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Keyword: recoverysummer

Brevity: Headers | « Text »

    05/29/2015 5:47:11 AM PDT · by tellw · 117 replies
    AP ^ | 5/29/2015 | MARTIN CRUTSINGER
    WASHINGTON (AP) -- The U.S. economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially estimated. The Commerce Department says the overall economy as measured by the gross domestic product contracted at an annual rate of 0.7 percent in the January-March period. The revised figure, even weaker than the government's initial estimate of a 0.2 percent growth rate, reflects a bigger trade gap and slower consumer spending. It marked the first decline since a 2.1 percent contraction in the first three months of...
  • Steve Wynn: Economic recovery ‘pure fiction’

    05/06/2015 9:08:05 AM PDT · by Red Badger · 7 replies
    WND - FWIW ^ | 05-06-2015 | Leo Hohmann
    One of America’s most astute businessmen, known for having expanded the Las Vegas strip of resort hotels and casinos in the 1990s, says the U.S. remains mired in an economic funk and any talk of a broad recovery is “pure fiction. A lie.” Steve Wynn, the 73-year-old founder and CEO of Wynn Resorts, made the comments in a televised interview with Jon Ralston of PBS’ “Ralston Live.” He opened the Wynn Hotel and casino in Macao, China, in 2006, and is known as an international gaming and casino magnate. Wynn’s Macao operation recently reported a 28 percent quarterly loss in...
  • Hollywood Code Red: 2014 Already a Write Off, 19% of Jobs Cut

    09/12/2014 11:28:52 AM PDT · by ImJustAnotherOkie · 138 replies
    Breibart ^ | 12 Sep 2014, 10:07 AM PDT | John Nolte
    When you combine Variety's story about a 19% drop in entertainment industry jobs, and The Hollywood Reporter's story about the 2014 box office already being written off as a "disaster," things look pretty glum in the business of show. And probably for good reason. No one expected Summer 2014 to tank. No one. Everyone's saying "wait till next year," but this year there was a Spider-Man, some X-Men, a bunch of Apes, more Transformers, ..., this past Labor Day weekend was the worst since the post- 9/11 Labor Day weekend. No one knows why. No one can explain it. And...
  • The US Consumer Is So Strong, Macy's Just Fired 2500 And Announced The Closure Of Five Stores

    01/08/2014 1:36:55 PM PST · by dynachrome · 79 replies
    Zero Hedge ^ | 1-8-14 | Tyler Durden
    Just out from Macy's, which first said the following: "The 2013 holiday season was successful for Macy’s and Bloomingdale’s as we offered fresh and distinctive merchandise, delivered great value to the customer and provided a robust omnichannel shopping experience... Even in a questionable macroeconomic environment with challenging weather in multiple states, the positive response from our customers during the holiday season is yet another vote of confidence that our well-established strategies continue to work for us." What well-established strategies one may ask? Why the following of course, which was also just disclosed in a separate news release "outlining cost reduction...
  • Job Growth Posts Large Gain in June; Rate Holds (Biggest job increases: Bartenders and Waiters!)

    07/05/2013 6:53:41 AM PDT · by jimbo123 · 10 replies
    CNBC ^ | 7/5/13 | Jeff Cox
    U.S. job growth accelerated in June thanks to a big jump in hospitality and service workers, according to a report that is likely to trigger more debate about how aggressively the Federal Reserve will begin pulling back on monetary easing. -snip- Moreover, the quality of jobs was weak. The bulk of the gains—75,000—came in the hospitality industry of bartending and waiters.
  • More Than 35 Newsroom Staff Laid Off at The Oregonian UPDATE: Layoff list tops 90 people

    06/24/2013 2:41:28 PM PDT · by jimbo123 · 27 replies
    Willmette Week ^ | 6/22/13 | AARON MESH
    Newsroom layoffs at The Oregonian have topped 35 reporters, editors and photographers today as the paper reduces home-delivery days and cuts staff. Among the more prominent names WW has confirmed The Oregonian has laid off are editorial columnist David Sarasohn, environmental reporter Scott Learn, and Multnomah County reporter Dana Tims. Many staffers have begun posting their own layoff announcements on the web. Sports reporter John Hunt wrote this morning on Twitter that he is flying home after being laid off with a phone call in Omaha, Neb., where he was covering the Oregon State Beavers baseball team in the College...
  • Chinese, U.S. factories struggle, Europe still in slump

    06/20/2013 4:19:20 PM PDT · by Oldeconomybuyer · 4 replies
    Reuters ^ | June 20, 2013 | By Jonathan Cable and Steven C. Johnson
    Factory output in China weakened to a nine-month low in June while U.S. manufacturing closed out its worst quarter in the last four, suggesting the road to recovery for the world economy remained an uneven one. A day earlier, the Federal Reserve said the U.S. economy was expanding strongly enough for the central bank to begin slowing the pace of its stimulative bond purchases later this year. Other major economies are lagging America's, however, which could limit the strength of global growth. China, the world's second largest economy, grew at its slowest pace in 13 years in 2012 and incoming...
  • Axelrod Denies Ever Touting A "Recovery Summer" (video)

    08/05/2012 8:26:05 AM PDT · by i88schwartz · 19 replies
    RealClearPolitics ^ | August 5, 2012 | RealClearPolitics
    Chris Wallace, "FOX News Sunday" host: Didn't this White House badly misjudge this recovery? I remember in 2010, two summers ago, you and Vice President Biden were running around talking about 'Recovery Summer.' That was the summer of 2010 and the fact is the White House said if you got the stimulus, the $800 billion that unemployment would stay under 8%. In fact, with the stimulus, unemployment has stayed over 8% for the last 42 months. That's three and a half years. David Axelrod: Chris, first of all, I wasn't running around saying anything other than that we were going...
  • Medtronic to cut 1,000 jobs, including 250 in Twin Cities

    05/23/2012 5:16:09 AM PDT · by TurboZamboni · 30 replies
    pioneer press ^ | 5-22-12 | chris snowbeck
    Faced with no growth in two of its key medical-device markets, Fridley-based Medtronic said it would eliminate about 1,000 jobs, including 250 positions in the Twin Cities. Most of the local job cuts -- which were first disclosed by the company earlier this month -- are in Medtronic's heart rhythm device unit, which is based in Mounds View and makes pacemakers and implantable cardiac defibrillators. But Medtronic officials also said on Tuesday, May 22, that the company plans to hire 1,500 workers over the next 11 months. Many of the new hires will work in faster-growing markets overseas, but there...
  • Obama: Tea-party GOP blocking U.S. recovery

    08/17/2011 8:33:39 AM PDT · by upchuck · 62 replies
    The Washington Times ^ | August 16, 2011 | Dave Boyer
    A day after clashing with a tea party activist, President Obama Tuesday told crowds here that it was “a faction in Congress” that was to blame for blocking economic progress. At a rural jobs forum, Mr. Obama ticked off a list of pending bills that he said would create jobs. “The only thing that’s preventing us from passing the bills I just mentioned is the refusal of a faction in Congress to put country ahead of party,” the president said in a thinly veiled reference to House Republicans backed by the tea party. “That has to stop.” ... Mr. Obama...
  • Economic growth tepid as spending flat (Unexpected alert!)

    07/29/2011 6:02:27 AM PDT · by Red Badger · 20 replies · 1+ views
    http://www.reuters.com ^ | WASHINGTON | Fri Jul 29, 2011 8:39am EDT | By Lucia Mutikani
    The economy grew less than expected in the second quarter as consumer spending barely rose amid higher gasoline prices, and growth braked sharply in the prior quarter, a government report showed on Friday. Growth in gross domestic product -- a measure of all goods and services produced within U.S. borders - rose at a 1.3 percent annual rate, the Commerce Department said. First-quarter output was sharply revised down to a 0.4 percent pace from 1.9 percent. Economists had expected the economy to expand at a 1.8 percent rate in the second quarter. In addition, fourth-quarter growth was revised down to...
  • Has anyone had their oil changed lately? (Hope and Change)

    06/18/2011 10:38:07 AM PDT · by mylife · 117 replies · 1+ views
    My aching wallet | 9/18/11 | mylife
    Folks, I just went to have my oil changed(5 qts pennzoil) and get an inspection at the Kwik Lube. I also had them put on two wiper blades. The sum was $77 The place was empty other than one fellow getting a company truck done. At anyrate we got to discussing the near doubling of prices and it appears that the patronage of the service station is so low that they are about to go out of business. The other place in town is in the same position. How's that Hope and "Change" working out for everyone? In this town...
  • How Miserable? Index Says the Worst in 28 Years

    06/17/2011 10:53:24 AM PDT · by markomalley · 15 replies
    CNBC ^ | 6/17/11
    When it comes to measuring the combination of unemployment and inflation, it doesn’t get much more miserable than this. In fa Stressed out man ct, misery, as measured in the unofficial Misery Index that simply totals the unemployment and inflation rates, is at a 28-year high, reflective of how weak the economic recovery has been and how far there is to go. The index, first compiled during the soaring inflation days of the 1970s by economist Arthur Okun, is registering a nausea-inducing 12.7—9.1 percent for unemployment and 3.6 percent for annualized inflation—a number not seen since 1983. The index has...
  • HUGE MISS: Philly Fed Plunges to -7.7

    06/16/2011 7:32:50 AM PDT · by hcmama · 15 replies
    Business Insider ^ | Joe Weisenthal
    Another regional survey of manufacturers confirms the rapid turn in the economy. Analysts had been expecting a reading of 7.0 in the survey. Instead we got -7.7 Markets are heading lower Read more: http://www.businessinsider.com/philly-fed-index-june-2011-6#ixzz1PRsAYVST
  • Employment Data May Be the Key to the President’s Job (The socialist experiment is dead)

    06/02/2011 2:13:27 PM PDT · by AngelesCrestHighway · 15 replies · 1+ views
    NewYork Times ^ | 06/01/11 | BINYAMIN APPELBAUM
    No American president since Franklin Delano Roosevelt has won a second term in office when the unemployment rate on Election Day topped 7.2 percent. Seventeen months before the next election, it is increasingly clear that President Obama must defy that trend to keep his job. Roughly 9 percent of Americans who want to go to work cannot find an employer. Companies are firing fewer people, but hiring remains anemic. And the vast majority of economic forecasters, including the president’s own advisers, predict only modest progress by November 2012. The latest job numbers, due Friday, are expected to provide new cause...
  • What If Sarah Palin Was Elected America's 45th President? (They're wooried)

    11/16/2010 3:38:53 PM PST · by 2ndDivisionVet · 26 replies
    The Huffington Post | November 16, 2010 | Sheldon Filger.
    Link only due to copyright issues: http://www.huffingtonpost.com/sheldon-filger/what-if-sarah-palin-was-e_b_784443.html
  • Where's recovery?: Obama keeps blaming Bush

    10/03/2010 4:41:18 AM PDT · by BobP · 8 replies
    South Florida Sun-Sentinel ^ | October 3, 2010 | John Nothdurft
    Americans from coast to coast got burned this summer, but they aren't reaching for the aloe vera. Instead, 14.6 million unemployed Americans have been burned by the "Recovery Summer" that never was. And if Congress doesn't renew the Bush tax cuts soon, the problems will only get worse. On June 17 the Obama administration kicked off its "recovery summer" public-relations campaign to promote the anticipated successes of Congress's use of Keynesian economic strategy -- translated: more government spending -- to reboot the economy.
  • Workforce Center Prepares For Cessna Layoffs

    09/22/2010 11:28:25 AM PDT · by Bell407Pilot · 21 replies · 1+ views
    KAKE News ^ | 9/22/10 | Stephanie Diffin
    Cessna's announcement regarding 700 layoffs comes after months of tapering unemployment in Wichita. The regional Workforce Center says it hasn't recorded layoffs in the hundreds for months, and didn't expect anymore bulk job cuts as a result of this recession. But now, the center's gearing up to assist hundreds who are about to need help finding jobs. "It's draining emotionally, you know," said one Cessna worker who was recently called back to work after getting laid off months ago. "I had to make a whole lot of changes in my life and my family."
  • Auto sales: Worst August since 1983

    NEW YORK (CNNMoney.com) -- The nation's top automakers reported disappointing sales Wednesday, resulting in the worst August for industrywide auto sales in 27 years. According to sales tracker Autodata, U.S. new vehicle sales fell just short of 1 million vehicles, a drop of 21% from a year ago, which included Cash for Clunkers. That federal program created a sugar rush of sales by dangling an incentive of up to $4,500 in cash for buyers who traded in older gas guzzlers for more efficient models.
  • Men's Wearhouse Fights "Mansession": Company Holds Event To Suit Up Unemployed

    09/04/2010 1:58:38 PM PDT · by 2ndDivisionVet · 10 replies
    KPHO-TV ^ | September 1, 2010
    Men’s Wearhouse will host a national suit drive throughout the month of September at over 1,000 store locations to help unemployed men look their best for potential job interviews. People are encouraged to bring old suits, dress shirts, slacks, coats, ties and other accessories to any Men’s Wearhouse location. According to the company, since the beginning of the recession roughly 82 percent of all job losses have been men, leaving almost one in 10 working-age men unemployed due to the hit on male-dominated industries such as construction and manufacturing. "By collecting and donating professional clothing, Men's Wearhouse aims to help...
  • Romer: Lack of 'Recovery Act signs' Fuels Public Perception of Obama Failure

    09/01/2010 8:40:58 AM PDT · by kristinn · 48 replies
    Wednesday, September 1, 2010 | Kristinn
    >Not enough of these signs have been seen around the country, feeding the public perception of failure of Obama's $862 billion stimulus spending, according to retiring chief economic adviser Christina Romer. Photo via CNS News. Yes, that is what is in Christina Romer's farewell speech to be given later today at the National Press Club as she steps down as head of Obama's Council of Economic Advisers.Reuters and USA Today report based on White House released excerpts previewing the speech:"Because the final bill was a mixture of hundreds of measures, many of which don't come with Recovery Act signs or...
  • What economic rebound?

    08/29/2010 3:17:03 AM PDT · by Scanian · 11 replies
    NY Post ^ | August 29, 2010 | Editorial
    The Obama administration, with VP Joe Biden playing head cheerleader, has been pushing the idea that last year’s $862 billion stimulus, the linchpin of the administration’s economic plan, worked and the economy is rebounding. Far from it. Indeed, things look to be worsening. The unemployment rate is stuck at 9.5%, though the stimulus was supposed to keep unemployment below 8%. Meanwhile, sales of new homes in July plunged 12.4% from June — to a level not seen since such records were first kept nearly 50 years ago — and purchases of existing home sales dropped 27%, to a 15-year low....
  • Democrats Face Economic Facts: Updraft Unlikely

    08/28/2010 6:55:14 PM PDT · by Son House · 21 replies
    Wall Street Journal ^ | August 28, 2010 | By LAURA MECKLER
    Congressional Democrats and the White House will continue their attempts to enact policies they believe will boost the economy—and which are also aimed at persuading voters they are working to make things better. ...And while the economic situation remained dire when President Barack Obama took office in January 2009, most Democrats assumed that the economy would rebound by the time they stood for office this year. A series of disappointing economic reports has made clear that won't be the case. The most recent one came Friday, when the government reported that the economy grew at a much slower pace in...
  • For the young, unemployment hits record

    08/28/2010 3:59:50 PM PDT · by 11th_VA · 36 replies
    The Kansas City Star ^ | Fri, Aug. 27, 2010 11:44 PM | Diane Stafford
    While the national unemployment rate stuck at 9.5 percent this summer, the youth unemployment rate hit 19.1 percent in July. It was the highest midsummer jobless rate for the 16-to-24 age group on records dating back to 1948, the U.S. Bureau of Labor Statistics said Friday. The jobless rates for young people in July — typically the peak month for youth employment — jumped from 10.5 percent in 2007 to 14 percent in 2008 to 18.5 percent in 2009. This year, fewer than half (48.9 percent) of that population group held jobs in July. That also was a record —...
  • Are you "unexpectedly" feeling that were all screwed?

    08/26/2010 3:39:07 PM PDT · by The Magical Mischief Tour · 23 replies
    08/26/2010 | TMMT
    I don't even know why anyone listens to all these "experts" and their economic predictions anymore. Have any of them even been close? They never get the unemployment numbers right, either missing estimates by many thousands and even then the "official" numbers are constantly being revised up or down... And good grief the housing numbers. I can almost understand them missing estimates by 1,2 or even 5%... but 27% WTH!??!?! Are they even looking at the same data the .gov is or what? And if we are dealing with mathematics here, with economics how can half of economists say things...
  • One in 10 with a mortgage face foreclosure ('Recovery Summer' on a roll!)

    08/26/2010 11:48:31 AM PDT · by NormsRevenge · 20 replies · 1+ views
    AP on Yahoo ^ | 8/26/10 | Alan Zibel - ap
    WASHINGTON – One in 10 American households with a mortgage was at risk of foreclosure this summer as the government's efforts to help have had little impact stemming the housing crisis. About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday.
  • New home sales sink 12.4 percent in July to slowest pace on record as economy weakens

    08/25/2010 7:18:42 AM PDT · by John W · 82 replies
    AP via CB Online ^ | August 25, 2010 | Allan Zibel
    WASHINGTON (AP) - Sales of new homes dropped sharply last month to the slowest pace on record, the latest sign that the economic recovery is fading. The Commerce Department says new home sales fell 12.4 percent in July from a month earlier to a seasonally adjusted annual sales pace of 276,600. That was the slowest pace on records dating back to 1963.
  • US golf clubs in the rough as members drop away

    08/21/2010 11:28:16 AM PDT · by Willie Green · 69 replies
    Associated Press ^ | Saturday, August 21, 2010 | JIM FITZGERALD
    MAMARONECK, N.Y. — A few weeds have popped up on the fairways, and summer's heat has scorched the grass here and there, but the golf course at the Hampshire Country Club is still tidy and scenic, its little waterfall still burbling through the rocks. Not that there's anyone around to notice. The Hampshire's 18-hole course on Long Island Sound, along with its tennis courts, pool and restaurant, is closed this year. Members cited rising costs upwards of $25,000 a year for a membership as the roster fell from several hundred at its peak to about 100. "There was a lot...
  • Fidelity: 401(k) hardship withdrawals, loans up (Thanks Barry!)

    In the wake of news about a spike in new applications for unemployment benefits comes another potentially troubling sign: A record number of workers made hardship withdrawals from their retirement accounts in the second quarter. What's more, the number of workers borrowing from their accounts reached a 10-year high, according to a report issued Friday by Fidelity Investments. The trends reflect the financial stress many workers find themselves in as the economy struggles to find sure footing, said Beth McHugh, Fidelity's vice president of marketing insight. High unemployment and companies cutting back on overtime or overall hours have reduced the...
  • Difficult economic times ahead, CBO warns (Hey Obama, how's that "Summer Of Recovery" coming?)

    08/20/2010 4:02:51 AM PDT · by tobyhill · 23 replies
    MSNBC ^ | 8/19/2010 | Reuters
    The U.S. economy faces even more difficult times ahead with chronic high unemployment rates and slow manufacturing growth hurting the recovery, Congressional Budget Office Director Douglas Elmendorf said on Thursday. The U.S. unemployment rate will not fall to around 5.0 percent until 2014, Elmendorf wrote in his blog about CBO's new economic and budget outlook. Without significant changes in U.S. tax and spending laws, the U.S. government will struggle to dig its way out of a fiscal deficit hole, the CBO said, and this may influence the outcome of the November 2 midterm congressional elections.
  • CNN: The Fed ate my savings!

    08/11/2010 10:27:11 AM PDT · by Oldeconomybuyer · 15 replies
    CNN Money.com ^ | August 11, 2010 | By Paul R. La Monica
    NEW YORK (CNNMoney.com) -- If you are a responsible saver, the Federal Reserve isn't doing any you favors. The Fed unsurprisingly left a key short-term rate near 0% Tuesday, meaning that rates on money-market accounts, CDs and other savings products are likely to remain as anemic as they've been for the past two years. But the Fed is hurting those who look to Treasury bonds and notes for a steady yield as well. Still, it's unsettling that just as more consumers have finally woken up to the fact that they should be putting away more money for that proverbial rainy...
  • Dow and Nasdaq down sharply (-219) as concerns of global growth is slowing reinforced.

    08/11/2010 7:55:26 AM PDT · by DCBryan1 · 21 replies
    Wells Fargo ^ | 11 AUG 10 | dcbryan1
    The Dow and Nasdaq were sharply lower as data out of Europe and Asia reinforced concerns that global growth is slowing. The Dow was down as many as 216 points in the first 30 minutes of trading. The Nasdaq was down as many as 58 points. The dollar rose against the euro in a sign of increased risk concerns. The price of oil dipped below $80 per barrel. Japanese wholesale prices and machinery orders were weaker than expected, and reports on retail sales and industrial output in China were also lackluster. The Bank of England cut its growth outlook. The...
  • The jobs emergency

    08/09/2010 8:53:58 PM PDT · by advance_copy · 9 replies
    Salon.com ^ | 8/9/2010 | Robert Reich
    Washington’s latest answer to the worst jobs crisis since the Great Depression is $26 billion in aid to state and local governments. [Blah blah blah blah... Don't bother reading the rest of this tripe. We're talking about Robert Reich-sha, after all].
  • Democrats Set Themes for 'Recovery Summer' Town Halls

    08/03/2010 11:28:21 AM PDT · by Oldeconomybuyer · 36 replies · 10+ views
    TIME via Yahoo! News ^ | August 3, 2010 | By ALEX ALTMAN
    Last year's August recess was hardly a placid respite for Congressional Democrats. As House members depart for the six-week summer recess beginning Monday, Republican leaders are hinting that Democrats may opt to dodge constituents rather than endure another round of overheated public events. Democrats will hit the campaign trail armed with talking points to draw distinctions between the two parties. And the Democratic leadership is predicting they will get a gentler reception this time. "The atmosphere has changed," Majority Leader Steny Hoyer says of last summer's vitriol. "I think that ran its course." (See portraits of the Tea Party movement.)...
  • Winn-Dixie to close 30 stores; 120 corporate jobs being eliminated (MMM...MMM...MMM)

    07/28/2010 10:49:51 AM PDT · by My Favorite Headache · 38 replies · 3+ views
    Winn-Dixie Stores Inc. on Tuesday announced it will close 30 of its 514 stores, and cut 120 jobs in its corporate and field support staffs as it deals with a continued weak economy. The Jacksonville-based supermarket chain wouldn't say which stores are closing until company officials can inform the employees involved, which should happen by the end of Wednesday. The stores being closed "can't operate efficiently or profitably" in this economy, CEO Peter Lynch said. "We just don't see a lot of good things down the road," he said. "These steps are being taken to position the company for another...
  • With Recovery Slowing, the Employment Outlook Dims

    07/30/2010 1:33:25 PM PDT · by reaganaut1 · 33 replies · 1+ views
    New York Times ^ | July 30, 2010 | CATHERINE RAMPELL
    There is no more disputing it: the economic recovery in the United States has indeed slowed. The nation’s economy has been growing for a year, with few new jobs to show for it. Now, with growth at an annual rate of 2.4 percent in the second quarter and federal stimulus measures fading, the jobs outlook appears even more discouraging. “Given how weak the labor market is, how long we’ve been without real growth, the rest of this year is probably still going to feel like a recession,” said Prajakta Bhide, a research analyst for the United States economy at Roubini...
  • US Stock Futures Fall After 2.4% Rise In 2Q GDP; DJIA Off 70 (less than EXPECTED 2Q growth)

    07/30/2010 9:05:09 AM PDT · by OldDeckHand · 27 replies · 7+ views
    Wall St. Journal ^ | 07/30/2010 | Donna Kardos Yesalavich
    NEW YORK (Dow Jones)--U.S. stock futures fell Friday after data showed the U.S. economy slowed in the second quarter and the government said the recession was deeper than earlier believed, adding to concerns over the recovery's strength. Dow Jones Industrial Average futures were recently off 70 points at 10339, while Standard & Poor's 500 futures dropped 8 points to 1089 and Nasdaq Composite futures declined 15 points to 1842. Prior to the data, Dow futures had been off 42 points, S&P 500 futures were down 5 points and Nasdaq futures were off 9 points. Changes in stock futures do not...
  • Obama to tout auto turnaround

    07/28/2010 8:39:03 PM PDT · by PROCON · 17 replies · 3+ views
    politico.com ^ | July 28, 2010 | KENDRA MARR
    President Barack Obama is taking a victory lap. When the president travels to Michigan on Friday, he’ll tout the revival of General Motors and Chrysler since the auto companies received billions in federal aid and government-assisted bankruptcies. “This is a bit of a metaphor for how the president has approached the overall economic picture – making tough decisions that may or may not poll well at the moment in order to create a foundation for economic growth going forward,” White House press secretary Robert Gibbs told a handful of reporters on Wednesday.
  • Unemployment rises in 75 pct. of metro areas

    07/28/2010 10:46:55 AM PDT · by Kartographer · 11 replies
    AP/YahooNews ^ | 7/28/10
    The unemployment rate in about three-quarters of the nation's largest metro areas rose last month as seasonal factors boosted joblessness nationwide. The Labor Department says the unemployment rate rose in 291 of 374 areas in June from May. It fell in 55 areas and was flat in 28.
  • Bankruptcy Filings Up 25% Over Last Year, Many Consumers Struggling With Job Loss(Massachusetts)

    07/24/2010 5:04:40 AM PDT · by Son House · 35 replies
    The Patriot Ledger ^ | Jul 23, 2010 | By Jon Chesto
    The number of bankruptcy filings in Massachusetts surged by 25 percent in the first six months of the year, as many consumers struggled with job losses, changing credit card terms and foreclosures. The Warren Group reported Thursday that through June 30, 11,847 filers statewide sought protection through Chapter 7, Chapter 11 or Chapter 13 of the federal bankruptcy code. That figure, which includes businesses and individuals, represents a 25.2 percent increase from the same January-June period in 2009. The sharp rise could put the state on track to surpass the rush of bankruptcies in 2005, before strict limits took effect....
  • Thousands show up at Tulsa food pantry Friday [the Obama Depression]

    07/24/2010 3:43:31 AM PDT · by fifthvirginia · 29 replies · 2+ views
    Tulsa World ^ | 24 July 10 | By MIKE AVERILL World Staff Writer
    Iron Gate was forced to suspend its food box distribution program Friday morning due to a large, misinformed crowd. The line started forming at 6:30 a.m. outside the food pantry, located on the south side of Trinity Episcopal Church, 501 S. Cincinnati Ave. “We estimate there were 2,000 people here this morning,” said Connie Cronley, executive director. “The heat, the crowd and the incorrect information they have received rendered, in my judgment, a situation that was unsafe.”
  • Masco Bath Layoffs (Tennessee company layoffs, says "no one is building homes")

    07/24/2010 12:48:37 AM PDT · by The Magical Mischief Tour · 16 replies · 1+ views
    WBBJ TV ^ | 07/23/2010 | WBBJ TV
    Instead of collecting a paycheck, 20 employees from the Masco Bath plant in Adamsville now collect an unemployment check. Local leaders said the former Aqua Glass company handed out pink slips to workers Thursday night. "People are not building homes. Commercial development has not spurred to the point that we would like to see it, and as a result they are having a difficult time moving their product," said McNairy County Mayor Jai Templeton. Workers claimed the company initially asked people to voluntarily be laid off and believe the more seasoned employees took them up on the offer. "The people...
  • The Great Obama Job Shuffle

    07/20/2010 8:00:09 PM PDT · by JimPrevor · 2 replies · 1+ views
    The Weekly Standard ^ | July 19, 2010 | Jim Prevor
    USDA Under Secretary for Rural Development Victor Vasquez justified the loan guarantees for the Nebraska greenhouse and the Oregon winery – and a group of other food producers from a potato chip maker to a cheese factory – by explaining that “This funding will help create and save jobs and build on America's economic recovery.” But it won’t. It can’t. It can only reshuffle jobs from other producers. The Obama administration is acting as if it doesn’t know the difference between local economic development and a national increase in jobs. Fortunately, “Recovery Summer” tours notwithstanding, American voters do seem to...
  • Banks repossess homes at record pace: RealtyTrac (Recovery Summer 'heating' up?!?!?)

    07/15/2010 9:37:27 AM PDT · by NormsRevenge · 15 replies
    Reuters on Yahoo ^ | 7/15/10 | Lynn Adler
    NEW YORK (Reuters) – Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday. The root problems of job losses and wage cuts persist, making a sustained U.S. housing recovery elusive. Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, RealtyTrac said in its midyear 2010 foreclosure report. Repossessions will likely top 1 million this year. "The underlying...
  • Stock selloff accelerates

    07/01/2010 9:04:45 AM PDT · by Signalman · 28 replies
    CNNMoney ^ | 7/1/2010 | Alexandra Twin
    NEW YORK (CNNMoney.com) -- Stocks tumbled Thursday after worse-than-expected readings on manufacturing, housing and the labor market exacerbated fears that the economy is heading for another recession. The Dow Jones industrial average (INDU) lost 135 points, or 1.4%, hitting a trading low of 9,621, the lowest point since Oct. 6. The Nasdaq (COMP) composite lost 42 points, or 2%, touching a trading low of 2,061, the lowest point since Nov. 4. The S&P 500 (SPX) lost 18 points, or 1.8%, hitting a trading low of 1,010, the lowest point since Sept. 4. Declines were broad based, with all 30 of...