User: newstrust Topic: Personal Finance
Category: Unemployment
Last updated: Sep 22 2016 03:49 IST RSS 2.0
 
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Fed Keeps Benchmark Interest Rate, But Still Expects Increase 22.9.2016 NPR News
Fed Chair Janet Yellen says, although job growth is rebounding, she sees no inflation threat and no hurry to raise rates. The Fed is not likely to do so before the presidential election.
Are these the last days of free trade? 21.9.2016 Washington Post: Op-Eds
A President Trump could trigger a global trade war, according to a new study.
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The Anniversary of Lehman and Men Who Don't Work 19.9.2016 Truthout.com
The Lehman Brothers headquarters in New York City in a photo taken on June 20, 2006. September 19, 2016, marks the eighth anniversary of the bank's collapse. (Photo: Sachab ; Edited: LW / TO) Truthout exists to sift fact from fiction and rhetoric from reality. Can you help us continue this critical work? Click here to make a tax-deductible donation. Last week marked the eighth anniversary of the collapse of Lehman Brothers, the huge Wall Street investment bank. This bankruptcy sent financial markets into a panic with the remaining investment banks, like Goldman Sachs and Morgan Stanley, set to soon topple. The largest commercial banks, like Citigroup and Bank of America, were not far behind on the death watch. The cascade of collapses was halted when the Fed and Treasury went into full-scale bailout mode. They lent trillions of dollars to failing banks at below market interest rates. They also promised the markets that there would be "no more Lehmans" to use former Treasury Secretary Timothy Geithner's ...
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Donald Trump, the subprime president 19.9.2016 Daily Kos
In late 2007 and 2008, the United States and the global economy were devastated by the subprime crisis . That financial calamity was so named due to the hundreds of thousands of foreclosed upon homeowners who were unqualified for the loans they received from mortgage originators around the country. The disaster did not result from the borrowers' deceit or government policy to spur home ownership among lower-income Americans, but from an entire financial sector that was incentivized to loan them money whether they could pay it back or not. Banks and private mortgage firms offered the loans because companies like Bear Stearns, Lehman Brothers, and Goldman Sachs could "securitize" and sell the bundled mortgages insured by derivatives provided by, among others, AIG. It all worked for everyone, as long as the rating agencies like Fitch and Moody's gave them AAA ratings. And as long as housing prices kept going up. But when the bubble burst, trillions of dollars of wealth were wiped out and millions of ...
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Illinois unemployment dropped to 5.5% in August as labor force shrank 16.9.2016 Chicago Tribune: Business
Illinois' unemployment rate fell to 5.5 percent in August, the lowest it has been since the start of the Great Recession, but there was little cause to celebrate as most of the drop stemmed from a decline in the labor force. Last month's unemployment rate is down from 5.8 percent in July; the ...
Trump’s Job Loss Exaggeration 15.9.2016 FactCheck
Donald Trump distorted the facts when he claimed New York’s job losses during Hillary Clinton’s eight years as the state’s U.S. senator were “worse than just about any place in the country.”
Middle class incomes had their fastest growth on record last year 14.9.2016 Chicago Tribune: Business
The incomes of typical Americans rose in 2015 by 5.2 percent, the first significant boost to middle-class pay since the end of the Great Recession and the fastest increase ever recorded by the federal government, the Census Bureau reported Tuesday. In addition, the poverty rate fell by 1.2 ...
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Americans got first raise last year since 2007 14.9.2016 Salt Lake Tribune
Washington • Americans finally got a raise last year after eight years of stagnating incomes. The typical U.S. household’s income rose 5.2 percent in 2015 to $56,516, the Census Bureau said Tuesday. Even with the solid gain, that remains below the median household income of $57,423 in 2007 when the Great Recession began. The median is the point where half of households fall below and half are above. Still, the government’s annual report on incomes and poverty portrays an economy that is finally ...
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Income up, poverty rate down ...what about that GOP sneer over 'Obama's third term'? 13.9.2016 Daily Kos
In its annual report on income, poverty and health insurance coverage released Tuesday, the U.S. Census Bureau had some good news for poor and middle income families. The data show the first significant gains since the Great Recession ended more than seven years ago. Real—that is, inflation-adjusted—median household income rose by 5.2 percent between 2014 and 2015 for the first time since 2007, before the recession began. The official poverty rate fell 1.2 percentage points. And the percentage of people without health insurance coverage decreased. The inflation-adjusted 12-month increase of $2,800 brought the median household income to $56,500. That put median household incomes around 1.6 percent under the 2007 level, before the last recession got underway. The data are contained in two reports— Income and Poverty in the United States: 2015  and  Health Insurance Coverage in the United States: 2015 : The nation’s official poverty rate in 2015 was 13.5 percent, with 43.1 million people in poverty, 3.5 ...
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Heads up! Important poverty, median income and health insurance data out tomorrow 12.9.2016 Washington Post: Op-Eds
The Census Bureau is releasing some important numbers tomorrow with potentially significant policy relevance. Here's what to expect.
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International Elections Digest: Pro-democracy voters in Hong Kong send a message to Beijing 11.9.2016 Daily Kos
● Hong Kong – legislative council (Sept. 4) Voters in Hong Kong recently sent a resounding message that they want greater democracy and autonomy from China's Communist Party government in Beijing. Since the former British colony returned to Chinese rule in 1997, it has maintained a partially democratic local government that possesses a good deal of autonomy and civil liberties unavailable to those living in mainland China. However, Beijing still tries to keep a tight leash on this metropolis of more than 7 million people. Although voters directly elect 40 members of the city's legislative council using proportional representation, various industry and civic groups hand-pick the other 30 members, called "functional constituencies." And to further cement control, the mainland government gets to appoint Hong Kong's chief executive. Parties are broadly divided into two camps: a pro-Beijing bloc and a pro-democracy faction. In every election since reunification, the pro-democracy bloc has won a majority of ...
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The economy is on the rise. Here’s how to keep it that way. 11.9.2016 Washington Post: Op-Eds
Campaign rhetoric aside, the recovery from the Great Recession is largely complete.
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Fed’s Williams pushes case for rates rise 7.9.2016 Financial Times US
San Francisco president paints bullish picture of broader economy and highlights risks of inaction
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Larry Summers: The Fed thinks it can fight the next recession. It shouldn't be so sure. 6.9.2016 Washington Post
Larry Summers: The Fed thinks it can fight the next recession. It shouldn't be so sure.
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Labor Day 2016: Moderate Progress in Last Year 5.9.2016 Truthout.com
The story for workers in the US has improved somewhat over the last year. The economy has created almost 2.5 million jobs, bringing the unemployment rate down by 0.4 percentage points. Perhaps more importantly, the percentage of the population that is employed also increased by 0.4 percentage points. (Photo: Seattle Municipal Archives ) The story for workers in the United States has improved somewhat over the last year. The economy has created almost 2.5 million jobs, bringing the unemployment rate down by 0.4 percentage points. Perhaps more importantly, the percentage of the population that is employed also increased by 0.4 percentage points, meaning that unemployment is falling because people are finding jobs, not dropping out of the labor force. Still the employment rate for prime-age workers (ages 25-54) is still down by 2.5 percentage points from its pre-recession peak, and almost 4 percentage points from its 2000 peaks. This translates into a drop in employment of more than 2 million compared to ...
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Our long stagnant-paycheck nightmare may finally be nearing an end 4.9.2016 LA Times: Commentary

For millions of Americans, a reminder of the economic damage of the Great Recession has arrived every week or two for years — in their paychecks.

Painfully slow wage growth has plagued the recovery, with many workers seeing few if any raises as they struggle to make ends meet. But there are signs...

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Hiring slowed but American outlooks brightened 3.9.2016 Salt Lake Tribune
Washington • U.S. employers slowed their hiring in August after two blockbuster months and barely raised their workers’ pay, a pullback that may lead the Federal Reserve to leave interest rates alone until late this year. But several surveys suggest that Americans are growing more optimistic about the job market, a trend that could boost spending and energize the economy in coming months. Employers added 151,000 jobs in August, a modest gain after an increase of 275,000 in July, the most in eigh...
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Job Growth Slows in August 2.9.2016 Truthout - All Articles
The Labor Department reported that the economy created 151,000 new jobs in August -- slightly less than generally expected. The unemployment rate was unchanged at 4.9 percent and the employment-to-population ratio (EPOP) was also unchanged. The big job gainers in August were restaurants, which added 34,000 jobs; government, which added 25,000 (almost all at the local level); and social assistance, which added 21,700 jobs. Mining continued to lose jobs, with a drop of 4,300 in August, while manufacturing lost 14,000. The drop in manufacturing was largely attributable to the loss of 5,600 jobs in auto manufacturing, reversing a gain of roughly the same size for July. The gains in the government sector were largely driven by a reported 11,700 increase in employment in local education. This is likely a seasonal effect. Local government education has increased employment by 59,000 jobs over the last three months, after showing no gain over the year from May 2015 to May 2016. This could mean a large fall ...
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U.S. employers added a modest 151,000 jobs in August 2.9.2016 Washington Post
While momentum in the American labor market slowed last month, the results are not weak enough to indicate that the nation's economic recovery has been derailed.
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Chicago tackles youth unemployment as it wrestles with its consequences 2.9.2016 Chicago Tribune: Business
Margo Strotter, who runs a busy sandwich shop in Chicago's Bronzeville neighborhood, makes it a point to hire people with "blemishes." But young people? She sighs and shakes her head. They often lack "the fundamental stuff" — arriving on time, ironing their shirts, communicating well, taking ...
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