Political Economy category archive

Sign the petition.

Still over 300k,
But no emergency, okay?

Jobless claims decreased by 2,000 to 326,000 in the week ended Jan. 11, the least since the end of November, from a revised 328,000 in the prior period, a Labor Department report showed today in Washington.

(snip)

The four-week average of jobless claims, a less-volatile measure than the weekly figure, declined to 335,000 from 348,500 the week before.

The number of Americans receiving extended benefits under federal programs rose by about 63,500 to 1.35 million in the period ended Dec. 28, the last week of the emergency unemployment compensation.

Bloomberg is all rosy about this, but, for all practical purposes, it’s status quo ante–still in mid 300K.

The number of applications for unemployment insurance payments declined by 15,000 to 330,000 in the period ended Jan. 4, the fewest since the end of November, the Labor Department reported today in Washington. Another report today showed consumers grew a bit more optimistic at the start of 2014.

(snip)

The four-week average of claims, which smoothes short-term volatility, dropped to 349,000 from 358,750.

Via Bob Cesca’s Awesome Blog.

Dave Johnson explains “workplace loans.” A nugget:

This new loan scheme is being promoted as a “service” by unscrupulous employers working in cahoots with predatory lenders. The employee can ask for an “advance” and the loan is included right in the paycheck. These loans are great for the lender because payments come straight out of the employee’s paycheck. The loans are terrible for the employee because payments come straight out of the employee’s paycheck.

Workplace loans have very high interest rates, as much as 165% per year, and are repaid directly out of wages. So far only about 100,000 workers are being offered these scams by their companies, but at least half a dozen companies are marketing this “service” to employers.

Addendum, Later That Same Day:

Juanita Jean reports on a new twist to the scam in Texas. Not surprisingly, Rick Perry’s mitts are all over it.

Llewellyn King, successful television producer and ex-unemployed person, explores how the “Haves” use myths of the “undeserving poor” to justify cruelty to the “Have-Nots.”

Being unemployed isn’t a vacation. It’s not a glorious excuse to watch television at home and snigger at working stiffs who get a paycheck, have savings, take vacations, hope for promotions and whose children will be able to afford to go to college.

Unemployment means cold economic fear . . . .

Do read the rest.

Or not, because the poor must be punished.

When it was initially discussed as a rude repercussion of a bungled budget deal, the prospect that 1.3 million Americans would lose long-term unemployment benefits just days after Christmas was bad enough.

Now, that the day has come, however, it stands as a stark reminder of the extent to which the United States has regressed from the days when Franklin Delano Roosevelt greeted the Holiday Season with a celebration of the fact that: “Today neighborliness no longer can be confined to one’s little neighborhood. Life has become too complex for that. In our country neighborliness has gradually spread its boundaries—from town, to county, to State and now at last to the whole Nation.”

A little better.

Jobless claims declined by 42,000 to 338,000 in the week ended Dec. 21, a Labor Department report showed today in Washington.

(snip)

The jobless claims report showed the four-week moving average, a less volatile measure than the weekly figures, rose to 348,000 last week from 343,750.

Robyn Blumner ruminates on the real meaning of A Christmas Carol.

It’s not what the “Christmas Special” complex would have you think.

Merry Christmas.

Jobless claims climbed by 10,000 to 379,000 in the period ended Dec. 14, the most since the end of March, Labor Department data showed today in Washington. The median forecast of 48 economists surveyed by Bloomberg called for a decrease to 336,000. It’s best to focus on the four-week average during the holiday season to determine the underlying trend, a government spokesman said as the figures were released.

(snip)

The data tend to be volatile around the Thanksgiving and Christmas holidays as seasonal adjustment is difficult to calculate, the Labor Department spokesman said last week.

The four-week average of claims, a less-volatile measure than the weekly figure, climbed to 343,500, the highest in a month, from 330,250 in the prior week.

The number of people continuing to receive jobless benefits increased by 94,000 to 2.88 million in the week ended Dec. 7.

Still foreclosure-based.

Last month, the price (of a house–ed.) fell 5.5 percent to $188,000 from $199,000 a year earlier, according to data released Friday by Virginia Beach-based Real Estate Information Network, the region’s multiple-listing service.

Fluctuations in median price largely depend on the share of sales that are distressed, said Vinod Agarwal, an economics professor at Old Dominion University. Distressed sales occur when a home is either lost to foreclosure or sold for less than what was owed on the mortgage.

Nearly 27 percent of November sales were distressed in Hampton Roads, the listing service reported – down from 28.4 percent the same month a year ago.

Diana Wagman volunteered for “Operation Santa 2013.” Volunteers read letters to Santa and can choose to send the writers a gift and a response as Santa.

It was not the innocent, heartwarming experience she expected. A nugget:

What I found were pleas from parents. A mother out of work said her family would eat, but there wouldn’t be any presents. A dad wrote that his kids needed school supplies. Parents with two kids, three kids, maybe more, were hoping for help with what they couldn’t provide. A dad just out of prison wanted to make Christmas special for the kids he hadn’t seen for so long. A disabled grandmother asked for a church dress for her granddaughter.

I was overwhelmed. Many of the letters _ even the ones from kids _ asked for groceries and shoes, clothing and shampoo. One child wrote: “Please bring my mommy some food. She’s been good this year.”

Elizabeth Warren evicerates the myth of the “entitlement crisis.”

The “entitlement crisis” is a pretext to allow the rich to take from the rest.

Via Raw Story.

I missed the unemployment figures the last two weeks, being distracted by distractions.

I didn’t miss much, more of the almost same. But now ’tis the season.

Jobless claims surged by 68,000 to a two-month high of 368,000 in the period ended Dec. 7, exceeding the highest forecast in a Bloomberg survey of economists, Labor Department data showed today in Washington. The 300,000 applications filed in the prior week, which included Thanksgiving, were the fewest since Sept. 7.

The data reflect seasonal adjustment volatility around the Thanksgiving and Christmas holidays, a Labor Department spokesman said as the figures were released. A report last week showed the unemployment rate fell to a five-year low and companies added more workers than forecast, pointing to further labor-market progress.

Here’s the other thing.

The folks who sling about charges of “commie” have no idea what Communism is or what it means.

For them, it’s just a convenient slur, a bogeyman with which to frighten the polity.

Communism is several things. One thing is an economic theory about concentration of wealth in few hands leading to a revolt by the poor–that part seems chillingly prescient.

Another thing is a mystical belief that, when the revolt is over, people will get governance right (they didn’t).

The third thing is that it is dead, dead, dead.

Via BartCop.

A little better.

Jobless claims in the week ended Nov. 16 dropped by 21,000 to 323,000, the fewest since the week ended Sept. 28, from a revised 344,000 the previous week, the Labor Department said today in Washington.

(snip)

The four-week average of claims, a less-volatile measure, decreased to 338,500 last week from 345,250 the prior week.

The number of people continuing to receive jobless benefits increased by 66,000 to 2.88 million in the week ended Nov. 9.

Because real estate prices never go down . . . .

For all practical purposes, no change.

Jobless claims in the week ended Nov. 9 declined 2,000 to 339,000 from a revised 341,000 the week before that was higher than initially reported, the Labor Department said today in Washington.

(snip)

The four-week average of claims, a less-volatile measure, decreased to 344,000 last week from 349,750 the prior week. The reading compares with an average 328,750 at the end of August, before delays in processing claims in California caused the numbers to see saw.

California was among states and territories for which claims were estimated last week. The others were Virginia, Hawaii, Washington and Puerto Rico.

The number of people continuing to receive jobless benefits was unchanged at 2.87 million in the week ended Nov. 2.