The unemployment rate declined by 0.3 percentage point to 4.7 percent in May, and
nonfarm payroll employment changed little (+38,000), the U.S. Bureau of Labor
Statistics reported today. Employment increased in health care. Mining continued
to lose jobs, and employment in information decreased due to a strike.
Total nonfarm payroll employment changed little in May (+38,000). Job growth
occurred in health care. Mining continued to lose jobs, and a strike resulted
in job losses in information. (See table B-1.)
Health care added 46,000 jobs in May, with increases occurring in ambulatory
health care services (+24,000), hospitals (+17,000), and nursing care facilities
(+5,000). Over the year, health care employment has increased by 487,000.
In May, mining employment continued to decline (-10,000). Since reaching a
peak in September 2014, mining has lost 207,000 jobs. Support activities for
mining accounted for three-fourths of the jobs lost during this period, including
6,000 in May. (more…)
Last week, the Trump Plaza folded and the Trump Taj Mahal filed for bankruptcy, leaving some 1,000 employees without jobs.
Trump, meanwhile, was on twitter claiming he had “nothing to do with Atlantic City,” and praising himself for his “great timing” in getting out of the investment.
In America, people with lots of money can easily avoid the consequences of bad bets and big losses by cashing out at the first sign of trouble.
The laws protect them through limited liability and bankruptcy.
But workers who move to a place like Atlantic City for a job, invest in a home there, and build their skills, have no such protection. Jobs vanish, skills are suddenly irrelevant, and home values plummet.
They’re stuck with the mess.
Bankruptcy was designed so people could start over. But these days, the only ones starting over are big corporations, wealthy moguls, and Wall Street. (more…)
A recent survey of economists showed almost complete universal agreement that the stimulus reduced unemployment. Yet, when you talk to politicians you get a variety of answers which are all over the map. This begs the question of whether, in the face of overwhelming evidence and/or overwhelming opinion of experts, politicians make the right decisions.
Huge crater in Siberia is probably secondary to global warming.
Huge flash flood here in West Virginia a couple days ago. My backyard was out of control.
Update: Oh damn, I almost forgot… About five or six months ago Diane Feinstein took to the Senate floor to accuse the CIA of hacking/spying on Senate computers. It was really a pretty amazing speech. The mainstream media sort of, kind of covered it. For the most part, it was blown off. John Brennan, CIA director, came out and gave the most wishy-washy of rebuttals, “We just don’t do that.” Yesterday, to nobody’s surprise, it turns out the CIA actually did access Senate Intelligence Committee computers. Unfortunately, I really don’t see any good solutions. Firing John Brennan will not have the desired effect of changing behavior at the CIA. In my opinion, the CIA has been completely infected by a Dick Cheney personality. For years, the CIA was allowed to do almost anything. Now, we want guidelines. Now we want oversight. I’m not sure the CIA is up to that.