Money Matters - Simplified


Employment Push to US Economy? 195,000 jobs added

Good news for the US economy!! About 195,000 full bodied jobs have been introduced by U.S. Employers in June. The generous employers had added many more jobs in April and May as well. This upsurge in job growth indicates the days for a thriving and booming U.S. economy may have arrived.

Can the Economy Recover in 2011?

 Before you get too excited, I'm not planning on throwing my hat in the ring with my own predictions for the economy next year. I find plenty of ways to be wrong, and that is the kind of make-me-look-silly opportunity that I'm more than happy to pass on.


Pascal extends contract with Sony

Culver City, Calif. -- Sony Corp. of America says it has extended Amy Pascal's employment agreement with Sony Pictures Entertainment where she is co-chairman.

Together with Michael Lynton, chairman and chief executive officer, they are responsible for overseeing all lines of business for the studio, including motion pictures for Columbia Pictures, Screen Gems and TriStar Pictures; worldwide television production and distribution; home entertainment; and digital productions for Imageworks and Sony Pictures Animation.

Private sector jobs up by 43,000 in month

Roseland, N.J. -- Payroll company Automatic Data Processing said Wednesday the U.S. private sector gained 43,000 jobs in September to October.

The number of private sector jobs, a critical litmus test for the U.S. economic recovery, rose for the first time in three months. ADP however, revised the previously reported loss of 39,000 jobs a month ago to a loss of 2,000.

Previous to the two-month streak of losses, the economy had added jobs for six consecutive months.

Wednesday's report comes in advance of Friday's government employment report, which is considered more encompassing, as it also includes government jobs.

Announced layoffs up slightly in September

Chicago -- Layoffs announced by U.S. companies in September rose slightly compared to August, employment researchers at Challenger, Gray & Christmas said Tuesday.

Announced job cuts rose from 34,768 in August to 37,151, the international outplacement firm said.

A year ago in September, 66,404 job cuts were announced. The drop in the 12-months from September 2009 to September 2010 is 44 percent.

The Department of Labor said in its monthly employment reports that the economy shed 54,000 jobs in August, pushing the national unemployment rate from 9.5 percent to 9.6 percent. In September, the United States lost 95,000 private sector jobs, but the unemployment rate remained unchanged statistically at 9.6 percent.

Colombia wins biodiversity award

Nagoya, Japan -- A Colombian program to protect sea life while providing employment has won a top award marking the International Year of Biodiversity, officials said.

The Seaflower Marine Protected Area established by Coralina, a Colombian government agency, was judged to have protected a "vast territory" of ocean while helping fishermen make a better living, the BBC reported.

Projects in Ghana, Japan, the United States and several European countries were also mentioned in the awards to be given out at the Convention on Biological Diversity meeting in Nagoya, Japan.

Chinese turn to Internet for employment

Hangzhou, China -- Competition for jobs in China enormous, and more than 77 million people and businesses have turned to the Internet to make a living, analysts say.

The Internet site said retail sales on China's e-commerce sites reached nearly $32 billion in the first six months of 2010, China's official Xinhua News Agency reported.

Retail sales on e-commerce sites more than tripled between 2007 and 2009, the report said., China's largest online marketplace with more than 1 million e-shops, said many earn at least $300 per month.

That's a modest amount by many standards, but some sites are making owners wealthy, the report said.

Slim summer workforce heads back to school

Washington -- Summer employment for youth in 2010 was worst in more than 60 years, the U.S. Labor Department said.

With the overall unemployment rate edging up to 9.6 percent in August, from 9.5 percent, the unemployment rate for those under 25 hit 18.3 percent, in June, July and August, USA Today reported Tuesday.

For August, 47.6 percent of the 16-24 age bracket were working, a record low for the figure the Labor Department has monitored since 1948, the newspaper said.

Government jobs for youths suffered from budget cuts, while one of the mainstays of employment for younger workers, restaurants, have been slow to hire in a sluggish economy.

Manufacturing shows growth in August

Tempe, Ariz. -- U.S. manufacturing expanded for the 13th consecutive month in August, the Institute of Supply Management said.

Although new factory orders slowed, the trade group's Purchasing Manager's index rose from 55.5 to 56.3, a report released Wednesday showed.

Numbers above 50 indicate growth. As such, new orders expanded, but the index for new orders, at 53.1, showed a slower expansion than a month ago when that index read 53.5.

Employment among manufacturing business grew, with the employment index at 60.4, a sharp increase from the reading of 58.6 posted in July.

Markets bolt higher Wednesday

New York -- U.S. markets jumped higher Wednesday despite an Automatic Data Processing Inc. report saying the labor market lost 10,000 private sector jobs July to August.

The report indicates the employment picture is "essentially flat," said Gary Butler, ADP president and chief executive officer.

The private sector market has added an average 37,000 jobs since February, but the downturn, the first in seven months, is another indication the economic recovery has stalled.

On Wall Street, markets found support from foreign equities. Markets in both Asia and Europe made gains Wednesday.