Word: joblessness
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Bach expects the jobless rate to top the 10% mark, office rents to plunge another 5% to 10% and vacancies in commercial real estate to exceed 20% by the middle of 2010 - surpassing the 18% vacancy peak hit during the early 1990s crisis. The doom-and-gloom scenario will likely lead to higher default rates on commercial property loans held by banks and those pooled into mortgage-backed securities...
...relief over the jobless figures released by the Bureau of Labor Statistics Friday morning - 247,000 jobs were lost in July, far fewer than economists had expected - a dark problem lurks in the numbers: dangerously high levels of long-term unemployment in America. Unlike recent recessions, the current economic crisis has been characterized by skyrocketing numbers of those out of work for three, six or more months at a time. Economists worry that the shock of the past year's financial crisis may have driven the U.S. into a period of permanently high unemployment similar to what Europe has suffered...
While overall unemployment dropped from 9.5% in June to 9.4% in July, the number of long-term unemployed (those jobless for 27 weeks or more) increased to 4.9 million, up from 4.4 million in June. Viewed another way, 32.5% of the total unemployed had been looking for work for longer than half a year, up from 28.9% in June. "This recession is taking people a very long time relative to past recessions to find another job," says John Irons, policy director at the Economic Policy Institute in Washington. Traditionally the U.S. has been able to maintain unemployment...
...million program launched in 2007 under the slogan "Happy Women, Happy Seoul," with a focus on mothers of young children and the unemployed. Assistant mayor of women and family policy affairs Cho Eun Hee says the program will be, among other things, helping to find work for jobless women, paving streets to make them high-heel friendly, building more women's public restrooms, improving lighting in public spaces, creating safe parks for women, expanding a women's taxi service and adding more public day-care centers. Cho says the project aims to eliminate "the inconveniences, anxiety and discomfort that women...
...Obama was still President-elect, two of his chief economic advisers - leading proponents of a stimulus bill - predicted that the passage of a large economic-aid package would boost the economy and keep the unemployment rate below 8%. It hasn't quite worked out that way. Last month, the jobless rate in the U.S. hit 9.5%, the highest level it has reached since 1983. (See 10 ways your job will change...