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Tag >> unemployment
So, here is the upside to stubbornly high unemployment and slow job growth.
US labor productivity surged to 2.4 percent in 2009 and 2.8 percent in 2010, according to The Conference Board. This compares with just 0.8 percent in 2008.
Contrary to what a number of politicians have asserted in recent days, the current jobless rate is not due to a pervasive desire to cash unemployment checks and lounge around or a desire to become "hobos," as Sen. Richard Burr (R-NC) asserted earlier this year.
A new Deloitte study soberly concluded what many employers have suspected for years: The potential employment pool is becoming less and less qualified for the jobs that are available.
It's all about jobs.
With the official unemployment rate up to 9.8 percent and the unofficial rate as high as 15 percent or so, policy makers are talking the talk at least about how jobs are the number one priority.
The Federal government giveth, the states taketh away.
The same week businesses learned they could receive some tax breaks from the Federal government, a number of cash strapped governments announced sizable hikes in unemployment rates.
I know I may be going out on a very shaky limb. But, I sense a turn in the jobs picture within the near future.
It will probably be too late for Democratic incumbents as well as challengers awaiting results of the November 2 elections. But, it will be good news for those who most matter-the unemployed.
It's all about the jobs.
Add chief financial officers of retail firms to the long list of experts who believe the economy will continue to muddle along until the unemployment rate comes down.
Recently released data from the DOL's Bureau of Labor Statistics shows just how the overall unemployment numbers break down. The Business Employment Dynamics slices and dices employment gains and losses from September through December 2009, tallying changes by industry sector, company size and region of the country.
Several numbers stand out. First, while job losses outpaced job gains throughout 2009, the difference between the two numbers declined dramatically. In the first quarter of the year, net job losses totaled 2.74 million. That dropped to 193,000 by the fourth quarter.
Here is a frightening development from a macro economic standpoint. However, for CFOs, it frankly offers a shrewd opportunity to boost staff without destroying the budget.
A CareerBuilder survey of more than 2,500 employers found that more than one-quarter (27 percent) plan to hire interns during the remainder of 2010 to help support workloads.
There is little disagreement that the national jobs picture is ugly. The unemployment rate stands at 9.5 percent, unchanged from June 2009. If you include the under-employed, the fed up and not looking crowd, and the frustrated college grads who decided to go back to college, the rate is probably closer to 20 percent.
However, there are some bright spots-okay, let's call them not-as-bad spots-when you break down the job data state by state.
In the midst of a slowdown of the US economic recovery and the possibility of a double-dip recession in Europe, US mid-sized businesses are remaining cautious about borrowing. But they are also relying less on cost cutting for growth, opting instead for international expansion, which could in turn boost the US economy.
According to a survey of nearly 650 US senior financial executives polled by HSBC's commercial banking division, US mid-sized businesses continue to express some caution, which is evident in their reluctance to take on new debt. "A surprising 60 percent of respondents stated that they have not applied for an increase in their credit line or for a new credit line in the past 12 months," HSBC said in a press release Monday.
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