A stunning 73.4 million young workers are estimated to be jobless in 2013, an increase of 3.5 million between 2007 and 2013, according to an International Labor Organization (ILO) report released Wednesday. Even worse, the number of unemployed young workers is likely to increase through 2018, with the long-term impact felt for decades, the report forecasts.
U.S. lawmakers and policymakers who are pushing extreme austerity measures and spending cuts over job-creating investments as the magic path to economic stability should take a long hard look at what’s happened to the nations of the European Union (EU) that have imposed strict fiscal austerity policies. Unemployment has soared, according to a new report on the EU labor market from the International Labor Organization (ILO).
There are more than 10 million more jobless people in Europe now than at the start of the crisis. There are now more than 26 million Europeans without jobs, with young and low-skilled workers being the hardest hit.
The nation’s economy added just 88,000 new jobs in March while the jobless rate dipped to 7.6% from February’s 7.7%, according to figures released this morning by the U.S. Bureau of Labor Statistics (BLS).
While the 88,000 jobs created reflect 36 straight months of positive job growth, during the previous 12 months job growth had averaged about 169,000 a month. The small number of new jobs also shows how important it is that Congress repeals the sequester to stop any additional job loss in the public and private sectors. These across-the-board cuts will cost more than 750,000 jobs this year alone and could derail the economic recovery.
Calling sequestration “just a fancy word for a dumb idea,” AFL-CIO President Richard Trumka says the 750,000 job-killing, across-the-board budget cuts and other moves toward fiscal austerity will “further weaken the economy and cost jobs” and make even worse “the crisis of mass unemployment. Millions of Americans who want to work cannot find jobs.”
Writing in a special report in The Hill on jobs and the economy, Trumka says:
On some days, it seems like all of official Washington is racing to embrace the most destructive consensus since the Iraq war.
Ten years ago this week, the United States launched the invasion of Iraq. The nation remains divided on the wisdom, strategy and outcome of the war that claimed the lives of 4,488 U.S. service members and left more than 32,000 wounded.
But there is one certainty—the men and women who honorably fought and served in Iraq and Afghanistan over the past decade have come home to an economy that works even less for them than it does others. Job loss, stagnant wages and a widening gap between working families and the wealthy and Wall Street are some of these problems.
In a near party-line vote, the North Carolina House of Representatives gave preliminary approval to a bill that would harm many of the state's more vulnerable citizens by cutting back on unemployment insurance. The measure would cut maximum weekly benefits by one-third, bringing the top weekly payout to $350, and reduce the maximum length an unemployed worker can get from 26 weeks to 20. As the bill currently stands, 80,000 workers are set to lose unemployment insurance payments.
Nearly 2 million long-term jobless Americans will lose their unemployment insurance lifeline just days after Christmas if Congress doesn’t act to renew the federal unemployment insurance program for job seekers out of work six months or longer. The program expires at the end of the year. Christine Owens, executive director of the National Employment Law Project (NELP), says if long-term jobless aid ends,
The basic economic security floor will be ripped from under two million unemployed workers.
The nation’s jobless rate dropped to 7.7% in November—down from October’s 7.9% and the lowest level since December 2008—as the economy added 146,000 new jobs last month, according to figures released this morning by the U.S. Bureau of Labor Statistics (BLS). The 146,000 jobs created reflect 33 straight months of positive job growth.