Unemployment Rate Drops as Economy Adds 146,000 Jobs in November

By: Friday December 7, 2012 6:18 am

The US economy proved surprisingly resilient in preliminary November job numbers, despite the effects of Hurricane Sandy, posting a gain of 146,000 jobs, and a drop in the topline unemployment rate to 7.7%. However, because of Sandy we should expect substantial revision to the numbers. The Bureau of Labor Statistics claims that their survey response [...]

Eurozone Unemployment Rises to New Highs

By: Friday November 30, 2012 9:15 am

Joblessness in the Eurozone reached new highs in October, with 11.7% of the population in the member states out of work. This compares to a 10.4% unemployment rate just a year ago. And inflation has slowed, suggesting that consumer spending activity has weakened even further. 23.9% of young people under 25 are unemployed. There’s considerable [...]

US GDP Rises to 2.7%

By: Thursday November 29, 2012 6:59 am

The Commerce Department revised its estimate of GDP in the third quarter up to 2.7%, a substantial gain from the initial estimate and an indication that the economy grew at a solid clip in the months leading up to the Presidential election, putting wind at the back of President Obama. This represents the fastest economic [...]

Deficit-Obsessed Media Leaves Unemployment Story at the Side of the Road

By: Wednesday November 28, 2012 2:07 pm

Not to harp on Raul Grijalva, but his media critique in this op-ed is spot-on, even if you strip away the partisan lens through which he frames this. The real story is that we have a jobs shortage crisis in this country, and Republicans haven’t lifted a finger to help. Democrats have put up the [...]

Student Debt, Delinquencies Skyrocket

By: Wednesday November 28, 2012 10:00 am

The New York Fed released their household credit and debt report yesterday, and they show increases in student loan debt relative to other forms (mortgage, credit card, auto loan and others). To keep this in perspective, mortgage debt represents 71% of all debt, and student debt represents about 8-9%. So there’s still a wide gulf [...]

Bernanke: Economy Still Weak, No Time for Austerity

By: Tuesday November 20, 2012 12:55 pm

Ben Bernanke’s speech on the economy today offered no new information. It was more of an overview on the state of the economy, and it hit on many very familiar themes which Bernanke has expressed for a long time now, including the need to loosen lending standards in a type of reinflation of the housing [...]

Sandy-Induced Unemployment Spike Shows Need to Focus on Jobs, Not Austerity

By: Thursday November 15, 2012 7:02 am

First-time jobless claims spiked to 439,000 after nearly a year under 400,000. The reason for this sudden weakness in the US economy? Suprestorm Sandy. This sharp increase is due to Hurricane Sandy as claims increased significantly in the impacted areas. Note the spike in 2005 related to hurricane Katrina – we are seeing a similar [...]

Janet Yellen’s Game-Changing Speech for Monetary Policy

By: Wednesday November 14, 2012 12:00 pm

The President opened his press conference by designating the top two priorities as jobs and growth, and then spent the next 60 minutes answering questions about David Petraeus and Susan Rice and tax rates and Benghazi and deficit reduction. And Obama didn’t seek to break out of that constraint and suggest actual near-term job creation [...]

For the Long-Term Unemployed, It Is A Fiscal Cliff

By: Tuesday November 13, 2012 6:19 am

Liberals are working hard to more accurately name the fiscal cliff. They want to remove the sense of immediacy, the idea that the world would end on January 1 if Congress takes no action on expiring tax and spending policies. Democrats would benefit from a strategic standpoint from “going over the cliff” in many cases, [...]

Automatic Economic Growth for the Next President? Not So Fast.

By: Monday November 5, 2012 10:09 am

Throughout this election cycle, we’ve heard a good deal of happy talk regarding the state of the economy. Bloomberg comes out and says it today – the economy will improve, regardless of the occupant of the White House. No matter who wins the election tomorrow, the economy is on course to enjoy faster growth in [...]

Natural Disasters and Economic Disasters Require the Same Urgent Response

By: Friday November 2, 2012 7:45 am

David Callahan had a smart column in The American Prospect about natural and economic disasters, and why they must be met with the same level of urgency. If most of us take for granted that we should be there for our fellow citizens during natural disasters, using the tool of government, why is it so [...]

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