data, a statistic that has profound implications for the nation. The Southern Education Foundation reports that 51 percent of students in pre-kindergarten through 12th grade in the 2012-2013 school year were eligible for the federal program that provides free and reduced-price lunches. The lunch program is a rough proxy for poverty, but the explosion in the number of needy children in the nation’s public classrooms is a recent phenomenon that has been...
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Linky only. http://www.bloomberg.com/news/2015-01-15/jobless-claims-in-u-s-unexpectedly-climb-to-four-month-high.html
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Women's fashion discount retailer Deb Shops is closing all of its stores in Michigan and nationwide. After more than 80 years in business, the Philadelphia-based retailer, which specializes in junior- and plus-size apparel, filed for Chapter 11 protection on Dec. 4, according to a news release. On Jan. 7, the bankruptcy court awarded Gordon Brothers Group and Hilco Merchant Resources the store closing process for all locations. Officials with Gordon Brothers Group and Hilco Merchant Resources began going-out-of-business sales at approximately 287 Deb Shops retail locations Friday, Jan. 9, the release states. The company's website gob.debshops.com now is simply an...
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WASHINGTON (MarketWatch) — West Virginia quietly passed the ignominious milestone of having less than half of its adult, civilian population in the workforce in November. State data compiled by the Labor Department shows that West Virginia’s civilian labor participation rate has fallen to 49.8%, from 50% in October. The national rate in December was 62.7%. The Mountain State is the only state in the history of the series, which goes back to 1976, to have fallen below 50%, though Mississippi at 50.8% isn’t far behind. The troubles that have befallen West Virginia have been well publicized, notably the diminished demand...
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Dallas-Fort Worth and three other Texas metro areas continued to outperform the nation in job growth in November. The Dallas-Fort Worth and Houston areas continued to see the nation’s fastest growing employment among metropolitan areas for the 12 months through November, according to data released today by the U.S. Bureau of Labor Statistics. The Houston area added 125,300 jobs in that time frame, followed by Dallas-Fort Worth (111,500 jobs) and the New York area (107,900 jobs). Midland (6.2 percent) and Odessa (+4.7 percent) saw the largest year-over-year percentage gains in employment in November. Overall, November employment increased in the last...
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Ideological splits among Republicans have been part of the fun of the American political fair for more than 50 years now, but what of potential divisions on the Left? When Barack Obama departs the White House in 2016, the question already being asked is whether Democrats will now suffer the same kind of upheaval that the Tea Party inflicted on Republicans after George W. Bush left office in 2008. Last week in Washington DC it was possible to hear the opening shots of what some left-wing Democrats hope will become a similarly fierce fight for the ideological soul of their...
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The U.S. economy added 252,000 jobs in December, sending the unemployment rate down to 5.6%. The latest jobs numbers continue a streak of strong economic growth, which has seen the unemployment rate drop 0.2 points in the last two months alone.
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