Category: Economy (Page 4 of 13)

Virginia’s Unemployment Rate Drops Below 4.0%

May 20, 2016 / MCDC

Commonwealth of Virginia

Office of Governor Terry McAuliffe

FOR IMMEDIATE RELEASE
Date: May 20, 2016

Office of the Governor

Contact: Brian Coy
Email: Brian.Coy@governor.virginia.gov

Virginia Employment Commission

Contact: Ann Lang
Phone: (804) 786-3177
Email: ann.lang@vec.virginia.gov

Governor McAuliffe Announces Virginia’s Unemployment Rate Drops Below 4.0%

~ Rate is lowest in the Commonwealth since June 2008 ~

RICHMOND – Governor Terry McAuliffe announced today that Virginia’s seasonally adjusted unemployment rate declined by 0.1 percentage point in April and is now at 3.9 percent—the lowest rate since the June 2008 rate of 3.9 percent. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which was unchanged in April at 5.0 percent.

In April, Virginia’s over-the-year employment growth of 2.2 percent surpassed the national growth rate, which was 1.9 percent. For the seventh consecutive month, over-the-year growth in the Commonwealth has exceeded 2.0 percent and surpassed the national growth rate, which has been in the 1.9 to 2.0 percent range.

Virginia had the lowest seasonally adjusted unemployment rate among the Southeast states and had the fourth best rate among the states east of the Mississippi.

“Crossing below 4% unemployment marks a real milestone in our ongoing progress building a new Virginia economy and creating more opportunities for families across the Commonwealth,” said Governor McAuliffe. “I am proud that we have the lowest unemployment rate in the Southeast and that we continue to outpace the nation when it comes to putting people back to work – but this is no time to let up. We are working every day to bring new jobs and investment to the Commonwealth and to lay a foundation for continued growth now and well into the future.”

“Virginia’s economy continues its impressive growth,” said Secretary of Commerce and Trade Maurice Jones. “This is due, first and foremost, to the unmatched talent that we have throughout the Commonwealth and additional assets in areas like our infrastructure and pro-business climate. We must continue to make the strategic investments necessary to continue this season of growth and ensure that all parts of the state benefit from it.”

From April 2015 to April 2016, Virginia’s seasonally adjusted total nonfarm employment increased by 83,400 jobs. Over-the-year employment growth has been positive for the past 25 months. The private sector recorded an employment gain of 83,800 jobs, while the public sector recorded an employment loss of 400 jobs. Compared to a year ago, on a seasonally adjusted basis, seven of the eleven major industry divisions experienced employment gains.

For a greater statistical breakdown visit the Virginia Employment Commission’s website at www.vec.virginia.gov.

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To view the published press release, please visit our website: http://1.usa.gov/22i9oOj

Elliot Meyer
Press Assistant
Office of Governor Terence R. McAuliffe
Direct: (804) 786-4401
General: (804) 786-2211

Were your eyes stitched closed?

April 10, 2016 / MCDC

Senator Elizabeth Warren questions Leonard Chanin at Banking Hearing on Consumer Finance Regulations

“Socialism for the rich, capitalism for the poor”

March 22, 2015 / MCDC

Subsidies considered excessive, unwarranted, wasteful, unfair, inefficient, or bought by lobbying are often called corporate welfare.^[1] The label of corporate welfare is often used to decry projects advertised as benefiting the general welfare that spend a disproportionate amount of funds on large corporations, and often in noncompetitive, or anti-competitive ways. For instance, in the United States, agricultural subsidies are usually portrayed as helping honest, hardworking independent farmers stay afloat. However, the majority of income gained from commodity support programs actually goes to large agribusiness corporations such as Archer Daniels Midland, as they own a considerably larger percentage of production.^[21]

Alan Peters and Peter Fisher (Associate Professors, Graduate Program in Urban and Regional Planning, University of Iowa)^[22] have estimated that state and local governments provide $40–50 billion annually in economic development incentives,^[23] which critics characterize as corporate welfare.^[24]

Some economists consider the recent bank bailouts in the United States to be corporate welfare.^[25]^[26] U.S. politicians have also contended that zero-interest loans from the Federal Reserve System to financial institutions during the global financial crisis were a hidden, backdoor form of corporate welfare.

Unemployment at lowest in 7 years

March 6, 2015 / MCDC

The U.S. economy added 295,000 jobs in February, which crushed expectations. That beat the estimate from CNNMoney’s survey of economists, who predicted 235,000 job gains.

February’s job growth shows how far the economy has come in a year. It’s the 12th straight month that the economy has gained over 200,000 jobs, and the unemployment rate fell to 5.5%.

That’s the lowest unemployment rate since May 2008 — before the financial crisis. Unemployment has come a long way from a year ago when it was 6.7%.

Wages are quickly becoming the focal point for the economy’s health. The Federal Reserve wants to see better wage growth before it raises its key interest rate, which will have a big impact on the economy and markets. Friday’s report is the last look at the job market before the Fed’s policy making committee meets this month.

If job growth continues, wages should speed up too, many economists argue. But February’s jobs report told the same tale: excellent job gains in recent months with lackluster wage growth.

CNN Money