Posts Tagged ‘Mark Zandi’
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As the stock market dropped the past few weeks apparently per ADP’s new report, hiring does not have such a sunny outlook either.
Per their report, the private sector added 175,000 jobs in January. The significance of this number? It’s the weakest month for hiring since August. Usually in January there seems to be an uptick since December slows down due to the holidays but ADP reported 227,000 new jobs in December.
Mark Zandi, chief economist at Moody’s Analytics, alluded to weather having an impact on hiring.
He told CNN, “Cold and stormy winter weather continued to weigh on the job numbers.” He pointed out that underlying job growth still remains “sturdy” and he’s expecting a breakout year.
Here’s a staggering thought: Approximately 2.1 million Americans are set to lose their extended unemployment benefits on December 29 if the folks in Washington don’t renew them. This is part of a package deal related to tax increases and spending cuts better known as the fiscal cliff.
That’s not all — as per the National Employment Law Project (NELP), an additional 930,000 Americans are going to run out of unemployment insurance early in the new year when their 26 weeks expire. (During the recession, the federal government provided up to 73 weeks of jobless benefits in addition to the 26 weeks most states were able to provide.) Read more
If you want to make some money head to the nation’s capital, that’s because according to the annual report of city incomes, the DC area holds the highest average household income in the country. Residents have a medium household income of just more than $85,000.
Not only that, but it’s only one of two cities in the top 52 largest areas (cities with population over 1 million) that saw a flat or improved income level in 2009. San Antonio was the only other city that didn’t post a loss in average income, growing .5 percent from 2008 levels.
“This goes to how broad-based the downturn was,” said chief economist of Moody’s Analytics Mark Zandi to CNNMoney. “During other recessions, a region or two avoided the recession. This time, none did.”
Zandi went on to credit the regulatory environment for the stability in DC income levels, as more businesses move into the area to support the new laws. Of the cities showing the most declines in income, poor Detroit came in at the top of the list with a 10 percent drop, according to the Census Bureau report. Orlando also nearly saw a 10 percent drop in income, while Cleveland fell 8.5 percent.