Word: joblessness
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...matter of time before Korea follows Australia's lead. So will the People's Bank of China, the Reserve Bank of India, the Reserve Bank of New Zealand, the Monetary Authority of Singapore - and perhaps several months down the road, the European Central Bank. As economies recover and jobless rates fall, most policymakers will raise interest rates to head off the inflation that could result from the massive fiscal stimulus spending launched by governments around the world to combat the global recession. (See pictures of the global financial crisis...
...Most will raise rates - but one very conspicuous central bank is unlikely to follow suit. With the U.S. jobless rate at 9.8% and still rising, the U.S. Federal Reserve cannot risk a rate increase anytime soon, despite the danger of inflation. Raising rates would add to the burden on U.S. businesses, particularly small- and medium-size enterprises that account for the majority of U.S. jobs. Higher rates would also make mortgages, credit-card debt and other forms of personal financing more expensive, further crimping consumer spending, which accounts for the bulk...
...life coaches and motivational speakers have been trying to tell us for more than a decade now, a healthy, positive mental outlook requires strict abstinence from current events in all forms. Instead, you should patronize sites like HappyNews.com, where the top international stories of the week include "Jobless Man Finds Buried Treasure" and "Adorable 'Teacup Pigs' Are Latest Hit with Brits...
...Mass layoffs have been at a record high, flooding the labor market with job hunters. Six years of manufacturing-job losses were compressed into 18 months, overwhelming retraining programs. The collapse of home values and the tightening of credit make worker mobility a moot issue. Instead of connecting the jobless to new jobs, the employment system has seized up. After 33 weeks of searching for work, Whitfield is looking warily to December, when his unemployment insurance ends...
...that use the euro as their currency reached a 10-year high of 9.5% in July, though the pace of increase has slackened since earlier this year. Spain has been battered by the crunch--nearly 1 in 5 adults, and 38.4% of citizens under the age of 25, are jobless--while the Netherlands has weathered the downturn nicely, with just 3.4% of its residents out of work. Analysts say the figures underscore the growing gap between more economically stable euro-using countries, such as France and Germany, and more vulnerable members, like Italy and Ireland...