"It is like a bad dream that you cannot wake up from," City Councilman Dennis Kavanaugh said after City Manager Chris Brady warned employees in a memo this week that not everyone will still be on payroll come July.
Despite his positioning of the story as Arnold Schwarzenegger wanting to do the right thing and the California legislature as not co-operating, the facts are accurate. There is no way out. Like Greece , the politicians can't cut for fear...
A global social crisis has long preceded the economic crisis, and has only been exacerbated by it. The great shame of human civilization is the fact that over half of it lives in abysmal poverty.
Inquiring minds are looking at a SNAP Participation Table that shows a record 39,430,724 receive SNAP benefits, a 22.4% increase from a year ago.
The number of unemployed persons per job opening has started to increase again, hitting 5.5 in February, as just disclosed by the BLS' most recent Job Openings and Labor Turnover Survey.
In the face of a crushing recession, the Mayor actually accelerated spending and hiring to the point that the City may have to declare BANKRUPTCY before the end of 2010.
Gloom Boom & Doom Report publisher Marc Faber and economic analyst Mike “Mish” Shedlock join Yahoo’s Tech Ticker on March 12, 2010 to discuss the global economy, where we’re headed and the possibility of the “end of civilization.” (Videos follow exc
With a client list that reads like a roster of Fortune 500 firms, a little-known company with an odd name, the Talx Corporation, has come to dominate a thriving industry: helping employers process — and fight — unemployment claims.
'Everything the State Says Is a Lie'
If a sustainable U.S. economic recovery hinges on an upturn in housing, neither is likely to happen if incomes in America continue falling, especially in the states most challenged by the crash in home prices.
The biggest increase in employment in three years makes it “pretty clear” the deepest U.S. recession since the 1930s has ended, said the head of the group charged with making the call.
The average monthly U.S. population growth over the last ten years has been 211,000. Thus the U.S. economy has to create jobs at a higher rate than its population growth, or more precisely its workforce growth...
But optimist though I am, I can't rule out disaster. So, either we have a slow-growth economy for 5-6 years, or we hit the wall all at once. Think depression if it's the latter. Either way, it's a tough investment environment.
The chart shows involuntary part-time employment increased by 738,000 workers in two months. Wow. A likely explanation is the BLS reported number in January is pure garbage. As I pointed out in my unanswered question, seasonal swings are...
Instead we have an industrial economic policy in the US which is predicated simultaneously on suppression of domestic wage growth and on consumption growth in order to boost corporate profits and increase asset prices.
The number of long-term unemployed (those jobless for 27 weeks and over) increased by 414,000 over the month to 6.5 million. That's almost 7% in one month, and that is downright scary.
Keep in mind the birth-death in March was +81,000 (vs. 97,000 in February) for the adjusted metric, so one wonders how much of this gain was purely adjusted on paper. If one excludes birth-death we get -67,000.
Americans anxious about unemployment and the economy increasingly blame President Obama for hard times, a USA TODAY/Gallup Poll finds, amid signs of turbulence in November's midterm elections.
U.S. employers announced plans to reduce payrolls by 67,611 jobs in March, a 61 percent increase from February, outplacement consultant Challenger, Gray & Christmas Inc. said Thursday.
It appears that in March either the government decided to payout an additional roughly 20% per unemployment paycheck, or once again, there is a shadow population of beneficiaries, which are not caught in any of the standard...
But when the former vice presidential candidate resigned as governor of Alaska in the summer of 2009, she left the state with a 70 percent debt-to-GDP ratio -- the highest state debt burden in the United States.
Private non-residential spending decreased in February, and is now at the lowest level since July 2006. The collapse in non-residential construction spending continues ...
But a price spike similar to the one in July 2008 would have worsened the imbalance - Mississippi drivers would have seen driving costs shoot up to 11 percent of their annual income as opposed to just 4.3 percent for Connecticut and New York.
Based upon an updated trend analysis, we now project the delinquency percentage to grow to between 8% and 9% through mid 2010, potentially approaching and surpassing 11% to 12% under more heavily stressed scenarios through 2010...
Dodd wants regulators to set debt limits on systemically risky companies that aren’t banks. But, the bill says, “the rules … shall not apply” for proprietary trades in federal, mortgage-agency, or state and local government debt.
Have a look at the bottom chart; If the 2007-09 Recession end up being anything like the 2001 recession, we are still 4 or 5 years away from a full jobs recovery back to employment levels prior to the crash.
Driven lower by high prices and the recession, gasoline sales in California fell for the fourth year in a row during 2009, state officials reported Tuesday. Annual gas sales in California peaked at 15.9 billion gallons in 2005 and have tumbled 7%...
So the wave of corporate writedowns—led by AT&T's $1 billion—isn't caused by ObamaCare after all. The White House claims CEOs are reducing the value of their companies and returns for shareholders merely out of political pique.
Henry Waxman is summoning four CEOs to Washington to explain [writeoffs required by the new government health program]. There's no chance they are going to explain the accounting code to Congress; explaining how to boil water would challenge the form
On 11 occasions, similarly rapid advances have been followed by notable corrections, including the collapses that followed the 1929 and dot-com era peaks, as well as the 1987 crash.