Archive for Friday, January 22, 2010

Kansas jobless rate holds steady in December

January 22, 2010

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— Kansas economists say the state's December unemployment rate was unchanged from the previous month at 6.3 percent.

The state's jobless rate stood at 4.9 percent in December 2008. The Kansas Department of Labor released the new numbers Friday.

Four of the state's 11 major industries gained jobs in December, with most of the new hiring in the financial activities sector.

Kansas recorded 30,422 first-time filings for unemployment benefits in December — about 6,000 more than in November, but down by roughly 7,000 from December 2008.

State labor economist Tyler Tenbrink says one sign of weakness was in the retail sector, which reported lower-than-average hiring during the holiday season.

Comments

Godot 5 years, 7 months ago

Kansas unemployment fund is on track to be insolvent by June, 2010.

http://projects.propublica.org/unemployment/

Richard Heckler 5 years, 7 months ago

"And yet, five months later — and two years into the housing bust — the rising tide of foreclosures remains the single biggest threat to economic recovery. In 2005, at the height of the bubble, there were some 800,000 foreclosures.

This year, sadly, we are on pace to see 3.5 million foreclosures, with no end in sight.

“On Main Street, the recovery will begin when foreclosures stop,” said Senator Jack Reed of Rhode Island, who has been pushing the Treasury Department to get mortgage relief more quickly to homeowners at risk of foreclosure.

“It’s not just California and Florida anymore,” said Mark Zandi of Moody’s Economy.com. “Foreclosures are taking place coast to coast. They’re high-end homes, low-end homes, prime mortgages, jumbo loans, you name it. Foreclosure mitigation needs to be front and center.” As of March, according to Mr. Zandi, some 15 million homes were “under water,” meaning that their owners’ mortgage balance was higher — often considerably higher — than the value of the homes. Not all of those people will default on their mortgages. But many will.

Inexplicably, the Bush administration ignored the mounting foreclosure threat. The Obama administration came to office promising to do better; within a month it had announced the Making Home Affordable program, aimed at prodding the nation’s big mortgage servicers to start modifying loans in large numbers.

In addition, Congress passed a law immunizing the servicers from lawsuits that might arise for modifying mortgages. "

New York Times

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