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06 Jul 2011 13:08

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U.S.: A tale of two unemployment rates, through an urban microcosm

  • 9.8% the unemployment rate in the Washington, DC — a little higher than the rest of the nation
  • 3.6% the unemployment rate for the more affluent areas of DC — mostly populated by whites source
  • » This isn’t good. The unemployment rate of Anacostia, a district in Southeast DC east of the river mostly populated by blacks? Nearly 20 percent. DC is merely just a flash point for a much-larger trend. All over the United States, blacks are twice as likely to be unemployed as whites. What’s worse is there’s no real explanation for it — other than the obvious one.
Posted by Justin Jones • 0 Comments • Permalink

30 Jun 2011 13:18

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Tech, U.S.: Obama’s high-tech version of Fireside Chats — via Twitter

Obama is really embracing this whole Twitter thing. On July 6, he’s going to be on Twitter talking about the economy, hashtags and all. Be sure to tune in to talk to our prez … virtually. source
Posted by Justin Jones • 0 Comments • Permalink

08 Jun 2011 14:31

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Biz: Double-dip fuels fear of another Great Depression

  • 48% of people think another depression is coming source
  • » That’s the highest level ever. While the poll question (from a CNN/Opinion Research Corporation poll) had a slight majority — 51 percent — saying we probably won’t have one, a possible double-dip recession has many folks a little concerned. Obama promises that’s not going to happen. He better hope he’s right — 51 percent of people also said that the economy is extremely important in determining who they’ll vote for.
Posted by Justin Jones • 0 Comments • Permalink

06 Jun 2011 22:10

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Politics: Obama’s head economics guy is headed out the door

  • Goodbye, Goolsbee: Austan Goolsbee, Obama’s chief economic advisor and the only guy in Washington who spells “Austan” with an “a,” is leaving the White House to resume teaching in Chicago. It’s a coincidence that the administration happened to announce this news today, when it was certain to be drowned out by the torrent of Anthony Weiner stories. I mean, it’s not like the White House is nervous that Goolsbee’s departure might create a perception of uncertainty regarding their grasp of the economy, right? Nah. source
Posted by Seth Millstein • 0 Comments • Permalink

06 Jun 2011 16:04

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U.S.: Rick Santorum makes it official for 2012

  • Pick Rick? Former Republican senator Rick Santorum has officially announced his candidacy for President in 2012. We’ll admit, we were surprised when we long ago heard he might run, as we figured any candidate whose name can’t be safely Googled would be advised by strategists to sit it out. For perspective on his political stripes, here Santorum brings up gay marriage as an example of Obama devaluing our “moral currency.” The fact that he uses this rhetoric in his announcement speech is telling — that’s what he wants to be talking about, not currency standards. And in a country that seems to care less and less about who wants to fall in love and get married, this could very well be the last stand for one of America’s most strident political culture warriors. source
Posted by Chris Tognotti • 0 Comments • Permalink

03 Jun 2011 12:18

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U.S.: Unemployment creeps upward for second month in a row

  • 9.1% unemployment in May, up from 9% in April  source
  • » That’s a .2% increase since March, when unemployment was looking “good” at 8.9%. A total of 83,000 jobs were added in the (nonfarm) private sector; however, 29,000 governmental employees got the axe last month, bringing the total number of jobs added down to 54,000. Here’s to a better month.
Posted by Seth Millstein • 0 Comments • Permalink

31 May 2011 10:46

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Biz: Key economic indicator: Homes see double-dip in prices (uh-oh)

  • bad The Standard & Poor’s/Case-Shiller home pricing index, a key economic indicator which compares home prices in the top 20 U.S. markets, fell heavily in March compared to a year earlier.
  • worse The numbers confirm a double-dip in home prices (below April 2009’s previous nadir), which could spell bad news. Does a double-dip in home prices mean a double-dip for the overall economy? source
Posted by Ernie Smith • 0 Comments • Permalink
 

25 May 2011 14:10

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Biz, U.S.: Bubble watch: Is the student loan market about to crash?

  • $24k average amount of debt a graduating college student has
  • $800B amount in outstanding student debt — with 30% of it securitized
  • 40% number of student loans that are in default after 15 years; not good source
  • » This is huge. To put it in perspective: Student loans are the nation’s largest source of debt – even more than credit cards. Tuition has risen faster than inflation, and lenders are quick to help students. That’s because until 2009 the government had a program in place that purchased loans that weren’t paid back. That sounds a lot like the housing market, right? Couple all of that with the fact that college graduates are having harder times finding jobs, and you don’t get a very good picture over the long-term.
Posted by Justin Jones • 0 Comments • Permalink

17 May 2011 14:01

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Biz: Hewlett-Packard blames Japanese earthquake for problems

  • $5 the earnings per share Hewlett-Packard, the PC maker, expects to make by the end of the fiscal year; their shares are up from May 2010
  • $5.24 the earnings per share Wall Street expected; their stocks fell because of the predicted hardships that lie ahead for the company source
  • » A leaked memo from the CEO is to blame: The memo by Leo Apotheker caused the company’s stocks to fall. He cited the Japanese earthquake and weak PC sales as reasons to reduce hiring and prepare for another rough quarter. Even though their stocks are up from last year, they aren’t meeting market predictions, causing people to sell their shares in the company. Apparently, it’s causing the stock market to slow down overall. Yikes.
Posted by Justin Jones • 0 Comments • Permalink

06 May 2011 10:46

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Biz: April jobs numbers: Mostly good this time, but not completely

  • 244k the number of jobs added in April, according to fresh jobs numbers released today
  • 268k the number of jobs added specifically to the private sector, which drove the growth
  • 9% the unemployment rate, which is up slightly from March’s number, 8.8 percent source
  • » Overall, decent news: Economists largely feel that the numbers are positive this time around. One negative of note is the decline of public sector jobs, which fell by 24,000 last month. However, some economists note that certain numbers, such as weak construction numbers and a lack of growth in average work hours, give them pause. Still though, a few negative-looking economic reports from earlier in the week made these numbers look much better than expected.
Posted by Ernie Smith • 0 Comments • Permalink
 
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