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NELP Calls For Extending UI Benefits

 National Employment Law Project is sounding the alarm: Unless the Congress extends provisions of the stimulus bill by the end of February, 1.2 million laid off workers will become ineligible for extended benefits in March.  HELP NELP by emailing your congressperson. Start here.

NY State: Fraud Charges for Bank of America

 New York Attorney General Andrew Cuomo filed fraud charges against BofA and its former top honchos, claiming the bank manipulated shareholders and the federal government in order to carry out a merger with Merrill Lynch.       Read more.

Today's Video: When Other Languages Are Just Too Hard

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Laid Off? Don't Worry Life Is Still Good
Unemployment at 16.5% [CORRECTED] Print E-mail
News and Comment - No Job News

UnemploymentJan10x360February 6, 2010 The January U-6 unemployment rate dropped to 16.5%, a decrease of point 8 percentage points, the government reported today. [CORRECTION: We used the "not seasonally adjusted figure of 18% in a previous post. ]

Long term unemployment, defined to be 27 weeks or longer out of work, increased to a total 6.3 million, or 43% of unemployed(U3) people.

Also there were 1,100,000 discouraged workers in January, up from 734,000 a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.

The more commonly quoted U-3 unemployment rate dropped 0.3 percentage points to 9.7 percent. The number of unemployed persons dropped to 14.8 million and 20,000 jobs were lost in January.

Read more: Unemployment at 16.5% [CORRECTED]
 
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New Jobless Claims Back on the Rise, Up by 8,000 Print E-mail
News and Comment - No Job News

UIClaims30Jan2010x360UPDATED February 4, 2010

The number of new applications for Unemployment Insurance increased to 480,000 by 8,000 from the previous week's revised figure of 472,000, in the week ending 30 January 2010, the US Department of Labor reported today.

The 4-week moving average was 468,750, an increase of 11,750 from the previous week's revised average of 457,000.

Insured unemployment ending the week January 23 increased by 2,000 from the adjusted preceding week of 4,600,000 to 4,602,000. The 4 week moving average continued to decline, dropping to 4,617,500 a decrease of 51,250 from the preceding week's revised average of 4,688,750.

States reported 5,632,219 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Jan. 16, an increase of 281,442 from the prior week.

Click here for a larger graph of unemployment claims.

Read more: New Jobless Claims Back on the Rise, Up by 8,000
 
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Howard Zinn, Activist Historian Dies at 87 Print E-mail
News and Comment - No Job News

Howard Zinn January 27, 2010  Howard Zinn, historian, author and activist suffered a heart attack and died while traveling in California Wednesday. He was 87.

Dr. Zinn, a former professor at Boston University was best known for his book, "A People's History of the United States", which presented an alternate view to how typical American history textbooks portray the American experience.

The book entered popular culture when it was hailed in the film, "Good Will Hunting". Matt Damon and Ben Affleck were neighbors and friends of Zinn growing up. "Howard had a great mind and was one of the great voices in the American political life," states Ben Affleck. "He taught me how valuable -- how necessary -- dissent was to democracy and to America itself. He taught that history was made by the everyman, not the elites. I was lucky enough to know him personally and I will carry with me what I learned from him -- and try to impart it to my own children -- in his memory."

He was also the author of "The Politics of History" (1970); "Postwar America" (1973); "Justice in Everyday Life" (1974); and "Declarations of Independence" (1990).

Zinn was a champion of activism during the Civil Rights movement and the Vietnam war and continued to inspire thousands to fight the status quo during the Bush administration. He was a remarkable man, and true citizen of democracy and he will surely be missed.

Read more about Howard Zinn.

 
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Krugman on Obama and a Spending Freeze Print E-mail
News and Comment - No Job News

krugman New York Times Columnist and Economist Paul Krugman weighs in.

NoJobSurvivors say: Please Obama, heed this call!

January 26, 2010, 9:01 am

Obama Liquidates Himself

A spending freeze? That’s the brilliant response of the Obama team to their first serious political setback?

It’s appalling on every level.

It’s bad economics, depressing demand when the economy is still suffering from mass unemployment. Jonathan Zasloff writes that Obama seems to have decided to fire Tim Geithner and replace him with “the rotting corpse of Andrew Mellon” (Mellon was Herbert Hoover’s Treasury Secretary, who according to Hoover told him to “liquidate the workers, liquidate the farmers, purge the rottenness”.)

It’s bad long-run fiscal policy, shifting attention away from the essential need to reform health care and focusing on small change instead.

And it’s a betrayal of everything Obama’s supporters thought they were working for. Just like that, Obama has embraced and validated the Republican world-view — and more specifically, he has embraced the policy ideas of the man he defeated in 2008. A correspondent writes, “I feel like an idiot for supporting this guy.”

Now, I still cling to a fantasy: maybe, just possibly, Obama is going to tie his spending freeze to something that would actually help the economy, like an employment tax credit. (No, trivial tax breaks don’t count). There has, however, been no hint of anything like that in the reports so far. Right now, this looks like pure disaster.

 
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Good Obama Middle Class Help. But What About Jobs? Print E-mail
News and Comment - No Job News

Eric Lotke of OurFuture.org sets out to make sense of Obama's upcoming State-of-the-Union proposal. "Mostly, the new initiatives don’t create jobs. Doubling the child tax credit, limiting student loan payments to ten percent of income, expanding tax credits to match retirement savings – they’re just relief. They are designed to help underpaid or unemployed people to cope when they don’t have enough money. They don’t create jobs or generate wealth."

Read: Good Obama Middle Class Help. But What About Jobs?

 

 
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US State Unemployment Rates Update Print E-mail
News and Comment - No Job News

Jobless Rate* Increases Across 43 States in December

StatesUnemploymentDec2009x440Forty-three states and the District of Columbia recorded over-the-month unemployment rate increases, four states registered rate decreases, and three states had no rate change,* the U.S. Bureau of Labor Statistics reported today. Over the year, jobless rates increased in all 50 states and the District of Columbia.

Twenty-one states reported statistically significant over-the-month unemployment rate increases in December. Louisiana and Mississippi experienced the largest of these (+0.8 percentage point each). The national unemployment rate dropped to 10.0 percent in December.

Read more: US State Unemployment Rates Update
 
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