Jobless workers in Silicon Valley are giving up on the region’s dominant technology industry and trying to switch to other fields, as the area’s unemployment rate spikes above the national and state average.
The Huffington Post has launched a new monthly feature it’s calling the “Real Misery Index,” which it says offers a more accurate snapshot of the economic struggles Americans face today than the original one.
Developed in the 1970s by Arthur Okun, a Yale and Brookings Institution economist, the Misery Index is calculated by adding the unemployment rate and inflation rate.
In a world of double-digit unemployment and old-line industries in mid-collapse, here’s a sales pitch tailor-made for the times: “Get Paid by Google.”
I don’t often look to movies about beer for poignant macroeconomic commentary, but as February ended with an 8.1 percent unemployment rate (and rising), a line from “Strange Brew” struck me as particularly relevant. As they’re introduced to their new jobs as the only two workers on the bottling line, the Mackenzie brothers are told: “Welcome to 1984, the age of automation and unemployment. The rise of the machine and the fall of man. The end of the human era.”
It’s not just kids who are Googling “unemployment.” Grandma and Grandpa are looking for jobs online too.
Nearly 3.6 million people age 65 and older visited career-development Web sites in January, according to a Nielsen Online report released Thursday.
Even as economic losses and unemployment levels mount, America’s most effective engine for wealth and job creation is being dangerously–perhaps fatally–compromised.
Bernstein analyst Jeffrey Lindsay has cut his ratings on both Amazon and eBay, noting that the large majority of goods on both sites are discretionary purchases, and that–of course–the current environment has people focusing more on worries about unemployment and home foreclosure than spending money on nonessential goods.
Corning will cut the production capacity of its glass business by 30-40 percent due to a lack of demand in the LCD television market. It wasn’t until after Labor Day that the decline reached the sector, though fears about the economy have been growing all year.
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