The economic crisis has been felt in most sectors of the economy, and among most communities as well. A year ago, we spoke about how one of the communities most negatively effected was the African-American community. Today we get another glimpse of that impact in the monthly report from the Labor Department. National unemployment for blacks in the third quarter of 2010 was at over 16 percent. Are we seeing a destruction of the black middle class?
Today the Labor Department reported 151,000 new jobs added to the economy — the most in five months. Some are saying this could be a sign that the country's financial situation is improving, and that the private sector could finally be gaining traction again. We're joined now by Wall Street Journal reporter Kelly Evans, who says it might help the labor market finally lift off.
One day before the mid-term election and predictions are in. Todd Zwillich, The Takeaway's Washington correspondent, looks ahead to election day and forecasts the after-effects of its results.
Voters head to the polls tomorrow, but non-political happenings continue apace: the Fed will meet to discuss what to do about interest rates and the economy. Charlie Herman, economics editor for The Takeaway and WNYC Radio, doesn't see the interest rate increasing, but sees the Fed pumping more money into the economy, to try and jumpstart it.
Can one man's charitable donations help turn around the nation's unemployment numbers? Philanthropist Gene Epstein thinks so. The 71 year old Philadelphia resident is using $250,000 of his own money to create Hire Just One, an initiative that encourages businesses to hire again by making a $1,000 donation to charity when a business hires an unemployed person and keeps him or her on the payroll for six months. Epstein joins the program to talk about his ambitious program.
The September jobs report comes out today; this month's report carries some special weight. For politicians, it's the last unemployment report Americans will hear about before the mid-term elections. For the Federal Reserve, it will affect policy when the it meets in November; many expect a loosening of monetary policy based on how the economy is faring.
Overall though, economists are predicting the September report will not show too much change in unemployment figures. Businesses are still slow to hire, but layoffs are not rising. There may not be much in the way of job growth, and many, many Americans are still unemployed, but fewer people are losing their jobs.
The government wants to create new jobs. Most new jobs come from small businesses. Logic might suggest that the government should support small businesses, yet that’s proven hard to do in practice. Why? And, are there better ways for the government to encourage businesses to hire more people?
Anthony Fraccia hoped that offering a job in Michigan at his small business — a part-time position that would become full-time depending on performance — he'd get plenty of applicants. But one potential employee who called told him they wouldn't take the job because "I make more on unemployment." It took a minute for it all to sink in, but it left Fraccia wondering if extending unemployment benefits was actually bad for business.
This week economists officially declared the recession over, as of June, 2009. So now what will the recovery look like?
The U.S. Census Bureau released a report yesterday showing that in 2009, more than 14 percent of the population was living in poverty: It's a rate that hasn't been seen in the U.S. since the early '90s. Looking ahead into 2010's statistics, economists fear poverty will soon be higher than at any time since the 1960s, before President Lyndon B. Johnson declared the War on Poverty, as part of his Great Society initiative. We discuss what can be done to fight poverty in America and how the government defines being poor.
As large portions of the East Coast breathed a sigh of relief as Hurricane Earl lost strength overnight, another storm, this one economic, was also less damaging than expected.
The government reports that employers cut fewer jobs than expected in August. The nation’s payrolls shrunk by 54,000.
This was not a great report but it was "better than many thought it would be,” wrote Joel Naroff, chief economist with Naroff Advisors in a note to clients.
All eyes are on the Department of Labor's monthly jobs report, scheduled to be released this morning. Economists predict the report will show small gains in the jobs market - between 40,000 and 70,000. But they are concerned that if job creation numbers are too low, the overall unemployment rate could still rise - making the report an indicator that the economy could be heading for a "double-dip" back into recession.
What is your personal jobs report? How would you characterise YOUR job situation? Is it scarier or safer than last month? Let us know in the comments below or text the word TAKE to 69866.
The Bureau of Labor Statistics will release a new jobs report this morning. Since the start of the economic downturn, the dire unemployment situation has been described in grim and abstract numbers: unemployment is at 9.5 percent; one in six Americans are receiving government assistance; and an estimated 8.5 million factory jobs have been lost since November 2007.
But behind the numbers are the human costs of unemployment. In a new book, “Closing: The Life and Death of an American Factory,” photographer Bill Bamberger and author Cathy N. Davidson capture the faces and stories behind the workers in Mebane, North Carolina, who lost their jobs when White Furniture Company closed its doors in 1993. The book and its gripping photos show tell the stories of personal loss and struggle for workers whose entire lives were turned upside down.
A new survey from USA Today brings Americans' dependence on government assistance into the light; that and this morning's top headlines.
The 9.5 percent unemployment rate does not count a huge number of Americans: People who are out of a job and have given up looking. Yesterday, Newsweek and Slate columnist Dan Gross explained why some have stopped their job search altogether, and listeners responded.
Lizzy from the New York City wrote on our website:
“I am a highly educated 43- year- old designer who has had a very successful freelancing career up until end of 2008. Since then, it has been brutal trying to get and keep clients, or find any work whatsoever.”
The 9.5 percent unemployment rate does not count a huge number of Americans: People who are out of a job and have given up looking. With millions of people out of work and competing with each other for the small percentage of open jobs, it makes sense that a significant portion will call it quits – at least for the time being – and cease searching for employment all together.
If you're unemployed but not looking for work, tell us: At what point did you stop looking for a job?
The Labor Department's jobs report for July, released last Friday, showed overall unemployment stayed the same at 9.5 percent, but that the economy lost 5,600 temporary jobs. This ended nine months of gradual increases. Concerned economists say temporary jobs can be seen as a leading economic indicator of how businesses will proceed in the hiring of permanent workers.
While private employers added 71,000 in July, the economy lost 131,000 jobs overall and unemployment remained unchanged at 9.5 percent. Many of the job losses were due to the expected reduction in Census Bureau staff. The numbers put increased pressure on Washington to find ways to help the economy.
Lakshman Achutan, managing director of the Economic Cycle Research Institute, analyzes the report and what it could mean for you and where jobs are headed in the months ahead.
According to a new report released by the Annie E. Casey Foundation's KIDS COUNT, child poverty is on the rise in America. The report, which looked at data from 2008, shows that even before the recession hit, one million more children were living in households below the poverty line than in 2000.
"That's a real warning sign for us," says Laura Beavers, national KIDS COUNT coordinator for the Annie E. Casey Foundation. "We are fully expecting that when the Census Bureau releases new data on child poverty this year, the child poverty rate is likely to climb above 20 percent."
The report also revealed the states with the highest ranking for overall well-being of children, and the states with the lowest rankings: New Hampshire ranked first, while Arkansas, Louisiana and Mississippi ranked in the bottom three.
This week, Democrats in Congress broke a Republican filibuster and passed legislation to extend unemployment benefits. 2.5 million unemployed people will get payments retroactive to the time they stopped receiving benefits. One of those is Michelle Ives, who got her last check in June, and has resorted to desperate measures while she waited for her check (including taking out a 35 percent loan on her car).
58 Democrats and two Republicans in the U.S. Senate overcame a Republican filibuster and moved closer to extending unemployment benefits to 2.5 million Americans. A final vote is expected later today.
The larger unemployment picture is complex. The national unemployment rate dropped to 9.5 percent in June, down 0.2 percent from the previous month. However, job growth remained stagnant, with only 21 states seeing net job gains.
With unemployment still high and practically no job growth, we're asking: where have all the jobs gone? We want you to help us track them down: if you're unemployed, or if you know someone who is, tell us: What happened to the job? Did it go overseas? Or did the company downsize?