"Glimmers-of-hope-for-grads: Personal Finance News from Yahoo! Finance:
This spring's college graduates face better job prospects than the dismal environment encountered by last year's grads. But that doesn't mean the job market is thriving.
Average starting salaries are down, and employers plan to make only 5 percent more job offers to new graduates this spring compared to last spring, when job offers were down 20 percent from 2008 levels, according to a study by the National Association of Colleges and Employers, which tracks recruitment data."
It's hard for newcomers into the workforce to compete with the long line of currently unemployed, especially since those out of work will already have years of experience padding their resumes.
Thursday, May 27, 2010
Tuesday, May 25, 2010
Why a $14/hour employee costs $20
Why a $14/hour employee costs $20 - Mar. 26, 2010:
"NEW YORK (CNNMoney.com) -- You probably cost your boss a lot more than you think you do.
For Jim Garland, who owns a corporate aircraft cleaning and support services company, a $14 per hour worker has a true cost of $19.63 per hour, or about 40% more than base pay. This so-called 'loaded rate' includes fixed expenses -- federal and state taxes, health insurance, workman's compensation, uniforms, and paid time off -- along with soft costs like the time spent training a new hire.
Washington's lawmakers are throwing a lot of ammo at reducing the jobless rate, including a new tax break for hiring the unemployed. But no matter what incentives the government offers, it's hard to convince business owners to hire until they're absolutely certain they need to. Employees are often the most expensive investment a business makes."
The article only partially exposes the hidden employer costs per employee. Depending on the number of employees and the State, the "overhead" can almost equal the salary amount taken home. Taxes are only part of the cost. Ridiculous unemployment and disability insurance premiums (such as in New York City/State) can often force small employers to NOT hire more workers, since these cost would exceed any increase in revenue due to up-sizing their workforce. And now with the mandatory health insurance requirements, many small firms are probably looking to get below the cap of 50 full-time workers which may further increase unemployment in the US and hamper economic recovery.
"NEW YORK (CNNMoney.com) -- You probably cost your boss a lot more than you think you do.
For Jim Garland, who owns a corporate aircraft cleaning and support services company, a $14 per hour worker has a true cost of $19.63 per hour, or about 40% more than base pay. This so-called 'loaded rate' includes fixed expenses -- federal and state taxes, health insurance, workman's compensation, uniforms, and paid time off -- along with soft costs like the time spent training a new hire.
Washington's lawmakers are throwing a lot of ammo at reducing the jobless rate, including a new tax break for hiring the unemployed. But no matter what incentives the government offers, it's hard to convince business owners to hire until they're absolutely certain they need to. Employees are often the most expensive investment a business makes."
The article only partially exposes the hidden employer costs per employee. Depending on the number of employees and the State, the "overhead" can almost equal the salary amount taken home. Taxes are only part of the cost. Ridiculous unemployment and disability insurance premiums (such as in New York City/State) can often force small employers to NOT hire more workers, since these cost would exceed any increase in revenue due to up-sizing their workforce. And now with the mandatory health insurance requirements, many small firms are probably looking to get below the cap of 50 full-time workers which may further increase unemployment in the US and hamper economic recovery.
Monday, May 24, 2010
Measure aims to help unemployed families fend off foreclosure | - SILive.com
"Measure aims to help unemployed families fend off foreclosure - SILive.com:
Measure aims to help unemployed families fend off foreclosure
By Judy L. Randall
May 24, 2010, 4:28PM
STATEN ISLAND, N.Y. -- Legislation that would help unemployed families stave off foreclosure is being advanced by New York's two senators.
The Homeowners' Relief and Neighborhood Stabilization Act of 2010 would provide $3 billion in loans for up two years for out-of-work homeowners.
The TARP funding, administered through the U.S. Department of Housing and Urban Development, would provide low-interest loans for up to 24 months to homeowners who fall at least three months behind on their mortgage payments due to unemployment, under-employment or medical condition."
Alturistic as it sounds, where exactly do they propose to get that 3 BILLION dollars from? The "unemployed" homeowners are, obviously, unemployed and ergo not paying payroll taxes. That leaves only the working homeowners to cough up the money, increasing their tax burden and no doubt ultimately resulting in THEM going into foreclosure. Then who will subsidize the subsidizers?
Measure aims to help unemployed families fend off foreclosure
By Judy L. Randall
May 24, 2010, 4:28PM
STATEN ISLAND, N.Y. -- Legislation that would help unemployed families stave off foreclosure is being advanced by New York's two senators.
The Homeowners' Relief and Neighborhood Stabilization Act of 2010 would provide $3 billion in loans for up two years for out-of-work homeowners.
The TARP funding, administered through the U.S. Department of Housing and Urban Development, would provide low-interest loans for up to 24 months to homeowners who fall at least three months behind on their mortgage payments due to unemployment, under-employment or medical condition."
Alturistic as it sounds, where exactly do they propose to get that 3 BILLION dollars from? The "unemployed" homeowners are, obviously, unemployed and ergo not paying payroll taxes. That leaves only the working homeowners to cough up the money, increasing their tax burden and no doubt ultimately resulting in THEM going into foreclosure. Then who will subsidize the subsidizers?
Financial Times article on unemployment
"American monumental job losses
By Clive Crook
Published: May 24 2010 03:00
Last updated: May 24 2010 03:00
Unemployment in the US is high not just by its own past standards but by international standards, too, which is doubly strange. Figures also show a startling rise in long-term unemployment, to levels previously associated with Europe's broken labour markets.
In April the number of Americans looking for work for more than six months rose to 6.7m, roughly half of all those unemployed. Such a high proportion is unprecedented: the long-term share has previously reached a quarter at most. Terms for the stickiness of high unemployment such as hysteresis and sclerosis have preoccupied students of Europe's economies. They have not come up so much in discussions of US joblessness, but this may change.
Are these just signs that this recession has been exceptionally severe, or is something even worse going on? Can the US expect the rapid recovery in employment it has experienced coming out of previous recessions? On closer examination, US labour-market exceptionalism has not disappeared - but it is not what it used to be."
Comparing ourselves to Europe is hardly a valid yardstick to measure results by. Europeans don't buy overpriced SUVs and truck-like vehicles - US consumers do. The economy in the US is largely driven by the consumer, producing the product keeps the money "in the family". Importing Chinese made junk and Mexican automobiles is contrary to common sense, since you're paying someone else to do it - and they are NOT buying your products.
By Clive Crook
Published: May 24 2010 03:00
Last updated: May 24 2010 03:00
Unemployment in the US is high not just by its own past standards but by international standards, too, which is doubly strange. Figures also show a startling rise in long-term unemployment, to levels previously associated with Europe's broken labour markets.
In April the number of Americans looking for work for more than six months rose to 6.7m, roughly half of all those unemployed. Such a high proportion is unprecedented: the long-term share has previously reached a quarter at most. Terms for the stickiness of high unemployment such as hysteresis and sclerosis have preoccupied students of Europe's economies. They have not come up so much in discussions of US joblessness, but this may change.
Are these just signs that this recession has been exceptionally severe, or is something even worse going on? Can the US expect the rapid recovery in employment it has experienced coming out of previous recessions? On closer examination, US labour-market exceptionalism has not disappeared - but it is not what it used to be."
Comparing ourselves to Europe is hardly a valid yardstick to measure results by. Europeans don't buy overpriced SUVs and truck-like vehicles - US consumers do. The economy in the US is largely driven by the consumer, producing the product keeps the money "in the family". Importing Chinese made junk and Mexican automobiles is contrary to common sense, since you're paying someone else to do it - and they are NOT buying your products.
Another corporation abandons US workers
"Polaris Adds to US Unemployment, Takes Manufacturing Jobs to Mexico
Sunday May 23, 2010
Polaris Industries will be adding to the already out-of-control unemployment rate in the United States by shipping American manufacturing jobs to Mexico. The move will result in the sale or closure of the Osceola, Wisconsin manufacturing facility."
When are these companies going to realize that moving jobs out of the US results in less money in the pockets of their US customer base, and therefore less sales for their own products! I really don't envision Mexico purchasing any volume of snowmobiles, this is just short sighted corporate greed that will inflate stock profits only for the short term. As soon as the directors and top shareholders "cash out" their soon-to-be-inflated stock options, they are likely to abandon the company and employees.
Ironically, their corporate site is advertising 39 open positions at their company
"https://prod.fadvhms.com/polaris/jobboard/ListJobs.aspx?&__VT=ExtCan
To apply for a position, click on a job title below, or to update your resume only, click here.
Showing Records: 1 - 10
Total Records: 39"
Sunday May 23, 2010
Polaris Industries will be adding to the already out-of-control unemployment rate in the United States by shipping American manufacturing jobs to Mexico. The move will result in the sale or closure of the Osceola, Wisconsin manufacturing facility."
When are these companies going to realize that moving jobs out of the US results in less money in the pockets of their US customer base, and therefore less sales for their own products! I really don't envision Mexico purchasing any volume of snowmobiles, this is just short sighted corporate greed that will inflate stock profits only for the short term. As soon as the directors and top shareholders "cash out" their soon-to-be-inflated stock options, they are likely to abandon the company and employees.
Ironically, their corporate site is advertising 39 open positions at their company
"https://prod.fadvhms.com/polaris/jobboard/ListJobs.aspx?&__VT=ExtCan
To apply for a position, click on a job title below, or to update your resume only, click here.
Showing Records: 1 - 10
Total Records: 39"
Friday, May 21, 2010
New York City’s Jobless Rate Drops Below 10% - NYTimes.com
New York City’s Jobless Rate Drops Below 10% - NYTimes.com:
"City’s Jobless Rate Drops Below U.S. Rate
By PATRICK McGEEHAN
Published: May 20, 2010
The number of private-sector jobs in the city rose by 21,000 in April, nearly triple the average increase for that month in the last 10 years, said Colleen C. Gardner, the state’s labor commissioner.
The growth was widespread, with increases in all industries, but was especially strong in professional and business services and in leisure and hospitality, Ms. Gardner said.
For the city, the unemployment rate was 9.8 percent in April, down from 10 percent in March and a recent high of 10.5 percent at the end of 2009.
It is now lower than the national unemployment rate, which was 9.9 percent in April, for the first time since late summer 2009.
New York State’s unemployment rate also fell in April, declining to 8.4 percent, from the March rate of 8.6 percent.
...
Those employers that are hiring still have the leverage in negotiations over pay. According to data compiled by James A. Parrott, chief economist for the nonprofit Fiscal Policy Institute, the average wage of workers in the city, outside of the financial sector, declined almost 5 percent last year. Wages declined in 7 of the 10 biggest sectors of the city’s economy, he said. "
These numbers appear to be nothing more than statistical juggling. New York has "created" jobs that pay less than the jobs that it "lost" a few months ago, a swap over time, with a net decrease in salary. That's not growth, it's substituting pay scales, downwards.
"City’s Jobless Rate Drops Below U.S. Rate
By PATRICK McGEEHAN
Published: May 20, 2010
The number of private-sector jobs in the city rose by 21,000 in April, nearly triple the average increase for that month in the last 10 years, said Colleen C. Gardner, the state’s labor commissioner.
The growth was widespread, with increases in all industries, but was especially strong in professional and business services and in leisure and hospitality, Ms. Gardner said.
For the city, the unemployment rate was 9.8 percent in April, down from 10 percent in March and a recent high of 10.5 percent at the end of 2009.
It is now lower than the national unemployment rate, which was 9.9 percent in April, for the first time since late summer 2009.
New York State’s unemployment rate also fell in April, declining to 8.4 percent, from the March rate of 8.6 percent.
...
Those employers that are hiring still have the leverage in negotiations over pay. According to data compiled by James A. Parrott, chief economist for the nonprofit Fiscal Policy Institute, the average wage of workers in the city, outside of the financial sector, declined almost 5 percent last year. Wages declined in 7 of the 10 biggest sectors of the city’s economy, he said. "
These numbers appear to be nothing more than statistical juggling. New York has "created" jobs that pay less than the jobs that it "lost" a few months ago, a swap over time, with a net decrease in salary. That's not growth, it's substituting pay scales, downwards.
The Associated Press: Jobless claims rise by largest amount in 3 months
The Associated Press: Jobless claims rise by largest amount in 3 months:
"Jobless claims rise by largest amount in 3 months
By MARTIN CRUTSINGER (AP) – 18 hours ago
WASHINGTON — The number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The surge is evidence of how volatile the job market remains, even as the economy grows.
Applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week, the Labor Department said Thursday. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.
The total was the highest since new claims reached 480,000 on April 10. It also pushed the average for the last four weeks to 453,500."
Unemployment benefits rose "unexpectedly"? What was the DoL expecting, flying pigs?
"Jobless claims rise by largest amount in 3 months
By MARTIN CRUTSINGER (AP) – 18 hours ago
WASHINGTON — The number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The surge is evidence of how volatile the job market remains, even as the economy grows.
Applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week, the Labor Department said Thursday. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.
The total was the highest since new claims reached 480,000 on April 10. It also pushed the average for the last four weeks to 453,500."
Unemployment benefits rose "unexpectedly"? What was the DoL expecting, flying pigs?
Job hunting and the economy
Jobs. A simple four letter word, easy to pronounce. But a NOT so simple matter to obtain one.
Today's economy can best be described as ... a shambles. As employers fold up, employees get laid off. As employees turn into the un-employed, they spend less money. As the unemployed spend less money, more employers fold up. And more employees become unemployees. And the cycle goes on.
Here is what is going on with jobs in the US these days. Read 'em and weep.
Today's economy can best be described as ... a shambles. As employers fold up, employees get laid off. As employees turn into the un-employed, they spend less money. As the unemployed spend less money, more employers fold up. And more employees become unemployees. And the cycle goes on.
Here is what is going on with jobs in the US these days. Read 'em and weep.
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