Tag Archives: unemployment

More Bad News as the Economy Points to a “Double-Dip”

The following article by Masao Suzuki is from Fight Back! News:

San Bruno, CA – On Aug. 25, the Commerce Department reported that new home sales in July fell 12.4% from the level of sales in June, and were 32.4% lower than July of 2009. This report, which was much worse than most economists expected, followed a report by the National Association of Realtors the day before that sales of existing homes in July fell 27.2% from June, and were 25.5% lower than a year earlier.

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Freedom Road looks at the U.S. domestic situation

The following is the Domestic section of the Main Political Report from the 6th Congress of the Freedom Road Socialist Organization. The Economic section has been previously published, and the section on the international situation is forthcoming.

Decline of American Power, Leftward Shift Define New Period

For the past three years, the conditions shaping domestic politics in the United States have been marked by the economic crisis, a qualitative shift away from the free market capitalism of Ronald Reagan on the part of the bourgeoisie, and a leftward political shift amongst the people. The massive economic and financial crisis, which began in December 2007, and the continuing decline of U.S. imperialism globally, have come together to judge the Reagan Era and its aftermath as a failure.  The economic crisis swept from power the party of George Bush and brought into office the first African-American President of the United States–Barack Obama.

This set of qualitative changes is in part the foundation of and in part manifestations of a new period.  It is this new set of conditions which sets the context for the peoples struggle against U.S imperialism.

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Another week, another 300,000 unemployed lose their federal unemployment benefits while senators take a break

The following article by Masao Suzuki is from Fight Back! News:

San José, CA – On July 8, the U.S. Department of Labor reported that almost 350,000 unemployed were dropped from federal unemployment insurance rolls. This is the second week in a row that the number of Americans collecting Federal Emergency Unemployment Compensation (EUC) and Extended Benefits (EB) has dropped by more than 300,000. Funding for these programs has run out, and Republicans in the Senate have blocked a vote to provide moneys for federal unemployment insurance benefits. As a result, jobless workers are getting cut off of their federal unemployment insurance benefits by the hundreds of thousands each week.

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Republican filibuster cuts off Federal Extended Unemployment Insurance

The following article by Masao Suzuki is from Fight Back! News:

Senate Republican filibuster cuts off Federal Extended Unemployment Insurance, Democrats refuse to use reconciliation process

San José, CA – On June 24, Republican Senators, along with Nebraska Democrat Ben Nelson blocked a vote on extending Federal Unemployment Insurance benefits. After the 57-41 vote to end debate (60 votes are needed in the Senate to stop arguing and start voting), Democratic Senate leader Harry Reid of Nevada pronounced the measure dead.

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Unemployed face a perfect storm

The following article by Masao Suzuki is from Fight Back! News:

Almost a million lose benefits while layoffs continue and businesses refuse to hire the unemployed

San José, CA – On June 18, a Republican filibuster, aided by pro-war independent Joe Lieberman and Nebraska Democrat Ben Nelson, blocked an extension of federal unemployment benefits. The U.S. Department of Labor estimates that more than 900,000 laid-off workers will have had their unemployment benefit checks cut off as of June 19.

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Jobs report raises new doubts about economic recovery

The following article by Masao Suzuki is from Fight Back! News:

San José, CA – On June 4, the Department of Labor reported that there were 431,000 more jobs in May than the month before. But almost all of these new jobs were temporary workers hired for the 2010 Census. Only 41,000 jobs were added by businesses, down sharply from the 218,000 private sector job gain in April. This number was far worse than the 150,000 new jobs that economists expected private businesses to add in May. And of these 41,000 new private sector jobs, 31,000 were temporary help service workers. Despite the job gains this year, the economy is still down some 8 million jobs since the recession began in December of 2007.

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A First Look at the Job Market in the New Year: The Good, the Bad and the Ugly

Protesters block road to protest factory closure in Moline, IL. (Fight Back! News/Staff)

The following article, by Masao Suzuki, is from Fight Back! News:

San Bruno, CA – On Feb. 5 the Department of Labor released their report on the January 2010 job market. The good news in the report was that the official unemployment rate fell from 10.0% in December to 9.7% in January. This is the biggest drop in the unemployment rate since the recession began in December 2007.

There was also a fair amount of bad news in the jobs report. Some 20,000 payroll jobs were lost in January, and the job loss in December was revised up to 150,000 jobs. There was an increase of 52,000 temporary jobs in January, which means that 72,000 permanent jobs were lost.

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Another Job-loss Recovery? Production and Profits are Growing As 85,000 More Jobs Are Lost in December

Newark protest slams banks. (Fight Back! News)

The following analysis is from Fight Back! News:

Another Job-loss Recovery?
Production and Profits are Growing As 85,000 More Jobs Are Lost in December

Analysis by Adam Price | January 8, 2010

San José, CA – On Friday, Jan. 8, the Labor Department reported that 85,000 more jobs were lost in December of 2009. This was much worse than mainstream economists predicted and shows that another ‘job-loss’ recovery may be underway. Following the last official recession in 2001, the economy began to grow in November of 2001 but workers continued to lose jobs until the summer of 2003.

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Massive Job Losses Show Economy Sliding Into a Depression

Workers TakeoverThe following is form Fight Back! News:

Massive Job Losses Show Economy Sliding Into a Depression
650,000 More Jobs Lost in February

By Adam Price

San José, CA – On March 6, the Labor Department reported that the economy lost 650,000 more jobs in February. The report also said that the number of jobs lost in December and January was revised upwards by 150,000. This brought the total job losses since the recession began to 4.4 million, more than half lost in the last four months alone. The total number of jobs has shrunk by 3.2% since the recession began, the most in more than 50 years.

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Bottom Falls Out of the Job Market

unemployment_line-749345The following article is from Fight Back! News:

Bottom Falls Out of the Job Market
More than Half a Million Jobs Lost in November, Most since 1974

On Friday, Dec. 5, the Department of Labor reported that 533,000 jobs were lost in November, the worst one-month decline since 1974. The job losses cut across the economy, with only health care showing any sizable increase in employment. In addition the report revised upward the job losses in September and October, showing that the economy has lost a total of almost 2 million jobs in 2008. The official unemployment rate increased two-tenths of one percent to 6.7%. This figure would have been much higher except for the fact that more than 400,000 people stopped looking for work and were not counted in the official unemployment report. A broader measure of unemployment that includes people working part-time but wanting full-time work, and those jobless who had given up looking for work, rose to 12.5%, or one out of every eight people in the labor force.

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