Tag Archives: unemployment

U.S. Trade Deficit Soars as Washington Pols Do Nothing

This latest economic disaster came as the overfed, overpaid Washington ruling class bickered about how to pay for debts they already incurred. Simply put, even a Tea Party Republican can or at least should understand that once again, U.S. exports decreased and imports increased in yet another setback for the economy and the unemployed and underemployed. Continue reading

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Auto Loan Delinquency Rate Declines by 35%

Mirroring a trend in many consumer lending categories, auto loan delinquency rates have declined significantly in July year-over-year. Equifax’s latest monthly National Consumer Credit Trends Report released today says that auto loan 60-day plus delinquency rates declined 35% in dollars.CNW Research also has good news for automakers and their stockholders. Its latest Loan-to-Value Ratio data shows a rise, especially for sub-prime borrowers. Banks are once again chasing auto loans because of low repossession rates and a minimum of late-payers. In the heyday of sub-prime lending, those with the lowest acceptable FICO score (credit rating in industry jargon) had LV ratios in the near-100% range. Continue reading

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Automakers Protest EU Korean FTA Deal is One Sided

European automakers are protesting that EU-South Korea FTA one year later has resulted in massive increases for Korean exports of passenger cars, yet only relatively modest gains for the EU auto industry. The European Automobile Manufacturers Association (ACEA) took the opportunity of the first anniversary of the Korean FTA coming on 1 July to draw attention to what it called an “unbalanced situation.” Continue reading

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No Jobs Crisis Continues in May as Washington Dithers

The looming choices facing voters are clearly unpalatable. At the top of the ticket, you have the demonstrably job-destroying Harvard-educated Republican party 1 percenter Mitt Romney running against the demonstrably non-job creating Harvard-educated Democratic party 1 percenter Barack Obama. It is time to put the name “somebody else” on all ballots, which if somebody else wins starts another election with the other previously listed candidates disqualified from running again. Continue reading

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April Marks Third Straight Month of Declining U.S. Job Growth as Unemployment Remains at an Official and Understated 8%

The struggling U.S. economy added a measly 115,000 jobs last month, the third straight month of declines in job growth. More than 15 million Americans are unemployed or underemployed. This poor performance comes years after Washington declared the recession caused by the reckless and unpunished practices of Wall Street officially over. Continue reading

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Unemployment Unchanged in February as Politicians Blather

Alan B. Krueger – Chairman of the Council of Economic Advisers and an employee of President Obama – said, “Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression. It is critical that we continue the economic policies that are helping us dig our way out of the deep hole that was caused by the recession that began at the end of 2007, including measures to help the sectors that were most severely harmed by the bubble economy that misdirected investment and created too few durable jobs.”

Critics said only the fact that Krueger issued the statement electronically prevented his nose from growing longer while delivering it. Continue reading

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December U.S. Unemployment at 8.5% Remains at Crisis Levels

The 200,000 employment increase is roughly half of what is needed each month to return the almost 20 million under-employed and unemployed back to full-time work as taxpayers in the still ailing U.S. economy. At this rate it will take a decade or more to return to pre-Great Recession levels. Since 80% of workers in the U.S. commute to work in a vehicle, the unemployment crisis hurts the auto industry’s prospects and its own fragile, mostly jobless, recovery that is underway. Continue reading

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Payroll Tax Cut and Unemployment Scrap Ends Temporarily

The dysfunctional Washington government finally agreed to extend a payroll tax cut and unemployment benefits after President Obama stared down a divided Republican party by threatening to stay in town while the Congress ‘vacationed,’ which most voters would have a hard time discerning anyway given the gridlock in Washington.

Gallup has Congressional Approval rating at 11% an all time low, which makes Obama’s low 49% rating looking like grounds for a Democratic landslide next year. Continue reading

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