Friday produced another round of ugly job numbers as the country's unemployment rate inched up to 9.2 percent. Yet in Washington, the conversation remains fixed squarely on a compromise to raise the country's debt ceiling. Have lawmakers forgotten about the country's unemployed? And what about the "99'ers," the individuals who have exhausted their 99 weeks of unemployment benefits and are left with no government assistance? Where do they fit into the picture?
New economic data from the federal government show the economy added a paltry 18,000 jobs in June, pushing the unemployment rate back to 9.2 percent. Dan Gross, columnist and finance editor for Yahoo! Finance, gives his analysis of the numbers.
Demonstrators continue to protest in the streets of Athens today, amid violence and tear gas. Many Greeks are not happy with their government's upcoming vote on austerity measures, which would mean higher taxes and many spending cuts. If Greece's government does not pass the austerity measures, though, they would be at risk of not receiving a €12 billion bail-out, and becoming the first eurozone country to default.
President Obama will be speaking with workers at a Chrysler plant in Toledo, Ohio, on Friday. The visit comes on the back of a report released showing the government’s $80 billion auto bailout will only cost taxpayers about $14 billion at the end of the day – far less than originally expected. The report also shows the American car industry has created 115,000 jobs since the government stepped in. The president will be selling this as a big success story – but is it?
The Fed yesterday called economic recovery "disappointingly slow," but there may be some optimistic news out today. Unemployment numbers released today place the unemployment rate holding steady at 9.6 percent, but nonfarm payrolls are up 151,000. Yahoo Finance economics editor and columnist Dan Gross deciphers the numbers for us, and tells us about what he calls "non-end-of-the-world-data-flow."
President Obama is embarking on a week of focusing on the economy. He will visit Milwaukee to address Wisconsin's union workers; Cleveland, where he's expected to give details on his ideas to improve the economy and spark job growth; and back to Washington D.C. for a White House news conference on Friday.
Dan Gross, senior editor and finance expert at Newsweek, says tax breaks to encourage companies to hire will be the main item on Obama's agenda.
On the heels of the House and Senate deal on financial reform, President Barack Obama is heading to Toronto for the latest G-20 summit. "This weekend in Toronto I hope we can build on this progress by co-ordinating our efforts to promote economic growth, to pursue financial reform and to strengthen the global economy," the president said during a press conference outside the White House this morning.
To give us a breakdown of what will be on the docket at the G-20, we turn to Newsweek and Slate columnist Dan Gross.
It's Monday, which means it's time to check what's on the agenda this week. Marcus Mabry, associate national editor for The New York Times, and Dan Gross, senior editor and finance expert at Newsweek, look at what's ahead for BP; what unemployment numbers, due out on Friday, will say of the economy; and court hearings for two accused home-grown terrorists, Major Nidal Malik Hasan, the suspected Fort Hood shooter, and Faisal Shahzad, the accused Times Square bomber.
After months of debate and attacks from both sides of the aisle, the Senate passed a financial regulatory bill by a 59-39 vote, Thursday. The biggest change in the bill is the creation of an agency whose sole job is to monitor fairness of any product that is bought by the consumer. Next, the Senate and House versions of financial reform have to be reconciled and combined before heading to the president's desk, perhaps as early as the Fourth of July.
Newsweek columnist, Dan Gross, tells us how the European Leaders' agreement to give Greece some debt relief may affect the U.S. markets. Among other things, Gross says it might be good news for Americans traveling overseas.
New numbers out this morning show an unexpected dip in the unemployment rate. The Labor Department put the rate at 9.7 percent for January, down from 10 percent. We get reaction from Newsweek columnist Dan Gross.
As European nations in the Iberian Peninsula fall deeper into debt, the U.S. markets came tumbling down on Thursday, with the Dow Jones Industrial Average closing just above 10,000 points. All this comes hours before new jobless numbers are released.
On the eve of the Bureau of Labor Statistic’s release of employment numbers for November, President Obama will host 130 business leaders at the White House today for a "Jobs Summit." The President's summit will include a meeting of the minds between CEOs of large corporations and small business owners; economists, labor union leaders and non-profit groups. Newt Gingrich, in response to the president's summit, announced yesterday that he will hold his own meeting, deeming it the "Real Jobs Summit." So with all the summits, we at The Takeaway decided to hold our own, including Dan Gross, senior editor at Newsweek; Ken Rogers, executive director of Automation Alley in Troy, Mich. (Rogers will be attending President Obama's summit later today); and Dave Thompson, news director for Prairie Public Radio in North Dakota, where unemployment numbers are at a nationwide low.