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Chicago Area Jobless Rate Hits 7.5%

Business  (tags: economy, unemployment )

Kathleen
- 89 days ago - suntimes.com
"The unemployment rate in the Chicago metropolitan area jumped to 7.5 percent in July from 5.4 percent a year earlier, and the area lost 2,700 jobs, the Illinois Department of Employment Security reported Thursday."
Comments

Kathleen Opon (57)
Thursday August 21, 2008, 2:57 pm
Hmm, don't we have an Illinois Senator running for president saying he will improve the US economy? He hasn't done squat for us here in Illinois. How can he even "hope" to help the entire country's economy?
 

Blue Bunting (794)
Thursday August 21, 2008, 4:02 pm
Thanks to fi$cally irre$pon$ible RepubliCON$ in Congre$$ and teh Bu$h admini$tration Jobless rate rises to 4-year high of 5.7 percent NATIONWIDE !!!!!

WASHINGTON — Stores, factories and other businesses large and small showed workers the door last month, sending unemployment to its highest rate in four years and adding to the evidence an economic recovery remains far off.

Employers clamped down on hiring and cut 51,000 jobs in July, the Labor Department said Friday. The economy has shed jobs each month this year _ 463,000 in all.

The unemployment rate rose to 5.7 percent, up from 5.5 percent in June.

The jobs report contributed to another day of grim news for the economy. General Motors reported a staggering quarterly loss of more than $15 billion and said its sales fell by more than a quarter from last year.

The Commerce Department said spending on construction projects around the country dropped 0.4 percent in June as cutbacks in home building eclipsed gains in commercial construction.

And manufacturers' business was flat in July. The Institute for Supply Management's reading of activity from the producers of cars, airplanes, appliances and other goods hit 50, down from 50.2 in June. A reading above 50 signals growth.

Job losses in July were the heaviest in industries hard hit by the slow housing market, the clampdown on credit and the shaky financial sector. Manufacturers cut 35,000 jobs, construction companies 22,000 and retailers 17,000.

Temporary help firms, also viewed as a barometer of demand for future hiring, eliminated 29,000 jobs. Those losses swamped job gains elsewhere, including in the government, education and health care.

It's not news to B.B. Hooks, 40, who was laid off in May from her job as a teacher in Washington, D.C. She says she's applied online for hundreds of jobs in the communications and public relations fields, with no luck.

She applies for jobs online to save on gas, but it's harder to talk to potential employers face-to-face, and she has to register at each company's Web site.

"I must have a trillion different passwords for a trillion different Web sites," she said.

More pink slips are expected. Analysts predict a half-million more jobs could disappear over the rest of this year and say unemployment could climb to 6.5 percent by the middle of next year.

With the employment situation deteriorating, there's growing worry that consumers will cut back on spending later this year, further hurting the economy.

"People will absolutely shut off the spending spigots given the soured jobs market," predicted Richard Yamarone, economist at Argus Research. "The economic environment is in crummy shape."

On Wall Street, stocks slumped. The Dow Jones industrials fell 51.70 points to close at 11,326.32.

Capitol Hill Democrats renewed their push for a second stimulus package. The Bush administration and other Republicans have been cool to the idea.

The White House was "displeased" with the jobs report, press secretary Dana Perino said. She said the White House was "working to improve the job outlook for our economy."

With the economy a top concern for voters, the presidential candidates, Republican John McCain and Democrat Barack Obama, seized on the jobs figure and traded swipes at their proposals to turn things around.

"With job losses mounting, prices rising, increased turbulence in our financial system and a growing credit crunch, we need to do more," said Obama.

He called for a $1,000 emergency rebate for Americans to offset soaring energy costs. "We cannot afford four more years of the failed Bush economic policies and that is what Sen. McCain if offering," Obama said.

McCain said Obama's tax plan will send jobs overseas. He supports proposals to help small businesses create jobs. "Americans are hurting and today's job numbers are just the latest reminder of the economic challenges we face," he said.

The increase in the unemployment rate in July came as many young people streamed into the labor market looking for summer jobs. Fewer of them were able to find work. The unemployment rate for teenagers jumped to 20.3 percent, the highest since 1992.

Still, the job losses were not as some fears. Economists were expecting 72,000 jobs lost for July. The government also revised the job-loss figures for May and June to a combined 98,000, down from 124,000.

All told, there were 8.8 million people unemployed in July, up from 7.1 million last year. The jobless rate last July was a full percentage point below where it was this July.

Wages went up modestly last month, but prices have been rising faster. Average hourly earnings rose to $18.06, up about 3 percent from last year. High food and fuel costs mean paychecks aren't stretching as far, though.

"It's easy to see why consumer spending is expected to remain weak through the summer, if not the rest of the year," said Bernard Baumohl, managing director and chief economist at The Economic Outlook Group.

The Federal Reserve is expected to hold interest rates steady next week as it tries to grapple with dueling concerns _ a weak economy and inflation.
 

Kathleen Opon (57)
Saturday August 23, 2008, 2:16 pm
Well Blue, thanks for illustrating my point. If you are so appalled by the nationwide rate of 5.7% (up from 5.5%) it should be eye-opening for you that Obama's state has a rate SO much higher than the national average - 7.5%!
 

Maria V. (50)
Saturday September 6, 2008, 7:36 pm
DOES ANY ONE KNOW A COMMUNITY ORGANIZER????????????????

PLEASE SOME BODY!!! WHO IS THE SENATOR???

WHERE IS THE CHICAGO POLITICAL TEAM????

WHO IS FIGHTING FOR CHICAGOANS?



 

Blue Bunting (794)
Saturday September 6, 2008, 7:38 pm
Maria, aren't you ashamed to reveal to everyone that you haven't read your Bible at all ... and don't know about Jesus and "community organizing"???

"Jesus Christ was a Community Organizer.....
Pontius Pilate was a Governor"


"...if the choice of a creationist, book-banning, hard-right-wing gun nut proves to be what America's been looking for, that makes me very sad for the future of our country..."
 

Blue Bunting (794)
Saturday September 6, 2008, 7:39 pm
Kathleen, I dae you to explain why you would not consider Jesus Christ to be a community organizer.
 

Maria V. (50)
Saturday September 6, 2008, 7:47 pm
For you to compare Obama to Jesus is simply desperate in your part. And it clearly demonstrates the hold Obama has on people like you. I feel sorry for you. That is all you got as to why Obama should be president?

And I am sure when you meet Obama, you'll kiss his crooked feet.


YOU GO GIRL!!

 

Maria V. (50)
Sunday September 7, 2008, 2:45 am
Obama as an Illinois Senator, and a Chicago community Organizer...He has a lot to answer to...

In 1999, while in the Illinois State Legislature, Obama was the only vote AGAINST SB 485, a bill that would prohibit certain persons convicted of criminal sexual abuse from receiving credit for time served in the county jail.



In 2002, Obama voted "NO" on HB 1812, a bill designed to toughen penalties for crimes committed in furtherance of gang activities

125 Shot Dead In Chicago Over Summer
Total Is About Double The U.S. Troop Death Toll In Iraq
http://cbs2chicago.com/local/chicago.summer.shootings.2.810166.html

How Republicans Plan on Ganging Up on Obama for Being "Weak" on Street Gangs
http://blogs.abcnews.com/politicalpunch/2008/04/how-republicans.html

The mud hits Chicago: The murder rate in the city is up 18 percent over last year. Republicans and attack ads are trying to put the blame on Barack Obama. We examine the record.
They argue that while serving Illinois as its junior senator and earlier, when the Democratic candidate for president was a state lawmaker, Obama didn't do enough to make violent crime a priority. Specifically, they point to Obama's votes over gun legislation and the death penalty.

"Whether it was voting against or voting present on issues related to stricter penalties on offenders of serious crimes or disallowing citizens to exercise their right to self-defense, Obama demonstrated poor judgment on an important issue to his constituents," said Danny Diaz, a spokesman for the Republican National Committee.
http://www.chicagotribune.com/news/nationworld/chi-obama-crime_bdaug17,0,6582752.story
 

Kathleen Opon (57)
Sunday September 7, 2008, 3:54 pm
Blue, where did your quote come from? ("Jesus Christ was a Community Organizer.....
Pontius Pilate was a Governor" ). Certainly not from the Bible. In the Book of John 11:25-26 Jesus explains "what" he is:

Jesus said to her, "I am the resurrection and the life. He who believes in Me, though he may die, he shall live. And whoever lives and believes in Me shall never die. Do you believe this?"

Jesus was NOT a community organizer. To suggest that is to minimize him and his message. In fact, several of his apostles were frustrated with Jesus because he WOULDN'T play the community organizer role. They wanted him to use his influence to overtake the government and he refused to do that. Jesus was a spiritual leader. His goal was to lead people to God.

What in the world does Jesus have to do with Obama anyway. Methinks you have completely lost it.
 
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