Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

1/10/2014 (2 years ago)

Catholic Online (www.catholic.org)

'Even if we did have 200,000 jobs a month, we would need five years to get there,' analyst says

Christmas brought little joy - and New Year's brought little hope for the nation's unemployed. Hiring declined in December. The U.S. economy added only 74,000 jobs, the weakest month for job growth since January of 2011. Economists had expected an addition of 193,000 jobs.

Many Americans have given up on ever finding gainful employment.

Many Americans have given up on ever finding gainful employment.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

1/10/2014 (2 years ago)

Published in Business & Economics

Keywords: Business, economy, job creation, job growth, unemployment


LOS ANGELES, CA (Catholic Online) The disappointment was thick and palatable. For all of 2013, the economy added 2.2 million jobs, which was on par with 2012's gains.

Some economists are holding out hope. They expect the government to revise the numbers higher in the months ahead. "Just about every other measure of job growth suggests that employers are either hiring or intending to hire, extending hours and laying off fewer people," Tim Hopper, chief economist for TIAA-CREF says.

Job creation may have been affected by the unusually cold weather. "Unusually cold weather in parts of the country" could have had some impact on construction jobs for example, which lost overall 16,000 jobs in December.

The unemployment rate fell to 6.7 percent in December, but event hen, that decline came mainly from workers leaving the labor force.

Other factors such as retirement, enrolling in educational programs or taking care of relatives may have played into these statistics.

There are still many more people who have simply given up on ever finding a job. Only 62.8 percent of the adult population is participating in the labor market now, the lowest levels since 1978.

In the job market's 2007 heyday, unemployment was under five percent, but in the two years that followed, the recession wiped out 8.7 million jobs. Not all of those jobs have returned in the interim.

"We're going to have a long-term unemployment crisis for a long time," Heidi Shierholz, economist with the Economic Policy Institute says.

The winter is due to become much colder for 1.3 million Americans who received their final check in federal unemployment benefits last week.

The haggling over budget cuts versus aid to the still fragile economy exemplifies the ongoing tension between Washington policymakers.

Shierholz calculates it could take even longer to get to a pre-recession job market, when unemployment was below five percent. "Even if we did have 200,000 jobs a month, we would need five years to get there," she said.

Pope Francis calls for your 'prayer and action'...

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for NOVEMBER 2016
Universal:
Countries Receiving Refugees: That the countries which take in a great number of displaced persons and refugees may find support for their efforts which show solidarity.
Evangelization: Collaboration of Priests and Laity: That within parishes, priests and lay people may collaborate in service to the community without giving in to the temptation of discouragement.



Comments


More Business & Economics

GOODBYE CASH! Some banks to go cashless Watch

Image of Citibank has said some branches may become cashless.

By Marshall Connolly (CALIFORNIA NETWORK)

Citibank has announced it will stop accepting cash at some branches. The move is sparking surprise and anger as the bank appears to be moving customers towards virtual banking. Around the world, there is a trend to suppress the use of cash in favor of electronically ... continue reading


Here's how Trump is already making America great again, just by getting elected Watch

Image of He hasn't even taken office and the country has reversed course.

By David Drudge (CALIFORNIA NETWORK)

He's only a president-elect, but Donald Trump is already making America great again. In the week since his election, several positive events have transpired including the dollar reaching a 14-year high. The contrasts with the media coverage which is all spin, intended ... continue reading


China remains a fast-growing trade monster Watch

Image of Chinese exports continue to dominate the world market.

By Marshall Connolly (CALIFORNIA NETWORK)

Chinese exports remain dominant in the world, bringing about $2.3 trillion into the country annually. LOS ANGELES, CA (California Network) - China remains a fast-growing trade monster, now raking in $2.3 trillion per year, up from $1.9 trillion four years earlier. The ... continue reading


Wages, jobs rise in October as recovery finally reaches the middle class Watch

Image of Wages are on the rise, but so too will be interest rates.

By Marshall Connolly (CALIFORNIA NETWORK)

Did you get a raise recently? If you haven't you might soon. According to payroll data, worker wages are finally starting to rise. The increase should boost the economy and spur the Federal Reserve to finally raise interest rates. LOS ANGELES, CA (California Network) - ... continue reading


Another warning. The world is about to run low on JOBS as automation takes over Watch

Image of What will we do in a world without work?

By Marshall Connolly (CALIFORNIA NETWORK)

More data and more warnings. The fourth industrial revolution has started. It will be jobless and many people will lose their employment, or be forced to compete for their jobs. The result is, you will probably be unemployed, or accept low wages to survive. LOS ... continue reading


Don't like my writing? Then meet my replacement! - A.I. to replace journalists starting NOW Watch

Image of Many jobs are surprisingly vulnerable to automation.

By Marshall Connolly (CALIFORNIA NETWORK)

Don't like my writing? Then meet my replacement! Robot journalists are rolling out in England and Ireland and they are the first of a new wave of AI that can take over jobs requiring critical thinking skills. LOS ANGELES, CA (California Network) -  The first robo ... continue reading


The world is $152 TRILLION in DEBT - Global economic collapse looms as governments struggle Watch

Image of The world is drowning in debt and it's not likely to be paid off anytime soon. The implications of this are disastrous.

By Marshall Connolly (CALIFORNIA NETWORK)

The world is on track to enter a deep, global recession unless it begins paying down its debts. This is the risk the world faces as the International Monetary Fund reports the world is $152 trillion in debt. LOS ANGELES, CA (California Network) - The world is deep in ... continue reading


Robots take over pizza joint! Fast food jobs due to be phased out Watch

Image of Zume pizza is making pizza with robots. In the next few years, the fast food industry is expected to automate significantly.

By Marshall Connolly (CALIFORNIA NETWORK)

A pizza startup in Silicon Valley is about to change the way you get your pizza, and possibly many of your other meals as well. Zume pizza is using robots to make your pizza and has plans to fully automate the process. Robots are on their way into restaurants across ... continue reading


Are Americans WRONG about work? How a Catholic approach to work actually increases profits Watch

Image of Ironworkers building the Rockefeller Center take lunch in this iconic photo from New York. (1932)

By Marshall Connolly (CALIFORNIA NETWORK)

Are Americans wrong about work? New research and practical experience suggests we Americans are wrong about work, and that if we want to be more productive, we may have to work less. LOS ANGELES, CA (California Network) - The news from Sweden is promising. Some workers ... continue reading


The economic problem that could destroy America TODAY Watch

Image of Stagnant wages are a threat to our already weak economy. Fortunately, there's a positive trend as some employers begin hiking wages.

By Marshall Connolly (CALIFORNIA NETWORK)

The economy is growing slowly, and the bad news comes at a time when the Federal Reserve is contemplating an interest rate hike. The combination of a sluggish economy and rising interest rates could lead to a recession. LOS ANGELES, CA (California Network) - The U.S. ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Isaiah 29:17-24
17 Is it not true that in a very short time the Lebanon will become ... Read More

Psalm, Psalms 27:1, 4, 13-14
4 if I have repaid my ally with treachery or spared one who attacked me ... Read More

Gospel, Matthew 9:27-31
27 As Jesus went on his way two blind men followed him shouting, 'Take ... Read More

Saint of the Day

Saint of the Day for December 2nd, 2016 Image

St. Bibiana
December 2: St. Bibiana, Virgin and Martyr (Feast day - ... Read More