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Financial 411: Weekly Business Roundup

Friday, May 06, 2011

Unemployment Back at 9%, Despite High Job Numbers

Employers added more than 200,000 jobs in April for the third straight month. But the unemployment rate still rose to nine percent. That's in part because some people jumped back into the job market actively looking for work, so they're now counted as unemployed. Private-sector employers created nearly 270,000 jobs last month. That's the most since February 2006.

The gains were widespread. Retailers, factories, financial companies, education, health care and even construction companies added jobs, while federal, state and local governments cut jobs.

Mayor Bloomberg Unveils Budget

Mayor Michael Bloomberg unveiled a budget on Friday that includes the loss of more than 6,000 teachers. He also cut the budgets for several city agencies, including parks and recreation, the libraries and children's services agency. The mayor said he "can't put off the hard decisions" because next year's budget is expected to be worse, with budget deficits projected in the $5 billion range for each of the next three fiscal years. The mayor’s proposal must still be approved by the City Council. Speaker Christine Quinn and other members say they'll do everything they can to prevent such big cuts to the city's workforce.  

Markets


Consumers used their credits card more in March, marking only the second increase in more than two years since the height of the financial crisis. The Federal Reserve said consumers also increased their overall borrowing, to finance car purchases, school tuition and other things.  
 
Markets rose today. The Dow gained 55 points, to close at 12,639. The S&P 500 added five points, closing at 1,340. The Nasdaq ended the week at 2,828, up 13 points.

Reviewing this Week's Business and Economic News

Greg David, director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism, reviews this week's news — from the economic impact of the Tony's, to Mayor Bloomberg's budget proposal, to the latest national job numbers.

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Comments [1]

Don Philabaum

Colleges and Universities need to align their overall strategies. At the same time higher ed needs to capture stats and information to let a student and their parent know the likelihood they will be employed once they get their degree. Buyers need to know what they will get from their purchase.

Chances are, consumers will realign their purchase to match what businesses need. Parents and grads go to college with one outcome in mind, get paid well and have a bright future. Colleges on the other hand feel their responsibility is to offer curriculum that will qualify them for their degree.

There is minimal commitment to career education.

I continue to be amazed that parents and grads are not protesting and demanding more attention to their plight. The ave. grad has $25,000 in student loan debt and $5,000 in credit card debt. What kind of bright, rose future stands in front of them?
With 6 people vying for every job a grad has to stand out. When they leave campus they don't have access to the Career Center.

Who can they turn to for help? Send them to http://www.talentmarks.com/summer.aspx
TalentMarks is holding a 12 hour online Career Marathon featuring some of the nations brightest career authors and coaches.

Each will share 3 tips to help grads organize their job search, get interviews, network, use social media all in the goal of helping them get jobs. Join them!

May. 07 2011 08:38 AM

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