36 Burst results for "Mark Hamrick"

U.S. Jobless Claims Fell to Pandemic Low of 348,000 Last Week

Marketplace with Kai Ryssdal

01:39 min | 3 months ago

U.S. Jobless Claims Fell to Pandemic Low of 348,000 Last Week

"'cause it's thursday it's first time jobless claims the trend to be clear over the past month or so has been really good last week. The number of people filing for unemployment benefits for the first time fell to three hundred and forty eight thousand the lowest since the middle of march a year ago and total claims in all government jobless programs is down to eleven point seven million but again from the desk of maximum peril. Mitchell tells us there is a potentially nasty shock lurking inside that number you can see. The latest jobless claims numbers as a glass half full mark hamrick at bank rate says unlike earlier in the pandemic when millions were getting laid off every week. Layoffs have not really been the overarching concern with respect to the economy but there is a big concern looming. Emergency federal pandemic benefits are about to expire says analysts go-getter at the brookings institution on labor. Day anyone who normally wouldn't qualify for their state unemployment which is quite a lot of people that were impacted by the pandemic lose their benefits. That's nearly five million people right now including anyone. Who's a gig worker. Contract worker self-employed navy worked part time and didn't earn enough to qualify another four million or so long term unemployed are getting federal benefits because they ran out of state benefits and everyone on unemployment right now gets an extra three hundred dollars a week from the feds all told that's more than six billion dollars in weekly federal benefits that vanish in two. And a half weeks.

Mark Hamrick Brookings Institution On Labor Bank Rate Mitchell Navy
Fresh update on "mark hamrick" discussed on WTOP 24 Hour News

WTOP 24 Hour News

00:11 min | 18 hrs ago

Fresh update on "mark hamrick" discussed on WTOP 24 Hour News

"You don't have to rate it for something else in the meantime I'm Mark Hamrick It's two 26 All of us have felt the effects of isolation during this pandemic So we can understand the little how some veterans feel But they will feel like that their entire lives not just for a year Over 30% of COVID survivors could experience PTSD But many veterans have extreme cases of PTSD all their lives Our most vulnerable veterans remain isolated at hospitals Scared and alone But you can help Help heal veterans with the support of citizens like you creates and distributes therapeutic art and craft projects for our veterans and military at no charge to them Learn how you can help in isolated veteran through this desperate time Visit heel vents dot org This message is furnished by help heal veterans A not for profit organization that has been helping veterans for over 50 years Heal that O RG doctors.

Mark Hamrick Ptsd
U.S. Hiring Accelerated Last Month as Workers See Pay Gains

AP News Radio

00:47 sec | 5 months ago

U.S. Hiring Accelerated Last Month as Workers See Pay Gains

"The labor department reports eight hundred fifty thousand jobs were added last month Bankrate dot com's mark Hamrick says this is above the average rate of job growth this year the jobs that we are playing catch up to some degree at the White House just days before the fourth of July today's job news news brought us something else to celebrate president Biden says wages went up to he says the script is being flipped to set of workers competing with each other for jobs are scarce employers are competing with each other to attract workers the president also suggested his economic policies were intended to make it easier for workers to find higher paying jobs hiring in June was noticeably strong in restaurants bars and hotels which collectively absorb the brunt of the layoffs from the recession at Donahue Washington

Mark Hamrick Labor Department White House Biden Washington
The most important 4-letter word in this economy: jobs

Marketplace with Kai Ryssdal

02:49 min | 10 months ago

The most important 4-letter word in this economy: jobs

"Begin with the most important four letter word in this economy it is of course j o b s jobs about which we got the january report this morning so seventeen days into a new administration thirty six days into a new year three hundred and thirty five ish days into the pandemic economy counting as we are from mid march last year. This is where things stand. Yes we added forty nine thousand jobs last month and yes. The unemployment rate is down to six point three percent but we are still nearly ten million jobs underwater from where we started and also yes. I know that was a lot of numbers. But as i believe we've mentioned a time or two and as marketplace's mitchell hartman is about to remind us numbers can tell you. Think you're too but wearing economy stance. There are a lot of numbers in monthly jobs. Report it's kind of dizzying. So i asked each of the economists. I shoot the jobs data over with today to pick just one indicator that shows where the economy is eleven months into the pandemic one number that slams you between the eyes twelve and a half million. That's kurt long. Chief economist at the national association of federally insured credit unions. And he's referring to the total number of jobs where in the whole since the pandemic hit in the jobs report. That's ten million however if we had not been going through what we've been going through the past. Nearly twelve months the economy would have kept growing and long reckons. It would have added another two and a half million jobs. Jobs needed to keep up with population growth for new high school and college. Grads immigrants new parents returning to work and a half million jobs. That's an enormous deficit of course and at the pace we're going is just not nearly fast enough to eat into that and now the number. That slams elise gould at the economic policy institute between the is three point. Nine million jobs down. That's how many jobs we are still missing in the hard hit and often poorly paid leisure and hospitality sector people who don't have an adequate safety net because their wages have been low for so long. Now let's talk about unemployment. officially that's ten million americans who don't have job and are actively looking but mark hamrick banchory says that doesn't count a lot of people who are not working because of cova danger or childcare needs. We have another thirteen million. Who are either out of the labor force and want to work or who are underemployed. Working part time. I would like to have full time work at him up. He pegs the total unemployed at about twenty three million. That's about one in seven. Americans who had a job before the pandemic started

Mitchell Hartman National Association Of Federa Elise Gould Economic Policy Institute Mark Hamrick Banchory Jobs
Jobless claims rise more than expected after break from holiday

WTOP 24 Hour News

01:03 min | 1 year ago

Jobless claims rise more than expected after break from holiday

"Pandemic continues to damage the economy. The latest sign the number of Americans seeking unemployment benefits jumped last week to 853,000. Hundreds of thousands more have applied. For benefits through a program to help gig workers who have lost their jobs. Joining us now on Skype. Mark Hamrick, senior economic analyst for bankrate dot com Market to have you back Thank you so much. Good to be with you. Gentlemen. These jobless numbers are getting worse. What's going on here? Well, as we said from the outset, Sean and we've been talking about this for a 38 weeks. Now, the impact on the economy is directly related to the way the pandemic is presenting itself. What we know we've been talking about record numbers, so these numbers are essentially a week behind. So as we see the numbers worsen on the health front, there's a toll to be taken in the economy and also, by the way all across here. The D M V. D C. Maryland, Virginia also increases the increase in Virginia. The biggest. We saw 8600 new claims they're up to about 14,000 herself. Mark. Your

Mark Hamrick Bankrate Skype Sean Virginia Maryland Mark
Gripped by surging pandemic, US employers cut back on hiring

AP News Radio

00:51 sec | 1 year ago

Gripped by surging pandemic, US employers cut back on hiring

"The labor department says job creation last month hit the lowest level since April the two hundred forty five thousand jobs added reached a point not seen since the start of the pandemic Bankrate dot com's mark Hamrick says this is being referred to as a K. shaped recovery one part of the K. moving up the other moving down moving up people who are benefiting from the strong housing market record low mortgage interest rates a booming stock market and those moving down those that have already been sidelined or lost income those who'd be working in leisure and hospitality bars and restaurants retail with coronavirus cases and deaths rising what's next we're going to continue to have the situation that is exacerbating income and wealth inequality that is a feature of economic downturns but even more so for this downturn which has been like none other one economist warned this is the calm before the storm at Donahue Washington

Mark Hamrick Labor Department Bankrate Donahue Washington
"mark hamrick" Discussed on WTOP

WTOP

02:33 min | 1 year ago

"mark hamrick" Discussed on WTOP

"41 Here on Double D T o P. The number of Americans filing for unemployment benefits dropped last week. 2 751,000 Now that's the lowest number since March, but still historically high as the virus pandemic continues the hammer the job market, and there was somewhat of a snap back in the economy over the summer. Iran number is eye popping a 33% annual growth rate, but that comes with some caveats to joining us to sort it all out. Mark Hamrick, senior economic analyst for bankrate dot com. Hello, Mark. Good to have you got to be what you Let's start with the job market lower number of unemployment claims, but there are still plenty of people suffering out there at Phyllis in Absolutely. I mean, we're talking about a significantly still elevated numbers of individuals. 22.6 million who are on some form of unemployment benefit at this point, as of the most recent unemployment report. We had a 12 point. I'm sorry. We have 7.9% unemployment 12.6 million individuals who are unemployed. That was as of the last monthly reading. We'll get another one a week from tomorrow. So we can celebrate the fact that the economy stayed substantial improvement and the just completed a quarter. Or we can also focus on the fact that there's more work to do. Well. Let's talk about those new GDP stats for July through September. 33% annual growth sounds incredible, but that number is deceiving. Explain to us what this means. First of all, when you analyze something, you multiply quarterly number by force, So the reality is that we still have to give the ground to make up just to get back to where we were before. As we're talking about a year. Today, we're still below water with respect to economic growth, and the expectation is that for the whole year will still suffer economic contraction for the full year. So, yes, we did see a substantial bounce back, but we would have to work captured substantially Mohr just to get back to where we were at the beginning of this year, So you know, Right now we're obviously one month into the current quarter. And there are so many uncertainties right now that some people looking for contraction in the current quarter But obviously this is a story that still has to be told. Hey, Mark, thanks so much for being with us. Thanks. That's Mark Mark Emmerich, senior economic analyst for bankrate dot com. It's 2 43 in other news residents along the Gulf.

Mark Mark Emmerich bankrate analyst Mark Hamrick Iran Gulf Mohr
The $20 billion missing from this economy

Marketplace with Kai Ryssdal

02:48 min | 1 year ago

The $20 billion missing from this economy

"Los Angeles I'm Carl Rozelle Thursday I believe the twenty second of October has always to have you along everybody. We're going to start today with a story about something in this economy that is not there that isn't happening and what that means. We're going to set it up by noting that seven hundred, Eighty, seven, thousand people lost their jobs last week and made first time claims for unemployment benefits less than the week. Prior, it should be said, and also that the Labor Department adjusted downward is numbers for the previous couple of weeks. And that's good. It really is but the number of people on government assistance because they have lost their jobs is still stratospheric. Lee High millions of them are running out of benefits and as you know, those extra six, hundred dollars a week went away in August. And that to get back to the thing that's missing is sucking billions of dollars out of this economy compared to earlier in the pandemic how many billions? Marketplace's Mitchell Hartman gets the lead story today. The answer is. Twenty billion dollars a week. That's how much is not getting into out of work Americans, pockets since a bunch of federal assistance programs for the unemployed started running out in midsummer Andrew Statler at the Century Foundation says based on Treasury data, they were getting twenty six, billion a week that as come crashing down to just six billion dollars, it's much less support to. Families and to the economy than we had six hundred a week in federal pandemic payments expired at the end of July the President's partial replacement program ran out of money last month also folks laid off back in March and April are now running out of their twenty six weeks of state jobless benefits some but not all are getting a thirteen week federal extension. Unemployment benefits now average three twenty a week across the country. It's even less for gig workers on pandemic on employment assistance and that has made a huge dent in the purchasing power of households suffering unemployment says Mark Hamrick. Dot Com, they are really having to scrape to get by these days just for basic needs such as pay for shelter, pay the bills to put food on the table and forget about luxuries. That's exactly what Brooke Wetzel has seen play out in her florist business in La when the economy started to open up late spring sales picked up but since August things have gotten pretty slow people might have that you know extra fifty to seventy five dollars per fire arrangement. So woetzel's working part time now spending the. Rest with her homeschooling kids I'm Mitchell Hartman for

Mitchell Hartman Carl Rozelle Brooke Wetzel Los Angeles Andrew Statler Mark Hamrick Labor Department Century Foundation LEE President Trump Woetzel LA
"mark hamrick" Discussed on WTOP

WTOP

01:37 min | 1 year ago

"mark hamrick" Discussed on WTOP

"To 65 years in prison here in Alexandria Circuit Court. One victim told the judge. I'll never forget those words. I'm going to rape you kill you or both. Jirka later apologized to the women for the hurt I caused his sister and best friend said He's a caring brother and father who now reads to his young child bedtime stories from prison. But on those days in 2014 and 2016, the judge said Burek applauded and planned to rape those young women and sentenced him to 65 years behind bars. In Alexandria, Neal Augenstein. W GOP know Rio six, an important deadline today for parents of some Charles County students. The school system will begin phase two of its reopening plan on November 9th, giving some students the opportunity to return to in person classes four days a week. The parents will be notified about their child's eligibility and told how to complete the planning registration form. It has to be returned by today. Among those affected special education students and English learners as well. Lt's those who don't have Internet access at home knew this afternoon. John F. Kennedy's gravesite will re open to the public tomorrow in a statement. Arlington National Cemetery says pedestrian traffic past the grave site will be one way to allow for social distancing. Cemetary staff requests that all visitors where face coverings to cemeteries open from a M until five PM stay with us here on double duty. Opie will have the latest on your weekend forecast. Then we'll take a closer look at the September jobs. Reports with bank rates Mark Hamrick, It's 307. In.

rape Alexandria Circuit Court Burek Alexandria Jirka Mark Hamrick Arlington National Cemetery John F. Kennedy Neal Augenstein Charles County GOP Opie Rio
Unemployment Claims Held Steady Last Week

News and Perspective with Taylor Van Cise

01:49 min | 1 year ago

Unemployment Claims Held Steady Last Week

"And the number of Americans applying for unemployment benefits was unchanged last week at 884,000 assigned that layoffs remains stock at a historically lie high level six months after the viral pandemic flattened the economy. A great dotcom senior economic analyst Mark Hamrick has been watching the numbers each week and spoke with comes Tom Hudler. What's the headline here today? I think that we're not making as much improvement with the U. S economy, particularly on the job market as we'd like, and I think there's some real risk here going into the fall. Whether it's because of this more famous From temporary to permanent job loss. You know, you looked at, for example, that number the reference there, which is the new claims administered by all the states, and then you look at the program. That's the pandemic Unemployment assistance program away had a nearly equal new number of more than 800,000. So you look across the landscape between the state administered programs. And that Ladder program, which is meant to help gig workers and entrepreneurs were really talking about a total of about 29 million forms of assistance going out across the country affecting that many people, So you know, this is not normal by it by a long shot. How does today's number compared to the weeks before the pandemic really exploded? I know it's obviously a much larger number. But expert What kind of numbers are we talking about? Comparison was great. Great question, Tom. So you know, earlier in the And when we thought we just sort of the you know, moving along at the normal clip, we were averaging a little more than 200,000 new jobless claims every week, so just on the headline number alone again more than 800,000 administered by all the States. We're four x that other number and that doesn't even get to the other parts of the programs that are being administered again under the pandemic, or cares that program

Tom Hudler Mark Hamrick Analyst TOM
Dow moves higher early Thursday despite disappointment over new jobless claims

Michael Berry

00:54 sec | 1 year ago

Dow moves higher early Thursday despite disappointment over new jobless claims

"Coming in higher than predicted bank rates, Mark Hamrick said Texas saw increases in that state of Texas alone. We also saw increasing claims about now. 8,666,000 several other key states, including California Sol games, a tundra Nate for first time claims were filed. The expected number was going to be about 8 50 or so I got on the phone. I'll talk to Katie are each money man, Pat Shin, asking him and at the time that we spoke, the Dow is up. Stocks are trading higher, following games and markets overseas. The biggest games or From what I'll call the venture out stocks, cruise ships, casinos and concert promoters all trading higher, So I wanted to give you that piece of information. But right now the Dow is down 72 points S and P is down eight. NASDAQ still has a little green. That's up for points right now, But we will be keeping an eye on that

Mark Hamrick Texas Pat Shin Katie California
"mark hamrick" Discussed on KTOK

KTOK

03:35 min | 1 year ago

"mark hamrick" Discussed on KTOK

"I, for one have not thought that that would be the source of financial downturn. More crisis per se. But it does speak about how essentially elected officials have prioritized or, I would say, downplayed the need for funding of education, where individuals now have to bear the brunt of that costs. That was in the past. Government did through providing funding for state colleges and universities. So I would tend to view that as more of an impact on the individual on many individuals are able to balance the debt with their incomes. Quite fine. The problem is as with any kind of dad, if you get into deep over your head, then you know, perhaps if you were to study something in college that doesn't Translate as well to a career than then That could be a recipe for some harm being done. Bankrate dot com. Senior economic analyst Mike Mark Hamrick is with us on NewsRadio 1000 Katie Okay, and the president keeps hinting at payroll tax relief for temporary suspension of payroll tax and then capital gains. I've often wondered if capital gains would have AH, good wood, sperm or economic development because it would be cheaper to actually Move your money around. Well, let's talk about the payroll tax to thoroughly negative order that he signed and I guess the idea here was to try to provide a form of the count Economic stimulus. About this has been proving to be quite problematic because because of the nightmare for employers, the reason being is a deferral, not a cut on. Therefore the taxes will be owed times to come January. 1st of employers actually. Do what the order suggests. They might in terms of a long term cut. You know, at that point, you're undermining the funding of Social Security and Medicare. Andi. I think that those are two of the most popular government programs of ground. And if anything, the president in the speech of the White House basically had a finger wagging moment where he said, I won't do anything you know to undermine Social Security, but unfortunately, that would be the impact of a payroll tax cut in the long term. And so that doesn't have a snowball's chance of passing Congress on At the end of the day. You do have to get such legislation through Congress. And then about the the the capital gains. Well, I mean, I think you know anything to encourage investment can have a positive impact on the economy. But the other part is right now we do have burgeoning debt and deficits of federal level these days. And so we already have a huge price to be paid for that debt and deficits that had been accumulating on DH. So I think that the prudent thing to do would be if if you're going to Provide a benefit. To the economy by cutting attacks. Essentially, you're going to have to find a way to get that revenue one way or the other. And so this is sort of a rob Peter to pay Paul situation. Reality is the most. I think most of the harm that's been occurring in the economy. More broadly, has been to the middle class and the lower income individuals and the capital gains tax cut really doesn't help them a whole lot. It's a little like the situation where The payroll. A tax deferral helps quote unquote helps working Americans. But we have 27 million Americans who are on some form of unemployment assistance. Right now they're the ones where the focus really ought to be. Well. Mark Hamrick of senior advisor and economic.

Congress president Bankrate Mark Hamrick Mike Mark Hamrick senior advisor Katie Okay analyst White House Medicare rob Peter Paul
"mark hamrick" Discussed on KOA 850 AM

KOA 850 AM

02:05 min | 1 year ago

"mark hamrick" Discussed on KOA 850 AM

"You see companies like HMM, host which runs of the shops and airports all across the country, basically saying if things keep going the way they are in October They will be making permanent job cuts, and that's a reflection of one area that's been extremely hard hit on that his business and leisure travel business travel will be the slowest to come back, and whether these firms have to adjust. Their resource is on their workforces and still no sign of a relief deal from Washington. What would you like to see in a deal if they can get to one? Well, I think first of all, as you indicate, by the way that you frame the question first thing would be to have, you know, just some useful legislation coming out on Do you know there was the spirit of bipartisanship early on that the more recently are most recently had resulted in the cares aft. And then that did include the elevated level of unemployment benefits that I think Americans now need, because we have across the country of an average of $380 a week across the states. Obviously some states or hire, some are lower. That is not enough for most Americans to get by, And that is why all sides had agreed to raise that president attempted to address that with his executive orders, But it remains to be seen just how effective that's going to be. So that's that's one thing. I think also, if there were further stimulus payments going out to Americans that would help the broader economy something to keep company's solvent. That aerial protection program wasn't perfect, but it helped address that Onda obviously, aid for states localities with the hemorrhaging that we're saying in all those budgets if we don't have those entities or those governments Able to operate at a higher level. They're going to be a significant number of job cuts that occur from state local government as well. Mark. Thanks so much for your time this morning. We appreciate it like you. That's a big crates. A mark Hamrick with us on Colorado's Morning news wildfire still chewing of thousands of acres in the state top stories for your Friday morning coming right up. Now we're going to take a look at traffic.

mark Hamrick Washington Onda Colorado president executive
Trump says capital-gains-tax cut is 'seriously' being considered

Colorado's Morning News with April Zesbaugh and Marty Lenz

00:42 sec | 1 year ago

Trump says capital-gains-tax cut is 'seriously' being considered

"We don't know yet how President Trump's executive orders on Covert 19 will play out. States say they don't have the money to kick in 1/4 of the supplemental federal unemployment benefit, but the president already has plans. Beyond that. We're looking at also considering a capital gains tax cut, which would create A lot more jobs. Whether it is also talking about a middle income tax got earlier this morning bank rates Mark Hamrick joined us on Colorado's morning news. Here's how he characterizes the tax got talk. I think any talk about a tax cut at this point is really just just trying to fill the void with Idle rhetoric, Hamrick says any new tax cuts are unlikely, at least until the election is

Mark Hamrick President Trump Donald Trump Executive Colorado
"mark hamrick" Discussed on WHAS 840 AM

WHAS 840 AM

04:06 min | 1 year ago

"mark hamrick" Discussed on WHAS 840 AM

"Mark Hamrick, who's joining US from bankrate dot com and senior economic analyst stood there. Mark. Good morning. Let's talk a little bit about President Trump's decision to sign executive orders and where Congress is on PPP, if at all. Good morning, Tony. I think the president seized upon the opportunity to step in because Congress hasn't fully agreed to legislation having been passed by both chambers. We know, of course, the House passed $3 trillion measure back in May and that it has not been able to produce. Um, a bill that has been passed on DH. So the president of obviously someone who Uh, sense opportunity, like, you know, step before the cameras that his Bedminster, New Jersey Club and and you know, but proclaim that he had acted and remains to be seen whether the American people will view this as a adequate solution. My sense is that if anything, it puts more pressure on both sides, too. An act of legislation addresses Mohr than just what the president's sought to address. Well, the payroll tax has become a big issue, and obviously it's always a political issue. Every time we discuss it, no matter whose discussing it. What do you make of what he had to say there? And does he constitutionally? Can he do that? Without it? Congress approving Or disapproving in that action. Taking away for temporarily Lane and I'm going to try to stay in my lane and I no, it's constitutional expert in this regard, But there certainly is a buddy of commentary out there. That raises the question. Whether it is legal that'll probably be sort of out in the days and weeks to come, but what they respect to the action itself on the payroll tax to remind people People drawing a paycheck pay a 6% tax, which is used to fund Social Security and Medicare. This is much the same as paying income taxes. Except we do it on an ongoing basis employers collected from the worker then it's set on to the U. S treasury. But the president did was defer the requirement to be paid. He didn't make the tax go away. And so I would say that this is a bit of sleight of hand if nothing else, because what he's basically doing if it's passed on by employers. The way that he attended is that you're simply not required to pay the tax this year, but then you'll be paid the taxes due early next year. So it's a way of trying to juice the economy during a time, which obviously were leading up to an election, But yet that bill would come due January 1st on the part of employers. Andi I take the payroll companies have been commenting here in the last 24 to 48 hours extremely difficulty to to put into place. And raise the question of my mind whether employers who actually do it at all, because essentially, they're going to be causing a problem for their workers who are going to be do two times the body come the first of the year. So you know, I think the other part of the bill or the measures I should say, um were the $400 a week Payments that are meant to supplant the $600 for the care back. 100 of the 400 is to be paid by state and states that all across the country have really been hamstrung by the crisis because number one, they have raised the same level of sales tax revenues as they typically would, and secondly, they had. A massive amount of extensive to pay. Whether it's for first responders are all kinds of other things to address the pandemic so of these air in elegant solutions at best, and I think that this is why the pressure really is on the Congress. To do something rather than Tio essentially come up empty here. Christian's time is always Mark Mark Hammer, joining us here check and is wearing news from bankrate dot com. Get your brakes Scotty Scott Sports Coming your Way We talk to Marty Polio. The Jefferson Public School superintendent. It's 7 35 here on news Radio, 8 40 Apple Federal Credit Union has so many great things. I just had to put them into a jingle I came up with on the fly..

president Congress Mark Mark Hammer Mohr President Trump Mark Hamrick bankrate analyst executive Tony Scotty Scott Sports Credit Union Marty Polio Jefferson Public School Apple New Jersey Club superintendent Medicare
1.2 million seek jobless aid after $600 federal check ends

AP News Radio

00:44 sec | 1 year ago

1.2 million seek jobless aid after $600 federal check ends

"The monthly jobs report for July is due out later today many economists are expecting a disappointing monthly jobs report including Bankrate dot com's senior economist mark Hamrick while we did see some are reasonably robust hiring in the month of June with nearly five million jobs added according to labor department most economists do not expect anything like that here for the month of July in fact it probably fewer than two million and what about the unemployment rate in June I was eleven point one percent still historically high economists think the bank could slip to ten and a half percent in July even with July's expected gain barely forty percent of the jobs lost to the corona virus have been recovered surely a blur Washington

Mark Hamrick Washington Bankrate Senior Economist
4.8 Million Jobs Added in June, but Clouds Grow Over Economy

WTOP 24 Hour News

02:41 min | 1 year ago

4.8 Million Jobs Added in June, but Clouds Grow Over Economy

"Are much better than expected Report out today shows US economy, adding 4.8 million jobs in June Labor Department now reporting that unemployment also fell to 11% last month, but bankrate dot com economist Mark Hemorrhage says that number may actually be slightly higher. He joined debris. Debbie Feinstein live on Skype to explain 1/3 of the jobs that were lost among the 20 Two million of since been restored, which obviously means 2/3 yet to be. So we sell the high rate of unemployment in our country, and I had an asterisk to the 11.1% unemployment rate you mentioned. Their Labor department cautions us that because of problems with measurement that are ultimately fairly complicated, the actual unemployment rate is about another percentage point above that. So let's talk about 12%. That's 2% above the highest level we saw during the great recession over a decade ago and within certain sectors, for example, in leisure and hospitality, which is the category including bars and restaurants, the unemployment rate they're 29%. That's above the level of the great Depression, So we still have a lot of heartache to work through here. Also, we've gotta recognize that new shutdowns air now underway again because of the pandemic. This data and today's report is from the 1st 2 weeks in June before this latest round of shutdowns. What does this mean? Looking ahead to the next report? That means there's more risk associated with a weakness, or at least a stall in the data will get for the month of July. As you indicate this dad has always collected around the 12th of the month, so it is somewhat stale. At this point. That's why, in some cases It's been more optimal to look at new claims for unemployment benefits of there. We're down for a 13 straight week, but elevated above a 1,000,000 for 15 straight weeks. Do businesses feel okay about rehiring again now? Or is there still too much uncertainty? For example? What happens now? If people stopped traveling again? The answer? That is really about the answer having to do with where you're located. What sector you're operating in on what the business outlook is operating a restaurant which would be doing business under challenging, Sir. Come stances on the best of times because of the high failure rate thinking about being restricted at 30 or 50% of your traditional level of business. You're thinking you're walking on egg shells. But if you're in a service industry, perhaps technology I t working with the cloud collaborative tools of security, the many tools that have kept many of us in operation during the lock down, But do you think the outlook is pretty good, by the way? Mortgage interest rates or a record low levels that's helping the housing mark. And that's one reason why the financial services Trade really still has a remarkably low unemployment rate right now, and that is bankrate dot com economist Mark Hamrick.

June Labor Department Bankrate Mark Hemorrhage Debbie Feinstein United States Skype Mark Hamrick
More Than 1.5 Million Workers Sought Jobless Benefits Last Week

WTOP 24 Hour News

02:02 min | 1 year ago

More Than 1.5 Million Workers Sought Jobless Benefits Last Week

"Until the economic news that one and a half million laid off workers applied for unemployment benefits last week even as the economy appears to be slowly recovering before businesses partially reopening these days mark Hamrick senior economic analyst for Bankrate dot com says we should know here it is the tenth straight weekly decline in applications for jobless benefits since they peaked in mid March we're still seeing extremely elevated claims and they do seem to be I would say stabilizing of the headline numbers of new claims have been declining as you say for ten straight weeks bought yeah we look at the sort of headline numbers on the claims the main on employment program which had about you know a little more than one and a half million new claims but still there's another seven hundred thousand that are part of the carers act pandemic claims so we're still talking about two point two million overall and you know something along the lines of thirty million people in all continuing to receive unemployment so I think we're continuing to try to balance optimism with realism and obviously what's what's happening with the stock market we're getting a dose of realism circling back around it's probably one of the most commonly asked questions I've been getting for people whether they're essentially friends family or in media settings what's going on with Wall Street I just try to remind people that Wall Street is not main street and vice versa and with all the trillions of dollars in a stimulus or relief there been applied to the county the stock market reacted in kind for those and adventures who I would've largely urge to stay put through all this they've been rewarded by that thirty plus percent return from the lows during the pandemic it's obviously concerning we see nearly half of states with rising cases of coke at nineteen the chairman Powell basically stated things as they are many on Wall Street might of like two had a Rosier view but having a rosy view in the mess of everything we're dealing with probably would be a disservice to those who are suffering economically or because of their health mark Hamrick senior economic and list for Bankrate

Chairman Powell Mark Hamrick Analyst Bankrate
Keep an eye on the labor force participation rate

Marketplace with Kai Ryssdal

03:11 min | 1 year ago

Keep an eye on the labor force participation rate

"It's entirely possible likely. Even the things are worse than the very bad numbers are already telling us from American public media. This is marketplace in Los Angeles. I'm Kai Ryssdal. It is Thursday today the last day of the craziest full month. This economy has seen. Maybe ever good to have you along everybody. There will be in the first few minutes of the program today. Some math and I apologize. I know that's not why you're here. But this morning's news that another three point eight million people filed for unemployment benefits in the past week more than thirty million since early March pledges. Us DO SOME CALCULATIONS. So here we go. The unemployment rate before the bottom fell out of this economy was three point. Five percent that went up to four point four percent in March next Friday morning. We get the April number and as marketplace's Mitchell Hartman reports. It is almost certainly going under shoot. How many people are really out of work? I asked several economists. How high they think unemployment is right now. The average around twenty percent but the official number for April won't capture a lot of people not working because of the pandemic take fifty two year old Brian Forester of Tulsa. I finally got through to the Oklahoma unemployment commission. I'm kind of on. Hold with them right now. Yeah he took my call while a state worker checked on his appeal for jobless benefits foresters out of work and has no income but he wouldn't be counted as unemployed by the Labor Department because he's not actively looking for work he had a job lined up with the Census Bureau. But it's been put on hold. They're really not a lot of jobs out there available right now. That's what I've been doing is basically cooling my hails. So what's a better measure of unemployment Bill Rodgers former chief economist at the Labor Department suggests the labor force participation rate its share of the civilian population. That is either working or they say that they're actually searching for a job. Roger says a sharp decline in labor force participation will show the true scale of employment loss. It's also capturing people who may have gotten discouraged has there aren't jobs in the world of Cova. They're concerned about if they work. They can get sick. The Congressional Budget Office predicts labor force participation will fall to just under sixty percent the lowest since the early one thousand nine hundred seventies. The hope is that as people return to work. Participation will start rising again but there are signs of unease among American workers bank rates Mark Hamrick sites a recent survey fifty seven percent or moderately to extremely concerned about their job security and those least likely to go back to work soon or have employers to go back to our in low-paid sectors like restaurants hotels nail and hair salons. I'm Mitchell Hartman for

Mitchell Hartman Labor Department Brian Forester Kai Ryssdal Los Angeles Congressional Budget Office Mark Hamrick Oklahoma Census Bureau Bill Rodgers Cova Tulsa Chief Economist Roger Official
Trump predicts big economic rebound as numbers remains grim

AP News Radio

00:41 sec | 1 year ago

Trump predicts big economic rebound as numbers remains grim

"As a condom is worn have serious long term damage due to the corona virus president trump is predicting a big economic rebound hours after the government reported some thirty million Americans filed for jobless benefits in just six weeks the president's predicting a return to a stronger pre pandemic economy and beyond and I think we can actually surpassed where we were the president says he's relying on his gut economists like Bankrate dot com's mark Hamrick aren't looking at the numbers like low consumer confidence even with some businesses re opening it looks to be a slow comeback with virus fears dominating consumers are gonna be quite cautious Sager make ani Washington

Donald Trump President Trump Mark Hamrick Sager Ani Washington Bankrate
"mark hamrick" Discussed on AP News

AP News

12:33 min | 1 year ago

"mark hamrick" Discussed on AP News

"The president says the economy will roar back soon I feel that I think sometimes what I feel is better than what I think in New York what laid off tour guide even first feels is sadness I just want my job back he's getting jobless benefits without them I really don't know how they'll get pie how will be a bit buy groceries scabby may have lost her job as a restaurant line cook and hasn't received any benefits yet I'll be able to make rent next month but after that if it doesn't kick in but I am definitely in trouble even as the economy slowly starts to recover Bankrate.com's mark Hamrick says people like for stand there may be among those left behind how many of these workers will be called back to their jobs Sager make ani Washington

president New York line cook Bankrate.com ani Washington mark Hamrick
Trump says he 'feels' economic recovery coming as laidoff workers worry

AP News Radio

00:45 sec | 1 year ago

Trump says he 'feels' economic recovery coming as laidoff workers worry

"The president says the economy will roar back soon I feel that I think sometimes what I feel is better than what I think in New York what laid off tour guide even first feels is sadness I just want my job back he's getting jobless benefits without them I really don't know how they'll get pie how will be a bit buy groceries scabby may have lost her job as a restaurant line cook and hasn't received any benefits yet I'll be able to make rent next month but after that if it doesn't kick in but I am definitely in trouble even as the economy slowly starts to recover Bankrate dot com's mark Hamrick says people like for stand there may be among those left behind how many of these workers will be called back to their jobs Sager make ani Washington

President Trump New York Line Cook Ani Washington Bankrate Mark Hamrick
Jobless benefits appllications top 30 million in just six weeks

AP News Radio

00:53 sec | 1 year ago

Jobless benefits appllications top 30 million in just six weeks

"The economy continue sliding into the most devastating crisis since the Great Depression the latest numbers are staggering another three point eight million Americans filed for jobless benefits last month about a load would be shockingly high under any circumstances but Bankrate dot com's mark Hamrick says it means a total of more than thirty million claims in just six weeks by far the worst layoffs to regard record a condom is say it'll get worse as employers keep cutting payrolls summer projecting the unemployment rate will hit twenty percent of this month the worst in decades yesterday the government reported the economy shrank in the year's first three months for the first time in six years it's expected to further contract by up to forty percent in the next three months which would easily be the worst on record Sager made Connie Washington

Bankrate Sager Connie Washington Mark Hamrick
Jobless benefits appllications top 30 million in just six weeks

AP News Radio

00:53 sec | 1 year ago

Jobless benefits appllications top 30 million in just six weeks

"The economy continue sliding into the most devastating crisis since the Great Depression the latest numbers are staggering another three point eight million Americans filed for jobless benefits last month about a load would be shockingly high under any circumstances but Bankrate dot com's mark Hamrick says it means a total of more than thirty million claims in just six weeks by far the worst layoffs to regard record a condom is say it'll get worse as employers keep cutting payrolls summer projecting the unemployment rate will hit twenty percent of this month the worst in decades yesterday the government reported the economy shrank in the year's first three months for the first time in six years it's expected to further contract by up to forty percent in the next three months which would easily be the worst on record Sager made Connie Washington

Bankrate Sager Connie Washington Mark Hamrick
Jobless benefits appllications top 30 million in just six weeks

AP News Radio

00:53 sec | 1 year ago

Jobless benefits appllications top 30 million in just six weeks

"The economy continue sliding into the most devastating crisis since the Great Depression the latest numbers are staggering another three point eight million Americans filed for jobless benefits last month about a load would be shockingly high under any circumstances but Bankrate dot com's mark Hamrick says it means a total of more than thirty million claims in just six weeks by far the worst layoffs to regard record a condom is say it'll get worse as employers keep cutting payrolls summer projecting the unemployment rate will hit twenty percent of this month the worst in decades yesterday the government reported the economy shrank in the year's first three months for the first time in six years it's expected to further contract by up to forty percent in the next three months which would easily be the worst on record Sager made Connie Washington

Bankrate Sager Connie Washington Mark Hamrick
"mark hamrick" Discussed on AP News

AP News

05:47 min | 1 year ago

"mark hamrick" Discussed on AP News

"The Dow Jones industrial average was down one thousand points investors are very nervous about the spread beyond China of coronavirus mark Hamrick is with Bankrate dot com it is true that markets are typically guided by greed and fear I think that there is some fear creeping into the markets now but I don't know that that's necessarily irrational most cases more cases are being reported in Europe and Dr Tedros Adhanom with the World Health Organization says they're being reported elsewhere we had a specially concerned about the rapidly increasing cases in the Islamic Republic of Iran it's ME and the public also Korea Iran says twelve people have died from corona virus today in New York justice has been a long time coming but it's finally here and it's not the end that is Gloria Allred's reaction to the convictions against Harvey Weinstein in his rape and sexual assault trial he was acquitted of the most serious charges Cyrus Vance is the Manhattan district attorney one state is a vicious serial sexual predator who used his power to threaten rape assault trick humiliate and silences victims Harvey Weinstein was immediately taken to jail his legal team vowed to appeal his convictions he also faces similar charges in Los Angeles Kobe Bryant's widow is suing the helicopter company involved in the crash that killed her husband and daughter Vanessa Bryant said the pilot also killed in the crash was negligent and careless nine people in all were killed in the crash last month a memorial for the victims is being held at staples center in Los Angeles the Islamic Jihad militant group in the Gaza Strip announced a unilateral ceasefire calling for a halt after two days of intense fighting with Israel just a week before the national elections this is a P. news south Korea's reporting more coronavirus cases to thirty one new cases bring south Korea's total to eight three three and two more deaths raises its total to seven more than one hundred forty of south Korea's new cases are in India tango a medium sized city where most of the country's infections have occurred while officials expressed hope they could contain the outbreak of the region surrounding the city some experts note signs of the virus circulating nationwide pointing to a number of cases in the capital Seoul and elsewhere that won't immediately traceable I'm Charles in the past month oxycontin maker Purdue pharma launched an ad campaign to tell people harmed by their powerful prescription opioid where they can file and file claim claims against the company it's part of produce bankruptcy bankruptcy proceedings as it tries to resolve lawsuits over its role in the opioid crisis the company has proposed a settlement that could be worth more than ten billion dollars over time and Donahue APNews blood pressure rates may be running higher today for anyone with a stake in the stock market at one point today the Dow Jones industrial average was down one thousand points investors are very nervous about the spread beyond China of coronavirus mark Hamrick is with Bankrate dot com it is true that markets are typically guided by greed and fear I think that there is some fear creeping into the markets now but I don't know that that's necessarily irrational most cases more cases are being reported in Europe and Dr Tedros Adhanom with the World Health Organization says they're being reported elsewhere with a specially concerned about the rapid increase in cases in the Islamic Republic of Iran it's ME and the public also Korea Iran says twelve people have died from corona virus today in New York justice has been a long time coming but it's finally here and it's not the end that is Gloria Allred's reaction to the convictions against Harvey Weinstein in his rape and sexual assault trial he was acquitted of the most serious charges Cyrus Vance is the Manhattan district attorney one state is a vicious serial sexual predator who used his power to threaten rape assault trick humiliate and silences victims Harvey Weinstein was immediately taken to jail his legal team vowed to appeal his convictions he also faces similar charges in Los Angeles Kobe Bryant's widow is suing the helicopter company involved in the crash that killed her husband and daughter Vanessa Bryant said the pilot also killed in the crash was negligent and careless nine people in all were killed in the crash last month a memorial for the victims is being held at staples center in Los Angeles the Islamic Jihad militant group in the Gaza Strip announced a unilateral ceasefire calling for a halt after two days of intense fighting with Israel just a week before the national elections this is a P. news south Korea's reporting more coronavirus cases to thirty one new cases bring south Korea's total to eight three three and two more deaths raises its total to seven more than one hundred forty of south Korea's new cases are in India tango a medium sized city where most of the country's infections have occurred while officials expressed hope they could contain the outbreak to the region surrounding the city some experts note signs of the virus circulating nationwide pointing to a number of cases in the capital Seoul and elsewhere that won't immediately traceable I'm Charles in the past month oxycontin maker Purdue pharma launched an ad campaign to tell people harmed by their powerful prescription opioid where they can file and file claim claims against the company it's part of produce bankrupt bankruptcy proceedings as it tries to resolve lawsuits over its role in the opioid crisis the company has proposed a settlement that could be worth more than ten billion dollars over time and Donahue APNews.

China mark Hamrick Bankrate
"mark hamrick" Discussed on WBZ NewsRadio 1030

WBZ NewsRadio 1030

01:46 min | 2 years ago

"mark hamrick" Discussed on WBZ NewsRadio 1030

"Wrap up its today monetary policy meeting later on on the subject today and economist Mark Hamrick says the panel likely is not feeling any pressure from the White House. Irony is congress has created the mandate for the Federal Reserve, and the congress seems to be a pleased with what the Federal Reserve is doing as sort of parallel. To the performance of the economy in general. The translation is very unlikely that there will be no drop in the interest rates today. But it's also very likely that there will be no change to those rates as well. An announcement is coming at two o'clock this afternoon General Electric once again becomes the talk of Wall Street after the Boston company says it actually turned a profit in the first quarter of this year. Billions in cost Constanta strategy to focus on core. Businesses. Sends shares soaring up four and a half percent yesterday. One of the core businesses is in jet engines, the company has taken a bit of a hit since Boeing grounded its max, eight aircraft GE in fact, says it's going to cost it about a quarter billion dollars in the next three months. If Boeing does not get its act together at checks in the mail apparently tribal operators of Mohegan sun and Foxwoods casino in Connecticut. If sent a million dollars to the state as they team up to build another casino. This is the first step in a joint venture to build and run. A three hundred million dollar resort. Not far from the Massachusetts state line in this project for them cannot happen soon enough. Both casinos have seen money die on the vine and both blame the success of MGM Springfield. Which is not yet. A year old coming up this morning on WBZ. Robert Muller has an issue with the attorney general and it comes up right before William bar is set to testify to congress late details. With KENDALL Buhl coming up, it's.

congress Federal Reserve Boeing General Electric Mark Hamrick KENDALL Buhl White House Robert Muller Springfield Boston Massachusetts Connecticut William bar attorney three hundred million dollar billion dollars million dollars three months
"mark hamrick" Discussed on WTVN

WTVN

07:40 min | 2 years ago

"mark hamrick" Discussed on WTVN

"A jobs report morning. So man, we trust a lot to get us up to speed. Give us a little idea. What's coming? Mark hamrick. Senior economic analyst at bankrate dot com joins us on the diamonds. Direct live line right now, Mark what do you going to be about one hundred eighty thousand is that what most of the talking heads? You're saying this morning. Yes. Good morning. Thanks for having me. Well, that is the content of that. We are rolling relative to the more than three hundred thousand jobs. We added the previous month and that we get the unemployment rate back down the little off about four percent level. This sort of been bouncing around between four percent or slightly below that for the better part of a year. So we're sort of restoring the workforce a bit here. Now that obviously we're well past the partial government shutdown, but in the first quarter right now, it's widely expected that we will not get two percent growth tastes. After basically having average about a three percents pays for all of last year. And that's in keeping with the expectation that twenty nineteen won't be quite as strong. We're obviously facing a lot of headwinds with the global economy. A lot of questions about what happens with US China. There's a whole UK, you, Brexit, mess, frankly. So yeah. But you know, in terms of this one report issue, look respect. Yeah. February's one of those months where sometimes you get the prize though. Right. Well, I mean, we always get surprises. We have to keep in mind that when we're looking for about in this case a hundred eighty thousand jobs added on the Mark in keeping with the margin of error. So because we're talking about such a massive workforce. You know, we have about five to six million job openings in this country a month. So we always look worse revision after the fact that that might be also the case with respect to that stronger-than-expected January number Howitt's revise web to see when you when you talk about that, you know, the trend maybe a little lighter than last year. We're still on a pretty good run. I mean, we're probably over one hundred months now where we've had pretty good job creation. This will be the one hundred first month consecutive jobs creation with what we expect to be a number with a plus sign in front of it. And so as we get into the summer if we get a decade of economic expansion. I really then I. Thank that becomes old news. Then people, of course wonder well, are we do for our recession, and we are do, but there isn't one. That's immediately. See over the dashboard. Yeah. So when you talk about the jobs creation more people working, you know, starting to see some incremental movement with wages does that have impact on the fed in their ideas that they need to, you know, raise rates a quarter or half percent or whatever a couple of times this year. No, the fed fine with wage growth. What it isn't fine with is rising inflation pressure and inflation here and good news is from that perspective that we're not really seeing burgeoning inflation has it's measured by other government. And certainly we see disruption and our own personal lives where we get hit with a one month expensive automobile repair or juniors going off to college or a healthcare expense. And that's one reason. Why wait we continue to remind people that they really do to say former season save for retirement because frankly, even all this deep into the economic expansion almost a little more than half of the population can't afford that one thousand dollar emergency expense. Probably put it on borrowing or ask a friend or family member for a loan or put it on a credit card. Mark Hamrick are guessing your economic analyst at bankrate dot com. This might be a little nitpicky. But is there a chance the jobs number in February's a little skinny just because there's two or three days fewer in that month in any other month? No because it's always that way. So one of the things that government does is essentially adjust for the calendar. And and so whether it's let's say we get eight hundred thousand people added during the holiday shopping season in terms of working in retail that is sort of statistically accounted for. And so we don't get the sort of a bump from those one time factor. I got you. And you know, the the number comes out at eight thirty like always so how how much lower or how much higher would it have to be? I mean, what's that margin of error where people might go. Oh, that's a surprise. I oh that's way lower or oh that's way higher than we thought. Well, you know, so let's say give or take fifty thousand wouldn't really rock anybody's world around that one hundred eighty thousand payrolls number. So I'd say anything outside of a one hundred thousand band around that. But I think really the only thing that would sort of truly knock people for a loop here if we saw a huge increase in wages, but again, the wage growth is not directing into broader inflation. So I think. You know, the financial markets are the markets. They're going to do what they're gonna do. In terms of. Let's say bringing the fed back into the picture and saying, oh, boy, you know, they're gonna have to raise rates here. Two weeks. I don't think that's I can't imagine a scenario where that happens got Mark. I appreciate the update as always Mark Hamrick senior economic analyst at bankrate dot com or two minutes away from traffic and weather. See the president is heading to Allah. Bama later today is going to meet with victims of the devastating tornado that left twenty three people dead. He's also expected to meet with Alabama governor Kay Ivey. And then he'll be off tomorrow Lago after that government disputed Venezuelan President Nicolas Maduro accusing the US of sabotaging its electrical grid after widespread. Power outages. Hit the capital city of Caracas yesterday officials claiming the blackout was caused by an attack on a hydroelectric dam in the eastern part of the country. This happened as American journalists. Cody Weddell arrived back in American soil after being detained by thirties in Venezuela. One of the FBI's ten most one. Fugitives. A man wanted for murder in New Jersey has been arrested went down in Maryland. Authorities say Lamont Stevenson was taken into custody after a traffic stop in Prince George's county, Stevenson accused of killing his girlfriend and her dog in Newark in October of two thousand fourteen the cause of the death was found to be fixation. Additionally, Stevenson, the suspect in a murder in DC that happened Wednesday night that involve the stabbing deaths of a woman and her pet bureau of labor statistics on the gun. And that's what Mark and I were just talking about one hundred eighty thousand is the number to keep an ear out for an as he said, if it's a one hundred thousand one way or a hundred thousand the other that's when people really talk, otherwise it's kind of within the margin of error about this the American Heart Association issued its first ever statement on the impacts of waterpipe smoking hookah proximity. Ten million adults in the US smoke this way, higher rates seen among young possibly because of flavored variants. Social media's promotion or misperceptions about it's addictive properties. Say many components cigarettes included in hoops to suggesting that the to share similar health consequence. They say a single hookah session has the same amount of nicotine as two to three cigarettes. And of course, we know that can lead to addiction other toxic components. Particularly matter volatile organic compounds hydrocarbons, heavy metals, like lead, and arsenic, even carbon monoxide. Hookah use in the short term, it increases heart rate and blood pressure in the long term. It's been associated with weight gain, heart disease, and decreased exercise capacity. So the American Heart Association Spain attention and trying to squash that as well one's.

Mark hamrick bankrate US analyst fed American Heart Association Lamont Stevenson heart disease UK murder Howitt nicotine Caracas FBI President Nicolas Maduro Spain
"mark hamrick" Discussed on WHAS 840 AM

WHAS 840 AM

04:06 min | 2 years ago

"mark hamrick" Discussed on WHAS 840 AM

"To Mark Hamrick senior economic analyst for Bank rate dot com. Mark go. Welcome back. Let's talk a little bit about some things that we've been talking about for a long time. Actually, that's student loan debt and its impact. Now, we're starting to see more and more on the economy with millennials. Absolutely are Tony good morning. Be wet you. So we've talked about the one point five trillion dollars worth of student loan debt. Probably to some degree a pretty often in the country in terms of that being a large amount, but you know, with all these sort of government spending or government related issues in our country, very often these big number sort of fly by us, and we don't really appreciate the gravity of it. In this case there is gravity. Bring people back down to earth because you know, the Federal Reserve estimator that the average student loan balance. And obviously we're talking about an average is about twenty to twenty five thousand dollars and that probably translates to a payment of about two hundred three hundred dollars a month. So we wanted to find out whether a people had delay major financial decisions because of that. And how often has that occurred? And first of all we found that across basically the entire US population. You have a high of more than seventy percent saying they have had to delay of major decision. Financially focused for generation the those that are eighteen to twenty two seventy three percent from the line. When you go across the entire age spectrum and even those in the silent generation, which is seventy four o'clock, you got four down there saying they've had to do that. And so then you ask them what have they had to delay? And for all Americans, basically one in three have delayed saving for emergencies almost the same amount for saving for retirement. Let you go to millennials and basically one out of five have either delayed getting married or having children. So this is real. It is. And you know, I'm trying to think of some systemic issues about this first of all most seventeen eighteen year olds entering college. Just they just say, I'm a I'm going to get a loan or maybe when they're nineteen twenty and they realized that they don't have enough money for college. I'm just gonna go get alone. Because that's what you do. They're not thinking about having a family one day. Maybe not at that. That juncture not ownership of a home. For example, you had the government loans situation that made it easier for many people to have loads and then schools subsequently raised their tuition because they know they're going to get paid or they hope they're going to get paid. Absolutely, right. It's a less than virtuous cycle. And, you know, obviously, in many cases of the conversation that can involve parents and their children, in some cases grandchil- parents as well. And so we did ask what would you do differently? You had it to do over again. What's your do over? If you could have that and one three that they'd apply for more scholarships, but Tony one, and they wouldn't have tended college at all about one in five that they would have opted for a different degree or have chosen a less expensive college or university, and the same amount said that they would have chosen a trade school or community college and this one, but I think there really are better solutions for people where you know, you don't have to go to the top to your smartphone. The apple school. Go to one you just get the job done or go to the community college where after two years, you haven't spent as much money, and you probably have a good prospect. They're being granted acceptance at a state university they recognizes that that's a good system for them as well. And in public education. Let's start teaching kids how to budget in high school because a lot of parents don't do that financial literacy is I would say another crisis in the country. And then we're falling behind signed number one in the world. For financial literacy. Wow, mark. Appreciate your time. Is always thank you that senior economic analyst for bankrate dot com. Mark.

Mark Hamrick analyst Tony US Federal Reserve bankrate apple school two hundred three hundred doll twenty two seventy three perce twenty five thousand dollars seventeen eighteen year five trillion dollars seventy percent two years one day
"mark hamrick" Discussed on WBZ NewsRadio 1030

WBZ NewsRadio 1030

02:01 min | 3 years ago

"mark hamrick" Discussed on WBZ NewsRadio 1030

"Morning in Boston six twenty five. Now, a look at New England business this hour. The Labor Department is out with its January jobs report later this morning, bankratEcom economist Mark Hamrick with a closer look at what could be an interesting report that it'll show that the economy is a relatively stable are there may be a more noise than usual associated with. I report, including the reasons associated with a partial shutdowns one reason another that could put a drag on the numbers some of this could be seasonal. There are people who are over the holidays, for example, who are no longer needed. Unemployment expected to stay in check the hourly wages should continue to advance the numbers from the Labor Department's do at eight thirty this morning u mass Lowell researchers using federal money to come up with new ways to make New England's roads bridges and tunnels, more durable. The school is teaming up with five others to form the transportation infrastructure durability center. Umass Lowell professors zoo Yang you says they're trying to determine how our roads and bridges age in this environment. Detectives damages how do we? Regard all repairing materials and those procedures recent study by the American society of civil engineers finds a more than eight hundred billion dollar backlog of highway and bridge capital needs most of that for repairs. Bitter battle over casino dollars continues in Connecticut, where fears that MGM Springfield here in Massachusetts would take tourists and their dollars from Mohegan sun. And Foxwoods turns out the impact so far is not as bad as feared, but the tribal operators of those casinos are still fighting tooth and nail to get the okay to build a third resort much closer to the state line. Both say the project is still necessary to remain competitive. Connecticut has signed off on it. But the federal government has not as of yet. A look at Wall Street ahead of the opening bell this morning. It is a struggle with the s&p NASDAQ trending the red the Dow is up about thirty points six twenty-seven at Boston's NewsRadio. The army national guard.

Labor Department Boston Connecticut New England army national guard Lowell American society of civil engi Mark Hamrick federal government Umass zoo Yang MGM Springfield Massachusetts eight hundred billion dollar
"mark hamrick" Discussed on KOMO

KOMO

04:13 min | 3 years ago

"mark hamrick" Discussed on KOMO

"Democratic house speaker Nancy Pelosi would be begging for a border wall because there will be somebody people coming in from Tijuana in a White House photo op today, Trump repeated his call for the border wall funding and again warned about migrant caravans heading toward the US Mexican border Pelosi repeatedly rejecting Trump's demands for border wall money, the January employment report coming out tomorrow, Friday, February I what should we look forward to wrap up the first month of the year with me on the KOMO Newsline, bakery dot com. Senior economic analyst Mark Hamrick. Good morning, Mark. Good morning, Tom. I guess it's good afternoon to you. I'm sure back there. But. You say this reports from what I was reading contains or at least likely will contain a lot of noise. What do you mean by that? Sure. Well, first of all we leaving the partial government shutdown the side, we always get a sort of a statistical revisions in the January reports meaning there will be some adjustments made. And so this is part of the process of trying to align. What we gather statistically and the that with actually what's happening in the economy. So there's that so that can basically throw some things off from expectations. But you know, I think what we really need to focus on where the trend is. And let's remember the fact that we had over three hundred thousand jobs added in that December report, which was quite remarkable. We might see some revision to that as well remains to be seen whether it's up or down. And then if we get close to what people are looking for in this report around one hundred seventy thousand jobs added that would be I would say a good start for. For the year acknowledging that number one economic expansion is about ten years old. And Secondly, you know, there's a lot of uncertainty around the world, which is why the Federal Reserve has basically said, let's take it easy on interest rate hikes for a while. Yeah. The fed wrapping up that reserve meeting yesterday and know Jerome pals news conference, no doubt, the fed will stay patient for the time. Being what if any impact have we had from the shutdown, and what do you see looming ahead if there is no resolution by the fifteenth? But I think the most important thing first of all just the impact that it had an all those government workers who are either for load or otherwise working without a paycheck, and some of those furloughs will probably creep into this report, and remains to be seen how it sort of whips it around, but in terms of the real impacts of you know, we've heard from the Congressional Budget Office that about three billion dollars worth of economic activity essentially was destroyed and three billion. Isn't a whole lot in the context of the massive US economy. But I'd be happy to park it in my Bank account for a few days. If anybody wants to provide that, so it's not to be, you know, not to shrug our shoulders at that. But then the other part, of course, as we still have the possibility of yet, another shutdown all the president seems to be suggesting that he's not going to stick to his gun so to speak on the border wall part of this at least in terms of legislation. We'll see, but you know. So the bottom line is. I don't think that there's a huge long lingering economic impact. But I do worry about for example, think about the federal government is being a principal employer within the United States of America. It's ability to retain and attract workers among other things. What are your overall growth projections for this coming year now with eleven months to go? Sure. Well, you know, we think that perhaps we had around three percent growth in the year just completed and right now the consensus is for perhaps just slightly above two percent or. Little better than that in the current year. And you know, the trajectory over the past five to seven years has roughly been one point eight to two point two percent. So that falls basically within that range. But you know, we strongly believe that the benefits of the tax cut in terms of adding economic growth are are beginning to fade. And there's some question whether it had the impact that its supporters indicated just earlier this week we had business economists saying that more than eighty percent of them at their firms, Saul no positive impact in terms of hiring or business activity overall. Interesting. All right, Mark. Thanks so much. We'll see what happens tomorrow morning. That's Mark Hamrick senior economic analysts at bankrate dot.

Mark Hamrick Federal Reserve United States Trump Nancy Pelosi Tijuana Congressional Budget Office analyst Tom White House Saul federal government KOMO bankrate president Jerome America principal
"mark hamrick" Discussed on KTOK

KTOK

01:53 min | 3 years ago

"mark hamrick" Discussed on KTOK

"The stats are from bankrate dot com. We're joined now by senior economic analyst Mark Hamrick at Banchory, Mark. What's going on? A little surprising. I suppose that perhaps Americans aren't as optimistic as I might say somewhat hope indeed the majority of Americans do not think that their financial situation will be better this year compared to last. And so there is a pretty heavy dose of I guess concern about the outlook. And and you know, we'll we can break it down. But I think that the predominant reason that people are. Citing in the survey is that they're concerned about what elected leaders are doing in Washington. And to the extent that this survey was conducted a few weeks ago, really before the full news cycle reflected the impact of the partial government shutdown and perhaps related issues without it was done December fourteenth and sixteenth. You know, I think the people saw this sort of coming and probably also had some ideas about it that reflected developments over the past few months, perhaps even years. Well, I'm not trying to deny people's feelings or outlooks. But. Job market is solid wages are growing. Where does this come from his repeated the headlines in the media? I don't think so much Gordon, and and the reason for that is that you know, our other surveys tend to indicate to us that abroad cross crosstalk. Similarly broad cross section of the American public doesn't feel that their finances are improving, and so this is the part where we have to kind of dissect the reality of the way, either the economy's performing and the realistic observations about individuals participation in the economy, we think about the fact that for example with real wage.

Mark Hamrick bankrate analyst Gordon Washington
"mark hamrick" Discussed on KTOK

KTOK

01:52 min | 3 years ago

"mark hamrick" Discussed on KTOK

"The stats are from bankrate dot com. We're joined now by senior economic analyst Mark Hamrick at Banchory, Mark. What's going on too? Little surprising. I suppose that perhaps Americans aren't as optimistic as I might say somewhat hope indeed the majority of Americans do not think that their financial situation will be better this year compared to last. And so there is a pretty heavy dose of I guess concern about the outlook. And and you know, we'll we can break down. But I think that the predominant reason that people are site. Eating in this survey is that they're concerned about what elected leaders are doing in Washington. And to the extent that the survey was conducted a few weeks ago, really before the full news cycle reflected the impact of the partial government shutdown and perhaps related issues with that was done December fourteenth and sixteenth. You know, I think the people saw this sort of coming and probably also had some ideas about it that reflected the developments over the past few months, perhaps even years. Well, I'm not trying to deny people's feelings or outlooks, but job market is solid wages are growing. Where does this come from his like repeated the headlines in the media? I don't think so much Gordon, and and the reason for that is that you know, our other surveys tend to indicate to us that abroad cross socks. Similarly broad cross section of the American public doesn't feel that their finances are improving, and so this is the part where we have to kind of dissect the reality of the way, either the economy's performing and the realistic observations about individuals participation in that economy, when we think about the fact that for example,.

Mark Hamrick bankrate analyst Gordon Washington
"mark hamrick" Discussed on News 96.5 WDBO

News 96.5 WDBO

05:27 min | 3 years ago

"mark hamrick" Discussed on News 96.5 WDBO

"And as you know, you can get all kinds of consultation, and I would say valuable advice or people who would be willing to meet with you just out of I I- basis to help you to answer some of these questions, and so, you know, Warren Buffett who's one of the most successful investors ever if he would say that for example, he can't tell you what the market. It's going to do tomorrow. But that over time the market is the best place for you to be for long term returns. That's a pretty good pattern or bottle to follow. Meaning, you know, we know that a financial television, which you know, I'm participating in as well. As obviously radio, you know, we're asked all kinds of questions on the air. And one of the questions were often asked is what is the market going to do tomorrow and very often the best answer we could provide is we don't know what the market's going to do tomorrow. But we know that if we want to have long-term retirement savings, we need to be in the market absolutely talking to bay dot com. Mark hamrick. Of course, the man with the golden tones last question coming on always breaking things down for us because I think a lot of people freak out. And I've always said it, look if you're sixty five you're probably going to be in a lot less risky things because you're looking towards that those golden years where you're gonna use your money in a different way. And if you're twenty five you don't have to look every day because unless you're day trading. It's you're in a marathon. And you're just starting but we look at all. These things and people look at things like apple. And obviously, the the the shine is off the apple if you will and some of that has to do with China, and the fact that the Chinese are buying the phones as well. Because there are global product. What's up with that? Because are they releasing them? Too fast. Is it just, you know, less than man for them because of the cost or is the trade wars and things happening over in China that I think really put a dent into apple this year. Is that really something that we should be looking at going? What's going on here? Oh, I think it's all of the above until you're one or the original points. There is that even people who are let's say my age, which is, you know, approaching traditional retirement age, but hoping to continue to work for as long as I can, you know, the presumption is that we will live long lives, God willing, and that even means that for someone my age, I need to think about the fact that at least in terms of life expectancy probably need to make that money last twenty or thirty years, if you're just able to sort of be average, and so yeah, you need to be careful about how much riskier allowing your funds to weather, but the other part is to think about their return over a long period of time with respect to apple, you know, I'm a fan of all things apple I, you know, I could probably be criticized as as being a, you know, an enthusiast of their products. And I think oh, you know, if you go back to the Steve Jobs error, they've done remarkable things and continue to make great products and good. Services. But the question is really is apple sort of where Microsoft was a number of years ago where and of course, now, Microsoft is is the company that's about you'd most highly by investors, ironically, but you know, whether apple may have seen its best days, or at least is going through a soft spell, and I think there's probably a good argument to be made there that that is indeed the case because you now have you know, phones that have been out since two thousand seven most people who have wanted to buy one even people who are economically, you know, challenge tend to carry smartphones, not necessarily an iphone, and so you really have to have a kind of a show me attitude with respect to why should I upgrade? And now where the carrier sprint Verizon, AT and T at cetera have stopped subsidizing the prices of these phones, you're basically talking about the potential to have a total outlay of a thousand dollars or so to buy the latest phone. That's a lot of money for anybody. And the. Reality is that you know, the product from two years ago, isn't that much different when you can upgrade the apple operating system across the spectrum, maybe not have the same functionality. So I think, you know, we don't know exactly whether Tim cook is an adequate replacement for Steve Jobs, but we suspect he probably can't be you know, there's only one Thomas Edison, Albert Einstein. But he's done. A darn good job of running the company and Steve Jobs is absence, and they do need to be obviously exposed to the global economy. And as he said the other day, and his CNBC interview, they're going to do what they need to try to sensually knock sales to a higher level even understanding that as he described that there was a slowdown in greater China knows today fed chair Powell said that slow down is probably filtering on through to the global economy. So you know, the extent that apple is a US company, obviously has substantial operations in China, and perhaps moving into India next we at some level want to cheer for them. But we also want to cheer for smaller companies that may have. To some degree been casualties of the market dominance of these giants, like Facebook, Google, Netflix, etc. And maybe we just need to have a little more innovation at the smaller company level. But also hope that obviously we continue to see success for these great American success stories. Mark hamrick. bankratEcom you break it down like nobody else. So those dulcet tones appreciate you coming on always good to have you back. Happy new year. And we'll look forward to talking to you soon. Always a pleasure tad year. One in a million. And I appreciate it very much all the best. Thank you. Thanks so much at Chadbensonshow is your Twitter C H A D E N S O N. It is the Chad Benson show..

apple China Mark hamrick Warren Buffett Steve Jobs Microsoft Verizon Tim cook E N S O Chad Benson CNBC Facebook Thomas Edison US AT Albert Einstein Netflix
"mark hamrick" Discussed on News Radio 920 AM

News Radio 920 AM

03:52 min | 3 years ago

"mark hamrick" Discussed on News Radio 920 AM

"Here's Mark Hamrick. Online sales are growing by double digit numbers, and that's quite impressive. But it still is roughly one tenth of the overall retail spend and amid all of that there's incredible disruption going on. And retail where new brands are coming forth where the composition of malls is changing. And so it may be that a series goes away and a bowling alley or entertainment complex goes in. We are continuing to seek experiences in these settings and mall operators and those that develop retail in general are buying full that the best thing they can do is try to blend those environments in the sense of development. So retail is not dying. Some brands are dying. And a lot of brands are appearing on the horizon that people are enthusiastic about enthusiasm. Gotta like that. Joe? Thanks, Phil new brands on the horizon and existing brands will sell themselves in new ways in the new year. Esther Casten bombed the CEO of ruby has an e commerce fulfilment company says brands are increasingly going directly to consumers through digital platform down. What they've kind of set to themselves is there are talented with Amazon and the traditional retail channels are. Struggling in a lot of ways. So they've elected to go direct to consumer whatever they do by consumers are expected to keep charging it in two thousand nineteen and trans union researcher. Matthew, komo's expects consumers will keep the same cards. The already have in their wallets and some credit card companies could be stingier with credit limits next year today, for example, a consumer might get a little bit lower credit line, and they would have maybe two years ago on the average. And that's just again, it's a way for Kurdish yours to really help manage that exposure. But not because trans union expects delinquencies to rise. In fact, delinquencies are still low more consumers have access to credit. They're using their credit BUSTER actually performing really well on that credit and komo's thanks they'll probably keep doing well next year, assuming job and wage trends, continue the housing market has been steadily slowing in two thousand eighteen back to Phil Hulett now with what might happen with real estate in two thousand nineteen there are several pressures on the real estate market that poor. Tend to slow down among them rising mortgage rates a series of year over year home price increases of five percent or more but wage increases in the two percent range that sounds like trouble again. Here's Bank rates. Mark hamrick. You cannot have rising home prices and rising mortgage rates continue forever. If you don't have a rising incomes, and so that along with the tax changes that limited the deductibility of state and local taxes, including property taxes. All of that has served to slow down so other previously red hot markets. Some people will welcome that as a buyer opportunity. I understand that. But we need for housing to provide some literal foundation for the broader US economy as the financial crisis and great recession demonstrated a decade ago. Those are some scary memories, the kind that would make the average home buyer or seller a little well. Okay. A lot skittish about the near-term market. But is the bubble about to pop. I would not say that. Housing is a crisis. But it is slowing and we'll continue to watch that in twenty thousand hundred. It sounds like there may be a bump in the road ahead. Joe? Thanks, phil. Over the long term stocks have also gone up. But what about the short term until we get some more certainty in the areas of the trade discussion and interest rates specifically that volatility is going to continue to be the norm until until those things are are settled personal wealth manager, Dan Mathews with creative planning says except for adjusting your asset allocations stick with your long term plan to let daily market gyrations dictate advice for this year next year and every year, Mike, Thanks Joe.

Phil Hulett Mark Hamrick Joe komo trans union Esther Casten Amazon US Dan Mathews ruby researcher Matthew CEO Mike five percent
"mark hamrick" Discussed on KOA 850 AM

KOA 850 AM

03:53 min | 3 years ago

"mark hamrick" Discussed on KOA 850 AM

"Again. Here's Mark Hamrick. Online sales are growing by double digit numbers, and that's quite impressive. But it still is roughly one tenth of the overall retail spend and the middle of that there's incredible disruption going on in retail where new brands are coming forth where the composition of malls is changing. And so it may be that a Sears goes away. And a bowling alley or entertainment complex goes in. We are continuing to seek experiences in these settings and mall operators and those that develop retail in general are mindful that the best thing they can do is try to blend those environments in the sense of development. So retail is not dying. Some brands are dying. And a lot of brands are appearing on the horizon that people are enthusiastic about enthusiasm. Gotta like that. Joe? Thanks, phil. New brands on the horizon and existing brands will sell themselves new ways in the new year Esther Casten bombed the CEO ruby has an e commerce fulfillment company says brands are increasingly going directly to consumers through a digital platform. And what they've kind of said to themselves is there are challenges with Amazon and the traditional retail channels are struggling in a lot of ways. So they've elected to go direct to consumer whatever they do by consumers are expected to keep charging it in two thousand nineteen and trans union researcher. Matthew komo's? Expects consumers will keep the same cards. The already have in their wallets and some credit card companies could be stingier with credit limits next year today, for example, a consumer might get a little bit lower credit line, then they would have maybe two years ago on the average. And that's just again, it's a way for card issuers to really help manage that exposure. But not because trans union expects delinquencies to rise. In fact, delinquencies are still low more consumers have access to credit. They're using their credit mustard actually performing really well on that credit and komo's things they'll probably keep doing well next year, assuming job and wage trends, continue the housing market has been steadily slowing in two thousand eighteen back to Phil Hulett now with what might happen with real estate in two thousand nineteen there are several pressures on the real estate market that portend to slow down among them rising mortgage rates a series of year over year home price increases of five percent or more but wage increases in the two percent range. That's. That sounds like trouble again. Here's Bank rates. Mark hamrick. You cannot have rising home prices and rising mortgage rates continue forever. If you don't have a rising incomes, and so that along with the tax changes that limited the deductibility of state and local taxes, including property taxes. All of that has served to slow down so other previously red hot markets. Some people will welcome that. As a buyer's opportunity. I understand that. But we need for housing to provide some literal foundation for the broader US economy as the financial crisis great recession demonstrated a decade ago. Those are some scary memories, the kind that would make the average home buyer or seller a little well. Okay. A lot skittish about the near-term market. But is the bubble about to pop. I would not say that housing is a crisis. But it is slowing and we'll continue to watch that in two thousand nineteen. It sounds like there may be a bump in the road ahead. Joe? Thanks, phil. Over the long term stocks have. Also, gone up. But what about the short term until we get some more certainty in the areas of the trade discussion and interest rates specifically that volatility is going to continue to be the norm until until those things are are settled personal wealth manager, Dan Mathews with creative planning says except for adjusting your asset allocations stick with your long term plan. Don't let daily market gyrations dictate advice for this year next year and every year, Mike, Thanks Joe with all that.

Phil Hulett Mark Hamrick Joe Matthew komo trans union Sears Esther Casten Amazon Dan Mathews US researcher CEO Mike five percent two percent