New claims for unemployment insurance fell more than expected last week, evidence the job market is slowly healing as the economy recovers.
Tag: unemployment
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Redskins: Zorn to coach remainder of ’09 (AP)
Well, that should quiet things down for a while. The Jim Zorn unemployment watch is over. Jerry Gray, as it turns out, isn't a coach-in-waiting about to get promoted any day now. Another week of Washington Redskins craziness ended with an actual message of stability Friday: The front office said Zorn will be the coach for the rest of the season.
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Dr. Boyce Money: Lost Your Job? Senators Might Help You
Filed under: Celebrity News, Dr. Boyce Money, The Economy
The Senate has been mingling with the idea of extending jobless benefits for those who’ve lost their jobs. The problem is that the politicians can’t quite make up their minds. A bill was passed last month in the House of Representatives, but the Senate has still been fighting over the details.
The black community is in dire need of help from legislators, as our community has been hit the hardest by recent trends in unemployment.
While overall unemployment is at a staggering 9.8%, African American unemployment is 15.4%. Black male unemployment is as high as 30 – 40% in some urban areas. Jobs are needed and benefits are needed even more. According to the Center for American Progress, the poverty rate for African American children is over 34.7%, while only 10.6% for white children. Economically speaking, black people are usually the state of economic recession.Typically, unemployed workers are eligible for up to 26 weeks of benefits, but that number has been extended twice by Congress. Now, workers are eligible for as many as 79 weeks of benefits. The current compromise proposed by Senator Max Baucus would give an extra 13 weeks of benefits in states hit hardest by unemployment, while those suffering less would get an extra 4 weeks. This approach has been disputed by some members of the Senate, who feel that all Americans should get the same extensions, regardless of where they live.
The unemployment rate is expected to rise above 10%. Additionally, more than 1/3 of all unemployed Americans have been out of work for more than six months.
One ray of hope for an economic recovery is the stock market. Anyone with a little extra money to invest was able to earn a 50% return over the past 6 months, which is truly phenomenal. The other bright side of the market rally is that the stock market is a leading indicator of economic growth: that means that when the market improves, the economy is expected to improve. So, while recent unemployment numbers imply that a recovery is going to be slow, the truth is that all is not lost.
Keep your hope alive. Things are going to get better.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.