Issues/Politics Job Talk: Unemployment rate drops unexpectedly, to 9.7 percent | Job Talk: Unemployment rate drops unexpectedly, to 9.7 percent |
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| By Mary Delach Leonard, Beacon staff | |
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Updated at 3:10 p.m. Fri., 02.05.10 - For the first time in fourmonths, the nation’s unemployment rate dropped under 10 percent -- to 9.7percent -- in January, according to the U.S. Bureau of Labor Statistics, eventhough 20,000 jobs were lost that month. The reason for the confusing numbers?Separate bookkeeping. According to a survey ofhouseholds, the Labor Department found that the number of employed Americanworkers rose by 541,000. The job loss number is based on a separate survey ofemployers. Another number to note: The U.S. economy has lost 8.4 million jobs since the recession began in December 2007, according to revised figures reported Friday. The Labor Department had previously set that number at 7.2 million. January’s 9.7 percentunemployment rate was the same as August 2009. By comparison, the nationalunemployment rate in January 2009 was 7.7 percent. The newscame a day after the Labor Department reported that the number of U.S. workersfiling initial claims for jobless benefits last week rose by 36,000 – evidence thatlayoffs are continuing, and jobs remain tough to find. Those numbers caughtWall Street by surprise. The Dow Jones industrial average fell 268.37 points,or 2.6 percent, on Thursday. Analysts say the drop was also fueled by worriesover spiraling debt levels in European nations. Markets opened lower again Friday, falling to a triple-digit loss before recovering and closing the week with a slight gain. According to numbers released earlier this week, the overall unemployment rate in the St. Louis metropolitan area held at 9.8 percent in December, with many Illinois communities registering slight increases over November and Missouri towns seeing slight decreases. You can read that story here . The jobless rates in both Missouri and Illinois rose by 0.2 percent in December -- to 9.6 percent in Missouri and 11.1 percent in Illinois. Nationally, local unemployment rates were higher in 371 of 372 metropolitan areas, and budget forecasts released Monday by the White House project little improvement through the end of the year. TheElkhart-Goshen, Ind., metropolitan area was the only one to see anunemployment decrease -- to 14.8 percent, down from 16 percent. President Barack Obama's $3.83 trillion budget request includes programs that the administration says will create jobs, but it forecasts a national unemployment rate at 9.8 percent at the end of 2010. The administration predicts the national jobless rate will drop to 8.9 percent by the end of 2011 and to 7.9 percent by the end of 2012. |
Editors' Picks
- Nation
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Connecticut heist nets $75 million in pills: Thieves cut a hole in the roof of a warehouse, rappelled inside and got away with a large cache of antidepressants and other prescription drugs. | Associated Press
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Feds go undercover on social network sites: Documents show FBI agents have posed as would-be Facebook friends to exchange messages with suspects, identify a target's friends or relatives and browse private information. | Associated Press
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Tiger Woods returning to golf for next month's Masters tournament: He has been absent from the pro tour since November, when injuries in a car accident began a series of revelations about his personal life. | Wall Street Journal
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Los Angeles shaken awake by 4.4-magnitude earthquake: No major damage or injuries were reported. | Los Angeles Times
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- Region
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Unemployment rates in Missouri holds steady at 9.4 percent in February: It was the 12th straight month in which Missouri's jobless rate was lower than the national figure. | Associated Press
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Illinois State Rep. Ron Stephens ticketed for DUI: The Highland Republican had a blood alcohol level of .101, above the legal limit of .08, when he was stopped in Macon County Monday night. | STLtoday
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Missouri House advances measure to lower age for concealed weapons: The minimum age is now 23; legislation would lower it to 21. | AP/Kansas City Star
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Former License Collector Billie Boykins dies at age 64: She had been a public housing resident for 25 years when she ran for the state Legislature in 1978 and won a seat in the House. | STLtoday
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- World
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World's smallest man dies at age 21, Guinness says: He Pingping was measured at 2 feet, 5.37 inches tall. | CNN
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U.S. envoy cancels Mideast trip as feud with Israel deepens: Palestinians have threatened to bow out of U.S.-brokered peace talks after the Israeli announcement that it would build 1,600 more apartments in east Jerusalem. | Associated Press
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U.S. pressures Israel to cancel plans for more homes in east Jerusalem: Israel gave no indication of backing off the construction of 1,600 homes, which has become a major point of contention. | Associated Press
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French woman admits killing her six newborn children between 2000 and 2007: In court Monday, Celine Lesage said the babies' bodies were stuffed in plastic bags and stored in her basement. | CBS/AP
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- Govt.
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Obama administration pays owers to sell homes at loss: Program helps owners to sell for less than they owe to avoid foreclosure. | New York Times
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Defense Secretary Gates cites communication failures before Fort Hood shootings: Officers may face discipline after not sharing key information regarding Maj. Nidal Hasan, military psychiatrist accused of killing 13 at Army base.| New York Times
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White House, congressional Democrats reach deal with unions over health care coverage: Agreement exempts union contracts from tax on high-end health-insurance plans until 2018, adds pressure to find new money to pay for health bill. | Wall Street Journal
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New Jersey Cub Scout endures TSA scrutiny: Agency won't comment on case of Michael "Mickey" Hicks being on government watch-list of suspicious persons. | Sky News Online
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- Econ.
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To foster economic recovery, Fed pledges to keep interest rates low: But for the second meeting in a row, the head of the Kansas City Fed dissents, saying that the economy is strong enough to telegraph that rates will rise soon to prevent inflation. | Associated Press
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Hampered by record snowfall, housing starts drop in February: They were down 5.9 percent from January, and fewer permits indicate demand is slowing. | Bloomberg
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Fed weighs how and when to signal higher interest rates: As the economic recovery takes hold, policymakers will need to start bumping up rates to head off inflation. | Associated Press
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Finance regulation bill unveiled: It would cost large banks billions of dollars, prevent them from taking certain risks and create a new regulatory infrastructure to oversee their activities. | Wall Street Journal
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- Edu.
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Pepsi will remove sugary, full-calorie drinks from schools worldwide: The move, aimed at fighting childhood obesity, follows the success of similar changes in the U.S. by PepsiCo and rival Coca-Cola. | Associated Press
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Texas approves textbook revisions pushed by conservatives: The move has influence beyond Texas because the state is one of the largest purchasers of textbooks. | New York Times
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U. of Illinois looking at three-year degrees: Students would likely have to take plenty of college-level courses ahead of time and say goodbye to summer and winter breaks. | Chicago Sun-Times
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Illinois lawmakers vote to restrict scholarship abuses: The legislative perks sometimes went to to relatives, cronies and political donors. | Chicago Tribune
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A bad economy hits home in different ways. In this Beacon series of community profiles, St. Louis area residents share their experiences on Uneasy Street and the fight for economic security in their home towns.
Topics
Health Check | Race, Frankly | Facing the Mortgage Crisis | Uneasy Street: Granite City, O'Fallon MO, MaplewoodIndependence Center
The Independence Center is much more than its public face: The Upscale Resale shop on Forest Park. David Weinberg tells the story of the center and the people who join the clubhouse and find a place where they are helped put together lives that have been disrupted by mental illness. To read more and see a larger version of the slideshow, click here .
Voices
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In the News
Posted 2:45 p.m. Mon., 03.15.10 - The congressional ethics committee can't be trusted to demand high standards. The Supreme Court says wide-open corporate spending cannot be curtailed in elections. And President Barack Obama raised more than anyone else. D.C. can't say no to money, so Matt Vianello says the people should say no to the big spenders
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Beacon Columnists
Posted 6 a.m. Sun., 03.14.10 - Mike Lawrence calls for support for amending the Illinois constitution to do away with the draw-from-the-hat mechanism that for three consecutive decades has permitted the lottery winner to dictate the new boundaries required after every census.
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Beacon Columnists
Posted 6 a.m. Fri., 03.12.10 - As international assessment of educational achievement shows that U.S. students scored below average. R.W. Hafer says one change that's needed is to demand excellence, stopping grade inflation.
Beacon Roundtable
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Posted 5:00 p.m. Thu., 03.11.10 - In this week's Beacon Roundtable, Dick Weiss, Robert Joiner, Jo Mannies and Dale Singer sit down to talk about President Obama's trip to…
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The Lens
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Posted 3:55 p.m. Tues., 03.16.10 - A short-lived experiment in Electronovision included Richard Burton's "Hamlet" and a pop music bonanza called "The T.A.M.I. Show." The music of 1964 will live again thanks to a DVD coming March 23.
Lawscoop
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Posted 10:47 a.m. Mon., Feb. 15 - On March 2, the U.S. Supreme Court will hear arguments in an Illinois gun case that could end up pleasing liberals and conservatives…
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