Economic Report:

According to a new survey from Watson Wyatt Worldwide, 44 percent of workers age 50 or older are making plans to delay their retirement date. The number one reason being cited by three quarters of those workers is the unexpected loss to their 401(k) accounts. In the late 1990's, the average age for retirement was 62. In the 1950's ,the average age of retirement for men was 67. Half of those surveyed now say they plan to retire at age 66 or later.

Economic Report:

Seven in 10 workers believe the company they work for is taking appropriate actions to deal with the recession. The survey from Robert Half International also found most employees believe their employer will come out stronger once the recession is over. However, three out of ten employees reported that their company is off track to cope with the recession.

Economic Report:

How do the states stack up regarding unemployment? Michigan has the highest average rate in the nation at 14.1 percent followed in a close second by Oregon at 12.4 percent and Rhode Island and South Carolina at 12.1 percent. Michigan is also home to Detroit which has the weakest performing metro area in the country. The national average is 9.4 percent.

Economic Report:

A new survey suggests most workers get along with bosses and colleagues. The survey from Accountemps found that 80 percent of those surveyed had a good relationship with supervisors. Ninety-five percent of those surveyed claimed to work well with their co-workers. Only two percent of those surveyed said they had a poor working relationship with their boss.

Economic Report:

There is a major discrepancy between the jobless rate of unemployed Caucasians and African-Americans who hold bachelor degrees. College-educated Caucasians have only seen a 1.8 percent increase in the jobless rate between December 2007 and April 2009. For African-Americans during that same time period the unemployment rate jumped by a staggering 5 percent. College educated Hispanics have only seen a one percent increase during that same time period.

Economic report:

Thousands of tenants in foreclosed homes are receiving a reprieve from Fannie Mae. The mortgage giant announced that it plans to sign new leases for four thousand renters in foreclosed properties. Fannie Mae will act as a landlord for these properties now that the owners have failed to make mortgage payments on time. It is unknown if Freddie Mac will also waive evictions for paid-up renters.

Economic Report:

New York workers are feeling more confident. According to the New York Employee Confidence Report, the confidence level of employees in the Empire State increased by 1.4 points in April. Even with that slight increase two-thirds of workers are concerned about losing a job, only 36 percent are confident they will be able to find a new job, and 46 percent of workers believe the economy will continue to weaken.

Economic Report:

A recent study suggests 20 percent of U.S. homeowners owe more on their mortgage than their homes are worth. The result, according to an article this weekend in the Wall Street Journal is more homeowners “underwater” making it difficult to refinance, sell their homes, or take advantage of lower interest rates. According to zillow.com 20.4 million borrowers were “underwater in the first quarter, up 4.1 million just one quarter prior.

Economic Report:

Jobless claims were up significantly last week jumping by 32,000 to 637,000. Those are the most recent numbers from the Labor Department which said a major part of the increase was due to lay offs in the auto sector. With Chrysler planning to file for bankruptcy and planning to cut dealer franchises those numbers aren’t likely to increase for months.

Economic Report:

Job loss isn’t only bad for your wallet; it is additionally bad for your physical and mental health. A new study published in Demography magazine found that 54 percent who were unemployed due to an employer shutting down were also likely to report fair or poor health. The likelihood of someone who previously had no health conditions developing new ones rocketed by 83 percent.

Economic Report:

A weak job market continues with the number of Americans filing for unemployment benefits last week at 6.1 million. The number of people filing for claims sets a new record for the 12th week in a row and the number of people jobless people in proportion to working people is at the highest level since the first month of 1983. Initial claims for unemployment benefits rose to 640,000 up 27,000 from the previous week.

Economic Report:

Women and men working in the federal government have come a few cents closer toward pay equality. According to the Government Accountability Office, men made on average 19 cents more on the dollar than women in 1998 and now, a decade later, they only make 11 cents more. The shrinkage is substantial considering two decades ago in 1988 women earned 28 cents on the dollar less than male co-workers.

Economic Report:

More than 299,000 workers were laid off during the month of March, the most on record since 1995. Florida saw the largest increase in jobless claims last week clocking in at 9,303 new claims. Overall 640,000 initial claims for unemployment were filed nationwide last week up 27,000 since the week prior.

Economic Report:

Does the world feel like it is getting smaller? It could just be the economy. According to the International Monetary Fund, the world economy could shrink by 1.3 percent making it the first time in 60 years the world economy has gone in reverse. If it does shrink leading economists believe that could lead to 10 million more without jobs. On Friday world economic powers will meet to further develop commitments recently made at the world summit in London in March.

Economic Report:

The month of March saw New York state’s unemployment rate stay steady at 7.8 even though 33,000 private sector positions were lost. Overall the state has seen a decline of 176,100 jobs in the private sector since August of 2008. New York City’s unemployment rate was also steady in March staying at 8.1 percent. In March of 2008 the city’s unemployment rate was 4.6 percent while statewide the rate was 4.8 percent.

Economic Report:

If you hear a hissing sound, don’t worry, it is only the U.S. economy. According to the Guardian for the first time since August of 1955 the U.S. economy is in a deflation. The consumer price index dropped by 0.4 percent in March. The main reason is a drop in energy costs during the month which fell by 3 percent with gasoline prices dropping by 4 percent.

Economic Report:

As the recession continues U.S. workers are losing faith in the prospect of a comfortable retirement. A new study from the Employee Benefit Research Institute found that only thirteen percent of workers believe that they will have enough saved for retirement. The report cited an increase in health care costs, the devaluation of many retirement plans and poor planning. Forty-four percent of those polled have guessed how much they will need to retire instead of actually calculating retirement needs.

Economic Report:

A record 5.8 million workers are on unemployment benefits. But White House chief economic adviser Lawrence Summers says the economic free fall may be ending. But in his remarks to the Economic Club of Washington D.C. Summers said it may take a few more months to end. He says inventories are finally dropping below the level of sales, which should cause a rise in production, Home starts, existing home sales and consumer spending have all increased slightly since January.

Economic Report:

Does beer help the economy? According to a new study commissioned by the Beer Institute and the National Beer Wholesalers Association it does. One point nine million jobs are created by beer sales and the industry contributes $198 billion annually to the economy. The study suggests one million jobs are created within the industry while the beer industry supports 888,000 retail positions.

Economic Report:

By Doug Cunningham

The International Trade Union Confederation is calling on G20 nations to implement a robust international economic recovery plan to fix the global economy. The five-point union plan wants coordinated recovery action to create jobs, nationalization of insolvent banks, new financial regulations, a reversal of age deflation, action on climate change and a new international framework for the global economy.