How are you faring in this worsening job market?
Unemployment is rising more sharply than economists had predicted.
The unemployment rate hit 10.2 percent in October — the first time it climbed over 10 percent since 1983. Most economists were expecting the rate to come in at 9.9 percent.
Nearly 16 million people are officially unemployed, the Labor Department said today.
How are you faring in this worsening job market? If you’ve landed a job after being laid off, do you have any words of wisdom for those still out there?
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What’s your company doing for a holiday party?
The holidays are right around the corner and that means company parties at swank digs.
Or does it? Is your employer hosting a posh affair or potluck this year?
The recession’s lingering grip makes this year an interesting guess.
So what is happening at your company?
In addition to commenting on this blog, AJC reporter Tammy Joyner is writing an article about this. She would like to hear from you, whether you’re an employee, company official or caterer.
You can reach her at 404 526-5870 or tjoyner@ajc.com. Thanks.
Continue reading What’s your company doing for a holiday party? »
Power Breakfast: Trouble grows for Ga. banks, Delta, Cousins, jobless numbers out today
Georgia’s bank situation keeps getting worse.
Nearly one in of five of Georgia’s more than 300 banks made a list of troubled institutions at the end of the third quarter, AJC reporter Paul Donsky writes.
In all, 57 banks had high scores on a misery index known as the Texas ratio as of Sept. 30, compared to 49 in the second quarter. No other state had as many banks on the list, Donsky reports.
Many of the banks ran into trouble after making loans to home builders and subdivision developers that turned bad after the housing market imploded two years ago.
The troubles appear to be escalating at some of the hardest-hit banks as problem loans soar and capital erodes, causing their Texas ratios to climb sharply.
Also in the AJC:
Will tax credit for ‘move-up’ homebuyers spur you to act?
Late Wednesday, the Senate voted 98-0 to extend the first-time homebuyer tax credit of $8,000 to April 30.
The Senate also took action to spur sales to “move-up” buyers, AJC reporter Bob Keefe writes.
Legislation, which still must be passed by the House, would provide a $6,500 tax credit for homebuyers, as long as they had been in their previous home for at least five years.
The tax credits would be limited to homebuyers who make $125,000 or less as an individual or $225,000 or less as a couple. The cost of the home being purchased may not exceed $800,000.
If these provisions become law, will it push you off the fence? Why or why not?
Continue reading Will tax credit for ‘move-up’ homebuyers spur you to act? »
Power Breakfast: Senate OKs unemployment extension and home-buyer credit, major toll projects, CNN, Toyota, Intel
When Democrats and Republicans want to work together, they certainly know how.
The U.S. Senate late Wednesday unanimously passed legislation extending unemployment benefits and also significantly expanding a homebuyer tax credit that was championed by Republican U.S. Sen. Johnny Isakson of Georgia, AJC reporter Bob Keefe writes.
The Senate voted 98-0 to extend unemployment benefits for the jobless by up to 20 weeks. In states with unemployment rates of 8.5 percent and above — in Georgia the unemployment rate is 10.1 percent — the jobless could receive up to 99 weeks of benefits, which average about $300 per week.
As part of the unemployment package, the Senate also voted to extend an $8,000 first-time homebuyer tax credit through April 30, Keefe reports.
The homebuyer tax credit program, which is currently set to expire Nov. 30, also would be expanded to give all homebuyers a $6,500 credit as long as they had been in their previous home for at least five years.
Also in the …
Power Breakfast: Buffett, Delta, Kia, securities fraud, auto sales
Perhaps the most famous investor in the world, Warren Buffett, is making the biggest bet of his career on the long-term health of the U.S. economy.
Buffett’s Berkshire Hathaway on Tuesday agreed to buy the 131-year-old Burlington Northern Santa Fe railroad for $26 billion.
A railroad might strike many people as a bit old-fashioned — more 19th century than 21st, the New York Times writes. But Buffett is wagering that as the economy revives, so will the demand for goods to be shipped by train.
Burlington Northern carries coal and timber from the West, grain from the Midwest and imports arriving directly from Mexico and Canada, as well as through California ports, the Times reports.
Buffett is also betting that higher oil prices down the road will work against the trucking industry and for railroads like his.
In the AJC:
- Vacant restaurant spaces find new life
- Union seeks election delay, angering Delta
- Economist: Gift giving is a waste or resources
- Two Georgia men indicted …
Continue reading Power Breakfast: Buffett, Delta, Kia, securities fraud, auto sales »
Layaway plans revived in tough times
Today’s tough times have prompted retailers to dust off layaway plans for the holidays.
Different from credit-card purchases, consumers are not charged interest, but can’t take the item home until it is paid off, the Better Business Bureau says.
When purchasing items on layaway, the buyer must typically make a down payment of 10 to 20 percent and pay any service or plan fees for the store to hold the item, BBB says.
The consumer then has typically 30 to 90 days to make periodic payments to pay off the balance. Once it is paid off, the customer can take the items home.
BBB says it’s important to get everything in writing and ask the following questions:
- How much time do I have to pay off the item?
- When are the payments due?
- How much do I have to put down?
- Are there any storage or service plan fees?
- What happens if I miss a payment? Are there penalties? Does the item return to inventory?
- Can I get a refund or store credit if I no longer want the item after making a …
CARE chief taps business know-how
Dr. Helene Gayle heads one of the most critical non-profits in the world, Atlanta-based CARE.
But she’s increasingly focusing on lessons from the corporate world when directing her organization’s fight against worldwide poverty.
Dr. Helene Gayle
Terms like leverage, supply chain and re-branding flow readily from her tongue, as she describes her strategy to help more people with CARE’s projects. For a second or two during an interview last week, I thought I was talking to UPS CEO Scott Davis or Home Depot CEO Frank Blake, two men who smile when they hear talk of supply chain.
But it was Gayle, a 54-year-old trained pediatrician, who was explaining CARE’s partnership with UPS, so it could get disaster relief more quickly to the next hot spot. To do that, CARE needs sophisticated logistical expertise from a company that knows how to efficiently deliver packages to more than 200 countries.
These days, Gayle said, the line between for-profits and non-profits is blurring. …
Power Breakfast: Bank failures, election, divorce, Delta, Ford, health care
At least they came to listen.
A Congressional subcommittee decamped to the Georgia State Capitol on Monday to focus on the wave of bank failures here, along with the foreclosures that have decimated neighborhoods, AJC reporter Paul Donsky writes.
During three hours of testimony, the House subcommittee – led by former Presidential candidate Dennis Kucinich, an Ohio Democrat – heard from bankers, builders, homeowners and academics in an effort to better understand the Peach State’s problems and determine how the federal government could help turn things around, Donsky reports.
Dan Immergluck, a professor at Georgia Tech’s city and regional planning program, said Congress should be much more forceful by requiring mortgage servicers to do a better job of modifying loans of homeowners struggling to make payments
Others, including former Atlanta Mayor Andrew Young, said regulators should go easier on the state’s community banks, many of which are reeling from losses tied …
Continue reading Power Breakfast: Bank failures, election, divorce, Delta, Ford, health care »
Cash or credit cards for the holidays?
A majority of consumers say they plan to use cash this year when shopping for the holidays, according to a survey.
Sixty-eight percent said they would use cash, while another 12 percent said they would use a credit card but pay the bill in full. The survey was conducted by the National Foundation for Credit Counseling.
Another 10 percent would charge purchases and pay them off over time. The final 10 percent plan to use lay-away programs.
How about you? Will you use cash? Credit cards? Will you spend less or more than you did last year? What’s your strategy?
Also, beyond holiday shopping, has you credit card company made changes in your account, even though you have paid on time?
Did your rate increase? Was your credit limit cut? Did your minimum payment rise?
Besides commenting on this blog, AJC reporter Carrie Teegardin would like to hear from you. She is working on an upcoming article about the latest trends with credit cards.
Please e-mail your experiences to Carrie at …
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