SevenToTen - Blogging About Everything

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The number of newly laid off workers filing unemployment benefits claims increased, according to the Labor Department. Aside from the period in the fall of 2005 after Hurricane Katrina hit, the four-week average for claims has risen to levels last seen in 2003 when the country was mired in a long jobless recovery after the 2001 recession.

Analysts said that claims have been difficult to read because of the government is trying to adjust the figures for seasonal changes to reflect this year’s unusually early Easter and also because of the impact of a strike at a key parts supplier for General Motors.

The unemployment rate jumped to 5.1% in March as businesses cut 80,000 jobs, the biggest drop in payrolls in five years. Many economists believe that was the most dramatic indication to date that the country has fallen into a recession.

Economists believe that the downturn should be short and mild, ending this summer with the help of the economic stimulus package that will send rebate checks to 130 million households. Still, they are looking for the unemployment rate to rise to 6% before stronger economic growth starts generating renewed hiring.

For the week of April 5, 31 states and territories reported increases in claims while 22 states had declines. The state with the biggest increase was Georgia, where claims rose by 4,306, reflecting higher layoffs in textile plants, carpet and rug factories and in service industries. Michigan was next in line, reflecting higher layoffs in the auto industry, followed by Texas with an increase of 2,377.

The states with the biggest declines in claims applications were New Jersey, down 2,737; New York, down 2,465; and Wisconsin, down 2,075

The economic downturn is forcing highest number of retail store closings in 4 years. Retail chains are shutting down some mall-based locations but some businesses are eager to move into those vacant storefronts.

These non-traditional businesses focus on an experience, rather than products and they have become the darling of mall operators who are nervous about declining mall traffic and sales, on top on rising retail store vacancies.

It could be the way to go, especially in a recessionary environment. Studies indicate that spending on entertainment and self-improvement services tend to be fairly recession-proof.

If you have a retail store you intend to close it, why not think out of the box and give customers an unique experience?

Recession is a technical term and some economists are saying we are still safe while others are less optimistic. No matter what, a lot of Americans felt recession has hit home already.

Unemployment is up, but monthly bills and inflation are taking their toll. In this period of economic uncertainty, I expect a lot more identity theft as people turn to crime for a living. Do not think you are safe as identity thieves can strike anyone, anywhere, and at any time.

They are using more sophisticated software to spy on us, our browsing habits, keystrokes, financial and personal information can be retrieved and used to their advantage. As a means of protection, you can consider lifelock services.

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If you are already a victim of identity theft, apply for a fraud alert immediately. It will stay on your credit report for 90 days, which give you sufficient time to close all compromised accounts. Prevention is better than cure, it is too much trouble cleaning up the damage done by identity thieves. Peace of mind is the greatest value of lifelock.

Oh no, job cuts and unemployment on the rise. New York, being closely tied to Wall Street, can expect a lot of people out of the streets.

As the city braces for a big contraction in the financial sector as a result of the credit crisis and the collapse of Bear Stearns, the fallout could be worse than in the past.

The New York economy is more dependent than ever on high Wall Street incomes. Last year, the finance industry was responsible for nearly a third of all wages earned in the city, the highest in modern times. And each Wall Street job supports three workers in other sectors.

A great many of the 14,000 employees of Bear Stearns are expected to lose their jobs because of the firm’s cash shortage and its pending acquisition by JPMorgan Chase. As the credit crisis unfolds and other firms discover the depths of their losses related to bad loans, few expect the layoffs to stop there.

Now there are signs of nervousness, and not just among bankers and traders. Some prospective buyers in the pricey condominium market have put their plans on hold.

The last time Wall Street had a similar contraction was after the technology bubble burst seven years ago. At that time, financial firms cut 60,000 jobs in the New York City area, or 1 in every 10 finance position.

Bad news on the economy all round, need to earn more money from my blogging…

Most Americans think times are tough because they are feeling the pinch from rising prices. A survey showed that 65% are “very concerned” about inflation, while 26% are “somewhat concerned.” My family is one of those who are hit hard by the inflation.

Unemployment is a major concern for me too, looking at the latest statistics from the Department of Labor. It reveals that America has already lost 85,000 jobs so far this year, with February’s net job report showing the worst loss in nearly five years.

To balance the threat of recession against rising inflation, the Federal Reserve announced a 3/4 percentage point cut of its key interest rate. The purpose for the central bank rate cuts is to boost the economy and stave off a recession. But lower interest rates can also weaken the dollar, sending inflation higher.

The Fed acknowledged that “uncertainty about the inflation outlook has increased.” Inflation hurts consumers and many people will be cutting back on their spending habits. Are you feeling the pinch already?

Americans think the economy is now in a recession and the number who feel that way continues to grow. Of more than 1,000 adult Americans surveyed in March, 74% said they believe the nation is now in a recession. That figure rose from 66% in February and 61% in January.

Economists’ definition of a recession is two consecutive quarters of negative GDP growth, and though growth was sluggish in the last quarter - 0.6% - the U.S. economy has not yet shown one quarter of retraction.

Whatever the definitions, it is clear that average Americans feel the nation has fallen on hard times and making a living is tough. Coupled with escalating monthly bills, the outlook is very gloomy.

I am trying harder to earn more side money from my blogging to supplement my meager income. Hopefully, I can see some success soon.

Escalating prices - specifically rising gas prices - have taken their toll on Americans, causing them to drive less. Most of my friends and me included feel that the recent price increases in gasoline have caused financial hardship.

Rising fuel prices have caused most Americans to cut back on their driving. Of the over 1,000 American adults surveyed in the poll conducted March 14-16, 64% said they have made some changes to their driving behavior as a result of higher gas prices, with 19% saying they have cut back on driving enough to have a major effect on their daily lives. And 5% say they have stopped driving altogether.

Economists are asking what is the breaking point for when gas prices take their toll on the consumer? For me, we have reached the point already.