*NEWS*103,000+ U.S. JOBS LOST IN JAN 2006

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*NEWS*103,000+ U.S. JOBS LOST IN JAN 2006

 user 2006-02-13 at 9:09:00 am Views: 34
  • #14228

    High Energy Prices Threaten World Economy, Snow Says
    U.S. Secretary of Treasury John Snow told world leaders on Saturday that high energy prices could hurt the global economy.
    feb 06 – U.S. Treasury Secretary John Snow said Saturday that high
    energy prices are a risk to the global economy, as finance ministers
    from the Group of Eight countries focused on ways to defuse the threat
    from persistently high oil and gas prices.
    Volatile energy prices
    have preoccupied the finance ministers in their meetings over the past
    few years. Past statements have emphasized raising investment in
    production, curbing consumption and making oil market data on reserves
    and inventories more transparent.
    In remarks to be delivered to
    reporters after the meeting, Snow said Russia’s Finance Minister Alexei
    Kudrin was right to put a heavy emphasis on energy prices in the
    meetings in Moscow – the first to be hosted by Russia as the G-8′s new
    “There are many sides to energy security, but, as finance
    ministers, we emphasized market-based solutions, transparency, and the
    institutional framework necessary to encourage a friendly investment
    climate in energy development and infrastructure,” Snow said.
    said he briefed ministers on President George W. Bush’s plans for
    increasing investment and research in clean-burning fuels. He also
    noted that costly energy is a particular problem for developing
    Snow also alluded to another long-standing risk faced by the world economy: large-scale trade imbalances.
    week, the U.S. government reported its trade deficit grew to a record
    US$725.8 billion (euro606.3 billion) in 2005 and many economists worry
    the deficits are unsustainable and could lead to volatility of currency
    and bond markets.
    The Bush administration has blamed diverging
    growth rates between the U.S. and its major trading partners over the
    past decade for the chasm.
    “Relative growth performance, especially
    among the larger economies, continues to be uneven,” Snow said. “All
    countries, including the United States, but also the countries of
    Europe, Japan, developing Asia and even the oil exporters, bear a
    responsibility to help effect global adjustment in a way that maximizes
    and sustains global growth.”

    Trade Deficit Hits All-Time High of $725.8 Billion
    FEB 06- The U.S. trade deficit soared to an all-time high of $725.8
    billion in 2005, pushed upward by record imports of oil, food, cars and
    other consumer goods. The deficit with China hit an all-time high as
    did America’s deficits with Japan, Europe, OPEC, Canada, Mexico and
    South and Central America
    Consumer demand for cars, foreign food products, and other goods drove imports up 12.9 percent to a record $2 trillion.
    Commerce Department reported Friday that the gap between what America
    sells abroad and what it imports rose to $725.8 billion last year, up
    by 17.5 percent from the previous record of $617.6 billion set in 2004.
    marked the fourth consecutive year that America’s trade deficit has set
    a record as American consumers continued their seemingly insatiable
    demand for all things foreign from new cars to televisions and
    electronic goods.
    The increased foreign competition has helped to
    keep the lid on prices in this country, but critics say the rising
    trade deficit is a major factor in the loss of nearly 3 million
    manufacturing jobs since mid-2000 as U.S. companies moved production
    overseas to lower-waged nations. Many economists believe those
    manufacturing jobs will never come back.
    “Such a huge trade gap
    undercuts domestic manufacturing and destroys good U.S. jobs,” said
    Richard Trumka, secretary-treasuer of labor’s AFL-CIO. “America’s
    gargantuan trade deficit is a weight around American workers’ necks
    that is pulling them into a cycle of debt, bankruptcy and low-wage
    service jobs.”
    Sen. Byron Dorgan, D-N.D., said the new deficit
    figure showed that “our trade policy is an unbelievable failure that is
    selling out American jobs and weakening our economy.”
    Last year’s
    deficit reflected the fact that imports rose by 12.9 percent to an
    all-time high of $2 trillion, swamping a 10.4 percent increase in
    exports, which reached a record high of $1.27 trillion.
    For December, the trade deficit edged up a slight 1.5 percent to $65.7 billion, the third highest monthly figure on record.

    January job cuts in U.S. top 100,000

    CHICAGO: U.S. employers announced 103,466 job cuts in January, up 12 percent from January 2005, when job cuts totaled 92,351.
    was the second consecutive month in which more than 100,000 planned job
    cuts were announced,” Challenger, Gray & Christmas Inc., a Chicago
    outplacement consultancy, said Thursday in a statement.
    January was down slightly, 4 percent, from December, when 107,822 job cuts were announced.
    auto industry saw the largest number of planned job cuts during
    January. The 36,299 announced cuts, most of which came from Ford Motor
    Co., were nearly three times higher than the second-ranked government
    and non-profit sector, the firm said. Employers in the government and
    non-profit sectors announced plans to cut 13,527 jobs, due in part to
    continued fallout from Hurricane Katrina.
    The third-ranked retail
    sector eliminated 13,430 jobs in a post-holiday purge of seasonal
    workers and several major store closings by OfficeMax and Toys “R” Us