Inside these posts: unemployment effects

Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.


White House: Jobless aid lapse may cost 600K jobs

The White House urged Congress Thursday to extend unemployment aid and warned that failure to act would inflict a heavy toll on millions of Americans that could put the U.S. economic recovery at risk.

“Without an extension, employment would be about 600,000 lower…in December 2011 than if a year-long extension were passed,” according to a new report from the White House Council of Economic Advisers.

U.S. unemployment insurance for those on long-term aid, which Congress had already extended to up to 99 weeks from a traditional 26 weeks of support, expired on Wednesday. Get the full story »

U of C profs: Housing woes, joblessness to linger

While the U.S. economy will grow at a modest clip in 2011, housing prices likely will languish and unemployment will remain high, according to forecasts by University of Chicago Booth School of Business professors at a luncheon presentation today.

Growth in the gross domestic product could reach 3.4 percent, exceeding the consensus of economic forecasters, according to economics professor Randall Kroszner, who was a governor of the Federal Reserve System from 2006 to 2009.

“I don’t agree with those who say we are in an extended period of low growth, but we are unlikely to have a powerful recovery either,” he said. Get the full story »

State Farm may cut jobs after assessment

From | State Farm Insurance acknowledged the possibility of upcoming job losses after completing an internal assessment of five departments.

Unemployment near 8% across G20

Unemployment in the Group of 20 leading world economies is close to 8 percent of the total workforce and looks set to keep growing strongly, the International Labour Organisation (ILO) said on Monday. Get the full story »

Evans: ‘Appropriate’ to boost inflation temporarily

The U.S. Federal Reserve should pump more cash into the economy and temporarily stoke inflation to counter the stifling effects of high unemployment and undesirably low inflation, a top Fed official said on Tuesday.

“For many, my proposal will be a hard pill to swallow,” Chicago Fed President Charles Evans told a group of business leaders in Evanston. Get the full story »

Obama says challenges to U.S. economy still ‘great’

Bloomberg News | President Barack Obama said his economic policies are designed for a long-term effect and there remain some immediate hurdles for the U.S., including restoring the millions of jobs lost during the recession. Get the full story »

Highly educated less likely to be unemployed

Government data suggest that education is increasingly crucial in protecting workers from unemployment.

The difference in joblessness between the country’s least educated people and most educated people increased during the recession, according to statistics from the Labor Department. People without a high school diploma remain more than three times as likely to be unemployed than are college graduates. Get the full story »

1 in 10 Illinois mortgage holders missed payments‎

Almost one in 10 of Illinois’ 1.7 million home mortgage loans were at least 30 days past due in the second quarter, a troubling sign that might spell more foreclosures in the future, according to new data released Thursday. Get the full story »

Global youth unemployment reaches new high

A United Nations agency warned of a “lost generation” as more young people across the world give up the search for work. It reported that of some 620 million young people ages 15 to 24 in the work force, about 81 million were unemployed at the end of 2009 — the highest level in two decades of record-keeping by the organization, which is based in Geneva.

Obama says economy going in right direction

President Barack Obama on Friday cast the state of the economy in upbeat terms, declaring that it was headed in the right direction even as employers slashed payrolls last month for the first time in half a year. The unemployment rate dropped to 9.5 percent. “To every American who is looking for work, I promise you we’re going to keep on doing everything that we can,” Obama said. “I will do everything in my power to help our economy create jobs and opportunities for all people.”

Study says layoffs lead to serious health problems

From the New York Times | A report from the Federal Reserve Bank of Chicago’s director of research has found that death rates among high-seniority male workers jumped by 50 percent to 100 percent in the year after a job loss, depending on the worker’s age. Even 20 years later, deaths were 10 percent to 15 percent higher. The study, by the Chicago Fed’s Daniel G. Sullivan and Columbia University economist Till von Wachter, examined death records and earnings data in Pennsylvania during the recession of the early 1980s.

Get the full story: