The New York Times (May 7)
The U.S. added 244,000 jobs in April, but the jobless rate rose because even more people left or lost jobs. The “contradictory employment data raise questions about the economy’s momentum,” demonstrating the need for additional job creation programs, rather than government budget-cutting. “Job growth is not taking off. At the current monthly rate, it would take more than five years to return to the pre-recession unemployment rate of 5 percent in December 2007.”
Tags: Budget, Jobs, U.S., Unemployment
New York Times (April 27)
The U.S. remains locked in a “deep and broad recession.” Every major housing trend indicates “a market that is likely to decline even more.” More specifically, house prices in 20 major cities fell to April 2009 levels, their lowest yet, based on the latest Standard & Poor’s/Case-Shiller home price report. Moreover, a Census Bureau report shows that “new home sales in March remained near their lowest levels since records were first kept in 1963.” An “all-out effort” is needed to put people back to work and stop foreclosures, but this looks unlikely. “Without a healthy housing market, there cannot be a healthy economic recovery.”
http://www.nytimes.com/2011/04/27/opinion/27wed2.html?partner=rssnyt&emc=rss
The U.S. remains locked in a “deep and broad recession.” Every major housing trend indicates “a market that is likely to decline even more.” More specifically, house prices in 20 major cities fell to April 2009 levels, their lowest yet, based on the latest Standard & Poor’s/Case-Shiller home price report. Moreover, a Census Bureau report shows that “new home sales in March remained near their lowest levels since records were first kept in 1963.” An “all-out effort” is needed to put people back to work and stop foreclosures, but this looks unlikely. “Without a healthy housing market, there cannot be a healthy economic recovery.”
http://www.nytimes.com/2011/04/27/opinion/27wed2.html?partner=rssnyt&emc=rss
Tags: Economy, Foreclosure, Recession, U.S., Unemployment
Independent (January 20)
In Britain, unemployment “has surged by 49,000 to nearly 2.5 million.” Youths are particularly hard hit. The number of unemployed 16 to 24 year olds has hit a record high at nearly a million, with one in five out of work. The youth unemployment rate stands 250% higher than the overall unemployment rate.
Tags: UK, Unemployment, Youth
Washington Post (November 2)
Whenever unemployment is high, the party in power is “going to take a beating.” It comes as no surprise that President Obama’s Democrats suffered major losses in the election. The Post writes “We believe Mr. Obama’s first two years were better than he’s getting credit for.”
Tags: Democrats, Obama, Unemployment
Telegraph (September 13)
“America and Europe face the worst jobs crisis since the 1930s.” Dominique Strauss-Kahn, head of the International Monetary Fund (IMF) warns that “the Great Recession has left behind a waste land of unemployment.” Approximately 30 million jobs were lost, 75% in developed economies. In the U.S., 50% of the unemployed have been seeking jobs for over 6 months, a situation last seen during the Great Depression.
Tags: Europe, Great Recession, IMF, U.S., Unemployment
Wall Street Journal (August 16)
The U.S is settling into a “new normal” and won’t return to the heady growth that followed other recessions, according to Mort Zuckerman, the editor of US News & World Report. Zuckerman believes 2% growth is more likely than 6% growth. This means predictions that unemployment (currently 9.5%) will fall to reasonable levels by 2013 are overly optimistic. Zuckerman believes it will take 6-9 years because “the labor market may be improving, but the pace is glacial.”
Tags: Economy, Recovery, U.S., Unemployment
Los Angeles Times (July 29)Los Angeles Times (July 29)
Japan is “a bright spot.” While the media often focuses on Japan’s lost decade, Japan is actually “a country from which Americans might learn a thing or two.” Japan has 5% unemployment (versus 10% in the U.S.), universal healthcare (versus 47 million uninsured), low crime (versus high), and Japan’s list of virtues goes on. “Americans should be so lucky as to experience a Japanese-style lost decade.”
Japan is “a bright spot.” While the media often focuses on Japan’s lost decade, Japan is actually “a country from which Americans might learn a thing or two.” Japan has 5% unemployment (versus 10% in the U.S.), universal healthcare (versus 47 million uninsured), low crime (versus high), and Japan’s list of virtues goes on. “Americans should be so lucky as to experience a Japanese-style lost decade.”
Tags: Healthcare, Japan, Lost decade, Unemployment
The Wall Street Journal (July 20)
The U.S. unemployment rate stands at 9.5%. Nearly 45.5% of those without jobs, a record 6.7 million, have been out of work for six months or longer. President Obama is calling on Congress to extend unemployment benefits. The Wall Street Journal, however, objects. Extending benefits keeps “people out of the job market” by encouraging them to wait for better jobs.
Tags: Jobs, U.S., Unemployment
The Economist (June 3)
For the first time in the 80-year history of the World Cup, an African nation will play host. South Africa has spent 4 years preparing, spending billions of dollars to build and upgrade stadiums, improve airports, expand roads, and complete Africa’s first high-speed train. “South Africa is rightly proud of its achievement,” but The Economist adds that after the World Cup finishes, the nation still has numerous issues to tackle, including the world’s highest unemployment rate.
Tags: High-Speed Rail, South Africa, Unemployment, World Cup
New York Times (May 30)
The U.S. is facing a string of economic challenges that “constitute an emergency.” Uncertainty in Europe is just one threat. The New York Times writes persistently high unemployment is the “biggest danger.” Nearly half of the 9.9% currently unemployed have been without jobs for half a year or more. At current growth rates, it would take roughly 5 years to attain full employment. Moreover, current growth rates are unlikely as state governments slash budgets and headcounts. The New York Times calls on Congress to keep supporting the economy and postpone cost cutting. The “recovery is still fragile and needs are still great.” Focusing on the deficit now runs the great risk of “condemning the economy to a long, hard slog of subpar growth, barely indistinguishable, in effect, from recession itself. That would be worse for the nation’s finances than upfront spending.”
The U.S. is facing a string of economic challenges that “constitute an emergency.” Uncertainty in Europe is just one threat. The New York Times writes persistently high unemployment is the “biggest danger.” Nearly half of the 9.9% currently unemployed have been without jobs for half a year or more. At current growth rates, it would take roughly 5 years to attain full employment. Moreover, current growth rates are unlikely as state governments slash budgets and headcounts. The New York Times calls on Congress to keep supporting the economy and postpone cost cutting. The “recovery is still fragile and needs are still great.” Focusing on the deficit now runs the great risk of “condemning the economy to a long, hard slog of subpar growth, barely indistinguishable, in effect, from recession itself. That would be worse for the nation’s finances than upfront spending.”
Tags: Economy, Europe, U.S., Unemployment
