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Of Interest @ Amazon |
Economists expect a separate Labor Department report Friday on payrolls to reflect further weakness in the labor market. They predict the report will show that the nation's employers cut 100,000 jobs last month. That's on top of 605,000 jobs that were eliminated in the first eight months of this year.
The report is expected to show that the jobless rate remains at 6.1 percent. The rate jumped above 6 percent for the first time in five years in August.
The financial crisis will likely cause greater job cuts in the coming months. Several large, troubled banks have been bought by competitors and layoffs are likely.
Citigroup Inc. on Monday purchased Wachovia Corp., which had about 120,000 employees. JPMorgan Chase & Co. last week bought Seattle-based Washington Mutual, which employed roughly 43,000.
Several companies have announced layoffs in the past week, including aluminum company Alcoa Inc., auto retailer CarMax, Inc. and chicken producer Pilgrim's Pride Corp.
Oct 01 12:37
OMAHA, Neb. (AP) -- Inflation and job losses are weighing on the economy in nine Midwest and Plains states, according to a new survey of business executives released Wednesday.
The report also suggested the region's economy won't be growing in the coming months. The overall economic index for the region fell to 49.6 in September from August's 51.4.
Any score below 50 on the index, which ranges between 0 and 100, indicates a contracting economy over the next three to six months.
Creighton University economics professor Ernie Goss said business leaders are pessimistic because of problems in the national economy, inflation and job losses.
"There is no way that this part of the country can continue to avoid the fallout from the national housing downturn and related mortgage issues," said Goss, who oversees the survey. "Banks in this part of the country, while not engaging in the reckless activity seen elsewhere in the country, will bear some of the costs in the months ahead."
The report covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
Goss said he expects more job losses and higher unemployment through the end of 2008, but it could vary significantly across the region. The employment index slipped to a weak 47 in September from 47.5 in August and 41.4 in July.
The prices-paid index, which tracks the cost of raw materials and supplies, decreased in September but still remained high at 84. That was slightly lower than August's 86.7 and July's record high of 93.9.
Goss said declines in commodity prices helped reduce the prices-paid index, but inflation continues to be a problem in the region.
The supply managers and business leaders surveyed are not optimistic about the economy. The confidence index plummeted to 38.4 in September from August's 50.
"While I don't expect the economy to be as weak as survey participants do, it is clear that we are entering a period of unhealthy economic growth, combined with job losses and elevated inflation -- clearly not a good combination," Goss said.
After increasing for seven months, the export orders index slipped to 50.6 in September from August's 54.3.
The import index also fell, to 43.8 in September from August's 55.8.
The other components of September's overall index were:
-- new orders at 46.6, down from August's 48.9;
-- production at 51.5, down from 53.0;
-- inventories at 52.3, down from 55.2;
-- and delivery lead time at 54.3, down from August's 56.8.
The Creighton Economic Forecasting Group has conducted the monthly survey since 1994.
The Institute for Supply Management, formerly the Purchasing Management Association, began to formally survey its membership in 1931 to gauge business conditions. The Creighton Economic Forecasting Group uses the same methodology as the national survey.
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On the Net:
Creighton Economic Forecasting Group:
http://www.outlook-economic.com
Oct 01 16:41
By H. JOSEF HEBERT
Associated Press Writer
WASHINGTON (AP) -- A major shift to renewable energy and efficiency is expected to produce 4.2 million new environmentally friendly "green" jobs over the next three decades, according to a study commissioned by U.S. mayors.
The study to be released Thursday by the U.S. Conference of Mayors, says that about 750,000 people work today in what can be considered green jobs from scientists and engineers researching alternative fuels to makers of wind turbines and more energy-efficient products.
But that is less than one half of 1 percent of total employment. By 2038, another 4.2 million green jobs are expected to be added, accounting for 10 percent of new job growth over the next 30 years, according to the report by Global Insight, Inc.
"It could be the fastest growing segment of the United States economy over the next several decades and dramatically increase its share of total employment," said the report, obtained Wednesday by The Associated Press.
However, the study cautioned such job growth will not be realized without an aggressive shift away from traditional fossil fuels toward alternative energy and a significant improvement in energy efficiency.
For example, it assumes by 2038 alternative energy will account for 40 percent of electricity production with half of that coming from wind and solar; widespread retrofitting of buildings to achieve a 35 percent reduction in electricity use; and 30 percent of motor fuels coming from ethanol or biodiesel.
Alternative energy such as wind, geothermal, biomass and solar, currently accounts for less than 3 percent of electricity generation and nonfossil sources such as ethanol and biodiesel about 5 percent of all motor fuels, the report notes.
Miami Mayor Manny Diaz, the conference's president, said the report makes "a very compelling economic argument for investing in the green economy and that we're going to get a huge return for it."
"These are things we have to do," said Diaz in a telephone interview, adding that "Washington needs to get on the train."
Both presidential candidates have cited the jobs potential if the country embraces alternative energy and efficiency.
Democratic nominee Barack Obama predicts investments in a "clean energy economy" over the next 10 years "will help the private sector create 5 million new green jobs" -- a more ambitious projection than outlined by the study provided the mayors.
Republican rival John McCain's energy blueprint makes no specific job growth forecast but declares development of green jobs and green technology "vital to our economic future."
The report, being presented at a mayor's conference in Miami, predicts the biggest job gain will be from the increased use of alternative transportation fuels, with 1.5 million additional jobs, followed by the renewable power generating sector with 1.2 million new jobs. Another 81,000 additional jobs will be generated by industries related to making homes and commercial buildings more energy efficient, the study said.
And it predicted an additional 1.4 million green jobs related to engineering, research, consulting and legal work.
"We're trying to show the size of the green jobs economy" assuming policy shifts toward less dependence on fossil fuels, said Jim Diffley of Global Insight.
Oct 01 07:44
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RICHMOND, Va. (AP) -- Virginia's unemployment rate rose in August to its highest level in more than a decade.
State figures released Tuesday show the jobless rate increased by 0.1 percentage point in August to 4.6 percent, the highest rate since January 1997. The national unemployment rate was 6.1 percent.
The greater Richmond region's average jobless rate was 5 percent in August, an increase of 0.3 percentage point from July.
The Charlottesville region's jobless rate was 4.1 percent, the highest level in at least six years.
Martinsville continued to see double-digit unemployment. Its jobless rate was 12.1 percent, the same as in July.
Virginia Employment Commission chief economist William Mezger said there are no signs of improvement and he expects unemployment to continue to rise.
Oct 01 19:44
By JENNIFER TOOMER-COOK
Deseret News
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SALT LAKE CITY (AP) -- Ana Mayorga's work on an assembly line spanned 19 years, two hand surgeries, the birth of four children and their growth into teenagers. It ended last May in a layoff.
The tightening job market pushed the 40-year-old Salt Lake woman to the schoolhouse -- where classrooms are getting crowded.
The economic downturn is bringing an upturn in the number of adults coming back to school to earn high school diplomas. Many seek better footing as the competition for adequate-paying jobs steepens.
The State Office of Education doesn't yet have enrollment comparisons, state adult education services coordinator Marty Kelly said. But after three years of enrollment declines, this year, she's sure, will reverse the trend.
"Adult education follows the same cycle as the economy," Kelly said. "When the economy is good, students enrolling in adult education drop. When the economy turns south, then our numbers also go up."
Certainly Mayorga is one of the economic casualties. But her frustrations are a little more unique. She in fact did earn a diploma in her Guatemalan homeland. But she said employers here don't recognize it. And that's not her only frustration.
"I came legal to this country ... and for me, this is unfair," she said through tears at Horizonte Instruction and Training Center in Salt Lake City last week. "I feel like illegal people are not paying taxes, not doing the right things, but they have jobs."
Salt Lake City, Provo and Davis school districts report crowding hallways and classrooms in adult education settings, and Weber School District said earlier this month it was gearing up for additional students in general educational development and high school completion programs.
Provo School District is enrolling as many as 30 percent more adults seeking a GED or high school diploma, said student services director Greg Hudnall.
"Our enrollment is probably double the number of students signing up over the last year," said Scott Greenwell, director of adult and community education in Davis School District.
"Classes are crowded," said Ted Heal, technology coordinator at Horizonte. "Night classes are packed."
On the flip side, Davis community education coordinators say fewer adults are signing up for classes such as yoga, finance and art, Greenwell said.
Granite District officials expected a similar effect.
The school leaders said they have not surveyed their students to determine exactly why they came back to school. But though reasons vary, the prospect of increasing earning power is a big one.
At Horizonte, 18-year-old Bianca Rivas wants to set an example for her younger sisters. Daisy Zavala, 19, doesn't want any more interviews to end because she doesn't have a diploma.
A credit crisis led by the meltdown of some large financial companies is tightening the job market, and employers can be more selective in their hires.
Utah's unemployment rate increased to 3.7 percent in August, up from 3.5 percent in July. The construction industry alone was down 14,400 jobs compared to August 2007.
Schools are taking in many laid-off workers. The English Language Center of Cache Valley, for example, has enrolled dozens of the 630 workers who lost their jobs when La-Z-Boy announced last spring that it was closing its Tremonton plant, center co-director Katie Jensen said. The nonprofit group helps immigrants learn to speak, read and write in English, often to prepare for GED courses provided through the school districts.
Many new enrollees were once Cambodian refugees who had accumulated little or no English literacy over the years, Jensen said. As a result, the center has altered lessons to include lower-level math skills to prepare students for GED courses. The center's budget, largely reliant on philanthropy, is strained.
"The big push now is to get these people to get their GEDs," required by many area employers, Jensen said of the 35 former La-Z-Boy workers currently enrolled a number expected to double when fall courses begin next month. "They are making use of every single hour they're here. When I see people doing that, I want to bend over backwards to help them."
The students are happy to take the help. And while some, like Mayorga and Hurricane Katrina evacuee Reginald Allen are out of work, they see brighter days ahead. Allen, now of Salt Lake City, hopes to earn his diploma, then get a culinary arts certificate. Mayorga hopes to become a teacher's aide.
Sandra Quintanilla, who works in hospital housekeeping, wants to become a certified nursing assistant.
"I want a better life," she said. "I want to do something better."
Layoff Rumors? Get Ready To Get Busy
What to do when the rumors start flying
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