Continuing claims drop a bit to 3.21 mn
Personal income is up 0.3% mom
Comments »Study: U.S. Trade Gap With China Has Cost us 2.1 Million Jobs
“WASHINGTON (Reuters) – The huge U.S. trade deficit with China, fueled by Beijing’s actions to depress the value of its currency, displaced or eliminated more than 2.7 million American jobs between 2001 and 2011, the labor-friendly Economic Policy Institute said on Thursday in its latest look at the issue.
The institute estimated that nearly 77 percent, or more than 2.1 million, of the lost jobs were in manufacturing.
The think tank receives about 30 percent of its funding from union groups, which have pressed both the administration and Congress for tougher steps to rein in the growing trade deficit with China, which hit a record $295 billion in 2011.”
Comments »Unemployment Rates Rise in 44 States in July
“Unemployment rates rose in 44 U.S. states in July, the most states to show a monthly increase in more than three years and a reflection of weak hiring nationwide.
The Labor Department said Friday that unemployment rates fell in only two states and were unchanged in four.
Unemployment rates rose in nine states that are considered battlegrounds in the presidential election. That trend, if it continued, could pose a threat to President Barack Obama’s re-election bid in less than three months. ”
Comments »Jobs 2012: Government Jobs Exceed Goods-Producing Jobs
Wonder why our recovery has been painfully slow? Your tax dollars are being circle-jerked to create more government jobs which then require more of your tax dollars to sustain.
First, recognized by Iacono Researchin 2010, total government jobs at the federal, state, and local level, now exceed total employment in the private goods-producing sector, including manufacturing, construction, mining and logging, which also includes oil and gas extraction. We didn’t expect this.
Really? More government jobs than goods-producing jobs? In the United States?
Read the rest here.
Comments »America’s Energy Seen Adding 3.6 Million Jobs Along With 3% GDP
” On the eastern bank of the Mississippi River, about an hour upstream from New Orleans, the outline of Nucor Corp. (NUE)’s new $750 million iron-processing plant is rising between fields of sugar cane and sweet gum trees.
Surveying the facility from the road, Michael Eades, president of Ascension Economic Development Corp., says it’s part of a wave of investment lured by low natural gas prices to this stretch of Louisiana’s industrial riverfront. Companies such as Westlake Chemical Corp., Potash Corp. of Saskatchewan Inc. and Methanex Corp. (MX) have projects in the works. Ormet (ORMT) Corp. reopened an alumina refinery last year, bringing back 250 jobs.”
Comments »USA Today: Companies Slash Training, Add to Jobless Woes
“Companies across the country are cutting training programs for new employees, broadening the divide between workers with skills needed to compete in today’s economy and those left out, pushing up unemployment rates in the process.
A recent survey by the Society for Human Resource Management found that 38 percent of companies said they cross-train employees to develop skills not directly related to their job, down from 43 percent in 2011 and 55 percent in 2008, USA Today reports.”
Comments »Australia Adds 14k Jobs and Sees Unemployment Fall to 5.2%
“Australian employers boosted payrolls in July and the unemployment rate unexpectedly fell as the nation’s resource-driven economy weathers a global slowdown, sending the local dollar near a 4 1/2-month high.
The number of people employed rose by 14,000 last month, the fourth gain in five months, erasing almost of half of the revised 28,300 fall in June, the statistics bureau said in Sydney today. That compares with the median estimate for a 10,000 increase in July employment in a Bloomberg News survey of 25 economists. The jobless rate fell to 5.2 percent from an upwardly revised 5.3 percent.”
The Aussie Rallies on the news
Comments »Hope Your in the 24.6% Club
Say Goodbye to Cheap Labor in the Developed World
This could be good or bad depending on how you look at it. I’d like to think natural born citizens will see their wages rise.
Comments »Why Was The Markets So Giddy Over Last Week’s Employment Report ?
Beware the Jobs Report of July
The government has estimated an average change of 149,700 jobs in the last 10 July jobs reports, but it has since revised those estimates by an average of 92,900 jobs per year. In other words, the initial estimate is generally off by about 62 percent.
In three of those 10 years — 2002, 2003 and 2007 — the agency wasn’t even correct about whether the economy gained or lost jobs.
So take Friday’s report with a measure of caution.
Read the rest here.
Comments »The Challenger, Gray, & Christmas Report Shows Layoffs Have Fallen to a 16 Month Low
“U.S. companies announced planned lay offs totaling 36,855 employees this July, a two percent drop from June’s reading and 45 percent lower than layoffs first reported one year ago.”
Comments »Asia Trades Mixed, Europe is Up on Hopium, and U.S. Futures Look to Make Up Some Losses
ADP: More Jobs Added to the Economy Than Expected
“A private survey shows U.S. businesses kept hiring at a modest pace in July, suggesting the job market could be improving after three sluggish months.
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Payroll provider ADP said Wednesday that businesses added 163,000 jobs last month. That’s slightly below a revised total of 172,000 jobs it reported for June.
The report only covers hiring in the private sector and excludes government job growth. The Labor Department will offer a more complete picture of July hiring on Friday.”
Comments »Meredith Whitney: Banking Industry to Shed Another 50,000 Jobs
Fortune: Rise in Unemployment Taxes Stymies Small Hiring
The Silent Job Killer: Our Unemployment System
The Marsh-Newnam partnership has all the makings of a grassroots business story that — stitched with thousands of others — could aid an American jobs revival. Except for one thing: Marsh isn’t hiring. He’s being killed by unemployment taxes that are on their way to quadrupling since 2009. When new business comes calling, Marsh says, “I have to ask myself if there’s another way to meet production needs without adding employees.” He would rather pay overtime than shell out a per-worker tax of $900 (up from $270 three years ago) that is slated to rise to about $1,100 in 2014.
Read the rest here.
Comments »NYC’s Jobless Rate Hits 10% in June
Did The Philly Fed Just Signal A Negative Employment Report is Ahead?
Via Zero Hedge, how would a negative employment report affect Obama? The Philly Fed may have just signaled that a negative tick is coming, effectively ending any recovery.
Read the article and see the chart here.
Comments »Poll: Fewer US Companies Planning to Hire Amid Fears of Europe
“American companies are scaling back plans to hire workers and a rising share of firms feel the European debt crisis is taking a bite out of their sales, a survey showed on Monday.
Only 23 percent of the firms polled in June plan to add to staff in the next six months, the National Association for Business Economics said on Monday.
NABE’s prior survey, conducted in late March and early April, had shown 39 percent of companies planning to add workers.”
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