Today’s news update focuses on the current unemployment rate, GM Management, Healthcare and Stocks.
U.S. Economy List Only 11,000 Jobs
Current Unemployment Rate News
In the strongest employment report since the recession began nearly two years ago, the government said Friday that the nation’s employers had all but stopped shedding jobs in November, taking some of the pressure off of President Obama to come up with a jobs creation program.
The Labor Department reported that the United States economy lost 11,000 jobs in November, and the unemployment rate fell to 10 percent, down from 10.2 percent in October.
CEO Whitaker to shakeup GM management: report
NEW YORK (MarketWatch) — General Motors Co. will announce sweeping changes to its leadership early Friday that will include promotions for its younger managers to help revitalize the troubled automaker, according to a published report.
The management shakeup follows the sudden departure of Fritz Henderson, 51, as chief executive after just nine months on the job and the ascent of Ed Whitacre, 68, to head the struggling Detroit automaker.
Obama Health Overahaul May Fail to Cut Spending on Medicare
Dec. 4 (Bloomberg) — White House Budget Director Peter Orszag says the medical-system overhaul now being debated in the Senate puts in place “crucial steps” to help slow the growth of U.S. health-care spending.
As the lawmakers struggle to reach consensus on the nation’s most far-reaching health legislation in four decades, some economists and analysts don’t share that confidence in either the Senate or the House bills.
US Stocks Futures Surge After Nonfarm Payrolls Report
NEW YORK (Dow Jones)–U.S. stock futures surged Friday morning as the monthly nonfarm payrolls report shattered expectations, providing a sign the labor market is finally starting to heal.
After trading around 15 points higher prior to the report, Dow Jones Industrial Average futures jumped 123 points to 10475 in recent trading. Standard & Poor’s 500 futures added 15 to 1113 and Nasdaq 100 futures gained 24 to 1805.
Setting off the gains, U.S. job losses slowed sharply in November and the unemployment rate unexpectedly declined. In its monthly report, the Labor Department said nonfarm payrolls fell by just 11,000 last month, slowing down from a downwardly revised 111,000 drop seen in October. It was the best showing since December 2007, when payrolls rose by 120,000, said a Labor department official. Economists surveyed by Dow Jones Newswires had expected a payroll decrease of 125,000.
Given the fact of our present high unemployment and an unstable economy, according to some people, the increases in minimum wage will only increase unemployment. Conversely, others believe that those who work for minimum wage are past due from being given a raise- because of the increased costs of living.
Minimum wage came into existence just after World War II, then at 40 Cents an hour. Minimum wage is essentially a law that makes it illegal for firms over a certain revenue point/size to hire anyone at a wage level below the official minimum.
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Joining host, Dennis McCuistion, to discuss the pros and cons of proposed increases are:
- Liana Fox: Economic Analyst with Washington based, Economic Policy Institute
- John P. Greenan: Executive Director of the Central Dallas Community Development Corporation
- Robert Smith: Host of the Acorn Hour Radio Program on KNOW 89.3 FM (Association of the Community Organizations for Reform Now)
- Bob McTeer, PhD – Economist and distinguished Fellow with the National Center for Policy Analysis and former President of the Dallas Federal Reserve
Bob McTeer believes that raising the minimum wage may sound good in theory, but in fact some are not employed as a result of it, because firms may not be able to afford hiring them.
John Greenan believes that the minimum wage is low enough that increasing it will not decrease jobs. From his organization’s perspective,
“It’s a moral issue as well. It’s not right [for people] to work full time and not be able to support themselves.”
Join in for a lively discussion that hasn’t changed over the years as to the practicality and morality of minimum wage. Let us know what you think by posting a comment on our website or follow us on Twitter at www.twitter.com/McCuistiontv.
As always thanks for joining us as we talk about things that matter with people who care.
Niki Nicastro McCuistion
Executive Producer/Producer
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