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Keyword: unemployment

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  • IG reports 'historic' COVID unemployment funds lost, Congress investigates (400 billion)

    11/14/2022 6:53:05 AM PST · by dynachrome · 39 replies
    Center Square ^ | 11-13-22 | Casey Harper
    As much as $400 billion in COVID-19 unemployment relief dollars were likely lost to waste and fraudsters. Lawmakers want answers. Republicans on the House Ways and Means Committee sent a letter to the U.S. Department of Labor demanding documents and information related to the unemployment fraud. “Since the Summer of 2020, repeated alerts from federal law enforcement agencies warned of targeted efforts involving organized cybercrime, foreign actors, and international crime rings using stolen identities of American citizens to obtain fraudulent unemployment benefits,” the letter said. “Fraud estimates range from $80 billion to as much as $400 billion, which is nearly...
  • Economy adds 261K jobs in October, unemployment ticks up

    11/04/2022 6:08:10 AM PDT · by ChicagoConservative27 · 2 replies
    The HIll ^ | 11/04/2022 | SYLVAN LANE
    The U.S. added 261,000 jobs in October and the unemployment rate rose slightly to 3.7 percent, according to data released Friday by the Labor Department. Economists expected the U.S. to add roughly 190,000 jobs last month and keep the unemployment rate steady at 3.5 percent, according to consensus estimates. While the overall jobs gain was better than anticipated, the labor market showed other signs of slowing under the weight of high prices, stubborn inflation, rising interest rates and a weakening global economy. The jobless rate rose in October as 306,000 Americans joined the ranks of the unemployed while labor force...
  • What Exactly Did Biden Inherit From Trump In One Picture

    10/29/2022 3:11:49 AM PDT · by Kaiser8408a · 25 replies
    Confounded Interest ^ | 10/29/2022 | Anthony B. Sanders
    I try to avoid listening to politicians, particularly Joe Biden. But his remarks in a speech that he inherited a train wreck from Republicans struck me as … wrong and grossly misleading. First, Democrats had a majority in the House of Representatives, not Republicans. Second, since 2020 was the outbreak of Covid-19 and subsequent economic shutdowns, I am going to look at things at January 2020 just prior to the economic shutdowns, mostly by state governors and city mayors. Let’s start with unemployment. It was 3.5% under Trump in January 2020 BC (before Covid). It is now 3.5%. Advantage? Tie....
  • A ‘catastrophe’ is coming for the economy, but it’s not recession or inflation, says Secretary of Labor Marty Walsh

    10/26/2022 3:39:40 AM PDT · by EBH · 58 replies
    CNBC ^ | 10/25/22 | Eric Rosenbaum
    There has been a lot of talk about looming layoffs, and by some recent surveying, as many as half of large employers are thinking about labor cost cuts as the economy slows. But U.S. Department of Labor Secretary Marty Walsh doesn’t see the recent job gains reversing, according to an interview at CNBC’s Work Summit on Tuesday. “I still think that we’re going to have job gains as we move into the end of this year, early next year. A lot of people are still looking at different jobs,” he told CNBC’s Kayla Tausche at the virtual event. “We saw...
  • Nancy Pelosi Argues Red States Should Let Illegal Immigrants Stay to ‘Pick the Crops’

    10/01/2022 5:47:10 AM PDT · by McGruff · 78 replies
    Yahoo News ^ | September 30, 2022 | Caroline Downey
    House Speaker Nancy Pelosi said on Friday that Republican governors should welcome the influx of migrants coming across the southern border because they can “pick the crops,” in their states. “We have a shortage of workers in our country, and you see even in Florida, some of the farmers and the growers are saying, ‘Why are you shipping these immigrants up north? We need them to pick the crops down here,'” she said at a press briefing. Pelosi also accused Republicans of hypocrisy on the issue, conflating their past support for legal immigration with an endorsement of illegal immigration. “Our...
  • Fraudsters Stole $45 Billion In Unemployment Benefits Using Dead People, Prisoners: REPORT

    09/22/2022 5:03:05 PM PDT · by george76 · 22 replies
    Daily Caller News Foundation ^ | September 22, 2022 | John Hugh DeMastri
    The Department of Labor announced Thursday that 1,000 people have been charged for receiving $45.6 billion of fraudulent unemployment insurance (UI) payments since March 2020. The pandemic overwhelmed state offices responsible for distributing benefits, with 57 million people filing initial UI claims within five months of March 2020, the DOL-OIG reported. Fraudsters were successfully able to take advantage of the chaos, filing for claims in multiple states, using fraudulent emails and using the Social Security Numbers (SSN) of dead people and federal prisoners.. Federal and state governments together paid out roughly $794 in unemployment benefits between March 2020 and July...
  • Powell: Fed hikes will likely boost unemployment

    09/21/2022 2:03:28 PM PDT · by ChicagoConservative27 · 35 replies
    The Hill ^ | 09/21/2022 | Sylvan Lane
    Federal Reserve Chair Jerome Powell said Wednesday he expects the U.S. economy to slow under the weight of the central bank’s interest rate hikes to a point that could cause job losses. Speaking after the Fed issued another rate hike, Powell said the U.S. may be able to avert a full-blown recession but could not avoid hardship as the bank ramps up its fight against inflation.
  • The Latest Jobs Numbers Seem Impressive—Until You Look Closer

    09/14/2022 3:03:37 PM PDT · by packagingguy · 9 replies
    Heritage Foundation ^ | Sep 8, 2022 | EJ Antoni
    About a third of the jobs added in August were jobs we thought the economy already had. The survey of businesses allows for double counting of some job-holders, and there is considerable evidence that this double-counting has accelerated recently. These figures are the swan song of an anemic economy weighed down by President Joe Biden’s inflation, regulation, and taxation.
  • The 'scariest economic paper of 2022' predicts big layoffs over the next 2 years as the fight against inflation gets more intense

    09/10/2022 8:46:36 AM PDT · by Roman_War_Criminal · 27 replies ^ | 9/9/22 | Jason Lalljee
    -Rising interest rates combat inflation by encouraging companies to cut expenses — often at the cost of jobs. -An economist who served under Obama predicts a 6.5% average unemployment rate to reach desired inflation levels. -That would reverse the current trend in which companies are scrambling to hire workers, not fire them. Inflation in the US looks like it's peaked, but we're not out of the woods yet. The fight to bring down surging price growth could mean a rough two years for job seekers — a hard pivot from the power they've enjoyed during the Great Resignation. That's according...
  • Weekly Market Pulse: The More Things Change [History Repeating]

    09/08/2022 12:29:21 PM PDT · by Diana in Wisconsin · 5 replies
    Alhambra Investments-Opinion Piece ^ | September 5, 2022 | Joseph Y. Calhoun III
    I stopped in a local antique shop over the weekend. The owner is retiring and trying to clear out as much as she can before they close the doors so I paid a mere $3 for the Life magazine above. I think it might be worth many multiples of that price for investors who think our situation today is somehow uniquely bad. The cover headline could just as easily be describing today as 1970. The year 1970 was a tough one for America. Inflation averaged around 6% that year, although it had already peaked by the time of this Life...
  • Economy adds 315K jobs in August, unemployment ticks up

    09/02/2022 6:22:53 AM PDT · by ChicagoConservative27 · 23 replies
    The Hill ^ | 09/02/2022 | SYLVAN LANE
    Job growth slowed slightly in August but remained well above pre-pandemic levels as steady consumer spending powered another strong month of hiring. The U.S. added 315,000 jobs last month and the unemployment rate rose to 3.7 percent, according to data released Friday by the Labor Department, up from 3.5 percent in August. Economists expected the U.S. to gain roughly 300,000 jobs last month without the unemployment rate budging, according to consensus estimates. While the unemployment rate rose by 0.2 percentage points, the labor force participation rate also rose by 0.3 percentage points.
  • H-1B visa: US reaches cap for 2023

    08/25/2022 12:45:50 PM PDT · by Jyotishi · 31 replies
    The Pioneer ^ | August 25, 2022 | PTI
    The US has received sufficient number of applications needed to reach the Congressionally mandated 65,000 H1-B visa cap for the fiscal year 2023, the country's federal agency for immigration services said on Tuesday. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire thousands of employees each year from countries like India and China. The H-1B visa programme is the most sought-after work visa among foreign professionals, including Indians. “We have received a sufficient number of petitions needed to...
  • Unemployment Claims Hit Highest Mark Since November

    08/12/2022 3:00:30 PM PDT · by Roman_War_Criminal · 11 replies
    Newser ^ | 8/11/22 | Newser Editors and Wire Services
    The number of Americans who signed up for unemployment benefits rose last week to the highest level since November, though the US job market continues to show signs of strength. Applications for jobless aid climbed by 14,000, to 262,000 and now have risen five out of the last six weeks, the Labor Department reported Thursday. The four-week average for claims, which smooths out weekly ups and downs, rose by 4,500 to 252,000, also the highest since November, per the AP. Unemployment applications are a proxy for layoffs and are often seen as an early indicator of where the job market...
  • We are experiencing something new: Welcome to the full employment recession

    08/12/2022 7:22:40 AM PDT · by SeekAndFind · 59 replies
    American Thinker ^ | 08/12/2022 | Michael Busler
    The economy has just seen two successive quarters of negative growth in Gross Domestic Product (GDP). That means we are in a recession. However, since the unemployment rate is at a full employment level and since the economy continues to add hundreds of thousands of new jobs each month, some economists say that we can’t be in a recession. Maybe, though, we are experiencing something new: a full-employment recession. There is no doubt that the economy today is producing at rate that is about 2.5% less than the rate at year end 2021. In other words, we haven’t seen economic...
  • U.S. Weekly Jobless Claims Edge Down To 256,000

    07/28/2022 7:09:43 AM PDT · by ConservativeInPA · 15 replies
    Business Insider ^ | July 28, 2023 | RTTNews
    (RTTNews) - After reporting modest increases in first-time claims for U.S. unemployment benefits over the three previous weeks, the Labor Department released a report on Thursday showing a slight pullback in initial jobless claims in the week ended July 23rd. The report showed initial jobless claims edged down to 256,000, a decrease of 5,000 from the previous week's revised level of 261,000.
  • WH Redefines ‘Recession’ Days Before Expected GDP Report Showing More Growth Declines

    07/25/2022 7:05:10 AM PDT · by Red Badger · 56 replies ^ | Jul 25, 2022 | Bo Banks
    The White House has just redefined the word “recession” because, well, of course they did. A new GDP report is expected Thursday, which many experts anticipate will show growth declines for a second straight quarter. Since the White House has just put out an updated definition, the Biden administration can plan on evading the r-word entirely. Or so it thinks. “While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House wrote. “Instead, both official determinations of...
  • Jobless claims rise again in another sign that labor market is cooling

    07/22/2022 12:26:52 PM PDT · by ConservativeInPA · 20 replies
    CNBC ^ | July 21, 2022 | Jeff Cox
    KEY POINTS - Initial claims totaled 251,000 for the week ended July 16, up 7,000 from the week before and above the 240,000 Dow Jones estimate. - That was the highest weekly level since mid-November. - The Philadelphia Fed manufacturing index fell to a reading of -12.3, and produced the lowest employment reading since May 2021.
  • Unemployment claims reach eight-month peak

    07/21/2022 11:16:08 AM PDT · by Diana in Wisconsin · 15 replies
    Fort Worth Business Press/AP ^ | July 21, 2022 | AP Staff
    WASHINGTON (AP) — The number of Americans applying for unemployment benefits last week rose to the highest level in more than eight months in what may be a sign that the labor market may be weakening. Applications for jobless aid for the week ending July 16 rose by 7,000 to 251,000, up from the previous week’s 244,000, the Labor Department reported Thursday. That’s the most since Nov. 13, 2021 when 265,000 Americans applied for benefits. Analysts surveyed by the data firm FactSet expected the number to come in at 242,000. First-time applications generally reflect layoffs. The four-week average for claims,...
  • TIMELINE: Former Prime Minister Shinzo Abe Assassinated

    07/08/2022 12:18:24 PM PDT · by Texas Fossil · 31 replies
    Japan Forward ^ | July 8, 2022 (8 hours ago) | Arielle Busetto
    A gunman at an election rally in Nara ended the life of the longest-serving and one of the most popular prime ministers in Japanese history. On July 8, just before 6 PM, it was reported that former Prime Minister Shinzo Abe had died, according to multiple sources and local media. Former Prime Minister Shinzo Abe Is Shot During a RallyThis is how the day unfolded.Very detailed account follows at the link>
  • Supply chain disruptions up 88% in 2021, driven by factory fires

    07/04/2022 7:10:09 PM PDT · by george76 · 20 replies
    Loadstar ^ | 14/02/2022 | Editorial
    Factory Fires, Mergers & Acquisitions, Business Sales, Factory Disruptions, Leadership Transitions, and Supply Shortages ranked as the top 6 supply chain disruptions in 2021, according to data released from Resilinc, the world’s leading supply chain risk monitoring and mapping solution. The exclusive data, compiled from Resilinc’s EventWatch monitoring database reveals that supply chain disruptions were up 88% year-over-year, with 90% of disruptive events being human-caused. 2021 saw the most factory fires ever recorded in a single year. Resilinc sent out 1,946 Factory Fire alerts, an increase of 129% year-over-year. The uptick is due mostly to gaps in regulatory and process...