plus 3, It Isn't Just Lost Jobs--It's the Lost Jobs Machine - Yahoo Finance |
- It Isn't Just Lost Jobs--It's the Lost Jobs Machine - Yahoo Finance
- Jobs report may show rise in unemployment rate - Yahoo Finance
- Get to Know Lila Fisk: Retired nurse found career through volunteering - Everything Alabama Blog
- Fewer Jobs Than Expected Lost in August - Daily Finance
| It Isn't Just Lost Jobs--It's the Lost Jobs Machine - Yahoo Finance Posted: 03 Sep 2010 06:57 AM PDT by Gerald F. Seib Two basic facts will tell you most of what you need to know about the political picture today. Fact One: The unemployment rate is the most important of all leading political indicators. Fact Two: The August unemployment number topped 9%, meaning the jobless rate has been above that level for 16 straight months. The U.S. is mired in the longest such stretch of 9%—plus joblessness in more than a quarter of a century. There is little mystery, then, about why Democrats are in trouble. The party in power is inevitably blamed for so much bad news on the one economic subject that most concerns average Americans. Yet the political debate on this point, which focuses on what can be done to get Americans back to work right now, is missing a deeper and more troubling reality: The American economy hasn't been a very robust jobs-producer for quite a while. That's the broader question that needs to be discussed, even as we work on the immediate problem. Indeed, it has been perhaps four decades since America's economy has been the kind of roaring jobs machine that average Americans, aspiring politicians and ambitious business leaders all would like to see. Consider a few historical unemployment-rate numbers—one way to gauge the economy's performance on the jobs front. Between 1966 and 1970, the U.S. experienced a phenomenal stretch of 48 straight months in which the unemployment rate was at or below 4%—that is to say, a stretch of four straight years when the rate was less than half of what it has been for the past year. In the three decades since 1970, the rate has fallen below 4% for exactly four months, in the final months of 2000. Instead, the norm has become unemployment rates in the 5%-to-7% range. When the recession of 1981 hit, the unemployment rate stood at 7.2%. It began to rise, and it took three full years before it was brought back down to that level once again—a depressing thought about how stubbornly high the rate may be as a result of the recession the U.S. is now exiting. During that stretch, the rate was at or above 9% for 19 straight months at one point. The last two years of the 1990s were a period of consistently low unemployment, ranging between 4% and 5%. After that, job growth was only sluggish to moderate for most of this decade, even before the recession hit at the end of 2007. It would be nice to pull out of the current jobs rut, of course. But it would be nicer still to figure out what combination of public policies and private initiatives would help the national jobs machine rev up to a higher, sustained level. "It's an economy that hasn't been growing fast enough for a long time," says Douglas Holtz-Eakin, a Republican economist who advised Sen. John McCain's presidential campaign. The debate over short-term fixes is familiar by now: Is stimulus spending helpful or not? Are tax cuts better than sending aid to the states? Is it better to spend federal dollars to juice the economy or to attack the deficit? But solutions to long-term job lethargy are equally important. There are plenty of ideas. Liberal economist Dean Baker, co-director of the Center for Economic and Policy Research, for example, says the key is attacking America's long-term trade imbalance. That requires expanding manufacturing, which, in turn, argues for pushing the value of the dollar down to make American exports cheaper. That isn't politically easy, because driving down the dollar also would drive up the cost of all those imports Americans love. Mr. Baker argues that it's a long-term job creator. The more conservative Mr. Holtz-Eakin suggests a three-pronged attack. First, he would stop using the tax system to achieve social goals and change it to focus, almost obsessively, on fostering economic growth. Second, he would liberate corporations to devote more capital to jobs by curbing the use of them as "vessels for social benefits" such as health insurance, which would be provided in other ways. And third, he would radically improve the American education system, which is "failing to a remarkable degree in delivering to the labor force people with the skills needed to compete." Centrist Democrat Robert Shapiro, chairman of the economic advisory firm Sonecon, says the job-creation problem arises because a globalized economy has brought an explosion of competition for American firms, limiting their ability to raise prices precisely when their fixed costs have started soaring in the areas of health, energy and pensions. "This is a deep structural problem," Mr. Shapiro says. Its solution, he says, lies in public policies to help the private sector address those three big cost drivers. Write to Gerald F. Seib at jerry.seib@wsj.com ___ Popular Stories on Yahoo!: • How Burger King Lost Its Crown This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php This posting includes an audio/video/photo media file: Download Now |
| Jobs report may show rise in unemployment rate - Yahoo Finance Posted: 03 Sep 2010 05:31 AM PDT , On Friday September 3, 2010, 10:14 am WASHINGTON (AP) -- Private employers hired more workers over the past three months than first thought, lifting hopes for the weak economy ahead of the Labor Day weekend. But the unemployment rate rose in August for the first time in four months as more people entered the market looking for work. Companies added a net total of 67,000 new jobs last month and both July and June's private-sector job figures were upwardly revised, the Labor Department said Friday. Stocks surged after the report's release. The Dow Jones industrial average rose more than 120 points in the first hour of trading and broader indexes were all up. While the report hardly suggests the economy is out of danger, it's a reassuring sign after weeks of troubling data and comes after some encouraging economic figures in the past week. Scott Brown, an economist at Raymond James, said he sees no sign of the country slipping back into recession. "You're still seeing broad-based job gains. It's not strong, but it's positive," Brown said. Overall, the economy lost 54,000 jobs as 114,000 temporary census positions came to an end. For the first time this year, the manufacturing sector lost jobs -- down a net total of 27,000 for the month. The auto industry accounted for 22,000 of those lost jobs, the department said. But those losses were largely due to a shift in the timing of the industry's summer layoffs. State and local governments shed 10,000 positions and have had net jobs losses in every month but one this year. Temporary employment rose by nearly 17,000, after a slight loss in July. That indicates employers are looking to boost their work forces, but are reluctant to do so permanently. Temporary hiring averaged 45,000 per month from October to May, but has since slowed. The jobless rate rose to 9.6 percent from 9.5 percent in July. More than a half-million Americans resumed their job searches in August, which drove up the jobless rate. When the unemployed stop looking for work, they are no longer counted in the jobless rate. It's the first time the labor force has grown since April. Both June and July's figures were revised to show the private sector created more jobs in both months. The July figures were revised upward to 107,000 from 71,000. June was revised upward to 61,000 from 31,000. The revisions reflected smaller losses in construction, temporary help services and non-census government jobs. Still, hiring has now been weak for four straight months. That deprives consumers of cash and reduces their ability to spend. Analysts expect economic growth to be tepid for the rest of this year and the jobless rate could keep rising to 10 percent or more in the coming months. Average hourly earnings increased modestly and by more than economists expected, rising to $22.66 from $22.60. The economy lost nearly 8.4 million jobs in 2008 and 2009. This year, private employers have added back 763,000 jobs. But the unemployment rate has barely moved from the 9.7 percent rate in January. Including those who have given up looking for work and those who are working part time but would prefer full-time work, the so-called "underemployment" rate rose to 16.7 percent from 16.5 percent. A jobless rate nearing 10 percent will ratchet up pressure on the Obama administration, Congress and the Federal Reserve to do more to jump start the economy. Tax cuts enacted in 2001 and 2003 are set to expire by the end of this year and many rank-and-file Democrats in Congress are joining Republicans in calling for all the cuts to be extended. President Barack Obama wants to let some tax cuts on upper income earners end. Fed Chairman Ben Bernanke, meanwhile, said last week the central bank will take more steps to stimulate the economy if necessary. But he also said the foundations have been laid for economic growth to accelerate next year. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php This posting includes an audio/video/photo media file: Download Now |
| Get to Know Lila Fisk: Retired nurse found career through volunteering - Everything Alabama Blog Posted: 03 Sep 2010 07:05 AM PDT Published: Friday, September 03, 2010, 9:07 AMBirthplace: Robertsdale Hometown: Spanish Fort Family: Husband, Dennis; children, Deborah and Michael Occupation: Retired nurse Activities: Cross-stitching, collector, antiquing, church work SPANISH FORT — Right after graduating from high school, Lila Fisk volunteered for a summer program to be a so-called Peppermint Girl for the then-brand new Thomas Hospital in Fairhope in 1961. She and one other woman were the first two to complete 100 hours of volunteer service. "I never wanted to be anything but a nurse," Fisk said. "Most children want to be lots of other things before they decide what their careers should be, but not me." Having graduated from Robertsdale High School in May 1961, the volunteer hours she logged with Thomas' Peppermint Girl program cemented her career path. The following September she enrolled in Providence School of Nursing in Mobile and graduated in 1965. "My great aunt, May King, was a nurse and she inspired me as a child. Everyone so admired her," Fisk said. "And I wanted to wear that navy blue cape the nurses wore then," she laughingly added. Fisk retired from Thomas Hospital three years ago. Her career there lasted 32 years. She started as a charge nurse on the third floor and then went on to admitting surgery patients. Her last job was in Outpatient Surgery for 10 years. The hospital will celebrate its 50th anniversary Sept. 19. Fisk plans to attend their activities and is looking forward to seeing lots of former co-workers and friends. "I have formed lifelong friendships from those early nursing days. There are five of us that have remained best friends to this day," she said. Those friends are Vi Johnson, Carolyn Brakefield, Linda Swobada and Katy Graham. "We get together all the time, even now," Fisk said. Having grown up in Baldwin County, Fisk said, "I have always considered Robertsdale and the Eastern Shore as God's country." Fisk never wanted to live elsewhere and never has. Fisk's mother is 94 and still lives in Robertsdale. One sister lives in Mobile and the other lives in Robertsdale. Fisk's son, Michael, is a graphic artist and lives in Robertsdale. Daughter Deborah, who lives in Alpharetta, Ga., is married and is a computer programmer. Fisk is involved with the Eastern Shore Parkinson's Support Group, started by Jane Godfrey six months ago. The facilitator is Linda Barnell. They meet monthly at Thomas Medical Center in Daphne. Fisk is also an active member and volunteer for Spanish Fort Methodist Church. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php This posting includes an audio/video/photo media file: Download Now |
| Fewer Jobs Than Expected Lost in August - Daily Finance Posted: 03 Sep 2010 05:31 AM PDT Private employers hired more workers over the past three month than first thought, lifting hopes for the weak economy. But the unemployment rate rose in August for the first time in four months as more people entered the market looking for work. Companies added a net total of 67,000 new jobs last month and both July and June's private-sector job figures were upwardly revised, the Labor Department said Friday. The Dow climbed more than 100 points higher on the news. Wall Street analysts expected a smaller gain, according to Thomson Reuters. Overall, the economy lost 54,000 jobs as 114,000 temporary census positions came to an end. For the first time this year, the manufacturing sector lost jobs - down a net total of 27,000 for the month. State and local governments shed 10,000 positions. Temporary employment rose by nearly 17,000, after ticking down in July. Sponsored Links The jobless rate rose to 9.6 percent from 9.5 percent in July. More than a half-million Americans resumed their job searches in August, which drove up the jobless rate. When the unemployed stop looking for work, they are no longer counted in the jobless rate. It's the first time the labor force has grown since April.Both June and July's figures were revised to show the private sector created more jobs in both months. The July figures were revised upward to 107,000 from 71,000. June was revised upward to 61,000 from 31,000. The revisions reflected smaller losses in construction, temporary help services and non-census government jobs. Still, hiring has now been weak for four straight months. That deprives consumers of cash and reduces their ability to spend. That is one of the main reasons economic growth is likely to be so weak for the rest of this year that the jobless rate could keep rising and hit 10 percent in the coming months. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php This posting includes an audio/video/photo media file: Download Now |
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