Not that anyone is looking for more bad news, but this article in the Independent Science News is most disturbing.
The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production....
In both the academic and political blogospheres, there are parallel but different discussions going on about the same point: this recession is far more severe in terms of unemployment than the 2.8% loss of GDP from peak would predict. At 9.5% and increasing the unemployment rate is approaching rates only seen once since the 1930s, as almost 8 million jobs have been lost in the last year and 7 months.
A graph illustrating the uniquely bad job losses during this recession has appeared frequently in the blogosphere, and is not a stranger to this blog:
When the private sector created 100K jobs between May 1999 and May 2009, the annual issue of LPRs averaged 1 Million per year from 2000 to 2008. Both the private and public sector combined created 3.5 new jobs in the past decade.
This is simply far less than the 10 million immigrants admitted to the country. It must be noted that not all of the one million LPRs issued are working age adults. Some of them may have been here already with jobs when they became permanent residents.
The latest Employment Cost Index (ECI), increase 0.4% for Q2, 2009. For the Year-to-Year we have a 1.8% increase, down from 3.2% for the previous year.
Brought to you by Government Statistics - The Recession is over! Just ignore that unemploymenthomeprices foreclosuresdeficitsindustrialoutputdecliningexportsconsumerconfidencefallingwagesdurablegoodsvixdeflation
creditcarddefaultcommercialrealestateinvestment stuff
Good Morning! Rise and Shine! Get that Cup O' Joe...
break out the O.J....hang out with the pooch...time to check out the Funnies!
The New York Times has an interesting story, New Weakness Seen at A.I.G. . It seems AIG has been playing state regulators off of each other, to hide liabilities.
In the months since A.I.G. received its $182 billion rescue from the Treasury and the Federal Reserve, state insurance regulators have said repeatedly that its core insurance operations were sound — that the financial disaster was caused primarily by a small unit that dealt in exotic derivatives.
Computer World overviews some new data on just how badly I.T. jobs are being offshore outsourced or U.S. workers are displaced by foreigners on guest worker Visas.
Okay, so where are U.S. jobs going? What's the data show? Data prepared by Everest Group Inc., a research and outsourcing consulting firm, shows in broad brush fashion the shift of jobs overseas by some major IT services vendors. In 2006, U.S. and European firms typically had less than 20% of their workforces offshore; Now, for most companies that figure may well be generally over 30%.
Now check out the ethnicity of one Indian company operating in the United States:
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