Economic Glance
Companies eliminated more jobs than forecast in August, a private survey indicated today, signaling that employers have yet to gain confidence about a recovery from the deepest recession since the 1930s.
The 298,000 drop followed a revised 360,000 decline the prior month that was smaller than previously estimated, according to figures from ADP Employer Services.
U.S. Companies Cut 298,000 Jobs in August
GATA presses Fed to give up its golden secrets
We construe this as an admission that the U.S. gold reserve has been put into private hands to some extent or has been compromised in some way by possession by private interests, such as financial houses that trade in gold. Really, why should any Federal Reserve record involving the national gold reserves be confidential, except perhaps records involving the most ordinary security of the reserve's vaulting? Plainly the Fed has knowledge of something that has been done with the gold reserve that the U.S. government does not want the American people and the financial markets to know.
Millions Face Shrinking Social Security Payments
Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.
The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.
State jobless rate at all-time worst
California led the nation in job losses in July, while a third of the nation showed decreases in unemployment for the month. California lost 35,800 jobs, the U.S. Labor Department said Friday, to boost its unemployment rate to 11.9 percent, a mark unequalled since modern labor record-keeping began.
The new numbers bring California's total job losses to 760,200 over the last year. If there is good news, it is that the rate of job losses slowed for a second straight month. July's job losses were barely half those in May.
U.S. banks to make $38 billion from overdraft fees: report
A large portion of the revenue is likely to come from the most financially stretched consumers, according to the paper.
It said the research showed that many banks have increased charges on overdrafts and credit cards in order to boost profits.
Numbers of poor in US projected to increase to 38.8mil
The numbers of poor and uninsured Americans are likely rising - with more than 38.8 million believed to be in poverty. Rebecca Blank, the Commerce Department's undersecretary of economic affairs, spoke to The Associated Press in advance of next month's closely watched release of 2008 census data.
Noting the figures are not yet final, Blank said the numbers will likely show a "statistically significant" increase in the poverty rate, to at least 12.7 percent. That would represent a jump of more than 1.5 million poor people last year.
Where did that bank bailout go? Watchdogs aren't sure
Although hundreds of well-trained eyes are watching over the $700 billion that Congress last year decided to spend bailing out the nation's financial sector, it's still difficult to answer some of the most basic questions about where the money went.
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