News – The number of newly laid off workers filing claims for unemployment benefits shot up unexpectedly last week, rising to the highest level in two months. The Labor Department reported that unemployment claims totaled 324,000 last week. Analysts said that the increase did not change their view that the labor market remains healthy.
The minimum wage bill wouldn't be necessary if there wasn't an endless supply of cheap labor streaming into the country. As you said, supply and demand. Makes me wonder just how much some people really want immigration reform and border protection.
I know that all the American fruit pickers and dish washers who have had their $6/hr job taken from them want it for sure.
Let's face it guys, these rates we're talking about here are barely affected by illegals. That's like being concerned that part time summer jobs for teenagers is at a new low. They're talking about primarily GROWN UP jobs here. Always remember, just because someone is hispanic, he's not necessarily an illegal that's working here because the employer is paying him less... he may have been born here, and have a better education than you do.
This isn't an illegal immigration issue in the least. It's a hosed economy issue.
We are in serious trouble if we do not change the way in which the country is spending and managing money. The value of the dollar is dropping like a stone and since our dollar is not backed by oil instead of gold we are dependant on the charity of foreign sources.
There is no one to blame we did it to ourselves by allowing the rich to get richer and ignoring the blatant abuse by politicians of our fiscal responsibilities.
I am not the smartest person in the world but here is an idea that I think would build jobs and help our economy.
Corporations outsource thousands of jobs to foreign companies. I think the govt should tax this policy as international trade and use the money to retrain American citizens who are unemployed.
There are dozens of infrastructure jobs that desperately need workers. The Govt needs to help fill that void, but on the other hand I think our Govt would rather spend the money on bombing dirt mounds in Iraq.
Mr.Breaker,
Yeah, that's a good idea - - put more of a tax burden on corporations, who are the ones providing the jobs in the first place.
Open your eyes. This country is so far from being in "serious trouble", it's comical to hear you say that.
At 4.2%, we have had the lowest unemployment rate in twenty years, and it's been that way for a year. The stock market is setting new record highs almost weekly. Inflation is non-existent. Gas prices, though high, are still far lower than in Europe or Canada. Deficit, though high, is being paid down faster than economic experts had predicted. Other than the conflict in Iraq and flare-ups in Israel and Lebanon, the world is at the highest level of peace it has ever enjoyed.
In short, we've never had it so good.
As far as Americans who are unemployed, I don't know what to say. If you can't find a job in this country, in this economy, it may be YOUR problem.
I'm glad you like living high on the hog off of money that is being borrowed from your children (shame on you!). Mr Bush has reduced taxed to the ultra-rich while at the same time greatly increasing spending. Just what the poulation wants - a war with no cost, no hurt, no pain.
The economy is good in some parts of the country, but not others. If you live in an economically depressed area, you just might find it more difficult to get a job. So, some would say the answer is to move, but where? As pointed out elsewhere, not everyone can live in NYC. Places with a lot of jobs tend to have a high cost of living.
LADIES AND GENTLEMEN, SEAN HANNITY IS IN THE HOUSE!
Yes, it's a well known fact that tax breaks for the rich and corporation CREATES jobs, not giant paychecks for the board of directors while the company circles the drain--after all, look at FORD MOTORS! Yes, many millions paid to the CEO, after claiming a $60 million loss and closing plants all over America.
I suggest you pull your head out of your nether regions, turn off the AM radio talk shows, and try and actually experience the world, because you sound like a friggin' idiot.
CONT.
You DID get one thing right, Mr. Breaker. You AREN'T the smartest person in the world. Not by a loooooong shot.
But do some reading, study economics, and adopt a brighter outlook. It's not too late to change the bitter, depressing course of your life. :)
You might want to add that a dollar of less worth is actually GOOD for trade. That means on the international market that your goods are cheaper than competitors from countries who have a money with a higher value.
In reality, it isn't that the dollar is losing value, it is that the Euro and Pound are experiencing massive inflation.
Thanks, dj. Good point, which of course will be lost on the bitter, doom-spewing Liberals on this site.
The whole "trickle down economics" that you people are so wed to has been and continues to be a real miserable failure. But you people REALLY don't care whether we even HAVE a middle class... as long as you've got yours.....
This economic philosophy is a huge chunk of the puzzle of what is wrong with this current government.
I look at what works.
Before "trickle down voodoo economics", the percent unemployed was over 8, and inflation was 13 and a half.
Now we use this bad way of doing things, and people complain because the percent unemployed is over 4 and the inflation numbers are around 3 percent.
http://www.miseryindex.us/irbyyear.asp
http://www.miseryindex.us/urbyyear.asp
Damn voodoo economics for bringing this pain into our house.
If it were inflation/deflation:
The US dollar would be doing the inflation, since it takes more to buy the same amount of euros, or
The euro is in deflation, since they can buy more stuff.
Reality is that it is more complicated than anyone here is willing to look at, but euro and pound are not in inflation, and we have a very good employment situation.
NOT TO BE A BUZZKILL BUT WE NEED TO FACE THE TRUTH!
Mr. Breaker,
Yeah, these articles sell magazines, but in the REAL world, things just ain't that bad.
My advice to you, Mr. CloudyDay, is turn off the TV, shut off your computer and click off the pundits on talk radio. Forget about Paris Hilton. Look deep within yourself. Rely on yourself to make your OWN success and happiness. And realize that your success and happiness doesn't depend on the latest "Sky is Falling" reports from Time Magazine or CNN. These stories are designed to sell magazines and garner ratings. And apparently, it's working, as people like you have been brainwashed into thinking the avalanche of sensational "news" is actually happening or going to happen.
Only YOU can create your own success and happiness.
Mr. Baker,
I have been receiving investment advertisements for almost two years saying the same thing. The dollar has not collapsed yet. If the dollar does collapse the collective world-wide economy will have a big problem. There is a hedge you could take against a collapse of the dollar, if you are worried about that, and that would be to purchase gold or gold coins.
J-easus K-rist - can't ANYONE read? All this thing is telling us is that 3 MONTHS AGO unemployment was worse. And this report only covers 1 stupid week. Some silly anomaly could account for this - like the auto plants closing for a week to let sales catch up with production or something. This is a NON-STORY.
What people dont understand is, the dollar was too strong.
How strong are our loans? Maybe we should ask China.
Instead of asking china, which allows them to make politcal comments, why don't we look at what they are doing?
The proof, as they say, is in the pudding. If they are putting deficit dollars back into the US, then they think our loans are strong. Not sure where to find current, last year I found was '02, and that is too long ago to be relevant.
HAHAHA I guess all you guys have jobs. I also wouldn't be surprised if you some of you guys believe in the tooth fairy or that the war in Iraq is actually making America safer.
Hey I like to believe in rainbows and sunny days too, but I live in NYC and I see how hard it is to find a decent job and live on working wage.
You guys sound like you have been to too many Tony Robbins seminars and your brains are filled with sugar plum fairies and talking bunnies.
WAKE UP!
If our economy was so good we would not have a record number of Home foreclosures.
40-50 millions Americans without healthcare
The New Deal was instrumental in bringing the US out of the Depression I don't see a problem with instilling a similar program geared at retraining ppl who have been layed off with new skills.
600 employees were layed off from my company just 4 months ago, go tell them how great the economy is.
Yeah - now here's some Truth. Anyone with ANY sense would realize that the high number of home foreclosures is a MUCH better indication of the health of the American economy than practically ANYTHING else. Let's face it - the mortgage is the FIRST thing anyone pays. NO ONE wants to be homeless. The banks are (in large part) to blame for this as they are the ones who have convinced everyone it is OK to take all the equity out of your (inflated valued) home to pay off the credit card debt they have also allowed you to run up at ridiculous interest rates. And, because of illegal workers and foreign workers that are available at reduced pay rates, it isn't hard to see why it's getting VERY difficult to actually LIVE on what the remaining jobs pay. It's time to get control of the banks, return to a "real" currency, get rid of the "fed", and -- quite possibly -- the U.S. needs to file bankruptcy and get a fresh start. How else? Get Bill and Warren to pay it off?
Regarding predetory lending practices:
On the same day that the White House announced that President Bush is nominating California billionaire Roland E. Arnall to be ambassador to the Netherlands, the company he controls said it would set aside $325 million for a possible settlement of allegations of predatory lending tactics.
Arnall's company, Ameriquest Mortgage Co., is being investigated by regulators in 30 states. A $325 million settlement would be one of the largest ever in a predatory lending case.
From Washington post
Arnall may now be personally named in the ongoing suits.
Mr. BrokenBrain,
The reason there are so many foreclosures is because of idiot people suckered in by aggressive real estate brokers promising a low mortgage rate - for awhile. Then the rates went up, the payments went up and bingo, the morons can't pay their mortgage. It would be sad except THEY KNEW FULL WELL GOING IN what the consequences were, but they threw their money away anyway, all to get a piece of what TV tells them is that American Dream. A fool and his money are soon parted.
As for New York City, THAT microcosm hardly represents the REAL world. Rents and home prices are inflated beyond belief, there are no good jobs - why? Because EVERYONE wants to live there. Well, guess what? Everyone CAN'T live in New York City, plain and simple. Try somewhere else, and work your way up to NYC if you want to live there. I'd like to live in Monte Carlo or Tahiti, but it's just not viable.
CONT.
And sorry, it's up to the individual to improve their job skills, not the government. When you say government, I hope you know you mean taxpayers, that is, you and me. Why should I pay for someone's education and job skills? I'd rather pay for my own, and make my own way. It's how capitalism and the free market system works.
Don't like it? Go live in France or Venezuela and have the state take care of you.
Oh spare me the bootstrap mentality! I hate to break it to you but this county is not fair and balanced on any kind of level socially, politically or financially. So you logic really doesn't apply accept in regard to perhaps making YOU feel better.
Hey Dummy! EVER HEAR OF STAFFORD LOANS? THOSE ARE LOANS PROVIDED TO STUDENTS BY THE FEDERAL GOVT. (ALSO KNOWN AS YOUR TAX DOLLARS) so in case you didn't know you do somewhat pay for someone else's education.
Oh and by the way the prison work programs that are used to give jail inmates skills are paid for with your tax dollars. And they also take away jobs from Americans.
SAINT READ A BOOK, Support a soup Kitchen, and listen for the pop....of your head coming out of your ass.
Mr. Breaker,
"40 to 50 million Americans without healthcare."
Many of those ppl are without healthcare by choice, many are between jobs, many are young and in good health and don't think they need healthcare at this point in their lives, and many are on Medicaid (these ppl are still counted as uninsured even though they receive government provided/paid for services.
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The labor market remains healthy? BS!! Only those collecting unemployment are counted. If it was healthy wages would go up due to a shortage of workers and the minimum wage bill would not be necessary -- supply and demand!
engineer,
No. Only those APPLYING for unemployment are counted.
I recommend that those that are EVER unemployed file even though you don't expect to receive benefits. If, for example, you're unemployed file for it and if denied this month file again next month and every month until you're employed again. You're unemployment period expired? No problem, keep applying until you are again employed. This keeps the unemployment figure correct and may just create an issue with your previous employer as to their hiring and firing practices. That issue will probably get the attention of company shareholders that their investments have a problem. Also, the local Chamber of Commerce may view their practices negatively or problematicand that's enough for some sharp inquires on their part. It throws a pail of cold water on those companies that want to be viewed as partners in their local communities.
Only those applying for unemployment are ever counted, just like only new jobs are ever counted. The difference tells you if more jobs are being created or lost, and that number is added to the last employed and unemployed figures to come up with current figures.
So what you are trying to do is bias the system to show unreal job loss.
But it won't do what you want, since the number used is "first time unemployment applicants", not "unemployment applicants".
Spaz,
Not true. Unemployment is counted by each state and that information is passed to the Federal government. Each state doesn't keep track of the individual unemployed beyond their unemployment compensation period; the cutting of the check. If you're still unemployed at the end of that period you're dropped from the rolls and the unemployment figure is adjusted again. The only way true unemployment can be counted is by filing another application, which is something many unemployed don't do.
You are right. The "unemployment" numbers we've been hearing all along are not really accurate because after one has exhausted the unemployment benefits available, that person is DROPPED from the unemployment statistics. With the outsourcing of jobs, the unofficial illegal immigrant "guest workers," etc; this is a MUCH more common occurrence than our government will EVER acknowledge. The only reason we see a spike is because of the higher number of NEW claims.
This economy is great for CEOs and investors who have made enough wealth to be uber-rich. The rest of us, including those of us who are desperately trying to hang on to their shrinking sliver of the middle class, are suffering terribly under this economy. As for me; my income isn't keeping up with inflation and I feel like I'm a working class dog just trying to keep up with the bills! It shouldn't be that way for one of my age and education. Thank God I have education and a skill or I would REALLY be f***ed.
Oh Boo hoo scott.
"the rest of us are suffering terribly under this economy"
HAHAHAHAHAHAHA!!!
Will you get some perspective, please? You don't even know what it means to "suffer terribly". What's the matter, did you spill a cappucino all over the cloth seats of your Lexus SUV?
There's people around the world starving, homeless, living from day to day with no hope of any future, much less ever dreaming of dealing with the "problems" you purport to have. Do you realize how ridiculous you sound?
see http://www.hotshadow.com/news.aspx
Today the Department of Labor released statistics indicating that unemployment has reached its highest mark since early April.
QUE? From the US Department of Labor, March through May. There are no stats for June cause the month of June has not ended.
Mar Apr May
4.4 4.5 4.5
The jobless rate has ranged from 4.4 to 4.6 percent since September 2006. USDL
So what's up with the chicken little shrill "highest mark since early April"
Humm could it be the report that the Dem congress is at historic low of 14% approval?
Jan 4.5 better than expected, April 4.4 9 week drop in unemp is good.
Mar Apr May June
4.4 4.5 4.5 ? the sky is falling!! Expected to be 4.4 to 4.6 unemp
From MSNBC Jan 11 2007
Weekly improvement is much better than analysts had expected
Updated: 3:24 p.m. PT Jan 11, 2007 (the Dems took control of congress)
a better-than-expected showing which helped keep the unemployment rate steady at a 4.5 percent.
Even with last year's slowdown, the unemployment rate for the whole year averaged 4.6 percent, down from a 5.1 percent average in 2005 and the best showing in six years.
So unemployment at 4.5 is better than expected!
From MSNBC April 26 2007
Jobless claims see largest fall in 9 weeks
Msnbc
Even in the midst of the yearlong slowdown, the unemployment rate dipped in March to 4.4 percent, matching a five-year low, as employers boosted hiring by 180,000 workers
The jobless rate has ranged from 4.4 to 4.6 percent since September 2006. USDL
So what's up with the chicken little shrill "highest mark since early April"