Exeuctive Compensation Rising to Alarming Rates

Executives are paid an unfathomable amount of money in most Fortune 500 companies. A relevant  example would be top executives in Houston, Texas whose "median pay package was 7.7 million" This would effectively mean that these executive earn in ONE WEEK what an average Petroleum engineer makes in all of a year of working full time. 

To top this off, the "top 100 median executive pay was more than 150 times Houston's overal annual wage of 49,800" Consumers should be more aware of executive compensation and its often alarming disparities. We have a necessity to work with consumers to provide transperency on this issue and keep companies accountable for excessive compensation when Jobs are being outsourced outside of America.

Source: Houston Chronicle 

Middle class & living paycheck to paycheck

More than 25 million middle class American families are living paycheck to paycheck.

They have decent salaries. Many own homes and have retirement accounts. But they don't have a lot of savings or readily accessible funds, according to a recent economic study presented by the Brookings Institution.

About one-third of American households live "hand-to-mouth," meaning that they spend all their paychecks. But what surprised the study authors is that 66% of these families are middle class, with a median income of $41,000. While they don't have liquid assets, such as savings accounts or mutual fund holdings, they do have homes and retirement accounts, with a median net worth of $41,000. For more information, click the link below. 

Source: CNN Money

What America's jobs pay

From personal care aides to dentists, here's how much different jobs pay in America. You may be surprised, most are under $20 an hour. For more information, and to watch the video, click the link below. 

Source: CNN Money

Is capitalism driving itself out of business?

Capitalism seems to be getting it from all sides these days.

French economist Thomas Piketty made the rounds in New York and Washington, D.C. last week to promote his new, widely praised tome, Capital in the Twenty‑First Century, an exhaustive analysis that argues that inequality and the concentration of wealth among the few are the norm, rather than the exception, within capitalist societies.

In a less sobering -- at times, overoptimistic -- side of a similar coin, political consultant and social theorist Jeremy Rifkin's recently published The Zero Marginal Cost Society highlights a capitalism that seems to be running itself out of business. For more information, click the link below. 

Source: CNN Money

China has an income inequality problem too

Chinese workers lost their state-provided health care and education when state-owned enterprises were reformed in the 1990s. Now Chinese save to cover the expected costs of education, retirement and health care.

But for China’s ambitious financial reforms to succeed, the government will have to increase social spending. This will further pressure a budget that is already in deficit.

Compounding the problem is that favorable demographic trends are reversing. China’s workforce will peak within five years and then contract. To counter this, the government has taken steps to relax the one-child policy. But any meaningful change will take a generation. For more information, click the link below. 

Source: MarketWatch

Your job just got more like Fight Club

The first rule of working here is: You do not tweet about working here.

More companies are insisting on Fight Club-style vows of secrecy in an effort to thwart not only leaks, but gossip.

“Non-disclosure agreements are on the increase,” says Jon Hyman, a partner in the labor and employment group of Kohrman Jackson & Krantz in Cleveland. The gag orders cover anything a company deems to be confidential or proprietary and doesn’t want to fall into the hands of a competitor or a customer. These include business plans and designs, computer codes and financial information, pricing information and customer lists that normally aren’t considered trade secrets under state laws. “It’s almost corporate negligence not to have this information locked down with some non-disclosure agreement,” he said. For more information, click the link below. 

Source: MarketWatch

Everything I need for a job I learned in kindergarten

Everybody tells you that if you want to land a job, you need to learn advanced skills. But everyone is wrong. If all you want is a job, you don’t need college.

Many of the skills companies say they need the most are skills you learned (or should have learned) in kindergarten. If all you want is a job, forget college and concentrate on honing the skills that are acquired in the School of Hard Knocks. For more information, click the link below. 

Source: MarketWatch

Occupy Google: Income Inequality Backlash Hits Silicon Valley

In pictures that quickly hit the Internet, curious and presumably apprehensive Googlers were shown peering out of the plush second deck of the bus at a handful of sign-waving protesters. The protesters, meanwhile, demanded that Google pay $1 billion (a ridiculous amount) to the city for its use of "public infrastructure"--namely, roads, bridges, and the bus stops that the Google buses use to pick up and discharge their passengers.

Not long ago, Google's buses were perceived as a responsible, helpful perk that allowed Googlers to work on their way to work (the buses have WiFi) and helped the community and environment by removing lots of cars from the road. For more information, click the link below. 

Source: Yahoo Finance

What can President Obama do about income inequality? Not much, says columnist

On Tuesday President Obama released his 2015 budget putting the "final piece of his inequality agenda on the table," writes Roosevelt Fellow Mike Konczal. Konczal cites health care reform, Obama's efforts to raise the minimum wage and the proposed expansion of the earned income tax credit as key parts of this "inequality" agenda.

Obama's budget isn't expected to go anywhere given partisan gridlock in Congress, though there is growing consensus among Democrats and Republicans to expand the earned-income tax credit for low-wage workers, according to The Wall Street Journal. And this particular issue may gain traction in the future. Still, it requires action from Congress. For more information, click the link below. 

Source: Yahoo Finance

U.S. inequality looks like Europe before WWI: Thomas Piketty

There was a time not so long ago when the income gap between the rich and the poor was shrinking and many near the bottom of the economic ladder moved into the middle class.

Between 1910 and 1950 inequality declined, largely as a result of two World Wars and the Great Depression, writes Thomas Piketty, author of Capital in the Twenty-First Century. But by the 1980s inequality was rising rapidly again, as it had before the industrial revolution, and it hasn't stopped. President Obama calls increasing inequality "the defining issue of our time." For more information and to watch the video, click the link below. 

Source: Yahoo Finance

The American Dream turns into a Global Nightmare

The American Dream? Now a Global Nightmare? A ticking time bomb, a lethal virus spreading worldwide, could destroy the entire world, backfire, take down America and capitalism? Yes.

But, first, a little history: Five years ago Bill Gates and his Billionaires Club asked that question. But gave up. Here’s why.

Gates’ billionaires essentially asked: What do you think is the single, biggest ticking time bomb that will eventually take down global economies? The absolutely biggest one with a trigger mechanism that can ignite, set off a nuclear chain reaction that will throw a permanent wrench in global economic growth, ending capitalism, potentially destroying modern civilization as we know it. For more information, click the link below. 

Source: MarketWatch

Full Payrolls and Unemployment Preview, Plus Six Pre-Jobs Indicators to Watch

This Friday will bring the highly anticipated Employment Situation report from the U.S. Department of Labor. Investors get many previews of what the unemployment and payrolls reports look like, but the official Labor Department report is the most widely followed and is the one on which formal statistics are based. 

24/7 Wall St. has highlighted each component of the official Employment Situation report, as well as offered up other previews from releases covering the pre-jobs reports. Several of these can be market-moving reports, and they can greatly alter the formal expectations for the Labor Department report on Friday. For more information, please click the link below. 

Source: 24/7 Wall St.

Stiglitz: Inequality an equal concern for China, U.S.

Countries will pay a high price for their social inequality, both economically and politically, says economist Joseph Stiglitz. 

The Nobel laureate argued in his latest bestseller "The Price of Inequality" that inequality will hinder dynamic economic growth, but more importantly, it will undermine the public's confidence in a country's institutions and erode trust in politicians. For more information, click the link below. 

Source: MarketWatch

If America gets a raise, everything will work better

On Friday, all of us on and around Wall Street will go into hyperdrive to chew on the latest update to the nation's unemployment rate. But with the economy and the market entering a new stage, it's time for us to obsess about a new number - how fast incomes are growing. 

One measure of that came out last week, as the Commerce Department reported that inflation-adjusted, after-tax income rose 0.3% in February and, 0.2% in January. And that's good news - the same figure, which includes both wages and other income, rose just 0.7% in calendar 2013, but now up 2.3% over the last year, economist Joel Naroff points out. For more information, click the link below. 

Source: MarketWatch

260,000 graduates in minimum wage jobs

If you thought paying tens of thousands of dollars for a college education guaranteed a high-paying job, think again. 

About 260,000 people who had a college or professional degree made at or below the federal minimum wage of $7.25 per house last year, according to the Bureau of Labor Statistics. 

Things may be looking up a little, though -- it's the smallest number since 2008. The worst year was 2010, when the number skyrocketed to 327,000. 

For more information, click the link below. 

Source: CNN Money

The President Drills Down to the Core Challenge: Creating Good Jobs and Raising Wages

In his State of the Union address last night, President Obama articulated some core truths that ought to guide economic policy, with lines like "the best measure of opporutnity is access to a good job," and "Say yes. Give America raise."

We need policies to create more jobs, but we must insure that they're good jobs, with benefits and decent pay that can support a family and fuel economic growth based on what people earn on the job, as opposed to what households borrow or "gain" in asset bubbles. For more information, click the link below. 

Source: The Economic Policy Institute Blog

Jobless father of 4: Awaiting lifeline from Congress

Renardo Gomez is living on borrowed everything. 

He owes several family members payments of $50 to $100. The borrowed money, along with food stamps, has helped feed his four kids. His unpaid cable bill has mounted to $400, his electricity bill $600. His landlord has let him postpone rent. But next month, he owes double the rent: $700. To continue reading, click the link below. 

Source: CNN Money

Meet America's oldest bike maker

Schwinn and Cannondale are iconic American bicycle brands, but they don't make their bikes in the United States. Trek is another well-known American bike maker, but only a fraction of its bicycles are made in the USA. 

Meanwhile, Worksman Industrial Cycles quietly churns out all the bikes that carry its name from a 70-year-old, three-story factory in Queens, NY. Worksman has been making bikes in New York since 1898, making it the oldest large-scale bike maker in the U.S. Worksman produces thousands of bicycles a year, but their customers are mostly big businesses rather than weekend riders. For more information, click the link below. 

Source: CNN Money

Two-thirds of those who live paycheck to paycheck aren't poor

It's not just the poor who live paycheck to paycheck. 

A study from the Greg Kaplan and Justin Weidner of Princeton University and Giovanni Violante of New York University finds that two-thirds of the 38 million American households who consume all their disposable income every pay period aren't poor. For more information, click the link below. 

Source: MarketWatch

Progress in closing the wage gap has stalled

The Institute for Women's Policy Research finds both men's and women's wages in neutral with the gap between them holding. 

For more information, click the link below. 

Source: MarketWatch

The 50 best employers for boomer workers

AARP lists companies that offer enviable perks

For the 22 million people who are currently unemployed, underemployed or have given up on finding work, the perks offered by the 50 companies on AARP's list of best employers may seem like a sort of mirage. 

Telecommuting and flexible work schedules. Phased retirement programs. Free health-care benefits. Retirement-planning seminars. Emergency eldercare services. Those are just a few of the perks offered by some of the companies on the list compiled this year by AARP and the Society for Human Resource Management, or SHRM, an association for human-resource professionals. For more information, click the link below. 

Source: MarketWatch

Fewer workers delaying retirement

The picture is brightening, at least somewhat, for full-time workers who have been putting off plans to retire, or thinking they could never do so, according to a new survey. 

The study, by Harris Poll for CareerBuilder, the recruitment and employment website, finds that 58% of workers age 60 and older say they are currently delaying plans to retire. That's down from 61% in 2013 and a peak of 66% in 2010. For more information, click the link below. 

Source: MarketWatch

Why job hunters should cheer the end of winter

The bad weather has done more than give people a case of cabin fever - it's kept them out of work, which means there's another reason to cheer for warmer days ahead. 

Figures released by the Labor Department Friday showed that 626,000 people had jobs but were unable to work last month because of bad weather, a sign that the cold weather this winter kept people at home more than usual for this time of year. Over the past 10 years, an average of 414,000 workers have been unable to get to work in February because of the weather, more than any other month. For more information, click the link below. 

Source: MarketWatch

Video: Colleges Asked to Prove Post-Grad Career Success

Colleges, under increased pressure to justify the cost of education, are having a hard time getting proof of graduates' success in finding well-paying jobs. 

To watch the video on Wall Street Journal, click here. 

Source: Wall Street Journal

Who cares where you went for college?

Some 15 years ago, my wife and I attended a barbecue fundraiser for a local nonprofit. As we made our way through the crowd, I bumped into a friend I hadn't seen in a while. 

Jack (not his real name) was the CFO of a good-sized public company. After catching up on work, family and mutual friends, we moved on to a topic that was at the top of the list for parents of college-aged children: the schools our kids were considering. To continue reading, please click the link below. 

Source: MarketWatch

More Americans Relocating for New Jobs

After living near Cleveland for 13 years, 41-year-old Troy Walker turned to his wife and said, "I can't take another winter here." She told him, "If you get a job, we can move." The couple had been vacationing in North Carolina for years, and Walker began looking for work near Raleigh in November; in December, the advertising professional had a job offer at an ad agency. "Everything just fell into place," he says. 

Walker is part of a small but fast-growing trend: After years of staying put, the percentage of workers relocating for a new job in 2013 climbed 35% from a year prior, according to a survey released Thursday by outplacement firm Challenger, Gray & Christmas, which looked at people who successfully obtained a new job last year. For more information, please click the link below. 

Source: MarketWatch

Will Obama's Overtime Plan Create More Part-Time Jobs?

President Obama is moving ahead with plans to require U.S. companies to pay overtimet o millions of salaried workers, but some experts say it'll be the contract workers who reap the benefits. 

Under current rules, many companies don't have to pay overtime to salaried workers who make more than $455 per week (roughly $24,000 per year). The Obama administration is expected to direct the Labor Department to raise that threshold, according to a report in the Wall Street Journal Wednesday. For more information, click the link below. 

Source: MarketWatch

States Where Income Inequality Has Soared

The Widening Gap Between the Rich and Poor

Although average real income in teh United States increased by more than a third between 1979 and 2007, not all workers benefited equally. In each of the 50 states, income growth among the top 1 percent of earners rapidly outpaced that of the bottom 99 percent, according to a recent study. For more information, click the link below. 

Source: MSN Money

Ten Companies Paying Americans the Least

This summer, thousands of fast-food workers in the United States went on strike in cities across the country, demanding their wages be increased to $15 an hour and the ability to unionize. To no one's surprise, they didn't get it. As of 2012, an estimated 4.7% of hourly workers are paid at or below the federal minimum wage of $7.25 an hour. According to several groups, low- and minimum-wage workers are growing faster than any other group of earners. 

Meanwhile, profits at many of the corporations that employ the most minimum-wage workers have risen. For more information, click the link below. 

Source: 24/7 Wall St.

How to Find Work After 50

Many boomers and older Americans wish to continue working well into their 60s, 70s and even 80s; some to create extra income and increase their funds for retirement and others as they want the challenge or just want to keep busy. Here are nine tips to help older executives, managers, and professionals find employment. To keep reading, click the link below. 

Sourc: MarketWatch

Workers See Few Benefit Cuts, Despite Rising Costs

U.S. workers are fiercely loyal to their workplace benefits, often citing them as on par with their salary and a key piece of why they work where they do - but a new survey finds that employers' interest in offering voluntary benefits may be waning, at least temporarily. For more information, click the link below. 

Source: MarketWatch

Boeing to end pensions for non-union workers

"Boeing will end its pension plans for non-union employees by 2016 in an effort to curb the company's growing pension costs.

The change in retirement plans will impact 68,000 workers, including managers and executives, Boeing (BA, Fortune 500) said Thursday. 

Those employees will transition to a 401(k) plan. Boeing will contribute directly to these plans and match any money that workers opt to save. Any benefits earned from the current, traditional pension plan will be paid when the worker retires, along with hte 401(k) funds." For more information, click the link below. 

Source: CNN Money

The Case for Never Retiring

"Most of the news lately has centered around people who want to retire, but can't. From student loan debt-burdened millennials to laid-off older workers, many people who'd like to (at least someday) stop working don't think they'll be able to.

But there's a counterargument to be made: Could it be better to never retire at all? For some people who are lucky enough to be financially stable and can find a job to their liking, staying in the workforce well into their golden years might make sense." For more information, click the link below. 

Source: MarketWatch

Obama Proposes Billions More for Job Training Despite Spotty Track Record

My Minimum Wage Isn't a Living Wage

"Kevin Burgos works full-time, earns more than the minimum wage and even fixes cars on the side to bring in extra money to support his family.

Burgos' situation represents the woeful inadequacy of minimum wage and what could be a central question in the income inequality debates -- what is a person's living wage?

For Burgos, it would mean an additional $6.50 an hour over what he makes now."

For more on this story, click the link below. 

Source: CNN Money

Inequality worse now than on ‘Downton Abbey’

"U.S. fans of the hit British TV series, whose latest season ended last night, may think they are looking through a window at a lost world of privilege and poverty, aristocrats and servants, 'upstairs' and 'down.'

But they should think again. A research paper to be presented this week at the National Bureau of Economic Research, a leading think tank, will confirm that the U.S. today has become as unequal as the England of the Earl of Grantham, Lady Mary, Daisy the kitchen maid and Carson the butler a hundred years ago." For more information, click on the link below. 

Source: Marketwatch

2013 Engineering Salary Survey: Pressure Up, Salaries Down

"It’s almost ironic. We’re living in a time when engineering has never been more important. From communications devices in the hands of most people on the planet to the intelligence that is being embedded into manufactured goods at an unprecedented scale, engineering solutions have never been in higher demand.

Yet market dynamics are seemingly conspiring to undermine the ability of many engineers to make a decent living. Many engineers find themselves unemployed. Those who are employed are seeing their compensation erode even as they put in long hours."  For more information click the link below.

Source:  Electronic Design

Most Of Us Fear 'American Dream' Is Dead, Want $10.10 Minimum Wage

"The American Dream is dying and saving it may require some help from lawmakers, according to a significant share of Americans.

About 64 percent of Americans say the widening gulf between the rich and poor is killing the American Dream, according to a Bloomberg News poll published Wednesday. Almost exactly the same share of Americans -- 63 percent -- say they strongly favor raising the minimum wage to $10.10 per hour, according to a separate Wall Street Journal/NBC News poll."  For more information click the link below.

Source:  Huffington Post

Do you trust the November jobs report?

"At first blush, those numbers played into the narrative from the Obama Administration that the economy is improving, and the jobs picture is rosy.

Unfortunately, it’s only part of the story."  For more information click the link below.

Source:  MarketWatch

Americans Have Never Been So Wealthy: Really!?!

"The wealth of American households hit a nominal record of $77.3 trillion in the third quarter, according to data released this week by the Federal Reserve. The third-quarter household wealth number wasn’t a record on an inflation-adjusted basis but given the stock market’s rally since Sept. 30, it’s almost certainly at a record now. (Even with the record decline, the S&P 500 is still up about 5.6% in the fourth quarter.)

Given recent events such as the fast food workers strike, Occupy Google and ho-hum start to holiday shopping season (based on what retailers are saying vs. the government data) we were pleasantly surprised to hear Americans are doing so well. But digging into the numbers a little bit we couldn’t help be reminded of the “Really!?!” segments Seth Meyers and Amy Poehler made famous on SNL’s Weekend Update."  For more information click the link below.

Source:  YAHOO! Finance

Jobless claims drop to lowest level in two months

"The number of Americans who applied last week to receive unemployment benefits posted the biggest drop in nearly three months, though the decline may have been more pronounced because of the Veterans Day holiday.

Initial jobless claims fell by 21,000 to a seasonally adjusted 323,000 in the seven days ended Nov. 16, the Labor Department said Thursday. Economists polled by MarketWatch had expected claims to slip to 334,000."  For more information click the link below.

Source:  MarketWatch

Here's How Much the Old Are Taking From the Young

"New data published by the Congressional Budget Office show elderly households receive far more in government benefits than they pay in taxes, while all other households pay more in taxes than they get back. The data are from 2006, the most recent year the necessary numbers were available. The general findings aren't surprising, since people stop working and paying payroll taxes when they retire, and Social Security and Medicare are chiefly meant to benefit the elderly in the first place."  For more information click the link below.

Source:  Yahoo! Finance

The best states for young job hunters

"The best states for young job hunters

Twentysomething and unemployed? Ever thought about moving to North Dakota?"  For more information click the link below.

Source:  CNN Money

Government jobs at lowest in 47 years... or 4 years

"Federal jobs are at their lowest level level in 47 years... or 4 years. It depends on how you look at it.

About 2.7 million people worked for Uncle Sam in September, not including military. According to the Department of Labor, that's the lowest number since 1966! Could it be that the government workforce is at its smallest size since the Lyndon Johnson administration?"  For more information click the link below.

Source:  CNN Money

Two ‘Forecasters of the Month’ on October jobs report

"How believable is the October jobs report? Two top economic forecasters disagree on the extent to which the surprisingly good numbers should be taken at face value. What they do agree on, however, is that U.S. hiring trends over the past year have held up fairly well despite occasionally sharp gyrations."  For more information click the link below.

Source:  MarketWatch

What you’ll pay for Obamacare

"Here’s how much a mid-range plan on the Obamacare exchange will cost you, before tax subsidies."  For more information click the link below.

Source:  CNN Money

Squeezed middle class looks to dollar stores

"With the economy recovering at only a snail's pace, consumers are still feeling pinched and are on the hunt for the best bargains. For many, that now means shopping at dollar stores."  For more information click the link below.

Source:  CNN Money

The hottest job skill is...

"The Army, NYPD and State Department can't get enough workers with this job skill. Neither can Fortune 500 companies, hospitals, local courts and schools."  For more information click the link below.

Source:  CNN Money

Here's your unemployment check. Now pay it back

"Thousands of furloughed federal employees filed for state unemployment benefits during the weeks they were stranded without a paycheck.

But now that Congress has approved back pay for them, the states want that money back."  For more information click the link below.

Source:  CNN Money

70,000 federal workers filed for unemployment

"The government shutdown may be over, but the data about its economic impact are just starting to come in.

About 70,000 federal workers filed for unemployment benefits the first week of October, the Labor Department reported Thursday. The shutdown began Oct. 1 and lasted 16 days, putting thousands of federal employees temporarily out of work and without a paycheck."  For more information click the link below.

Source:  CNN Money

Federal workers' bad day: 40% less in paycheck

"Friday is pay day for many of the 2 million federal workers affected by the shutdown.

For most employees, their paycheck is 40% lighter.

Federal workers get paid every two weeks. Friday was officially payday for work completed from Sept. 22 through Oct. 5., according to the General Services Administration. This paycheck was the first to reflect furloughs due to the federal shutdown."  For more information click the link below.

Source:  CNN Money 

Unemployment claims surge, partly due to shutdown

"First-time claims for unemployment benefits suddenly jumped last week, marking the biggest one-week rise since Superstorm Sandy left thousands of people temporarily out of work.

The rise was partly due to the government shutdown, as well as other temporary factors, the Department of Labor said.

About 374,000 people filed for their first week of unemployment benefits last week, 66,000 more than just a week earlier. It was the largest one-week rise since November 2012, when unemployment claims surged by 88,000 in the week following Superstorm Sandy."  For more infomration click the link below.

Source:  CNN Money

A 1-month shutdown: $50 billion economic blow

"If the week-long government shutdown stretches to a month, it would mean a $50 billion blow to the U.S. economy.

That estimate is actually $5 billion lower than the initial estimate of Mark Zandi, chief economist for Moody's Analytics. He lowered his forecast after the Defense Department recalled nearly half of 800,000 federal employees furloughed last week, and it appeared Congress would quickly approve a measure to pay other furloughed workers retroactively."  For more information click the link below.

Source:  CNN Money

“Outsourcing America Exposed”

"Across the country, for-profit companies are engaged in a hostile takeover of our schools, roads, prisons, drinking water — even government itself. In this animated video created by Mark Fiore for the Center for Media and Democracy’s “Outsourcing America Exposed” project, Outsourcing Eddie shows us the many ways in which America is for sale."  For more information click the link below.

Source:  Moyers & Company

Budget battles cost 1 million jobs

"Since the recession, Congress and President Obama have supposedly been focused on job growth, yet their squabbling may actually be killing jobs, according to estimates from economists.

Washington's heated budget battles have already cost the economy at least 1 million jobs over the last few years, estimates Mark Zandi, chief economist for Moody's Analytics."  For more information click the link below.

Source:  CNN Money

Services firms report slowing growth, hiring: ISM

"Services firms reported slowing activity and hiring in September, according to data released Thursday that weighed on U.S. stocks.

The Institute for Supply Management said Thursday its services index fell to a reading of 54.4% in September from 58.6% in August. That’s below the 57.5% expected in a MarketWatch-compiled economist poll and the weakest since June."  For more information click the link below.

Source:  MarketWatch

Jobs report will be delayed by shutdown: Labor

"U.S. economic data used to gauge the recovery will not be available next week if the government shuts down Tuesday, according to memos released by the Department of Labor on Friday. On its website, the Labor Dept. released a memo dated Sept. 10 stating "During a lapse in appropriations the Bureau of Labor Statistics will suspend all operations and its staff will be furloughed" and that "All survey and other program operations will cease and the public website will not be updated." The BLS is responsible for the monthly jobs and unemployment report, with the September numbers set to come out next Friday. The Federal Reserve uses that data to help determine whether to start reducing its bond-buying program."  For more information click the link below.

Source:  MarketWatch

Government rolls out shutdown plans

"The outlines of next week's possible government shutdown have started to take shape as government agencies roll out their contingency plans.

Military service members will stay on the job but their paychecks may be delayed.

Federal museums and the National Zoo will close, so tourists will be turned away.

Most of the housing department will be furloughed, so homebuyers waiting on an FHA loan will be left hanging."  For more information click the link below.

Source:  CNN Money

How to earn an extra $1 million over your career

"Workers who negotiate a small increase in their salary every three years can achieve far more than a pat on the back, a new study finds. They could also earn an extra $1 million over the course of their career. 

Consider two workers: Jim, who starts at $45,000 — and accepts a typical 1% pay raise each year — and Jane, who negotiates for a starting salary of $50,000 and negotiates a 4% raise every three years. After a 45-year career, the difference in their total lifetime earnings is $1,037,773, Salary.com pointed out in a recent study. And that doesn’t take into account bonuses, promotions or stock options. “It’s a theoretical scenario,” says Abby Euler, general manager at Salary.com, 'but it gives a very good idea of what some people could be leaving on the table.'"  For more information click the link below.

Source:  Market Watch

AIG CEO: Criticisms of bonuses 'just as bad' as lynchings

"AIG CEO Robert Benmosche says opposition to the insurer's bonuses in the wake of the financial crisis five years ago was like lynchings during the battle over civil rights.

In an interview with the Wall Street Journal published Tuesday, Benmosche dismissed the criticism of bonuses saying the uproar 'was intended to stir public anger, to get everybody out there with their pitch forks and their hangman nooses, and all that - sort of like what we did in the Deep South [decades ago]. And I think it was just as bad and just as wrong.'"  For more information click the link below.

Source:  CNN Money

15% of Americans living in poverty

"Years after the Great Recession ended, 46.5 million Americans are still living in poverty, according to a Census Bureau report released Tuesday.

Meanwhile, median household income fell slightly to $51,017 a year in 2012, down from $51,100 in 2011 -- a change the Census Bureau does not consider statistically significant."  For more information click the link below.

Source:  CNN Money

Raising a family on three minimum wage jobs

"Here's what it takes to raise a family on three minimum wage jobs.

Five days a week, Dejun Jackson wakes at 4:30 to get to the Chicago Chick-fil-A in time to start his shift at 5:45. 

He works behind the counter until 1 pm, when he walks to his second job as a cashier at Walgreens. He starts there at 1:10 or 1:15, and is on his feet until his shift ends at 9 or 9:30. He heads home, crashes, and wakes up to do it all again."  For more information click the link below.

Source:  CNN Money

Feds to CEOs: Reveal how much you earn versus workers

"U.S. corporations will need to disclose how their chief executive officers' paychecks compare with those of their workers under a proposal unveiled on Wednesday by the U.S. Securities and Exchange Commission. 

The SEC's CEO pay ratio rule is championed by unions and labor advocates who say the disclosures would help investors identify whether a company's compensation model is too top-heavy."  For more information click the link below.

Source:  NBC News

5 companies with highest-paid employees

"Employees could soon have more information about how their pay compares with that of their co-workers.

While public companies are already required to disclose the annual compensation for their top five executives, a rule proposed Wednesday by the Securities and Exchange Commission would also require companies to disclose how much rank-and-file employees are paid."  For more information click the link below.

Source:  Market Watch

Recap: Obama calls for ‘grand bargain for middle-class jobs’

"Read a live blog from MarketWatch’s Rob Schroeder of President Barack Obama’s speech challenging Republicans to agree to a “grand bargain” on middle-class job creation and taxes."  For more information click the link below.

Source:  MarketWatch

Obama offers new 'grand bargain' of corporate tax cuts and jobs

"President Obama on Tuesday offered what he billed as a new "grand bargain" proposal that would combine a cut in corporate tax rates sought by many Republicans with a jobs-creating program that would spend more money on roads and bridges around the country."  For more information click the link below.

Source:  LA TIMES

Why are Recent College Graduates Underemployed?

Why are Recent College Graduates Underemployed? Click the link below to learn more.

PDF Source:  The Center for College Affordability & Productivity

How Amazon's new jobs really stack up

"Amazon has been touting its plan to hire 7,000 new workers, and even President Obama is speaking at a company distribution center Tuesday on his jobs tour.

So how do Amazon's new jobs really stack up? "  For more information click the link below.

Source: CNN Money

Worker wages: Wendy's vs. Wal-Mart vs. Costco

"Many aren't quite hitting the right balance. Hundreds of dissatisfied workers at major American companies like Wal-Mart (WMT, Fortune 500), McDonald's (MCD, Fortune 500) and Wendy's (WEN) have joined protests nationwide in the past year demanding higher wages and better benefits.

One company that hasn't had to deal with such strikes is Costco.

The no-frills warehouse chain pays its hourly workers an average of just over $20 an hour, compared to just under $13 at competitor Wal-Mart. Even President Obama praised Costco in a recent speech about helping the middle class."  For more information click the link below.

Source:  CNN Money

U.S. jobless claims edge up to 333,000

"New applications for unemployment benefits rose less than expected last week and remained near a five-year low, perhaps a sign of some improvement in the labor market."  For more information click the link below.

Source:  MarketWatch

Amazon hiring 7,000 workers

"Amazon announced plans Monday to hire 7,000 workers for its U.S. operation, with most jobs offering pay and benefits far above typical retail wages, the company said."  For more information click the link below.

Source:  CNN Money

Skilled workers still can't find jobs

"Despite an improving labor market, workers with solid experience and skills are still struggling."  For more information click the link below.

Source:  CNN Money

Will your congressman retire richer than you?

"Want to retire with plenty of savings? Consider running for office.

Members of Congress receive retirement benefits that are far more generous than those earned by the average worker, according to a recent Bankrate analysis."  For more information click the link below.

Source: CNN Money

Why we're working less than our parents did

"It's a common complaint: You feel like you're working constantly, and there's never enough time to enjoy life.

But as a whole, Americans are working far less now than they did a generation ago, and have more leisure time than ever."  For more information click the link below.

Source:  CNN Money

America Becomes a Defeatist Nation

"People in Spain, Greece, Russia and China are down on America. That’s not surprising.

But Americans are down on America too, and the trend, paradoxically, seems to be getting stronger as working and economic conditions improve. The United States, it seems, is becoming a defeatist nation."  For more information click the link below.

Source:  Yahoo! Finance

McDonald’s CEO: Try living on McBudget of $25,000

"McDonald’s found itself mired in a public-relations flap last week over a sample budget it provided to its employees, advising them how to live on the low wages it pays."  For more information click the link below.

Source:  MarketWatch

Even as economy rebounds, income inequality festers

"Whatever growth in GDP or reductions in unemployment, most Americans think the economy stinks. According to a new CBS News poll, more than 60 percent of people polled rate the economy as "bad." And well they should: For the vast majority of Americans, economic gains during the recovery have almost entirely gone to the people at the very top."  For more information click the link below.

Source:  CBS Money Watch

Filmmaker: Detroit, the Future of America

"Filmmaker Heidi Ewing's documentary "Detropia" presented a collage of Detroit on the brink of dissolution, taking the prize for editing at the Sundance Film Festival in 2012. She joins the News Hub to offer her perspective on the city's bankruptcy filing."  For more information click the link below.

Source:  The Wall Street Journal

Salary Negotiation No-No's: 3 Things Never to Say in a Job Interview

"Discussing compensation is one of the more delicate parts of the job interview process. You might be asked what your salary requirements are, and freeze. Or you could be offered your dream job, but with a nightmare salary.

Luckily, you don't need a degree in negotiation to successfully navigate this conversation. Mostly, it means not saying things that are akin to shooting yourself in the financial foot."  For more information click the link below.

Source:  Yahoo! Finance

More young adults heading to entrepreneur camps

"At a time when most teens are trying to fit in with peers, Joerod Collier started his own business, Surreal Styles, designing unique sneakers when he was 15.

"I knew that I liked cool sneakers. I liked to be different, and my friends were always requesting that I design things for them," Collier said. "That's when I realized that Surreal Styles could be a lucrative business," said Collier, now 24."  For more information click the link below.

Source:  CNBC

Mort Zuckerman: A Jobless Recovery Is a Phony Recovery

"In recent months, Americans have heard reports out of Washington and in the media that the economy is looking up—that recovery from the Great Recession is gathering steam. If only it were true. The longest and worst recession since the end of World War II has been marked by the weakest recovery from any U.S. recession in that same period."  For more information click the link below.

Source:  The Wall Street Journal

Obamacare does little to affect factory employment — but that could change, survey finds

"Three-fourths of factories in the Northeast have made little or no change to their workforce as a result of President Obama’s health-care overhaul, but that number is expected to come down once the major provisions of the Affordable Care Act start to take effect next year."  For more information click the link below.

Source:  MarketWatch

The Untold Unemployment Story: A Loss Of 162,000 Full-Time Jobs In June

"There were no net full time jobs created last month. The number of full time jobs actually declined by at least 162,000 on net last month. All of the net new jobs created last month were part time jobs."  For more information click the link below.

Source:  Forbes.com

been disabled. Charting America's Transformation To A Part-Time Worker Society, Following 6 Straight Months Of Full Time Job Declines

"It is surprising that over the past several years very little has been said in the popular media about the fact that America is slowly (but surely) transforming from a full-time to part-time employed society."  For more information click the link below.

Source:  ZeroHedge.com

Expected U.S. tech layoffs soared in 2nd quarter

"Layoffs announced by U.S. employees in the technology sector more than doubled in the second quarter, reaching the highest level in a year, according to new data from consulting firm Challenger Gray & Christmas Inc."  For more information click the link below.

Source:  MarketWatch

12 Jobs on the Brink: Will They Evolve or Go Extinct?

"Once upon a time good employees updated their job skills and advanced to the next career level with the regularity of Mario questing for Princess Peach.

But then technology proliferated, and the well-read encyclopedia salesman, savvy VCR repairman and worldly travel agent either faded away or morphed into updated versions of their former selves.

Are you prepared for an evolving work environment or, worse, job extinction?"  For more information click the link below.

Source:  Salary.com

Two American Families

"Bill Moyers chronicles two ordinary families – one black, one white – for two decades."  For more information click the link below.

Source:  PBS Frontline

Moyers & Rose on the Middle Class

"On July 8, Bill Moyers sat with Charlie Rose to talk about Bill’s Frontline project “Two American Families.” They talk about the many challenges facing America’s shrinking middle class, how our economy is biased toward the very rich and the disappearing American dream. They also discuss Bill’s professional transition from politics to journalism."  For more information click the link below.

Source:  Moyers & Company

How to get a job when you're over 50

"Anyone over the age of 50 who claims to be hard hit by the recession isn't wrong: According to recent data, people born between 1946 and 1964 have lost the most earning power following the recession.

But the 50-year-old who claims that "no one wants to hire someone my age" would be wrong.

If you're 50-plus and have experienced a job loss, or you're simply looking to switch gigs, take heart in the fact that your career isn't over. We spoke to two experts — as well as a few people who've been there themselves — for dos and don'ts advice on how older workers can better market themselves in today's job search... and get hired."  For more information click the link below.

Source:  THE WEEK

Job growth heats up, but full employment far away

"Today’s new data from the U.S. Bureau of Labor Statistics show a labor market continuing along a path to recovery. The BLS reports that the U.S. economy added 195,000 new jobs in June and the unemployment rate stayed at 7.6%.

What’s more, upward revisions to the prior two months’ data show that U.S. employment is 70,000 jobs higher than previously reported. The private sector has added an average of 206,000 jobs per month this year, while the federal government has shed an average of 7,600 jobs per month, dragging down employment."  For more information click the link below.

Source:  MarketWatch

Jobs report underestimates underemployed

"The market’s upbeat reaction to Friday’s tiny improvement in unemployment suggests that this is an economy on the mend. 

The reality is far less sunny. 

In fact, low-paying jobs that are being created will keep the recovery moving at a snail’s pace and will be a drag on wages for some time to come."  For more information click the link below.

Source:  MarketWatch

8 high-tech jobs that don’t require a degree

"When people think of high-tech jobs, they typically think of Silicon Valley entrepreneurs and Ivy League Ph.D.s. But according to a new definition of STEM jobs—those requiring skills in science, technology, engineering or math—half of all high-tech positions are held by employees without a bachelor’s degree."  For more information click the link below.

Source:  MarketWatch

Why Broke Millennials Can't Catch a Break

"The unemployment rate, despite continued efforts, continues to rise. Red Alert Politics reported approximately three weeks ago that the unemployment rate for Americans between the age of 18 and 29 has skyrocketed to 11.6%, according to the non-profit organization Generation Opportunity. 

This alarming percentage brings a spotlight to the employment process as young people brainstorm how they may find their way to a job. It is not only job seekers who are paranoid about the lack of available positions; employers themselves seem worried. Oftentimes a strong résumé and a solid interview are not enough to get your desperate, money-deprived hands on employment. (In fact, you would be considered one of the lucky ones if you even managed to score an interview.) Instead, many of the young people who are obtaining internships and work are now recommended through a current/former employee. This concept is not new, but the increased emphasis on this procedure that is dangerous. With only those with insider connections getting the jobs, what can outsiders do?"  For more information click the link below.

Source:  PolicyMic

U.S. economy, hiring far from top speed

"The economy has sidestepped a lot of potholes in 2013, but the road ahead still isn’t wide open. The latest hiring figures are likely to show the U.S. falling well short of its top speed.

The employment report for June is the headline event in a holiday-shortened week. The latest snapshot on hiring will be released Friday, one day after Americans celebrate the nation’s birthday on July 4.

Other key reports will shed further light on trends in manufacturing, the auto business, construction and service-sector companies. Each is expected to strengthen."  For more information click the link below.

Source:  MarketWatch

What’s a CEO worth? More firms say $10 mln

"But chief executives still took home more money last year, as the bull market swelled the value of prior stock-based pay, including some particularly profitable awards made during the financial crisis, when stock prices were weak.

The findings emerged from an analysis of annual proxy statements by consulting firm Hay Group and The Wall Street Journal, and highlight the challenges of measuring executive pay."  For more information click the link below.

Source:  MarketWatch

CEO performance doesn’t matter very much

"They think they are paying their chief executives for performance. They’re not.

“If oil goes to $150 a barrel, is the CEO of Chevron a genius?” he asks. “When oil then falls from $150 to $100, does that make the CEO of Chevron an idiot?”

How about when a raging bull market sends stocks of the nation’s biggest companies soaring — -or when an economic crash sends them spiraling — -should CEOs be rewarded or punished for that?"  For more information click the link below.

Source:  MarketWatch

Employment is still near a 30-year low

"About 58.6% of the civilian population over age 16 had a job as of April, according to the U.S. Bureau of Labor Statistics. This rate -- officially called the "employment-population ratio" -- has been stuck in that range for several years. The last time it was this low was in 1983."  For more information click the link below.

Source:  CNN Money

Don’t worry about money

"So if you know someone who is graduating this year — from high school or college — or if you are above the age of 18 and want to see if you have money in the proper perspective in your life, here’s the message"  For more information click the link below.

Source:  MarketWatch

10 Cool 'Made in USA' Products

"After the deadly collapse of a garment factory building in Bangladesh, more people are asking questions about overseas-made products, including apparel often linked to sweatshops and unsafe working conditions.

Despite the growing appetite for domestically-made goods, finding "Made in USA" products can take some effort. Sarah Wagner is passionate about American-made products, and she turned her interest into a successful website, USA Love List. Launched in November 2011, the site is devoted to sourcing and showcasing where to buy domestically-made items, ranging from pet products to apparel. She regularly scans the aisles of big retailers, such as Costco and Target for American-made goods."  For more information click the link below.

Source:  www.cnbc.com

Lululemon CEO Christine Day To Step Down

"Christine Day, the CEO of athletic clothing maker Lululemon, is stepping down, the company announced in a press release Monday afternoon."  For more information click the link below.

Source:   www.huffingtonpost.com

U.S. weekly jobless claims edge higher

"The number of people who applied last week for new unemployment benefits appeared to stabilize after a pair of large swings, reflecting a status-quo labor market in which companies are only gradually hiring new workers.

Initial jobless claims rose by 4,000 to a seasonally adjusted 352,000 in the week ended April 13, the Labor Department said Thursday. That was slightly above Wall Street expectations.

“Not too hot, not too cold — that seems to be the continuing story for the jobs market,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors.

Separately, reports on leading economic indicators and manufacturing in the Philadelphia region fell short of Wall Street expectations. That added to the negative tone in U.S. markets."  For more information click the link below.

Source:  MarketWatch

U.S. jobs, factory data point to slowing economy

"The number of Americans filing new claims for unemployment benefits rose last week and factory activity in the nation's Mid-Atlantic region cooled in April, further signs of a moderation in economic growth.

The softening growth outlook was also underscored by another report on Thursday showing a gauge of future economic activity fell in March for the first time in seven months. They were the latest data to indicate a step-back in the economy after a brisk start to the year as tighter fiscal policy began to weigh.

"The evidence is mounting that the economy lost momentum in March and that has carried to April," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania.

"Growth is slowing down as the tax increases and sequester take effect."

Initial claims for state unemployment benefits rose 4,000 to a seasonally adjusted 352,000 the Labor Department said. The four-week moving average for new claims, a better measure of labor market trends, rose 2,750 to 361,250.

Despite the rise, which was broadly in line with economists' expectations, claims held near a level economists normally associate with average monthly job gains of more than 150,000.

That helped ease concerns of a deterioration in labor market conditions after nonfarm payrolls posted their smallest increase in nine months in March."  For more information click the link below.

Source:  Yahoo! Finance

Arggggh! American Workers at a Breaking Point

"The economy is supposed to be in recovery mode, but you wouldn't know it by the grunts and groans coming from the next cubicle.

A whopping 83 percent of American workers said they are stressed out by at least one thing at work, up sharply from 73 percent in 2012, according to a survey by Harris Interactive for Everest College.

"When you look at all the other economic indicators, there have definitely been some positive signs," said John Swartz, regional director of career services at Everest College. But relief of workplace stress isn't one of them.

"More companies are hiring, but workers are still weary and stressed out from years of a troubled economy that has brought about longer hours, layoffs and budget cuts," Swartz said.

Just 17 percent said nothing stresses them out about their jobs. It's interesting that workers 65 and older were the most likely (38 percent) to be in that group."  For more information click the link below.

Source:  CNBC and YAHOO! Finance

The Best Months to Ask for a Raise

"Asking for a raise can often feel like trying to get on a moving merry-go-round: You raise your leg a couple of times trying to find your entry point, then chicken out and wander off to find some cotton candy.

Well, you might want to wrap up that cotton candy and wipe your hands because it’s time to start taking this merry-go-round seriously.

“If you’re a valued employee, this may be the year to start angling for a raise,” says professional-networking site LinkedIn.

LinkedIn crunched the numbers and found out that the months that most raises are handed out are January, June and July. That means your best entry point is in the weeks — or even a month — before that." For more information click the link below.

Source:  CNBC

Boomers hit hard by cuts to federal jobs program

"Sending out some 400 resumes wasn’t enough to land Cottrell Armistad a new job after he was laid off in 2008 from his position as a receptionist at a large tech company in San Francisco.

It was not until 2011, three years into a grueling job hunt, that Armistad caught a lifeline: He landed a part-time position as an administrative assistant at an elementary school, thanks to a little-known government program called the Senior Community Service Employment Program, or SCSEP. That job allowed him to earn minimum wage for about 20 hours a week, as he continued his search for full-time work.

But fewer mature job seekers are getting the same type of help. About 77,000 low-income people aged 55 and older were enrolled in the SCSEP program in the 12 months ending June 2012, down from about 106,000 a year earlier—and the government budget cuts known as sequestration are likely to reduce that number even further."  For more information click the link below.

Source:  MarketWatch

Addressing Long-Term Unemployment for America’s Next Generation of Workers

"According to the last jobs report for 2012, the United States labor market continues to recover at a steady but modest pace despite a global slowdown, Hurricane Sandy and anxieties about future fiscal policy. Private payrolls increased by two million in 2012, and the unemployment rate fell by 0.7 percentage point to 7.8 percent. Over the last 34 months, the economy has added 5.8 million jobs.

The 10 Most Underpaid Jobs

"A lot of workers these days have an exaggerated sense of their own value. They think they ought to be paid more simply because they show up on time every day or work really hard, even if there are thousands of other people with the same skills or work ethic.

But some workers truly are underpaid, earning far less than average, even though they do work considered to be highly important. With employment finally picking up nationwide, one test of the economy's genuine strength will be whether pay in some key fields increases enough for some of America's most vital workers to get ahead.

To identify the most underpaid jobs, U.S. News analyzed data provided by the compensation experts at PayScale to highlight occupations in which people earn far less than median pay. We further sorted those jobs to isolate those in which workers say the stress is high (a proxy for how demanding the work is) and their work makes an important difference in the world."  For more information click the link below.

Source:  YAHOO! Finance

Top 10 highest-earning U.S. presidents

"Sure, being president has its perks (how many professions can boast a $50,000 tax-free expense account?), but the presidential salary usually isn’t counted among them. Still, depending on the time, inflation rate and economic state, some presidents have done pretty well for themselves during their time in office. Here’s a look at the 10 highest-earning presidents over the past 224 years, based on today's rates."  For more information click the link below.

Source:  Dimespring

The 2013 Retirement Confidence Survey: Perceived Savings Needs Outpace Reality for Many

"The percentage of workers confident about having enough money for a comfortable retirement is essentially

Stabilizing the U.S. Dollar and Creating Jobs

"In a word, over the long run the gold standard produces the most stable dollar. This stability was the key to long-term savings and long-term investment, which underwrote the unprecedented industrial revolution and economic growth in America of the 19th century.

Of course, no monetary system can be flawless in the world of human affairs. But empirical evidence of two hundred years of American monetary history shows that the true (or classical) gold standard has the least imperfect record as a stable monetary standard, because the dollar convertible to gold acted as the stable gyroscope of rapid economic growth."  For more information click the link below.

Source:  The Gold Standard Now

Bernanke still unconvinced of job-market healing

" Federal Reserve Chairman Ben Bernanke said Wednesday that the labor market is healing but the central bank will keep its aggressive easing stance until it is shown that the gains are durable.

“We are seeing improvements. I think one thing we would need is to make sure that this is not a temporary improvement,” Bernanke said at a press conference following a two-day meeting of Fed policy makers. 

Bernanke said the Fed was focused on the outlook for the labor market.

“We will also look at things like growth to try to understand whether there is sufficient momentum in the economy to provide demand for labor, going forward,” he said. See live blog of Bernanke's press conference.

“We have seen periods before where we have had as many as 300,000 jobs for a couple months. Then things weakened again,” he noted."  For more information click the link below.

Source:  MarketWatch - The Wall Street Journal

Make the most of LinkedIn job search

"There are myriad ways to connect with others on social media—from Facebook and Twitter to Pinterest and more. But, if you’re looking for a job, don’t neglect your LinkedIn profile.

The networking site “can absolutely facilitate a robust job search,” said Debra Wheatman, president of Careers Done Write, a career coaching and services provider in New York.

Still, while anecdotes abound of people getting hired via online channels, there’s no clear data of how often that happens. 

Fully 89% of recruiters in a 2012 survey of 1,000 recruiters by recruiting-technology company Jobvite said they’ve made a hire through LinkedIn, but a separate CareerBuilder.com survey of about 2,300 hiring managers found that just 37% of employers use social networks to find candidates."  For more information click the link below.

Source:  Market Watch - The Wall Street Journal

Part-Time Workforce Surges Ahead Of ObamaCare Mandate: Gallup

"The shift to part-time work accelerated in February ahead of a key, midyear ObamaCare deadline, Gallup reported on Monday.

Gallup's survey found that the percentage of part-time workers as a share of the overall labor force surged to 20.6%, the highest level in data going back to the start of 2010 — just as the employment recovery began.

The report provides the most dramatic evidence yet of the impact the 2010 health law is now beginning to have on employers of modest-wage workers and — even more importantly — on their workers.

It also suggests that relatively upbeat headline jobs data — both jobless claims and the upcoming February employment report on Friday — may be distorted by the underlying shift to part-time work."  For more information click the link below.

Source:  Investors.com

Minimum-Wage Hike Will Help Some but Hurt Others

"Regarding your editorial "The Minority Youth Unemployment Act" (Feb. 16): It was pure political theater and pandering for President Obama to throw the minimum wage into his State of the Union address. The topic is just another diversion from the serious business of creating jobs, reducing debt, reforming the tax system and tackling Medicare. The work of economist David Neumark reveals that a 10% increase in the minimum wage will decrease employment of minority teenagers receiving the minimum wage by 6.6%. However, few families, few full-time workers and few minority young adults are impacted.

According to the March 2, 2012 report of the Bureau of Labor Statistics on the characteristics of minimum-wage workers (MWWs) there are only 3.83 million hourly workers (from a total of 73.9 million hourly workers) who are paid at the minimum wage or less. About 43.2% work in food service where tips are excluded in the minimum-wage status determination. The number of MWWs who are full-time workers with families is less than 1.4 million.

Minorities account for 14.61 million hourly workers and 823,000 of the MWWs. It is estimated that fewer than 250,000 of the 823,000 minorities are teens. So if a 24% rise in the minimum wage is instituted, a 16% decrease in minority teen employment will occur and a 9.4% decrease in total minority employment will occur. This will decrease minority teen income by $450 million and all minority income by $860 million. However, the total MWWs who don't lose their jobs will have a total increased income of $9.4 billion."  For more information click the llink below.

Source:  The Wall Street Journal

Top CEOs more optimistic on economy but don't plan more hiring

"Despite higher taxes and looming federal budget cuts, top U.S. chief executives were more optimistic about the economy in the first three months of this year than they were at the end of 2012.

The CEOs surveyed by the Business Roundtable expected to see increased sales and to spend more on capital investment, over the next six months, according to results released Wednesday.

But their expectations for hiring new employees remained flat compared to the final three months of last year. That was because of slow economic growth and lingering concerns about Washington's inability to deal with fiscal issues in a comprehensive way, said Boeing Co. Chief Executive Jim McNerney, chairman of the Business Roundtable."  For more information click the link below.

Source:  Los Angeles Times - Business

California now tied for worst unemployment rate

"California and Rhode Island have the unenviable role of sporting the nation’s worst unemployment rate, according to data released Monday.

Each state has an unemployment rate of 9.8% as of January, the Labor Department said. Nevada — like California ravaged by the housing crisis — now has an unemployment rate of 9.7%, down from 10.2% in December, to move off the bottom of the nation’s jobless ranking."  For more information click the link below.

Source:  MarketWatch

Why the unemployment rate is so misleading

"It’s hard to completely trust any government that reserves the right to assassinate me (or you) with a robot airplane. So it’s no wonder that many people are skeptical about the government’s economic data.

There’s a lot of money riding on the accuracy and credibility of U.S. economic data. A lot of that faith is misplaced, but it’s not because the government is actively fudging the numbers or lying to us. Unlike a lot of people in Washington, the statisticians who crunch the numbers are a professional bunch who want to get things right."  For more information click the link below.

Source:  MarketWatch

7 tips for the perfect boomer résumé

"For job seekers these days, crafting the perfect résumé may matter less than making key connections with the right people and ensuring a stellar online presence. But you still need your résumé to shine."  For more information click the link below.

Source:  MarketWatch

600,000 Americans have 'megacommutes' of over 90 minutes

"Think your commute is bad? Try being one of the 600,000 Americans who travel more than 90 minutes each way over a distance of at least 50 miles to get to work.

Dubbed "megacommutes," these trips are concentrated mostly around large cities -- especially New York, Los Angeles, San Francisco, Washington D.C., and New Orleans -- according a new U.S. Census Bureau report."  For more information click the link below.

Source: CNN Money

From Rags-to-Riches: Paul Mitchell Founder Shares His Advice For Surviving Today’s Job Market

"Ahead of Friday's February nonfarm payrolls report, John Paul DeJoria, the billionaire who co-founded John Paul Mitchell Systems, has lots of career advice for the millions of Americans out of work.

DeJoria, who has a net worth of nearly $4 billion according to Forbes, experienced his own hardships before his sundry business endeavors, including Patron Spirits and House of Blues (among others), paid off.

He grew up poor in Echo Park, Calif., and started working as young as nine, selling Christmas cards to neighbors. He and renowned hairstylist Paul Mitchell launched John Paul Mitchell Systems in 1980 with just $700. In the beginning DeJoria was living out of his car in Los Angeles as he peddled the hair products he and Mitchell created to salon owners. DeJoria says the business climate was more challenging 30 years ago than it is today – inflation was running at 12.5%, interest rates topped 17% and the federal unemployment rate exceeded 10%.

The secret to DeJoria’s success is to remain positive, even if rejection has become too familiar."  For more information click the link below.

Source: YAHOO! Finance

CHART: Top ‘U.S.’ Corporations Outsourced More Than 2.4 Million American Jobs Over The Last Decade

"A Washington Post/ABC News poll released this morning finds that 44 percent, a plurality, of Americans think the economy is getting worse, rather than staying the same or getting better. With unemployment hovering around 9.6 percent while economic inequality is at levels not seen since the Depression, many Americans feel as if the economy is leaving them behind."  For more information click the link below.

Source:  ThinkProgress Economy

10.5 Million American Jobs Have Been Outsourced

"The “Great Recession” caused unemployment rates to skyrocket in the U.S., and even hit 10.2% nationally in October 2009. The recovery has been slow and extremely brutal for the long-term unemployed. The blow the “Great Recession” caused to the national economy could have been cushioned had American jobs not been outsourced."  For more information click the link below.

Source:  Intellectualyst

College Scorecard

"College Scorecards in the U.S. Department of Education’s College Affordability and Transparency Center make it easier for you to search for a college that is a good fit for you. You can use the College Scorecard to find out more about a college’s affordability and value so you can make more informed decisions about which college to attend.

2012 ROI Rankings: College Education Value Compared

"With all of the expense and time required to attend college, does earning a degree pay off long-term? Yes, depending on which school you choose. PayScale has ranked more than 850 U.S. colleges (for both in and out-of-state tuition when applicable) by their college tuition ROI - what you pay to attend versus what you get back in lifetime earnings."  For more information click the link below.

Source: Payscale.com

Many Parents Risking Retirement Funds To Send Kids To College

"It's a dilemma that many parents face - how to help fund a child's college education. But with tuition costs so high, financial advisors worry that parents may be risking their own retirement to help their kids; KDKA's Jon Delano reports."  For more information click the link below.

Source: YAHOO! Finance

Robot Workers: Coexistence Is Possible

"From car factories to microprocessor plants to fulfillment warehouses, a single robot can now handle tasks that once took hundreds of man-hours to complete. This relentless march of automation is causing economic upheaval. As time goes on, companies will become more productive and more efficient, but the amount of human labor required will decrease and the pay will be less. The sentient worker will be reduced to a relic of a simpler age."  This is a great article, for more information click the link below.

Source: Bloomberg Businessweek

U.S. productivity sinks 2% in fourth quarter

"WASHINGTON (MarketWatch) — U.S. businesses did not produce goods and services all that efficiently at the tail end of 2012: Workers put in more time but companies barely increased output, according to preliminary government figures."  For more information click the link below.

Source:  MarketWatch

GDP Shrinks and Consumer Confidence Declines - More Jobs Needed Reports SaveOurWorkforce

"The Commerce Department reported yesterday the nation's gross domestic product shrank for the first time in 3 1/2 years during the fourth quarter of 2012, declining at an annual rate of 0.1% between October and December. Also this week, the Conference Board said its gauge of consumer confidence dropped to 58.6 in January, the lowest level since November 2011, which erased all of the gains made through 2012."  For more information click the link below.

Source: Yahoo! News

10 best-payed jobs, no bachelor's degree required

"There’s hope for Homer Simpson. Though most believe the path to prosperity runs through the college quad, it’s possible to earn a good salary without earning a bachelor’s degree first, according to a new survey. In some cases, graduates get great returns on a two-year community-college degree, the study by CareerBuilder.com and Economic Modeling Specialists, an employment analytics firm, found."  For more information click the link below.

Source:  MarketWatch

Hasbro to cut 10 percent of workforce after fourth-quarter revenue misses expectations

"Toy maker Hasbro said Friday that its fourth-quarter revenue failed to meet expectations because of weaker-than-expected demand over the holidays. It plans to cut about 10 percent of its workforce and consolidate facilities to reduce expenses."  For more information click the the below.

Source: New York Post

For young adults, bad economy means life-altering changes

"Most Americans have felt the pinch of a tough economy, but for young adults, these unstable times mean long-lasting, life-altering changes, a Pew Research Center survey suggests today. "  For more information click the link below.

Source: USA Today

Nestor's Blog

As a college student, employment after graduation is an exciting and wondrous prospect. By the same token, it is also one of the most unsure aspects of our careers. The four years of college, as one my former teachers coined, “as the last four years of your life that you can still be a kid”. While this is true in many regards, I don’t have to pay bills, I don’t cook for myself, and I still rely heavily on my parents support; there is still reasonable concern about life after these four years.  Myself, and many other college students are concerned about our futures as employees in an American job market that has suffered both internally and externally. These factors include outsourcing from within, and more qualified workers in the sciences and engineering departments in other parts of the world, often with more rigorous educational systems.

It is because of this, that our mission is so important; SaveOurWorkForce is a gateway for action and progress. Instead of standing idly by while our potential employment is swept away by globalization, we, as college students in this day and age, need to be more informed, more qualified, and more serious about our futures than perhaps any college generation before us. While there is still ample opportunity to enjoy these four years in terms of socializing and celebration, there is still a responsibility to stand out as leaders and scholars through our non-profit, our studies, and our attitudes. Average simply is not good enough anymore. 

Why these business owners are hiring (well, most of them)

This article has some insight as to why many entrepreneurs are hiring.  "Yes, we are hiring. In fact, aggressively hiring, as our hiring is not dependent on the economy -- it's dependent on our business growth. To slow down or stop hiring, I'd need to see indicators that our revenue growth will slow down. These indicators don't come from macro economic effects, like a fiscal cliff, which is more political posturing than a real economic concern. They come from our clients and consumers." says Tom Szaky, founder of TerraCycle.  For more information click the link below.

Source: CNN Money

Breaking down 2012’s jobs data in charts

This article has information on how the job market is doing, such as in the construction, manufacturing, government, and health care sectors as well as the total jobs growth.  "Talk about steady: The U.S. created, on average, 153,000 nonfarm jobs each month over the course of 2012; the U.S. also averaged 153,000 nonfarm jobs a month during 2011. The unemployment rate has slowly improved, falling to 7.8% at the end of the year, but the labor market remains far from booming."  For more information click on the link below.

Source: MarketWatch

2013 minimum wage, state by state

The link below has information on all the current 2013 minimum wages categorized by each state.

Suorce: CNN Money

Companies with record layoffs in 2012

"Whatever recovery the jobs market posted in 2012, mass layoffs remained impressively high. Dozens of companies each fired thousands of workers, with failing firms at the top of the list based on total cuts. According to 24/7 Wall Street, most of the companies that laid people off have at least two things in common. They have been run by CEOs who lost jobs amid pressure to improve results, or they are run by chief executives who could be ousted soon for the same reason. Also, they are companies where future cuts are nearly certain."  For more information click on the link below 

Source: MarketWatch

How Free Speech Died on Campus

At Yale University, you can be prevented from putting an F. Scott Fitzgerald quote on your T-shirt. At Tufts, you can be censured for quoting certain passages from the Quran. Welcome to the most authoritarian institution in America: the modern university—"a bizarre, parallel dimension," as Greg Lukianoff, president of the Foundation for Individual Rights in Education, calls it. 

Read more at: http://online.wsj.com/article/SB10001424127887323894704578115440209134854.html

Obama and Romney Need a Jobs Plan - No Worries, Kids Have it Called SaveOurWorkforce

A key issue with voters is jobs. According to some young people, neither presidential candidate has a workable jobs plan. No worries, kids have a solution called SaveOurWorkforce.

Sarasota, FL (PRWEB) September 28, 2012

Employers took 1,267 mass layoff actions in August involving 127,454 workers as reported last week by the U.S. Bureau of Labor Statistics. The BLS also reported the labor-force participation rate -- the percentage of the civilian working-age population that is either working or looking for a job -- fell to 63.5 percent, the lowest since 1981. For voters, it may come down to which candidate has the best jobs plan to reduce unemployment. Some high school and college students reviewed both the Obama and Romney "jobs plan" and their conclusion was that neither candidate has a practical proposal. These young people studied the unemployment problem and believe they have created the only workable jobs plan called SaveOurWorkforce.

What do these kids think about the Obama and Romney jobs plan? "President Obama's plan focuses on federal spending and tax incentives which we believe is a short term solution to a long term unemployment problem", explains Nestor Crespin, attending Loyola Marymount University in Los Angeles. "For Mr. Romney, his plan centers on the private sector creating more jobs. However we believe companies making record profits are still not hiring because they have no incentive to keep jobs in America." says Stephen Sisley, at Brevard Community College in Florida.  What solution do these youngsters have for Obama and Romney?

"No worries," says Austin Mazzolini who attends California Academy of Math and Science. "Kids brainstormed the unemployment problem and created a jobs plan called SaveOurWorkforce." Eric Palma, another student at the same school explains, "Brainstorming is all about encouraging wild ideas and having lots of thoughts and coming up with creative solution which kids are great at."  "For several months students have been brainstorming, searching for a solution," explains Austin. The kids concluded that 'invisible outsourcing' - sending jobs, goods and services outside of the United States without consumers knowing - is the root cause of the high levels of unemployment and that it can be made visible using social networking. This organization's goal is to give large companies the needed incentive to keep jobs in America by providing a tool for consumers to easily monitor, encourage and reward businesses that provide jobs to American families. 

SaveOurWorkforce high school and college clubs track and report the U.S. workforce size of the largest corporations in America and provide an ongoing database to the public free of charge on their website. The website tool Before-You-Buy, Verify empowers consumers to direct their purchases towards companies that support the U.S. Workforce the most. Robyn Bellina, a student at St. Bernard High School explains, "Using this tool strongly encourages businesses to keep jobs in America and provides President Obama and Mr. Romney a practical jobs plan to rebuild our middle class workforce."

About SaveOurWorkforce

SaveOurWorkforce is a nonprofit organization with the mission to save and rebuild the American workforce. Founded in 2012 by high school and college students, the organization encourages the involvement of students, individuals, and companies throughout the country at their website http://SaveOurWorkforce.org. ; Students (13 years and older) are asked to join and track the company workforce sizes in their area.  Individuals (the 99%) are asked to join and use the free tool “Before-You-Buy, Verify” that encourages businesses to keep jobs in America. Companies are also asked to join and partner with the youth to help keep jobs in America at http://SaveOurWorkforce.org.

Official Launch 9/12/2012

Come back on September 12, 2012 and signup!