Some good news for everyone out there looking for a job: unemployment fell to a two-year low in March, down to 8.8%.

While an 8.8% percent unemployment rate is still nothing to celebrate, it is a clear indication that we are headed in the right direction. Companies hired new employees at the fastest two-month pace since before the recession began.

Continue reading Unemployment Rate Falls to Two-Year Low

Unemployment Rate Falls to Two-Year Low originally appeared on BloggingStocks on Fri, 01 Apr 2011 11:20:00 EST. Please see our terms for use of feeds.

Most of us did not expect a sharp turnaround on the employment front in February. For the better part of two years, we've had painfully slow growth in employment. Then, in February, with many people snowed in for most of the time, things changed dramatically: Nonfarm payrolls increased by a whopping 192,000 and the unemployment rate dropped to 8.9%, as reported in Reuters.

The numbers were impressive. Private sector jobs increased to 222,000, up from 68,000 in January. Private service sector jobs increased to 152,000 from 33,000 in January. Government employment fell by 30,000. The average work week was steady. Hourly earnings rose one penny.

Continue reading Big Surprise! Payrolls Jump By 192,000 as Unemployment Rate Drops

Big Surprise! Payrolls Jump By 192,000 as Unemployment Rate Drops originally appeared on BloggingStocks on Fri, 04 Mar 2011 09:40:00 EST. Please see our terms for use of feeds.

Continue reading Jobs Report Falls Short, Pushing Stocks Lower

Jobs Report Falls Short, Pushing Stocks Lower originally appeared on BloggingStocks on Fri, 03 Dec 2010 10:20:00 EST. Please see our terms for use of feeds.

The Labor Department reported this morning that the nation's payrolls contracted by a net total of 95,000 in September. The latest rounds of layoffs from the government trumped what hiring was done in the private sector, leading to the rather nasty number.

According to the Labor Department, local governments jettisoned 76,000 jobs last month -- most of them in education. This cut was the largest by local governments in 28 years. Also, 77,000 temporary census jobs ended in September. Offsetting these two figures somewhat was the private sector, which added 64,000 last month.

Continue reading Economy Loses 95,000 Jobs but Markets Open Higher

Economy Loses 95,000 Jobs but Markets Open Higher originally appeared on BloggingStocks on Fri, 08 Oct 2010 09:40:00 EST. Please see our terms for use of feeds.

Continue reading Oil Trades Higher as Inventories Shrink

Oil Trades Higher as Inventories Shrink originally appeared on BloggingStocks on Thu, 08 Jul 2010 16:40:00 EST. Please see our terms for use of feeds.

Continue reading Unemployment Held Steady in February

Unemployment Held Steady in February originally appeared on BloggingStocks on Fri, 05 Mar 2010 09:30:00 EST. Please see our terms for use of feeds.

More than 20 million people received unemployment benefits last year, a new record. While they didn't all do it at the same time, the activity was enough to run the unemployment rate up to 10%, leaving everyone with the belief hope that 2010 just has to be better.

The severity that has characterized the job market since the woes of American International Group (AIG) and Lehman Brothers made headlines in September 2008 eased up a bit as 2009 marched toward its conclusion. The layoffs slowed down a bit, but a dearth of hiring means that we aren't seeing a pickup for the 5.8 million who've been out of work for more than six months ... let alone everyone else.

Continue reading 2009 Unemployment Ends with Double Digits, Consequences Still to Come

2009 Unemployment Ends with Double Digits, Consequences Still to Come originally appeared on BloggingStocks on Sat, 02 Jan 2010 10:00:00 EST. Please see our terms for use of feeds.

The price at the cash register ticked higher in October, though it was driven by the cost at the pump and on the lot.

Energy prices and new car sales (the highest in 28 years) pushed consumer prices upward in October, they're still cheaper than they were a year earlier. The Labor Department reports that consumer prices edged up 0.3% last month, a tad higher than the 0.2% anticipated. Take food and energy out of the equation, and inflation rose 0.2%, again ahead of the 0.1% that analysts expected.

Continue reading Energy, auto sales push consumer prices higher in October

Energy, auto sales push consumer prices higher in October originally appeared on BloggingStocks on Thu, 19 Nov 2009 13:00:00 EST. Please see our terms for use of feeds.

Consumer borrowing fell for the eighth straight month in September. This record-setting streak is due largely to tightening by lenders, unemployment and the conservative preference to pay down debt rather than spend. This widespread fit of fiscal responsibility, economists fret, could prevent a recovery from taking root, since consumer spending is responsible for 70% of the U.S. economy. This conventional thinking, of course, overlooks the fact that an eventual increase in spending that isn't fueled by consumer spending will yield a recovery that's more likely to last.

According to the Federal Reserve, borrowing fell at an annual rate of $14.8 billion in September -- it's biggest drop since July and much larger than the $10 billion predicted by economists. The behavior is exactly what you'd find in people worried about losing their jobs or focused on rebuilding safety funds and investment portfolios. Those who want to borrow are finding banks won't be complicit this time, as they clamp down on lending practices.

Continue reading Consumer spending falls victim to debt repayment

Consumer spending falls victim to debt repayment originally appeared on BloggingStocks on Sat, 07 Nov 2009 11:20:00 EST. Please see our terms for use of feeds.

Job losses continued to mount in September. Unfortunately, the numbers are even worse than expected.

According to the ADP National Employment Report, employers shed 254,000 jobs in September. Analysts had been expecting to see the number of job losses at 200,000 in the month.

Continue reading September job cuts steeper than expected

September job cuts steeper than expected originally appeared on BloggingStocks on Wed, 30 Sep 2009 11:40:00 EST. Please see our terms for use of feeds.

Retail sales gained a seasonally-adjusted 2.7% in August, according to the U.S. Department of Commerce. This follows a 0.2% decline in July. The August results beat analyst expectations soundly, lending support to talk of a recovery. The Cash for Clunkers program is cited as contributing to August sales.

Without autos, sales increased 1.1%, still ahead of the anticipated 0.4% gain. Take gas out of the measure, as well, and retail sales grew 0.6%.

Inventories fell in July, for the twelfth month in a row, with the 1% decline a tad higher than the 0.9% anticipated by many economists.

Continue reading Retail sales hint at jobless recovery

Retail sales hint at jobless recovery originally appeared on BloggingStocks on Wed, 16 Sep 2009 12:00:00 EST. Please see our terms for use of feeds.

The rate at which jobs were cut slowed in August, but the gap to be filled will be with us for a while. With 14.9 million people looking for jobs according to Moody's Economy.com, the unemployment rate won't hit 5% -- considered "normal" -- until 2014. To put this in perspective, we still have one presidential election and two mid-term contests between now and a full employment recovery.

Data published by the Department of Labor Friday puts the unemployment rate at 9.7%. In December 2007, it was only 4.7%. And, as BloggingStocks reported on Friday, it could pass 10% by the end of 2009. For teenagers, the unemployment rate has reached 26%. The number of job-seekers who have given up completely is above 750,000 -- the highest level since the Department of Labor started keeping score in 1994.

Continue reading Job market expected to recover in 2014

Job market expected to recover in 2014 originally appeared on BloggingStocks on Sat, 05 Sep 2009 17:10:00 EST. Please see our terms for use of feeds.

As we saw this morning, companies cut 298,000 jobs in August, according to ADP. The forecast was for 250,000 jobs lost. The report also revised last month's decline to 360,000.

Well, the Labor Department's report is due out in two days, and it may show a loss of 225,000 jobs, according to a Bloomberg News survey.

Continue reading Job cuts continue to be a drag on economic recovery

Job cuts continue to be a drag on economic recovery originally appeared on BloggingStocks on Wed, 02 Sep 2009 15:20:00 EST. Please see our terms for use of feeds.

Continue reading Economic concerns push oil prices to a five-week low

Economic concerns push oil prices to a five-week low originally appeared on BloggingStocks on Tue, 07 Jul 2009 08:00:00 EST. Please see our terms for use of feeds.

Continue reading Initial jobless claims fall, but continuing claims hit 26-year high

Initial jobless claims fall, but continuing claims hit 26-year high originally appeared on BloggingStocks on Wed, 31 Dec 2008 09:15:00 EST. Please see our terms for use of feeds.

Continue reading U.S. initial jobless claims hit 26-year high

U.S. initial jobless claims hit 26-year high originally appeared on BloggingStocks on Wed, 24 Dec 2008 09:20:00 EST. Please see our terms for use of feeds.

If people don't know this, it is worth pointing out. If they do, it is worth repeating. Unemployment in the U.S. is well above 10%. The government numbers do not include those people who are "no longer looking for work" or those who are not receiving unemployment payments.

According to The New York Times, "The Labor Department does publish an alternate measure of unemployment, which counts part-time workers who want full-time work, as well as anyone who has looked for work in the last year."

That would put the total "unemployment" rate closer to 13%.

It raises the issue of how close the U.S. is to the much higher rates of joblessness in the Great Depression. The number of people without work rose to 25%. The government did not make the distinctions then by subtracting people who were part-time.

If, using the government's yard stick, unemployment in the U.S. gets to the double digits next year, the economy is closer to a depression than it might appear.

Douglas A. McIntyre is an editor at 247wallst.com.

Is unemployment really above 10%? originally appeared on BloggingStocks on Sat, 06 Dec 2008 17:10:00 EST. Please see our terms for use of feeds.

Continue reading Oil prices move back higher today

Oil prices move back higher today originally appeared on BloggingStocks on Fri, 02 Nov 2007 13:32:00 EST. Please see our terms for use of feeds.

Everyone's cheering today the strong payroll report released by the Labor Department, but if you take a closer look at the numbers you'll understand why so many middle class folks do not think the labor market offers them any good news. While the government reported that unemployment held steady at 4.7% and 166,000 jobs were created, you must look at where those jobs were created and where jobs were lost to get the true picture.

Job growth was created in the service sector, which added 190,000 jobs - led by food services (37,000 jobs - primarily at restaurants), employment services (34,000 jobs) and health care (34,000 jobs). Job losses were seen in the higher paying manufacturing sector where 21,000 jobs were lost in October and 203,000 jobs have been lost in the last year. Employment at banks and mortgage brokers dropped 5,000 where 56,000 people lost jobs since February and more layoffs are expected as the mortgage mess continues to grow.

Richard Moody, Chief Economist for Mission Residential, also found that 21,500 jobs were lost in retail trade during October, which he said is the third consecutive monthly decline. In his October NonFarm Report, he wrote, this "is a sign that retailers are not expecting great things in the coming months."

Earnings also were flat. Just a 0.2 cent gain in average hourly wage to $17.58 an hour with no gain in the average workweek of 33.8 hours.

If you're in the top executive ranks you're pay may look good, but for the middle class these numbers don't show much hope of earning a better paycheck.

Lita Epstein has written more than 20 books including the Complete Idiot's Guide to Improving Your Credit Score due out in December.

October job growth strong, but only in the lower-paying service industries originally appeared on BloggingStocks on Fri, 02 Nov 2007 11:47:00 EST. Please see our terms for use of feeds.

Continue reading Sears Holdings (SHLD) slides on jobless data

Sears Holdings (SHLD) slides on jobless data originally appeared on BloggingStocks on Thu, 18 Oct 2007 12:13:00 EST. Please see our terms for use of feeds.