Workers Independent News - Economic Report

Economic Report: Paycheck To Paycheck (Even On a $100K A Year) - 09/04/08

Wed, 03 Sep 2008 19:43:30 -0700

Economic Report:

Have you found yourself living paycheck to paycheck? You aren’t quite in the minority, but a new study shows you are very close. A new study by CareerBuilder.com reveals that 47 percent of Americans say they typically live paycheck to paycheck and it isn’t just those that make less than $100,000. The study showed that 21 percent who pull in $100,000 or more live paycheck to paycheck. As a result, Americans aren’t saving. Thirty-four percent save less than $100 a month for savings.

Economic Report: Job Layoff Can Turn Sociable Person Into Recluse - 09/03/08

Tue, 02 Sep 2008 19:35:28 -0700

Economic Report:

One layoff or involuntary job loss can turn a socially active individual into a reclusive homebody. Workers who are laid off from a job are 35 percent less likely to take part in community involvement. The study, published in September’s journal of Social Forces, found that youth and community groups were the first to be ditched by laid off workers, but political and professional groups remained popular no matter the working status. Workers aged 35 to 53 were the most likely to cut back on social activities.

Economic Report: Poverty In New York Is Not Declining - 08/27/08

Tue, 26 Aug 2008 15:11:29 -0700

Economic Report:

A new report suggests there has been no progress concerning poverty and family income in the state of New York since 2001. The report issued by the Fiscal Policy Institute found the current income of working age households in the state to be at the same level as in 2001 after adjustment for inflation. Analysts at the Institute said that with a weakening economy, those incomes will only continue to decline. New York has the highest poverty rate in the entire northeast at 14.4 percent. The national average is 12.4 percent.

Economic Report: Wholesale Inflation Highest In 27 Years, Housing Starts At a 17-Year Low - 08/20/08

Tue, 19 Aug 2008 16:40:39 -0700

Economic Report:

Housing starts fell to their lowest point in 17 years during the month of July. That is an 11 percent drop since June. Meanwhile, producer prices jumped to their highest rate in 27 years in July creating across the board price increases for everything from automobiles to prescription drugs. The jump in the producer price index was 1.2 percent over June and 9.8 percent over the same time last year.

Economic Report: Poll Shows Most Workers Not Worried About Jobs - 08/19/08

Mon, 18 Aug 2008 14:22:43 -0700

Economic Report:

Even with an economy in a downturn, a new study from Harris Interactive suggests most employees have confidence that they will keep their current job, while 49 percent believe if they lose it they are confident in their ability to find a new one. 76 percent of workers say it is unlikely they will lose their job, while 33 percent plan to start look for a new job in the next 12 months.

Economic Report: Consumer Price Jump Is Biggest Since 1991 - 08/15/08

Thu, 14 Aug 2008 15:02:28 -0700

Economic Report:

U.S. prices jumped in July marking the largest year-over-year spike since 1991. Energy prices shot up by 29.3 percent and food costs up by 6 percent. Meanwhile, paychecks are not keeping up with that inflation, marking a decline in the U.S. standard of living. Real earnings in July were 3.1 percent lower than they were at the same time last year.

Economic Report: U.S. Retail Sales Were Down In July - 08/14/08

Wed, 13 Aug 2008 16:53:13 -0700

Economic Report:

Retail sales fell in July, dropping 0.1 percent as prices continue to climb. This is the first decrease in sales in five months as the monetary injection from the government’s stimulus checks runs out. According to the numbers released by the Commerce Department, the biggest decline came in the automobile sector. Even with gasoline prices easing up slightly toward the end of July, consumers are hesitant to buy new cars.

Economic Report: Stimulus Checks Didn't Help Retailers In July - 08/08/08

Thu, 07 Aug 2008 15:25:44 -0700

Economic Report:

Did the stimulus checks do any good? Not in July. According to a report from Thomas Reuters, 65 percent of retailers missed their July sales estimates. The last of the more than $100 billion dollars worth of stimulus checks went out in the middle of July, but the majority had already been sent in the previous two months. Wal-Mart was one of the retailers that missed estimates. The company had projected a 3.4 percent sales increase, but only saw 3 percent.

Economic Report: Freddie Mac And Fannie May Hit With More Red Ink - 08/07/08

Wed, 06 Aug 2008 17:01:14 -0700

Economic Report:

Bad news for Freddie Mac on Wednesday suggests that the country hasn’t seen the end of the fall out from the housing crisis. The government-chartered firm said it had a net loss of 821 million dollars. The loss was three times more than what analysts had forecasted. The firm doubled reserves for future mortgage losses to $2.8 billion. This is the Freddie Mac’s fourth straight quarterly loss.

Economic Report: More U.S. Workers Forced Into Part-Time Status - 08/06/08

Tue, 05 Aug 2008 16:04:04 -0700

Economic Report:

A new report in the New York Times highlights a disturbing trend as the economy weakens – nearly 4 million workers have had their hours cut so drastically that they are now working as part timers. The last time the country has seen so many involuntary part time workers was in 1995 and there hasn’t been such a drastic cut back in hours since the 1950s. Part-time and temporary workers make up nearly a quarter of the entire U.S. workforce.

Economic Report: U.S. Employers Reportedly Still Plan On Raises - 07/30/08

Tue, 29 Jul 2008 15:31:27 -0700

Economic Report:

A new study suggests that U.S. employers plan to keep giving raises in the coming year, even with the economic downturn. According to Watson Wyatt Worldwide, firms plan to offer “merit increases” that average 3.5 percent in 2009. However, the study also found that even with such a raise, inflation is outrunning worker pay and that many companies aren’t prepared for a total economic nosedive. Fifty-two percent said they will use layoffs to cope with a substantial downturn.

Economic Report: No Bottom In Sight For U.S. Housing Market Collapse - 07/29/08

Mon, 28 Jul 2008 16:24:23 -0700

Economic Report:

The International Monetary Fund laid out a gloomy outlook for the future of the U.S. housing market. The organization said in a report on Monday that the “bottom of the housing market is not visible.” The organization predicts $1 trillion in losses for the housing market, mostly as the result of the subprime mortgage collapse. On an international scale, the fallout of the U.S. housing market is being felt overseas and it has left investors wary about investing in emerging markets.

Economic Report: Home Sales Up A Tick In June, Slowest Growth In Ten Years - 07/25/08

Thu, 24 Jul 2008 16:18:54 -0700

Economic Report:

Sales of existing homes in June grew at the slowest rate in 10 years. According to the National Association of Realtors, home sales were down 2.6 percent since May. The number of homes for sale at the end of June was up by 0.2 percent, meaning the market is adding inventory as less people are buying.

Economic Report: California Home Foreclosures Hit 10-Year High - 07/24/08

Wed, 23 Jul 2008 17:38:33 -0700

Economic Report:

California home foreclosures hit a 10-year high in the second quarter. More than 63,000 homes were foreclosed on in the state; that's an increase of 33.5 percent since the first quarter. Year over year, the increase is 261 percent. Default notices for mortgages were also up substantially, hitting a record increase of 125 percent over the previous year.

Economic Report: U.S. Economic Downturn Force Women Workers Out - 07/23/08

Tue, 22 Jul 2008 17:35:25 -0700

Economic Report:

A new Congressional study has found that many women are being forced out of the workforce because of the economic downturn. The number of women with jobs reached an apex of 75 percent in the year 2000, but the new study has found that as of June, 2008 the number has slipped for the first time since the 1960s. Two percent less women held jobs in June than in 2000 and according to the study that equals 4 million women without jobs.