Headlines:

At EU summit Czechs and UK Directly Refuse in Joining Fiscal Compact

Czech Republic along with United Kingdom refused in signing up. United Kingdom Prime Minister named David Cameron told his government could work if the contract threatened the UK interests. He has the "legal concerns" on use of the EU institution in enforcing fiscal treaty and it was mentioned by him. The Czechs again mentioned "constitutional reasons" just for the refusal of them, President of France named Nicolas Sarkozy told.

Solid Start for 2011 for American Auto Industry

Even with high unemployment all over the country, consumers visited auto retailers and bought with them new cars and trucks. This led to increased sales of cars and light trucks to an estimated 819,895 for the month of January, which registers a 17% jump over the same month from 2010. Analysts believe that the sales are driven by the vehicle owners’ needs to replace their old machines.

Economists Opine Recession Returning Europe

 

Government strictness has destabilized growth and then caused a big deal of the anger around the Europe.  The great majority of the leading economists who has polled by BBC now believe that the recession will dramatically return to the Europe in the year after the end of this year.

Long-Term Unemployment Rate Remains High

With the nation still reeling from the continuing effects of the recent global recession, the long-term employment rate among Americans still remains obstinately high.

According to a Pew Charitable Trusts study released on Thursday, January 27, the unemployed 30% of the 14 million Americans have bee suffering unemployment for more than a year already. This is a huge increase of 25% over the last year. When translated to estimated figures, this means that 4.2 million Americans, or roughly the total population of Kentucky, do not have jobs for a long time now. Among these unemployed workers, over 40% are aged 55 and above.

And even if there is a long-term unemployed rate decrease of 200,000 in December 2010 from August 2010, the good news offered little relief. Also, the situation could be worsened by the decline in the amount of federal money spent on unemployment insurance benefits, according to the Congressional Budget Office's data. Spending on short-term and long-term unemployment benefits will decrease by $30 billion from fiscal year 2010, to only $129 billion in fiscal year 2011.

The decline was caused by denial of the benefits to Americans who have been unemployed for more than 99 weeks, and by the expiration of a stipulation in the Recovery Act that provides a $25 weekly supplement benefit.

According to an analysis of federal records by CNN, unemployed people have claimed up to $319 billion in unemployment insurance benefits over the past three years, which is when the Great Recession has sent the global economy paralyzed and reeling.

Comments