Stocks gain after weekly unemployment claims drop to five-year low; GM rises after earnings

  • Article by: Associated Press
  • Updated: May 2, 2013 - 10:54 AM

NEW YORK - Stocks are rising on Wall Street following encouraging news about the job market and higher profits from CBS, Facebook and other companies.

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blahstateMay. 2, 13 5:46 PM

Yes, things are going just great!!!!!!!!--------------------------------------------------Experts describe long-term joblessness as a national emergency Article by: KEVIN G. HALL , McClatchy Newspapers Updated: April 27, 2013 - 5:34 PM WASHINGTON – Seemingly intractable long-term unemployment has become a national emergency that requires new and creative steps if it’s to be reversed before it does permanent damage, several high-profile economists warned Congress last week. Testifying before the Joint Economic Committee, the economists, who have served Democratic and Republican presidents, said the elevated percentage of long-term unemployed people among those counted as jobless underscored deeper problems in the labor market. The labor force participation rate is the lowest in 35 years, and the figure of about 11.7 million Americans officially out of work doesn’t capture the fact that 102 million working-age Americans don’t have jobs — about 41.5 percent of all potentially available workers, said Keith Hall, who until last year was the commissioner of the Bureau of Labor Statistics. “The long-term unemployment rate underestimates the number of long-term jobless,” said Hall, who is now a researcher at George Mason University’s Mercatus Center. The long-term unemployed are “helping to hold back economic growth,” he added.

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