When President Barack Obama was elected in November 2008, the Great Recession was picking up speed and the national unemployment rate was at 6.5 percent. By his inauguration, it had hit 8.5 percent, then peaked in January 2010 at 10.6 percent. And it’s been a slow trudge back ever since. Read More
SACRAMENTO — After a long twilight, business is booming again at Matt Construction as orders come in for hotels, office complexes and other high-end buildings.
The Los Angeles-area company increased hiring by about 20 percent this year, adding 30 employees as more and bigger construction jobs piled up. Read More
The economic news mucks around in an attempt to explain short-term share-price movements, ignoring the longer-term phenomena that will dictate the future course of the American and, because of linkage, European and world economies.
I don’t mean to imply it is trivial when a plunge in share prices wipes out some $3 trillion in assets in a few days. Businesses and households get hurt. Read More
Ahead of what of today’s report from the Bureau of Labor Statistics (BLS) on the number of jobs created in June, the WH is downplaying the importance of the unemployment rate to Obama’s reelection.
At a Bloomberg breakfast yesterday, Obama’s 2008 campaign manager said this: Read More
Democrats have lambasted Republicans for years for believing in “Voodoo economics.” Well, the evidence is mounting that economic superstition is alive and well in the nation’s political circles, though it has nothing to do with a fondness for tax cuts. Read More
Analysts only expected to see about 160,000 jobs added in April, but the jobs numbers were a pleasant surprise — 290,000 jobs were added, the largest monthly increase in over four years.
However, that number isn’t a big a cause for celebration as it looks. For one thing, that includes 66,000 temporary Census jobs in April. For another, forecasters also expected the unemployment rate to remain unchanged at 9.7 percent. Instead, it actually rose to 9.9 percent. Read More
The unemployment rate is stagnant for the third month in a row at 9.7 percent. A few jobs were created in march, but the figures were significantly lower than expected. Read More
The massive snowstorm two weeks ago was so substantial the District had to rely on inmates to help shovel the snow.
The D.C. Department of Corrections provided about 20 inmates from local halfway houses to clear snow from crosswalks, bus stops and sidewalks around the city. The inmates earned $7.50 an hour.
The program is intended to prepare the inmates for reintegration into the community, while chipping in on work the city needs. Read More