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During President Obama's time in office, the number of American Hispanics who are unemployed has increased 161,000--rising from 2,205,000 in January 2009 to 2,366,000 in July 2013. BLS defines a person as unemployed if they are 16 years or older and do not have a job, but have actively sought one in the last four weeks. The Hispanic community has been hit harder by unemployment in recent years than Americans generally, as the Hispanic unemployment rate has never dropped below 9.0 percent during President Barack Obamas time in office, according to BLS. At 9.4 percent in July, Hispanic unemployment was 2 points (or 27 percent) higher than the overall national rate of 7.4 percent.
In the forty years that BLS has been recording the unemployment rate among Hispanics, the optimal period for Hispanic employment was 2006. During two months of that year, Hispanic unemployment dropped below 5 percenthitting 4.9 percent in May 2006 and 4.7 percent in October 2006. At that time, the difference between Hispanic unemployment and overall unemployment was not as great as it is today. In October 2006, for example, when Hispanic unemployment was 4.7 percent, overall unemployment was 4.4 percenta difference of only 0.3 points (or 6.8 percent). In the twelve years (1997 through 2008) before Obama took office in January 2009, there was only one month when unemployment among Hispanics climbed over 9.0 percent. That was December 2008, when it hit 9.3 percent.
The 9.4 percent unemployment rate among Hispanics in July 2013 was twice the 4.7 percent unemployment rate among Hispanics in October 2006. Also back in October 2006, according to BLS, there was a higher percentage of Hispanics68.5 percent--participating in the labor force. This July, 66.7 percent of Hispanics participated in the labor force. A person is deemed by BLS to be participating in the labor force if they are 16 years or older and either have a job or have actively sought a job in the last four weeks. In June, according to BLS, 2,267,000 Hispanics were unemployed. In July, the number of Hispanics who were unemployed climbed by 99,000 to 2,366,000.
- See more at: Unemployment Climbs to 9.4% Among Hispanics; Double What It Was 7 Yrs Ago | CNS News
The Emergency Unemployment Compensation Extension Act (https://www.govtrack.us/congress/bills/113/s1845) provides states with the money necessary to extend their unemployment insurance past the traditional 27 week cutoff. Congress authorized the emergency funding in the wake of 2008's financial crisis, and renewed it annually until last month when lawmakers allowed the program to lapse. The current bill would resume that funding, although individual states can take as much or as little of the money as they please.
The cloture vote came as a surprise to most onlookers, who expected Republicans to remain united behind opposition to the bill. After last minute efforts by both Congressional Democrats and the White House, however, six Republicans joined with Democrats to close debate in a 60-37 vote. No Democrats voted against the extension, while all but two of the remaining Republicans did.
Today's vote only avoided a filibuster on the unemployment extension. The Senate will next have to pass a final version of its bill and send it to the House. Leadership hopes to hold the vote by the end of this week after possibly adding measures to pay for the law's $6.5 billion price tag.
President Barack Obama has thrown his support behind the legislation, saying that allowing unemployment insurance to lapse in a time of high unemployment "is wrong" and calling on Congress "to make things right."
More Unemployment Benefits Extension Passes Senate - MainStreet
The Federal Reserve announced in December that it would start to purchase $10 billion less of bonds each month starting this January. The tapering of the Fed's quantitative easing program artificially suppressed interest rates. Mortgage rates will start to "move higher in a slower, steadier fashion than 2013," said Bankrate.com senior financial analyst Greg McBride. The current rate for a 30-year fixed mortgage is 4.55%, according to Bankrate.com.
Mortgage rates are likely to move past the 5% mark during the first half of 2014 and could reach 5.5% in the second half of the year, he said. "It was inevitable," he said. "This is going to be a year where mortgage rates increase, but at a modest pace." Mortgage rates remain low compared to the last several decades. In the 1980s, mortgage rates reached the mid-teens, however the average rate over the past 30 years is 7.5%, said McBride.
Consumers who are planning to purchase homes should not let the slight increase prevent them from buying a house or condo. "I wouldn't let the rise in mortgage rates deter you," he said. "We're still at very attractive levels. It is important to be on sound financial footing and have solid credit before you purchase a house."
The economy should continue to rebound steadily in 2014, said Tim Lucas, editor-in-chief of MyMortgageInsider.com. Mortgage rates have been artificially low because of the efforts of the Federal Reserve. The average 30-year fixed mortgage rate could reach 5.25% by mid-2014 and closer to 5.5% by the end of the year, he said.
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Where is that confounded push button trickle down valve release?
Where the hell is that economy that Barry and his posse keep telling everyone is getting better?
You know the one that he's now got his laser sight on??
Oh wait. I forgot. He doesn't give a shit. He's not running for POTUS again and will be taken care of by we the taxpayer for the rest of his jackass life. Never mind.
May Jobs Report: U.S. Economy Adds 175,000 Jobs; Unemployment Rate Up To 7.6 Percent
Black Unemployment Rate Went Up in May
Yeah the bankers and the rich are insulated by their wealth and investments but average Americans are just bumbling along in this crap shoot of a recovery.
May Jobs Report: U.S. Economy Adds 175,000 Jobs; Unemployment Rate Up To 7.6 Percent
Black Unemployment Rate Went Up in May
Yeah the bankers and the rich are insulated by their wealth and investments but average Americans are just bumbling along in this crap shoot of a recovery.
Hey, according to Obama massive unemployment creates more jobs.
Where is that confounded push button trickle down valve release?
Hey lets all give three big cheers for a declining standard of living......hiphip horray, hip hip hoo......ah fuck it, who cares if we have a declining standard of living.
As has been pointed out repeatedly by the right wingers. Our "poor" people, when compared to the rest of the worlds poor, just have got it so good.
And the middle? Well, just grab your boot straps and jerk yourself right off into the wealthy class. And if you can't do that, oh well.
But the ultra wealthy? They need all the help they can get from the rest of us. And don't be fucking wanting to tax them more. They have a hard row to hoe you know. Trying to figure out what to do with all that money is......taxing. I mean very hard.
