Thursday, August 29, 2013

Labor force particilation rate

http://data.bls.gov/timeseries/LNS11300000

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Data extracted on: August 29, 2013 (12:23:56 PM)

Labor Force Statistics from the Current Population Survey


Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over


Download:
YearJanFebMarAprMayJunJulAugSepOctNovDecAnnual
200366.466.466.366.466.466.566.266.166.166.166.165.9 
200466.166.066.065.966.066.166.166.065.865.966.065.9 
200565.865.965.966.166.166.166.166.266.166.166.066.0 
200666.066.166.266.166.166.266.166.266.166.266.366.4 
200766.466.366.265.966.066.066.065.866.065.866.066.0 
200866.266.066.165.966.166.166.166.166.066.065.965.8 
200965.765.865.665.765.765.765.565.465.165.065.064.6 
201064.864.964.965.164.964.664.664.764.664.464.664.3 
201164.264.264.264.264.264.064.064.164.264.164.164.0 
201263.763.963.863.663.863.863.763.563.663.863.663.6 
201363.663.563.363.363.463.563.4      

Wednesday, August 28, 2013

Top liveable cities in the world

http://www.cnn.com/2013/08/28/travel/melbourne-most-livable-city/index.html


Melbourne makes it three years in a row as world's most liveable city

By CNN Staff
updated 1:18 AM EDT, Wed August 28, 2013
Melbourne is the world's most livable city for a reason.
Melbourne is the world's most livable city for a reason.
STORY HIGHLIGHTS
  • A three-peat for southern Australian city of Melbourne
  • Damascus drops 10 places to bottom of the rankings
  • Canadian, Australian, New Zealand cities make up eight of top 10
(CNN) -- Melbourne made it three years in a row as the world's most livable city, according to the 2013 Economist Intelligence Unit's (EIU) Global Livability Survey.
The top cities and indeed much of the rankings remained similar to last year, with Australian and New Zealand cities landing five of the top 10 spots. Canadian cities made up another three of the top 10 positions.
Elsewhere in the EIU rankings, 28 cities saw changes in their rankings with negative livability changes driven by "civil unrest, with the Arab Spring, European austerity and Chinese discontent all contributing," according to the EIU report.
Vienna came a close second while Canadian cities Vancouver and Toronto stayed at third and fourth; Calgary tied with Adelaide for fifth place.
The top spots are mostly "mid-sized cities in wealthier countries with a relatively low population density," said the EIU.
At the bottom of the list, due to ongoing civil conflict in Syria is Damascus -- dropping 10 rankings.
A total of 140 cities were surveyed under five categories: stability, healthcare, culture and environment, education and infrastructure. Scores in each category and sub-category are compiled and weighted to give a total out of 100. 100 is considered ideal and 1 intolerable.
The report noted a few major changes. Madrid dropped five spots to 44th due to "unrest and protests," but remains in the top tier of livability. The Slovakian capital of Bratislava moved into the top tier (a score of 80 or above), now at 63rd place in the ranking.
Tehran, Douala (Cameroon), Tripoli, Karachi, Algiers, Harare, Lagos, Port Moresby (Papua New Guinea), Dhaka (Bangladesh) and Damascus (are at the bottom of the list with conflict responsible for many of the lowest scores, the report stated.
Global Livability Survey
Top 10 most livable cities (unchanged in 2013 from 2012):
1. Melbourne, Australia, 97.5
2. Vienna, Austria, 97.4
3. Vancouver, Canada, 97.3
4. Toronto, Canada, 97.2
=5. Calgary, Canada, 96.6
=5. Adelaide, Australia, 96.6
7. Sydney, Australia, 96.1
8. Helsinki, Finland, 96.0
9. Perth, Australia, 95.9
10. Auckland, New Zealand, 95.7

Home prices

http://money.cnn.com/2013/08/27/news/economy/home-prices/index.html


Home prices still surging ... for now

  @hargreavesCNN August 27, 2013: 10:52 AM ET
home price increases
NEW YORK (CNNMoney)

Home prices are still surging, but the pace of the gains has steadied as interest rates continue to rise.

Prices for homes in the nation's 20 largest cities in June rose 12.1% over the last year, according to a report Tuesday from S&P/Case-Shiller home price index.
While that gain is still robust, it didn't quite match the gain of 12.2% reported for May. Rising mortgage rates may be to blame.
"With interest rates rising to almost 4.6%, home buyers may be discouraged and sharp increases may be dampened," David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a press release.
Home prices have been on a tear for the last twelve months. June marks the first time in over a year that the overall increase has been smaller than the month before. While prices rose in all 20 cities measured by the index, only six cities in June saw price increases larger than the month before, down from 10 cities in May.
Prices in Dallas and Denver hit all-time highs, while San Francisco housing prices notched the biggest rebound, rising 47% from their low in March 2009.
U.S. home prices are now at early 2004 levels -- still 23% below their peak in mid-2006.
And while mortgage rates have been steadily rising for the last few months, they're still at historically low levels.
Record-low rates, a lack of new homes on the market and years of pent up demand have been the driving forces behind the recent home price spike, according to Erik Johnson, senior U.S. economist at IHS Global Insight.
"The shortages are likely to get larger before getting smaller," Johnson wrote in a note Tuesday. "We still expect housing to remain a key driver of growth for at least the next couple of years."
The recovering housing market has been a big part of the nation's economic recovery since the Great Recession. But many fear that rising mortgage rates could put a damper on that growth.
Rates have risen more than a full percentage point since May, when Federal Reserve Chairman Ben Bernanke indicated the Fed may soon ease its bond buying program that's helped keep interest rates at record lows.
While some cheer the Fed stepping back from its unusual bond purchases amid fears the buying will spark inflation, others worry that it may be too soon. To top of page


Tuesday, August 27, 2013

Article about older workers in the Labor Market

http://www.cnbc.com/id/100989618

Set back by recession, and shut out of rebound

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Published: Tuesday, 27 Aug 2013 | 10:45 AM ET
By: Michael Winerip



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Hundreds of job applicants line up at a job fair in New York City.
In September 2012, it appeared that the world was John Fugazzie's frozen oyster. He was in charge of dairy and frozen foods for the A.&P. supermarket chain, making $125,000 a year.
He was also a guest that month at a White House forum on joblessness, in recognition of his work creating Neighbors-helping-Neighbors U.S.A., a volunteer networking organization with 28 chapters in New Jersey serving 1,200 unemployed, mainly white-collar, baby boomers. ''John has one of the best volunteer organizations out there,'' said Ben Seigel, a deputy director at the Labor Department. ''He's tireless and always upbeat.''
Lately Mr. Fugazzie has been feeling a little weary and beat down. One morning last October, just before his 57th birthday, he was laid off and, carrying a box of belongings from his office, driven home in a car service hired by the company. In the 10 months since, he has applied for more than 400 positions and had 10 interviews, but still has no job.
He and his family are living in his 88-year-old mother's home, and last month he awoke at 4:30 a.m., sweating profusely, in the midst of a heart attack.
As happens to many Americans, when he lost his job, he lost his health insurance. He now owes $171,569.44 for the six nights he spent at the hospital.
And so on the evening of Aug. 15, at a meeting of the job club he himself started here two years ago, he told the others he was just like them. ''I need a job,'' he said. ''I need to make money now.''
"Older workers are supporting families; they may be supporting parents. They can't afford to spend two years going back for a degree to retrain."
Ben Seigel
deputy director, Labor Department
Most of the 15 men and women meeting at the library in this prosperous suburb were middle-aged or older, people who had worked all their lives, but lost jobs in the recession and its aftermath and have not been able to get back to where they were. Many of them worry that they never will, in part because of discrimination by employers against older workers. (Related: 6 boomer jobs to ride the age wave)
On the statistical surface, boomers seem better off than other age groups. According to the Bureau of Labor Statistics, the unemployment rate for workers 55 to 64 (the category that best matches boomers, who range from 48 to 67) was 5.4 percent in July, compared with 7.4 percent for the general population.
But almost every other number from the bureau makes it clear that while the economy may be improving, a substantial number of older workers who lost jobs—even those lucky enough to be re-employed—are still suffering. Two-thirds in that age group who found work again are making less than they did in their previous job; their median salary loss is 18 percent compared with a 6.7 percent drop for 20- to 24-year-olds.

The re-employment rate for 55- to 64-year-olds is 47 percent and 24 percent for those over 65, compared with 62 percent for 20- to 54-year-olds. And finding another job takes far longer: 46 weeks for boomers, compared with 20 weeks for 16- to 24-year-olds.
More from The New York Times:
Hamptons McMansions herald a return of excess
To protect its empire, ESPN stays on offense
'Revenge porn' could be criminal offense in California

Nor are those who believe age discrimination was a factor likely to have much luck in court. In 2009, just as the economy was hitting rock-bottom, the Supreme Court issued a ruling that toughened the standard for proving bias.
''It's easier for younger workers to bounce back,'' says Mr. Seigel of the Labor Department. ''They don't have many financial obligations. Older workers are supporting families; they may be supporting parents. They can't afford to spend two years going back for a degree to retrain.'' (Related: How to fight age discrimination)
At the Aug. 15 meeting, Barbara Braun, who worked as a marketing director for a pharmaceutical company, said she wasn't able to relocate to California when the company moved. ''I have a mother with Alzheimer's, I think it would have killed her,'' she said. ''Our lives are full of complications we didn't have at 35.''
They have no doubt that their age is held against them, yet work to keep hopeful. When a woman suggested shaving a decade off her résumé and not posting a photo on networking and job search sites to hide her age, Mr. Fugazzie advised against it. ''When you go to the interview, you're going to look like who you are,'' he said. ''To waste time hiding it when you're only going to lose at the other end makes no sense. If they don't want someone your age, you don't want them.''
What he does recommend is lowering expectations. ''You're not likely to be the department head,'' he said, ''so sell yourself as a team player who will work with younger people and help train them.''
Since the Supreme Court ruling, most lawyers won't even take age discrimination cases. In an effort to change that, a bill has been filed in the Senate each of the past several years, aimed at making it easier to bring a discrimination lawsuit.
The latest legislation has rare bipartisan support; Senator Tom Harkin, Democrat of Iowa, and Senator Charles E. Grassley, Republican of Iowa, are co-sponsors. ''Older Americans have immense value to our society and our economy,'' Mr. Grassley said in a recent news release. ''They deserve the protections Congress originally intended.''
In the last Congress, along with the Democratic majority in the Senate, six Republicans backed the legislation, although two, both moderates, Olympia J. Snowe of Maine and Scott P. Brown of Massachusetts, are no longer in the Senate. Cristina Martin-Firvida, a legislative specialist at AARP, says the bill has the votes to pass the Senate, but to have a chance at becoming law, more Republican senators would need to get behind it, which might then persuade the Republicans who control the House to take up the measure.
At the Ridgewood meeting, people discussed job-hunting strategies. Karen Clements, a paralegal, said she had four résumés ready to go, each emphasizing a different skill: bookkeeping, S.E.C. compliance, fraud investigation and intellectual property rights.
She described a friend who is dressed in business attire by 4 a.m. Mondays, so she'll be ready the moment an opportunity is posted online. If the firm wants to do a Skype interview, said Ms. Clements, her friend is dressed for Skyping. ''By Tuesday they'll have 1,000 résumés and the window will be closed.''
''It's like Wayne Gretzky says,'' Ms. Braun told them: ''You have to skate to where the puck will be.''
They discussed the importance of following up any contact with thank-you e-mails and handing out lots of business cards, though it's tricky to identify yourself when you have no job. ''Be careful of the title you give yourself -- you don't want to sound dated,'' said Ms. Braun, whose business card reads, ''Barbara J. Braun, principal, BarbaraJBraun LLC, Connect Goals to Extraordinary Outcomes.''
How Am I Doing?
Forty-two year old Becky from Virginia wants to know if her 48-year old partner, Pam can retire from her physically demanding job at age 55, while Becky continues to work.
Several mentioned the importance of LinkedIn, the business networking site.
''You have to have at least 500 contacts,'' said Lisa Sepetjian, who has been an accounts manager for banks and small-business lenders. ''Any less shows you don't care; you're not in the game.''
Ms. Braun described how she was able to go from 50 LinkedIn contacts to 500 in just a week.
''I'm at 4,200,'' Mr. Fugazzie said.
''I don't want to know 500 people,'' Ms. Sepetjian said. ''But I want people to know I'm not some baby boomer sitting at home eating bonbons.''
At 8:50 p.m., when a librarian announced that it was closing time, many were still networking. Afterward, eight handed me their business cards and several sent follow-up e-mails thanking me for coming.
By 10:30 p.m., even before I got home, the first of 10 follow-up e-mails had arrived from Mr. Fugazzie. Attached were testimonials from five people; copies of four certificates of commendation for Neighbors-helping-Neighbors; and a letter of commendation to the group from the New Jersey governor, Chris Christie, that began ''Dear Friends.''
Also attached was an invitation to a May 16, 2013, meeting at the White House to discuss long-term unemployment, which Mr. Fugazzie hadn't been able to attend. ''I really wanted to go,'' he said. ''I could have made some important contacts, but my youngest son, Tyler, was graduating from the College of New Jersey on the same day and how could I miss that?''



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Comments

cmnsense | Aug 27, 2013 12:02 PM ET

One of the main reasons these people need a "job" is because they need health insurance. If they were covered by socialized medicine they would have so many more options, they could become self-employed, open they own company, etc. Lack of socialized medicine also chains others to their jobs. So many entrepreneurial opportunities are wasted because people can't risk a chance to leave their dumb 9-5 job because they know if they get sick they are fukked and so are their families. Another reason for slow job creation is how expensive employer benefits are. The money companies spend on benefits is better spent on creating new jobs.

jp71 | Aug 27, 2013 12:14 PM ET

O-BAM-A! O-BAM-A! O-BAM-A!

donna_summer | Aug 27, 2013 12:15 PM ET

But CNBC says the recession has been over since 2009. Everything is wonderful. Consumers are confident. How can this be?

moonmac | Aug 27, 2013 12:17 PM ET

I see all these older slobs with a huge house, a pool and a speed boat in their yard.. After talking to them I have no clue how they made it thru life so easily. Then I call Pizza Hut and the 30 year old who answers the phone sounds like a Fortune 500 CEO that makes $9 per hour. BIZZARO WORLD I TELL YOU!!!

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Tuesday, August 20, 2013

Unemployment for July 2013

http://bloomberg.econoday.com/byshoweventfull.asp?fid=456026&cust=bloomberg-us&year=2013&lid=0&prev=/byweek.asp#top

Resource Center »  Event Release Dates   |   Event Definitions   |   Today's Calendar


Employment Situation
Released On 8/2/2013 8:30:00 AM For Jul, 2013

PriorPrior RevisedConsensusConsensus RangeActual
Nonfarm Payrolls - M/M change195,000 188,000 175,000 150,000  to 203,000 162,000 
Unemployment Rate - Level7.6 %7.6 %7.5 %7.4 % to 7.6 %7.4 %
Average Hourly Earnings - M/M change0.4 %0.4 %0.2 %0.0 % to 0.2 %-0.1 %
Av Workweek - All Employees34.5 hrs34.5 hrs34.5 hrs34.4 hrs to 34.5 hrs34.4 hrs
Private Payrolls - M/M change202,000 196,000 187,000 163,000  to 205,000 161,000 
Highlights
Payroll employment grew less than expected in July even though the unemployment rate came in lower than expected. Total payroll jobs in July increased 162,000 after gaining a revised 188,000 in June (originally up 195,000) and increasing 176,000 in May (previous estimate was 195,000). Expectations were for a 175,000 gain for July. The net revisions for May and June were down 26,000. The unemployment rate eased to 7.4 percent in July from 7.6 percent the month before. The consensus was for a 7.5 percent unemployment rate.

Turning back to payroll data, private payrolls increased 161,000 after rising 196,000 in June (originally 202,000). Expectations were for a 185,000 advance.

Private service-providing jobs increased 157,000 after a 188,000 gain in June. The July rise was led by retail trade (up 47,000), food services and drinking places (up 38,000), financial activities (up 15,000), and wholesale trade (up 14,000).

Goods-producing jobs rose marginally, advancing 4,000 after an 8,000 gain in June. Manufacturing gained 6,000 in July; mining improved 5,000; and construction declined 6,000.

Government jobs nudged up 1,000 in July, following a decrease of 8,000 the month before.

Wage growth turned negative in July but followed a strong month before. Average hourly earnings slipped 0.1 percent in July after a 0.4 percent jump the prior month. Analysts projected a 0.2 percent gain. The average workweek was 34.4 hours, down from 34.5 in June. The market consensus was for 34.5 hours.

Turning to detail for the household survey, household employment in July rose 227,000 after a gain of 160,000 the prior month. The labor force slipped 37,000, following an increase of 177,000 in June. The number of unemployed fell 263,000 after rising 17,000.

July employment numbers mostly were disappointing. Payrolls were particularly soft. Some may point to the dip in the unemployment rate as leading to the Fed to soon begin tapering bond purchases. If the Fed does, it almost certainly will not be due to this employment report as payroll growth was weak and the Fed knows that the household survey is volatile due to its small sample size.
Market Consensus before announcement
Nonfarm payroll employment June increased 195,000 after rising 195,000 in May. The net revisions for April and May were up 70,000. The unemployment rate held steady at 7.6 percent. Turning back to payroll data, private payrolls gained 202,000 after rising 207,000 in May. There was a notable monthly improvement in wages. Average hourly earnings jumped 0.4 percent in June after a modest 0.1 percent rise the month before. The average workweek was 34.5 hours, equaling the number for May
Definition
The employment situation is a set of labor market indicators based on two separate surveys in this one report. The unemployment rate equals the number of unemployed persons divided by the total number of persons in the labor force, which comes from a survey of 60,000 households (this is called the household survey). Workers are only counted once, no matter how many jobs they have, or whether they are only working part-time. In order to be counted as unemployed, one must be actively looking for work. Other commonly known figures from the Household Survey include the labor supply and discouraged workers.  Why Investors Care
 
[Chart]
During the mature phase of an economic expansion, monthly payrolls gains of 150,000 or so are considered relatively healthy. In the early stages of recovery though, gains are expected to surpass 250,000 per month.
Data Source: Haver Analytics
 
[Chart]
The civilian unemployment rate is a lagging indicator of economic activity. During a recession, many people leave the labor force entirely, so the jobless rate may not increase as much as expected. This means that the jobless rate may continue to increase in the early stages of recovery because more people are returning to the labor force as they believe they will be able to find work. The civilian unemployment rate tends towards greater stability than payroll employment on a monthly basis. It reveals the degree to which labor resources are utilized in the economy.
Data Source: Haver Analytics
 
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