Federal Reserve Chairman Ben S. Bernanke testified before the House Budget Committee today that he expects unemployment to “remain elevated” “for some time.” So if you were putting your job search on the back burner, thinking, “oh, I’ll just try harder when the economy gets better,” it might be time to reevaluate that strategy. [More]
economy
Unemployment Falls To 9%, New Job Rate Falters
By 2.4.11
During a snow-battered January, US employment only rose 36,000, well-below the expected 145,000, according to the just-released jobs report by the Department of Labor. Unemployment also fell to 9% by .4 percentage points. While that looks odd on the face of it, the difference is largely because that rate is calculated using a different report than payroll data. So, how’s your job-search going? If the answer is, “poorly,” you’re in good company. [More]
Delawareans Racked Up Most Debt
By 2.4.11
Delawareans lead the nation in average consumer debt, according to a new report. Misplaced sense of state pride? (A lot of credit card companies are headquartered in Delaware because of the state’s relaxed attitude towards usury and their low taxes). Whatever the reason, $20,233 is the average per-person consumer debt load in Delaware, and the next 9 states aren’t that far behind: [More]
Employers Hired 187k Employees In Jan, 47k More Than Expected
By 2.2.11
Private employers hired 187,000 new employees in January, according to data released today by ADP. This was 47,000 more than economists expected. The number comes in advance of Friday’s Labor Department jobs report. [Marketwatch] [More]
Wachovia Settles "Pick-a-Payment" Mortgage Loan Class Action
By 2.1.11
If you got a “Pick-a-Payment” mortgage from Wachovia between Aug 1 2003 and Dec 31 2008, you might be up for claiming some cash in a $50 million settlement. [More]
Gas Prices Rise Amidst Egyptian Turmoil, But Now Holding Steady
By 2.1.11
The upheaval in Egypt is raising prices at the pump, with average prices rising to $3.10 a gallon, according to data from GasBuddy. Though Egypt is not a major supplier of oil, the Egyptian-controlled Suez canal and the nearby Sumed pipeline are key pass-through points for the world’s oil supply, and there are concerns that the civil unrest could spread to other oil-producing countries. As of Tuesday upwards pressure on oil prices eased off as so far back the protests haven’t disrupted transportation. [More]
100 Sled Dogs Slain After Tourist Slump
By 2.1.11
In what is the most disturbing tale of the aftershocks of the economic downturn, in Canada an outdoor adventure company is being investigated for the “execution-style” mass killing of 100 of its sled dogs. The sled dogs were not as in demand after the Olympic Games in Vancouver were over, so, when the tourists went, the dogs had to go too, reports the Vancouver Sun. [More]
Is Your Outplacement Firm A Joke?
By 1.31.11
Are you really getting the best deal from your outplacement firm? WSJ looks at the cottage industry of consultancy firms that companies hire to help fired employees get new work. Problem is the level of service some of the lower-bid firms provide reflect their cost. [More]
Borders Delays Payments To Vendors For 2nd Month
By 1.31.11
Stumbling book store chain Borders has said that it would delay payments to landlords and vendors for the 2nd month in a row. In a terse press release, the company said the move was meant to “help the company maintain liquidity while it seeks to complete a refinancing or restructuring of its existing credit facilities and other obligations.” In other words, they’re trying cling to cash and stave off bankruptcy. Borders also announced receiving a $550 million loan from GE Capital. Better keep pushing those loyalty cards to customers that could become worthless pieces of plastic if the company goes belly up, Borders clerks, you’re our only hope! Customers, if you got a Borders gift card for Christmas, now might be a good time to cash it in. [More]
Train Station Closes Bathroom To Public, Pisses Off Passengers
By 1.26.11
A scrawled note scotch-taped to the New Rochelle train station in New York tells passengers that they better hold it. The city has decided that’s it too expensive to keep the bathrooms open. The recession takes its toll on your toilet. [More]
Now Banks Are Also Walking Away From Foreclosures, Just Leaving Them To Rot
By 1.14.11
It’s not just underwater homeowners just flat out walking away from their houses. Now some mortgage servicers, having decided certain properties would be too expensive to try to foreclose, secure, maintain and market, are just abandoning the properties entirely, to let nature, and whatever else, take its course. [More]
Guy Recreates Steve Carell Bit To Save House From Foreclosure, Fails
By 1.14.11
All he wanted was to delay things just a little bit more so that his dad would have some more time to try to work out a deal between the lender to get that holiest of holies, a loan modification. So, in a desperate attempt to save his dad’s house, a guy shows up at the foreclosure auction and tries out two classic comedy bits. [More]
Banks To Start Paying Dividends For First Time In 3 Years
By 1.14.11
After a 3-year hiatus, banks, plumped up by big profits thanks to a dizzying array of federal aid programs, are ready to stay paying dividends again to investors. Before they can be restored, the government will conduct a round of secret “stress tests” to evaluate the banks’ financial health. If all goes well, individual investors who had seen their dividends slashed to pennies, could start once again supping from the income stream. [More]
Dine And Dashers On The Rise, Wearing Ties
By 1.12.11
In the last year the NYPD says there was a 20% increase in the number of “chew and screwers” – customers who run up a restaurant or bar tab and then duck out before paying it. And it’s not just the usual “live fast die young crowd,” entire families and guys with Monopoly mustaches are getting in on the action. [More]
Should Economists Have A Code Of Ethics? They're About To Vote On It
By 1.6.11
Most professions, like lawyers, doctors, scientists, and sociologists adopted a code of ethics long ago but that could change soon for one of the lone holdouts, the curmudgeonly economists. Their big conference kicks off today in Denver. On the agenda is whether they should adopt such a code. A little movie called Inside Job might have something to do with it. [More]
Jobless Claims Drop To July 2008 Levels
By 12.30.10
In a potential sign of a mending economy, unemployment claims for the week ending Dec. 25 fell 34,000 to 388,000, the lowest levels since July 2008. However, the good news might be slightly enhanced by it being the week of Christmas, which can throw a wrench into into how the claims are tallied. The last two years have seen the same trend, with claims then jumping upward in January. The news was received by unemployed folks in the same way as when you were a kid you found a cool wrapped present only to discover it was only a decoration. [More]
Holiday Retail Sales Surge For Second Straight Year
By 12.28.10
If your wallet is feeling a bit lighter these days, it’s probably because you’ve done your part over the past few weeks to give the retail sector a needed boost. Holiday spending in the 50 days before Christmas this year was up 5.5 percent over 2009, which yielded a 4 percent increase over 2008. [More]
U.S. Home Values Set To Plummet By $1.7 Trillion This Year
By 12.9.10
Property valuation site Zillow says that signs of stability in the housing market are vaporizing, and U.S. home values are poised to drop another $1.7 trillion this year. [More]
