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...banks last winter, policymakers figured the most chilling scenario for unemployment in 2009 was 8.9% - a figure we breezed past in May. From December 2007 to August 2009, the economy jettisoned nearly 7 million jobs, according to the Bureau of Labor Statistics. That's a 5% decrease in the total number of jobs, a drop that hasn't occurred since the end of World War II. The number of long-term unemployed, people who have been out of work for more than 27 weeks, was the highest since the BLS began recording the number in 1948. Jobless figures released Sept...
...careful refiguring of some of the most basic tenets of national policy. And just as the shock of Sept. 11 prompted long-overdue (and still not cemented) reforms in intelligence and defense, the jobs crisis will force us to examine a climate that has been deteriorating for years. The total number of nonfarm jobs in the U.S. economy is about the same now - roughly 131 million - as it was in 1999. And the Federal Reserve is predicting moderate growth at best. That means more than a decade without real employment expansion...
...With Germany's federal election on Sept. 27 looming, GM's decision provides a huge boost for Merkel, whose conservative Christian Democrats are already well ahead in the opinion polls. Opel employs 25,000 workers in Germany - around half of GM Europe's total workforce. German unions threatened mass demonstrations if GM decided to keep Opel, fearing that option would lead to thousands of job losses in Germany. With the green light for Magna, Merkel has received an important psychological boost and can now tell voters on the campaign trail that she managed to save German jobs...
...officials from the world's oil-rich nations fly into Vienna for their annual OPEC meeting, huddle around a gleaming conference table and decide how to push oil prices up or down by closing or opening the spigots on their vast resources - about two-thirds of the world's total reserves. At this week's meeting, however, OPEC's oil ministers attempted an even trickier acrobatic act: staying in place...
...cacao they harvest from sustainable sources because it is good for the environment and will also relieve potential shortages in the future. The high-end stroller company Bugaboo just announced it is joining the multibrand (RED) campaign - think Gap, Apple, Bono - and will start contributing 1% of its total revenues to the Global Fund that helps AIDS programs in Africa. That's 1% of Bugaboo's revenues, not profits...