Unemployment

Is There Hope for the Economic Recovery of Detroit?

March 25, 2011 By admin Leave a Comment

The city of Detroit called the motor city, has had a long history of being the car manufacturing center of America. In recent years many auto manufacturers and suppliers have closed down several plants. The ripple effect of plant closures have caused many problems in this once prosperous city. However, recent reports have shown that Detroit is slowly making its way back to life. Here are some of the factors having a positive impact in Detroit.

Decline in Unemployment Rate

The local CBS station in Detroit issued a report in February 2011 where it states that unemployment rate in February went down from the previous month. The unemployment rate for Detroit in February was 9 percent. The average unemployment rate for the U.S. in February dropped to 8.9 percent. Detroit’s unemployment rate is very close to the national average which shows that the city may be heading for brighter days.

More Contract Job Opportunities

Auto manufacturers are turning to contract workers for more flexibility and lower pay rates. Manufacturers like Chrysler have increased its U.S. contract labor force by approximately 150 percent in 2010. Many of these contract workers are hired through staffing agencies. As a result, local staffing firms are seeing an increase in profits, which contributes to the economic growth of Detroit.

Revitalization of Mortgage Lenders

A non-profit organization called Southwest Housing Solutions has taken on the huge task of getting people interested in buying and refinancing homes in Detroit. With grant funding from government and private institutions, Southwest plans to use its own money to assist potential buyers.

The city of Detroit may be down but it’s not out. There is still hope for the economic recovery of Detroit.

Filed Under: Economics Tagged With: Detroit, Unemployment, United States

Unemployment Numbers up and Down

December 28, 2010 By admin Leave a Comment

Unemployment has been a huge problem in America for the past few years and despite governmental attempts at intervention the situation remains largely unchanged. Typically, over the holiday season the unemployment rate tends to rise because of seasonal hiring. Sadly for 21 states the holiday season has had no effect on the plunging unemployment rates. In fact, those 21 states actually saw an increase in the number of unemployed residents in November 2010.

Despite the increase in 21 states in November, the Labor Department did report a decline in unemployed residents in 15 states. The Labor department also reported that 14 states unemployment rate remained steady. Currently the overall national rate is up about .2 percent to 9.8 percent, which is relatively similar to what it was last year at this time.

The states that are struggling the worst with unemployment right now would include Georgia, Idaho and Colorado. Georgia’s unemployment rate was 9.8 percent and currently it’s 10.1 percent. Idaho is up to 9.4 percent from 9.1 percent. Colorado was 8.4 percent and currently it is 8.6 percent.

A number of states saw an improvement in their unemployment numbers recently. Those states would include Michigan, Pennsylvania, Alabama and South Carolina. Michigan was at 14.4 percent a year ago and now is at 12.4 percent. Pennsylvania is down from 8.8 percent to 8.6 percent. Alabama went from 10.9 percent a year ago to 9 percent this year. South Carolina went from 12.3 percent last year to 10.6 percent this year.

For some, these numbers are promising for others they are bleak. While analyst watch the numbers intently the unemployed worry about the longevity of their benefits and whether or not they will in fact find steady employment before their benefits run out. For those who have already been booted from unemployment benefits the news of unemployment numbers fluctuating is just another reminder of their struggle.

Filed Under: Economics Tagged With: Alabama, Idaho, Michigan, Pennsylvania, South Carolina, Unemployment, United States, United States Department of Labor

The New Tax Bill: Who Loses?

December 27, 2010 By admin Leave a Comment

All is never fair when it comes to the games played in Washington and the new tax bill is no exception to that rule. There most definitely are some people on the losing end of the new tax bill. In fact, those on the losing end of the tax bill are plentiful. Letâ€™s examine further who the tax bill hurts the most.

The one thing that we all know right now is that it is hard to get a job in current economy. The new tax bill guarantees unemployed workers in every state 99 weeks of unemployment benefits. While this may seem like welcome news, it hardly is considering the fact that long-term unemployment is at an all time high. In fact, right now about 10 percent of the people who are unemployed have been out of work and seeking employment for close to two years.

Another loser of the new tax bill, our national deficit. Extending the tax cuts only serves to increase our countries growing national deficit. President Obama has also taken a lashing from the new tax bill. The new tax bill has led many to view the President as weak for not sticking to his campaign promises regarding tax cuts for the wealthy. In addition to this, the democratic left now also appears as weak in the eyes of many for the same reasons.

Just who the really loses out when it comes to the new tax bill truly is a matter of opinion. One could argue the opposite of many of these points, but one things for sure the extension of the Bush tax cuts and the new tax bill have got everyone talking. Whether or not the tax cuts are a detriment to our economy, our president, our deficit or the masses of unemployed; only time will tell.

Filed Under: Economics, Government & Military Tagged With: Barack Obama, Government debt, President Obama, Tax, Tax cut, Unemployment, United States, Washington

Shorten Your Resume Highlight Your Skills

December 24, 2010 By admin Leave a Comment

So your unemployed and looking to revamp your resume? You know you need to stand out among the masses of unemployed people, but how do you do that without making your resume to lengthy? With an estimated 5 qualified candidates applying for every open position in todays competitive job market it can be tricky making a resume that highlights your best attributes without being overkill. Knowing what to cut out of your resume and what to leave in is essential to getting hired. The following 3 tips will help you thin your resume without thinnign your job prospects.

3. Cut out jobs from more than 10 years ago if you have enough relevant experience from the past decade. If you don’t have enough relevant experience within the past decade it is okay to go back 15 years. Going back any further may make your skills seem outdated.

2. Focus on skills that are relevant to the career path you are pursuing. There is no need to put jobs or job skills on your resume if you won’t be using them. If you need to add jobs unrelated to your field of employment to fill time gaps, keep the details of them brief. Only list the employer name, timeframe in which you were employed and any skills relevant to your career path. If no skills were relevant, list just the basics.

1. If jobs you had in the past overlapped get rid of jobs that were short-term. There is no need to list employers you worked for short-term if leaving them off does not leave an employment gap on your resume. Only list short-term jobs if they were an internship or provided clinical experience needed for your current career path. This is particularly necessary if you are just entering the workforce

Filed Under: Economics Tagged With: Business, Canada, Employment, Job Search, Labour economics, Résumé, Unemployment, Work experience

The Effects Of The Recession Upon Consumer Spending

November 20, 2010 By admin Leave a Comment

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The continuation of the recession in the United States has had many lasting ramifications, so that even when we’ve reached the point where it is considered safely in the past, its effects will still be felt.

The threat of unemployment strikes fear in the heart of any working individual, especially if they have a family to provide for. The recession has forced many businesses to cut back benefits, lay off employees and mandate hiring freezes. Some employees have been forced to transfer to other company branches located in other cities or states. Yet, even when faced with a long commute, the majority consider that to be favorable as opposed to having no job at all. Businesses find themselves caught in a rough and seemingly never ending cycle. Budgets tighten, and consumer spending has dropped, as families do whatever they deem necessary to make ends meet.

Some Americans feel that the former president George W. Bush is to blame for the economic struggles, and much hope has been formed on the current administration of Barack Obama. With the current presidential term just past its halfway point, questions still remain of if there is time for the country to be pulled out of the depths of recession before the leadership changes in the year 2012. While many agree that Obama has taken great steps to improve the county’s economic condition, no one can argue that there is still much work to be done, and a lot of progress yet to be seen.

The upcoming holiday season should provide many telltale signs regarding the overall health of the economy whether or not a brighter outlook is ahead. If consumer spending shows signs of improving through the year’s final quarter, that is a promising indicator for the weeks and months ahead that comprise the close of this year and beyond.

Filed Under: Debt, Economics Tagged With: Ben Bernanke, Consumer, Consumer spending, Federal Reserve System, Recession, Unemployment, United States, United States Department of Commerce

America’s Current Economic Crisis

November 15, 2010 By admin Leave a Comment

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The economic downturn in the United States has been felt by a majority of its citizens. A recession occurs when employment falls and unemployment rises, housing prices decline and businesses do not grow. Each of these issues have presented themselves to the current condition of America. All of the issues have led us to America’s current economic crisis. The United States financial institutions contributed to our economic situation with their use of poor lending practices. These lending practices led to failures in the housing market. All of these incidents have devalued the United States housing market and limited credit availability.

The American citizen has reacted to the economic crisis by reducing their spending practices in favor of paying down debt. United States businesses have faced economic challenges by reducing the employment and limiting costly expansions. These reactions have slowed economical growth and expanded the effects of the recession. The most significant impact of Americas current economic crisis is the rise in unemployment rates. In addition there is also the issue of underemployed citizens. The unemployment rate is at an all time high and without a change in current business practices will continue to grow. Continued high unemployment will limit consumer confidence and reduce the chances of economic recovery.

Positive current trends indicate that corporations are making record profits and employment opportunities will become more widely available. As businesses become more confident in the United States market they will begin expanding and increase their staff. This will provide welcome new to the unemployed individuals currently searching for a job. The opportunities that have presented themselves during this dark period in Americas history include an increased pursuit of educational advancement and a renewal of the American entrepreneurial spirit. America can come out of this crisis with a greater understanding of financial responsibility and renewed interest in what made us great.

Filed Under: Government & Military Tagged With: Business, Economic, Economy, Federal Reserve System, Financial crisis of 2007–2010, Recession, Unemployment, United States