Economic News Round-Up

The password is: Unemployment.

LA Times—On the US: "Despite the nation's 9% jobless rate, Republicans have grown increasingly uneasy with providing additional unemployment benefits beyond the 26 weeks most states offer. More than 2 million jobless Americans will exhaust those benefits in the early weeks of the new year. The federal government has been supplementing the states to provide up to 99 weeks of benefits. Congress will need to devise a way to pay for the estimated $55-billion cost of the extra aid that will draw GOP support without alienating Democrats."

Belfast Telegraph—On the UK: "The UK's economy will slip back into recession in the coming months, a bleak forecast from the OECD revealed. The economic think-tank said the UK's GDP will shrink in the final quarter of 2011 and the first quarter of 2012—the first time it has predicted a double-dip recession for the UK. ... The OECD also said unemployment, which currently stands at 8.3%—its highest since 1996—will rise to 9% in 2013 as jobs figures take a worse hit than in the recession following the banking crisis."

ABC Melbourne—On Australia: "A study looking at youth employment has found young people make up almost a quarter of Australia's long-term unemployed. ... Since 2008, the percentage of young Australians without a job for a year or longer has almost doubled."

AP—On Japan: "Government figures released Tuesday showed the unemployment rate adjusted for seasonal variations had jumped to 4.5 percent from 4.1 percent in September. Other recent indicators show slowdowns in exports and industrial production in the face of a strong yen and a sputtering global economy."

China Daily—On France: "The number of jobless people in France grew by 1.2 percent in October from a month earlier, as sluggish economic activities slowed job creation in the eurozone's second largest economy, official figures showed on Monday. According to labor ministry figures, France registered 34,400 more jobless people last month, which pulled up the country's total number of jobseekers to more than 2.814 million in France's mainland."

Asia One News—On Thailand: "The Office of the National Economics and Social Development Board (NESDB) said yesterday that Thailand had 260,000 people out of work in the third quarter of this year and the flood had significantly affected workers' quality of life. The unemployment rate was expected to increase to 700,000-920,000 people, with household debts also rising."

NASDAQ—On Italy: "Italy's economy will contract by 0.5% in 2012, the Organization for Economic Cooperation and Development said Monday in a new set of forecasts, sharply slashing projections of 1.1% growth made in May. ... Italy's new government needs to 'fully implement' emergency fiscal measures it inherited from its predecessor and 'undertake important structural reforms to spur growth,' doing so even as unemployment rises, the OECD said."

Bloomberg—On Spain: "Spain's economy is struggling to recover from a three-year slump as households spend less to pay off one of the largest private-debt burdens in the euro region. The Organization for Economic Cooperation and Development cut its 2012 growth forecast for Spain to 0.3 percent from 1.6 percent yesterday, and said it sees unemployment peaking at 22.9 percent next year."

The Globe and Mail—On Greece: "In October, Greece's million-strong unemployed outnumbered the county’s 750,000 public sector workers as the country edged to the close of its fourth year of recession."

Not good. Meanwhile, the Eurozone crisis remains a primary global concern...

The Guardian's live coverage is here.

CBS News—EU leaders seek Hail Mary for the euro: "The 17 finance ministers of the countries that use the euro converged on EU headquarters Tuesday in a desperate bid to save their currency—and to protect Europe, the United States, Asia and the rest of the global economy from a debt-induced financial [disaster]. ... Even countries outside the eurozone were ratcheting up pressure on the ministers to find a solution. President Barack Obama, meeting with top EU officials on Monday, said a European failure to resolve its debt crisis would complicate his own efforts to create jobs in the U.S. And even Poland, historically wary of German dominance beyond its borders, appealed for help. 'I will probably be the first Polish foreign minister in history to say so, but here it is,' Radek Sikorski said in Berlin. 'I fear German power less than I am beginning to fear German inactivity. You have become Europe's indispensable nation.'"

ABC News—Obama says US 'stands ready to do our part' for Eurozone crisis: "As the European debt crisis continues to escalate, President Obama urged European Union leaders today to act quickly to resolve the eurozone crisis... 'This is of huge importance to our own economy. If Europe is contracting or if Europe is having difficulties, then it's much more difficult for us to create good jobs here at home,' [the president said]. While Obama did not say what kind of assistance the U.S. would be willing to provide, earlier today the White House ruled out any financial contributions from U.S. taxpayers. 'We do not in any way believe that additional resources are required from the United States or from American taxpayers,' White House Press Secretary Jay Carney told reporters. 'This is a European issue, that Europe has the resources and capacity to deal with it and that they need to act decisively and conclusively to resolve this problem,' Carney said."

So, basically, we're going to "help" by lecturing other countries to get their shit together while failing to get our shit together. Awesome. Austerity for everyone!

Reuters—Euro zone crisis biggest threat to global economy—OECD: "The euro zone's debt crisis has become the biggest threat to the global economy and a break up of the currency zone can no longer be ruled out, the OECD said on Monday, slashing its forecasts and urging the ECB to play a bigger role in defusing the crisis. ... A worst case scenario of continued inaction in the euro zone and the failure of U.S. lawmakers to agree a spending-reduction plan would usher in a devastating downturn for the world economy, the Paris-based OECD said."

Speaking of the Congressional Supercommittee, they have yet to do fuck-all, naturally. And Republican Governor of New Jersey, Chris Christie, is leading the charge on making it All President Obama's Fault, despite the fact that Republicans accuse him of railroading Congress when it suits their narrative, and now accuse him of, essentially, not railroading Congress. (As if Congressional Republicans could be railroaded, anyway.) Good fucking god, this country's national discourse is infuriating.

In other random economic news...

IndieBay: Interview with Scott Olsen about his injury from the police attack on Occupy Oakland (video).

Bloomberg: Moody's considers bank debt downgrade in 15 European nations.

Wall Street Journal: Facebook targets huge IPO.

CNN Money: American Airlines files for bankruptcy.

Bloomberg: How Paulson gave hedge funds advance word. And related to that: Paul Krugman's "Mission not accomplished."

New York Times: In gloomy economic times, Santas learn to help by curbing expectations.

As always, please feel welcome and encouraged to leave links to anything you're reading and/or writing in comments.