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Recession Briefing: Some Construction Unemployment at 30 Percent
What you need to know today to survive and thrive in the recession.
No industry has taken it more on the chin than construction. Nationally, unemployment fell to 9.7% in January, but in construction it jumped to 24.7% from 18.7% in October. In many regions, union officials report 30% of their members are unemployed or “riding the bench.” (Time)
For the first time in recorded history, women outnumber men on the nation’s payrolls. This benchmark is bittersweet, as it comes largely at men’s expense — because men have been losing their jobs faster than women. (New York Times)
More prosperous American shoppers seem to be defying continuing high unemployment levels and economic uncertainty to renew their spending on luxuries such as jewelery, fashion and cosmetics. (Financial Times)
Well before the federal government bailed out A.I.G. in September 2008, Goldman’s demands for billions of dollars from the insurer helped put it in a precarious financial position by bleeding much-needed cash. That ultimately provoked the government to step in. (New York Times)
For many investors, the market’s turbulence hasn’t just destroyed wealth. It has shattered their faith in the financial system itself. (Wall Street Journal)
Intensified fears over government debt in the eurozone are pushing the euro weaker against the dollar — and there may be direct effects on the US, as our banking system remains undercapitalized, writes Simon Johnson. (Huffington Post)
Untold thousands of Detroit’s teens and young adults are struggling to get by in a disastrous economy that has left their families without jobs or homes. And, making matters worse, the organizations that help them are grappling with tough financial issues of their own. (Chicago Tribune)
Rep. Jeb Hensarling, a top GOP member of the Budget committee and member of the Financial Services committee, said the recession would be over if not for policies put in place by Democrats. (The Hill)
Social Security’s annual surplus nearly evaporated in 2009 for the first time in 25 years as the recession led hundreds of thousands of workers to retire or claim disability. The impact of the recession is likely to hit the giant retirement system even harder this year and next. (USA Today)
As the economy stabilizes, some firms are taking the opportunity to nab stars from competitors whose best performers feel frustrated following months of recession, recruiters and employment lawyers say. (Wall Street Journal)
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Ironically, I know of a lot of people who used to work on desk jobs who made the move to carpentry and other skills trades during this recession — and are doing quite well using renovation connections sites such as http://www.bidmyreno.com, http://www.erennovate.com/ and others to get started. There’s still life left in the dot com industries as well as the trades…
This post is unfortunately sad but true. Great post and accurate content. I agree with your statements. I feel that while this economy is very poor, in the end the higher quality goods and service providers are going to still be around. Good luck and thanks again! Dave