A weekly round-up of hopeless economy news.
After the government announced growth at an annual rate of 3.5 percent from July through September yesterday, most people nary even winked an eyelash. Obama addressed the need to get those of us unemployed out of our jammies and into the workforce.
“The benchmark I use to measure the strength of our economy is not just whether our GDP is growing, but whether we are creating jobs, whether families are having an easier time paying their bills, whether our businesses are hiring and doing well,” Obama said.
- The Labor Department’s most recent report on job openings and turnover showed a series-low level of 2.4 million job openings on the last business day in August, compared with roughly 15 million unemployed job seekers. [Us News]
- There are about six unemployed Americans for every job opening. Home foreclosure-related filings—including default notices, foreclosure auctions, and bank repossessions—are on pace to reach about 3.5 million this year, up from more than 2.3 million last year. [BusinessWeek]
- According to Department of Labor Statistics there is only one job for every six unemployed workers who are looking for work. [American Progress]
- Workers in more than half of U.S. households will likely be unable to retire at 65 at the same lifestyle they enjoy today, a new study says. The Center for Retirement Research at Boston College says its latest analysis of household financial status shows 51 percent are at high risk of falling short of having enough money in retirement. That’s up from 44 percent in 2007. [AP via ABCNews]
- Likewise, stagnant consumer demand and withering consumer confidence have left companies wary of hiring more employees — or, for that matter, taking any expensive risks. The jobless rate reached 9.8 percent in September, its highest rate in 26 years. [NYT]