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February 9th, 2010
01:22 PM ET

Reid says deal on jobs bill is close

The Obama administration and Democratic leadership are pushing to pass a jobs bill.

The Obama administration and Democratic leadership are pushing to pass a jobs bill.

Dana Bash and Ted Barrett
CNN Capitol Hill Team

Senate negotiators are close to a bipartisan agreement on a jobs package, and the Senate could work through the weekend to pass it, Senate Majority Leader Harry Reid said Tuesday. The measure, which aides said has a price tag of about $85 billion, combines tax breaks for businesses that hire new workers with spending on infrastructure and extended benefits for the unemployed.

However, Senate Republican Leader Mitch McConnell warned Democrats that his members might need more time to study the bill before voting on it. “My members need to be able to feel like they understand what they are being called upon to support,” he said on the Senate floor.

For Democrats, swift passage is critical. In addition to believing the aid is desperately needed in order to kick start hiring, Democrats are anxious to recover from their set back on health care reform and prove to voters they can get things done.

FULL POST


Filed under: Democrats • Job Market • Republicans
February 5th, 2010
12:35 PM ET

Financial Dispatch: The jobs black hole: 8.4 million lost

A Joint Economic Committee hearing on the latest unemployment figures.

A Joint Economic Committee hearing on the latest unemployment figures.

Jennifer Rizzo
CNN New York Assignment Editor

It’s still a recession if you don’t have a job, and 20,000 additional Americans lost theirs last month.

The economy is still shedding jobs but the unemployment rate has dropped, according to the Labor Department. The monthly report shows the unemployment rate dropped to 9.7% in January, beating economist expectations. They were expecting the jobless rate to hold steady at 10%.

Despite the welcomed drop, many economists remain skeptical, viewing it as a result of people walking away and giving up on the employment search. You are not counted as “unemployed” in the survey unless you are actively seeking a job. About 2.5 million people can be described that way in January.

In a CNN Money gallery, discouraged job seekers tell us why they gave up.

Job losses still trickled in last month. The economy shed 20,000 jobs, even though economists were expecting to see 15,000 jobs created. The hard hit construction industry endured the worst of it, shedding 75,000 jobs in January.

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Filed under: Economy • Job Market
January 28th, 2010
03:04 PM ET

Tax Wall St. to create jobs on Main St.

Leo Hindery says a tax on Wall St. trades would provide $150 billion a year to pay for job creation.

Leo Hindery says a tax on Wall St. trades would provide $150 billion a year to pay for job creation.

Leo Hindery
Special to CNN

What if, at once, we could create millions of new jobs, greatly reduce the federal deficit and dampen the financial speculation that almost destroyed our economy?

Well, we can. And to do so, all we need is more political resolve from President Obama plus some actions by Congress.

The economic recovery that some in the administration allege to be underway is not really much underway at all.

Keep reading...


Filed under: Economy • Job Market • Wall St.
January 8th, 2010
05:14 PM ET

Financial Dispatch: Jobs are back! Oh, wait a minute…

Andrew Torgan
CNN Financial News Producer

Is the glass half empty? Or half full?

We lost far more jobs than we expected last month. But at the same time, the government now says we actually added jobs in November - snapping a streak of losses that goes back nearly two years to the start of the recession.

Employers cut 85,000 jobs in December, but the Labor Dept. revised its numbers for November to a net gain of 4,000 jobs from a loss of 11,000.

The unemployment rate stayed at 10% in the December, which was in-line with forecasts.

Construction and manufacturing, two sectors of the economy particularly hard hit during the recession, again suffered large job losses in December. Temporary help services and health care continued to add jobs.

The economy has lost 7.2 million jobs since the start of 2008. Losses for 2009 alone came to 4.2 million jobs, the most in one year since the government started tracking payrolls in 1939.

FULL POST


Filed under: Andrew Torgan • Economy • Finance • Job Market
January 7th, 2010
07:00 PM ET

Jobs and population

Editor's Note: This article continues our series excerpted from AC360°'s contributor David Gewirtz's upcoming book, How To Save Jobs, which will be available this month. Over the next few months, we'll be excerpting the first section of the book, which answers the question, "How did we get here?". Last time, we looked at offshoring as a national security risk? This time, we begin our look at jobs and population. To learn more about the book, follow David on Twitter @DavidGewirtz.

David Gewirtz | BIO
AC360° Contributor
Director, U.S. Strategic Perspective Institute

The issues of jobs and population are inextricably linked. If you want to know about jobs, you need to think about population. Strangely enough, very little work has been done on the macro issues of jobs and population. Here’s the key fact: China has 1.3 billion people, India has 1.2 billion people, and the United States has a mere 302 million people.

In other words, together China and India have about 8 1/2 times the number of people as the United States, and, according to the Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat, they make up almost 40 percent of the world’s total population.

This detail becomes particularly important when we explore the question of outsourcing.

With all those people, China and India can absorb a virtually unlimited number of outsourced U.S. jobs. After all, according the Bureau of Labor Statistics, only about 154 million adult Americans work, 10 million are unemployed, and about 80 million are considered to not be in the labor force for one reason or another.

A banana vendor stands on a flooded street as he waits for customers in Amritsar, India, on August 13.

A banana vendor stands on a flooded street as he waits for customers in Amritsar, India, on August 13.

Put another way, China and India can absorb our entire labor force demand 10 to 20 times over.

FULL POST

December 11th, 2009
11:17 AM ET

Think economy, jobs in climate debate

Delegates are gathering in Copenhagen, Denmark, to reach a consensus on a global warming treaty.

Delegates are gathering in Copenhagen, Denmark, to reach a consensus on a global warming treaty.

Thomas J. Donohue
Special to CNN

There's been a lot of gloom surrounding the climate talks in Copenhagen, Denmark, and let's face it, some of it is well-founded. Trying to get 192 countries to agree on a new treaty would be tough even in the best of economic times, and these aren't the best of economic times.

Nevertheless, I remain optimistic that a workable climate change agreement is possible over time if the governments and business communities agree on some fundamental principles. Let me suggest what some of those principles should be.

First, whatever we do should not harm our economies or destroy jobs. Our policies must embrace the aspirations of people everywhere for a better life. We should never stand in the way of progress that reduces poverty, measurably improves health and living conditions, and restores human dignity. The fact is, we can't have healthy environments without first having healthy economies.

Keep Reading...


Filed under: Economy • Environmental issues • Job Market
December 10th, 2009
12:37 PM ET

Don't forget deficit in rush to create jobs

Rising job losses are sparking widespread anxiety.

Rising job losses are sparking widespread anxiety.

Gloria Borger
CNN Senior Political Analyst

If you're a Democratic political adviser right now, you've got one major question heading into the 2010 midterm elections: Do voters worry more about the skyrocketing deficit or high unemployment?

The answer: unemployment.

In fact, according to a recent survey done by Democracy Corps, a Democratic research firm, Americans worry twice as much about jobs as the deficit: "...When forced to choose, voters embrace a bold jobs initiative over a long-term deficit reduction program by two-to-one."

Ipso facto, a new jobs bill is born.

Never mind that the first stimulus package has yet to truly kick in. Or that, within the next month, the Senate has to hold its nose and vote to raise the federal debt limit above its current $13 trillion level. That's a tough vote, even for big spenders.

 Keep Reading...

December 8th, 2009
12:53 PM ET

Can the Federal Government really create jobs?

Barbara Kiviat
Time

The Obama Administration is out to create jobs. Let's not get our hopes up.

The day before the Labor Department announced a second month of 10%-plus unemployment last week, the White House hosted a get-together to hear from executives, labor leaders and academics about how the Federal Government can jolt job growth. "We're looking for fresh perspectives," the President said. "I am open to every demonstrably good idea."

That may sound promising, but the truth is, drumming up new jobs on short notice isn't exactly in the government's wheelhouse. In the long term, what the government does and doesn't do is incredibly important to the health of the labor market. Trade policy, corporate tax rates, the structure of health care — these things all have a real impact on economic growth. But Washington's tool kit doesn't work nearly as well in the short run. Right now companies aren't hiring for a very specific reason: there's not as much demand for their products and services. Callous as it may sound, high unemployment at the front end of an economic recovery is perfectly normal.

Read More...


Filed under: Economy • Job Market • President Barack Obama
December 4th, 2009
11:12 AM ET

Job market shows big improvement

Chris Isidore
CNNMoney.com senior writer

The long-suffering U.S. jobs market improved significantly in November, as employers trimmed the fewest jobs of any month since the start of the recession, and the unemployment rate posted the biggest one-month decline in more than three years.

U.S. payrolls slipped 11,000 jobs in the month, far below any of the job losses posted over the last 23 months. Economists surveyed by Briefing.com had forecast a loss of 125,000 jobs in November.

The October and September job loss estimates were also revised sharply lower, trimming previous job loss estimates by 159,000 between them.

The new reading put October job losses at 111,000 jobs, and September's loss estimate was cut to 139,000. Each of those new estimates would have been the smallest declines in more than a year.

Keep Reading...


Filed under: Economy • Job Market • Unemployment
November 27th, 2009
12:46 PM ET

Interactive: How many jobs has the stimulus created, by state?

CNN

The Obama administration says the Recovery Act created or saved 640,000 jobs through September. View a state-by-state breakdown.


Filed under: Economy • Job Market
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