ShareThisyahoo news headline," immigrants hit hard by U.S. economy and sub-prime crisis"?
Well my question just a few days ago has been noted. I asked, " Do you want to know why I’m looking forward to a recession?" And yahoo just mentioned my reasons. What does an out of work illegal construction worker do when he can’t live with 15 other illegals? There’s no unemployment when you get paid under the table. They have no skills to fall back on…I’m hoping it gets even worse.What do you think?
shjolds-your post should be the yahoo headline.
I LOVE the last line of the yahoo article where the hispanic advocate claimed( in regards to the sub-prime) " they were subject to more abuse because the paperwork was in English". Does anyone else want to smack this woman silly?
To the person who asked how illegals get housing if they are paid under the table, hereis your answer- They don’t. In the illegal world there are people9 i forget they call them) who are able to sign the paperwork. i won’t admit to knowing how they qualified but they do.then they rent the house out to 10-15 illegals.
Are you one of the 31 Million Americans who is going to THANK the Democrats come November?
Thank them with THEIR Pink Slip?
Unemployment Benefit Claims Reach Half-million Mark
WASHINGTON — Employers appear to be laying off workers again as the economic recovery weakens. The number of people applying for unemployment benefits reached the half-million mark last week for the first time since November.
It was the third straight week that first-time jobless claims rose. The upward trend suggests the private sector may report a net loss of jobs in August for the first time this year.
Initial claims rose by 12,000 last week to 500,000, the Labor Department said Thursday.
Construction firms are letting go of more workers as the housing sector slumps and federal stimulus spending on public works projects winds down. State and local governments are also cutting jobs to close large budget gaps.
The layoffs add to growing fears that the economic recovery is slowing and the country could slip back into a recession.
“The rise in initial jobless claims over the past three weeks makes it difficult to maintain confidence in the recovery and suggests the labor market is backtracking,” Ryan Sweet, an economist at Moody’s Analytics, wrote in a note to clients.
http://www.unionofunemployed.com/blog/recent-news/unemployment-benefit-claims-reach-half-million-mark/
USAF: Subtelty isn’t your stong suit is it?
What is your opinion of this article?
Meet the Unemployable Man
by David Wessel
Saturday, May 1, 2010
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The betting is that the Labor Department’s Friday snapshot of the job market will show that employers added workers in April, perhaps even that the unemployment rate fell.
That would be good news, but not good enough. It’s hard to exaggerate how bad the job market is. Here’s one arresting fact: One of every five men 25 to 54 isn’t working.
Even more alarming, the jobs that many of these men, or those like them, once had in construction, factories and offices aren’t coming back. "A good guess…is that when the economy recovers five years from now, one in six men who are 25 to 54 will not be working," Lawrence Summers, the president’s economic adviser, said the other day.
This is not one of the many things that can be blamed on subprime lending, inept regulators or Goldman Sachs. "The Great Recession has reinforced prevailing labor market trends that were under way long before the recession," David Autor, a Massachusetts Institute of Technology economist, observed in a recent paper commissioned by two Democratic-leaning think tanks, the Center for American Progress and the Hamilton Project.
Demand for workers who haven’t much education — which includes many men, particularly minority-group men — is waning. A shrinking fraction of them are working. Some are looking for work; some have given up. Some are collecting disability benefits or an early-retirement pension. Some are just idle. On average, surveys find, the unemployed in the U.S. spend 40 minutes a day looking for work and 3 hours and 20 minutes a day watching TV.
For 50 years, the fraction of men with jobs in what once were prime earning years has been trending down. Over the same decades, the share of women who work has been rising, a significant social change that lately has cushioned the blow of Dad’s unemployment for many couples.
Women have suffered less in this recession. They were more likely to be in health care and other jobs that weren’t hit as hard as construction and manufacturing. They are increasingly likely to have the education so often required to get or keep a good job these days.
That’s good for their families. But will there be good-paying jobs in the future for prime-age men, particularly the ones who don’t go to college?
Americans have worried for decades that the economy won’t produce enough jobs. But the economy always provided. As farm jobs were eliminated by mechanization, factories hired more. As factories increased productivity and moved work offshore, more Americans got jobs in health care and other services. And the economists said to all those who had been worried about perennial, persistent unemployment: We told you so!
Yet nothing in the textbooks says that the supply and demand for workers will intersect at a wage that is socially acceptable. At the high end, demand for skilled workers and those who rely on their brains will return when the economy does. At the other end, jobs in restaurants, nursing homes and health clubs — the jobs that are hard to automate or outsource — will come back, too.
In the middle, there will be some jobs for workers without much education, for the plumbers, electricians and software technicians. But not enough to go around.
Men who in an earlier era would have been making good money on the assembly line are, and will be, working security or greeting at Wal-Mart, jobs that almost anyone can do and thus jobs that don’t pay well.
If they’re working at all. Today, 6.5 million workers have been out of work for six months or more, and that includes only those who are still looking for work. History suggests the longer they’re unemployed, the less likely they are ever to work again. Faster economic growth would help a lot, but won’t suffice.
One way to resist these market forces is to reduce the supply of workers who aren’t in demand and increase the supply of workers who are. That is, educate more and better: Fix K-12 schools, improve worker-training programs, strengthen community colleges, give more aid to college students. All this is wise, but most of it will take a long time.
Another option is on the demand side: Force employers to be less efficient so they have to hire more, or limit imports of goods that threaten jobs of less educated, prime-wage men — solutions with unwelcome side effects.
The government, Mr. Summers said, can increase demand for labor in the short run. Spending more public money on infrastructure, he argued, will both strengthen the economy for the future and employ out-of-work construction workers.
A third option is surrender to market forces and tax the winners to subsidize the losers. Sending checks to idle men is unappealing, but the government could do more to supplement wages (or health insurance costs) for those who work at low wages.
Ea
How is that "hope and change" doing for the 15.1 million unemployed?
Nonfarm payroll employment continued to decline in September (-263,000), and the unemployment rate (9.8 percent) continued to trend up, the U.S. Bureau of Labor Statistics reported today. The largest job losses were in construction, manufacturing, retail trade, and government.
Household Survey Data
Since the start of the recession in December 2007, the number of unemployed persons has increased by 7.6 million to 15.1 million, and the unemployment rate has doubled to 9.8 percent. (See table A-1.)
http://www.bls.gov/news.release/empsit.nr0.htm
Yes another ‘historic’ accomplishment of the great Obama, he has managed to DOUBLE the unemployment, what a guy.
And, I hate to break this one to you, do you remember who was in charge when the recession started?
Yes you can admit that the Democrats were in charge of the Congress since 2006 thanks for admitting that
What does each .1 of a percent represent in numbers of people in unemployment numbers?
Unemployment shot up to 5.1 percent from 4.8 in February, continuing the string of bad economic news that suggests the economy has entered a recession after years of poor jobs growth under President Bush. The mismanaged, weak economy is continuing to take a toll on working families.
Dismal Employment Numbers: 80,000 Jobs Lost
By David Madland
April 4, 2008
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For the first time in five years, the U.S. economy lost jobs for three consecutive months, according to figures released today by the Department of Labor. Unemployment shot up to 5.1 percent from 4.8 in February, continuing the string of bad economic news that suggests the economy has entered a recession after years of poor jobs growth under President Bush. The mismanaged, weak economy is continuing to take a toll on working families.
In March, employment was down by 80,000 jobs, and since the start of the year the economy has lost 232,000 jobs. The last time the economy saw three straight months of employment decline was April 2003. Today’s release also indicates that job losses in January and February were worse than initially reported: Employment in those months was revised downward by 67,000 jobs.
The number of unemployed persons rose to 7,815,000 in March. The last time the number of unemployed was so high was in December 2004, and the number of unemployed has not increased as much over the course of a year since August 2002. While the unemployment rate increase of 0.3 percentage points is a significant jump from February, it should more accurately be viewed as a continuation of a year-long trend of rising unemployment.
These most recent job losses come on top of a period of very weak job growth, making today’s news that much more troubling. Over the past year, the economy has created only 536,000 jobs—far less than the pace needed just to keep up with population growth. In contrast, the economy created about 2 million jobs in 2006, which was a relatively weak year of economic recovery. In the late 1990s, the economy was creating 3 million jobs per year.
Job losses were widespread. The collapsing housing market continued its downward pull on the economy, but significant losses were felt in many other sectors, especially manufacturing and professional services. Job losses were led by the struggling construction sector, where 51,000 jobs were lost in March. Since March of last year, construction has lost 356,000 jobs.
Manufacturing continued its long slide, losing 48,000 jobs for the month. Manufacturing has lost jobs nearly every month for the past several years. For the past year, losses in the sector total 310,000 jobs.
Professional services, a sector that had been growing in recent months, declined by 35,000 jobs in March. Over the past year, the sector has still produced 161,000 jobs. Temporary help services fell by over 21,000 for the month, indicating that hiring is likely to be weak for some time. Increases in temporary employment can indicate a growing need for workers.
As has been the case for some time, jobs increased in health care, restaurants, and government, but gains in these sectors were not enough to prevent the overall employment figures from appearing grim. Healthcare added nearly 23,000 jobs in March, and has generated just over 360,000 new jobs over the past year. Restaurant employment increased by 23,000 for the month, and has added nearly 290,000 jobs for the year. Government added 18,000 jobs, and has added 244,000 since March 2007.
The Department of Labor report also indicates that the economic downturn is hitting the Latino community particularly hard. The employment-to-population ratio—a good measure of the overall strength of the labor market—fell the sharpest for Hispanics in March, declining to 63.7 percent from 64.3 percent. In contrast the employment-to-population ration for whites held steady at 63.3 percent. The ratio for African Americans also fell, but by a lesser amount, to 58.2 percent from 58.4 percent.
The job market has been particularly hard on those with less skills—workers with a high school degree or less—a category that includes many immigrants. The employment-to-population ratio fell for the month to 42.3 percent from 43.0 percent for people with less than a high school diploma, and to 59.1 percent from 59.7 for those with a high school degree.
In contrast, the employment-to-population ratio for those with more education held steady or increased: For those with some college it remained about the same, going to 69.3 percent to 69.4 percent, and for those with a bachelor’s degree or more it increased to 77.0 percent from 76.5.
All told, today’s jobs figures paint a bleak picture of a weak economy. There is no way to put a positive face on today’s job figures. The labor market has been in the doldrums for years, with well below average job growth, flat wages, and declining benefits. This has forced families deeper and deeper into record amounts of debt. And just as families are beginning to ponder how they are ever going to repay this debt, the rug is pulled out from under them as jobs become scarcer. The weak labor market is inflicting the greatest harm on those who are the most vulnerable.
Policymakers who have ignored the trouble signs brewing in the labor market for years need to craft an economic recovery plan that addresses the current nosedive in the labor market, but also the long-term weakness that preceded it. The recently enacted economic stimulus plan will help kick-start the economy when checks go out to taxpayers this summer, but it needs to be followed by a reorientation of our longer-term economic policies to make the economy work for real people with real economic problems—not just financial markets dealing with mostly self-inflicted pain.
David Madland is the Director of the American Worker Project at the Center for American Progress.
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202.481.8182 or jneurohr@americanprogress.org
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the current economic crisis?
When this crisis is over, what affect do you think it will have had on the construction of new homes ? I think in this next decade, you’ll see people buying smaller homes with more custom things in them, what housing trend do you think will come out of this recession ?
Who will pay for the healthcare of the unemployed.?
Nonfarm payroll employment continued to decline in September (-263,000), and
the unemployment rate (9.8 percent) continued to trend up, the U.S. Bureau of
Labor Statistics reported today. The largest job losses were in construction,
manufacturing, retail trade, and government.
Household Survey Data
Since the start of the recession in December 2007 ( the year democrates took control of congress), the number of unemployed
persons has increased by 7.6 million to 15.1 million, and the unemployment
rate has doubled to 9.8 percent.
Riots in Russia, California halts construction of Deaf School, Stimulus gets BIGGER
GOP leaders doubt stimulus bill will pass Senate apnews.myway.com Glaxo ‘to slash thousands of jobs’ news.yahoo.com IBM cuts 1400 sales jobs www.financialpost.com Party Foul: RCN Cable Problems Plague Manhattan wcbstv.com Violent clashes in Russia as angry protesters call for Putin to resign over economy www.dailymail.co.uk Obama sees many troops back home in a year www.msnbc.msn.com Caterpillar laying off 2110 more workers www.msnbc.msn.com US Consumer Spending Falls for Sixth Straight Month www.bloomberg.com Netanyahu says Iran will not get hands on nukes malaysia.news.yahoo.com Russian newspaper mourns another murdered reporter apnews.myway.com IBM To Open Center, Bring New Jobs To Dubuque www.npr.org GM dumps its jobs bank www.dispatch.com State budget halts work at California School for the Deaf in Riverside www.pe.com
