Saturday 4 July 2009

Articles from the New York Times: Unemoployment

Jobless Rate Hits 7.2%, a 16-Year High

The nation lost 524,000 jobs in December, reflecting a pervasive fear among employers that if they fail to shed workers quickly their companies may go under in a recession poised to become the worst since the 1930s.

The unemployment rate, meanwhile, jumped to a 16-year-high of 7.2 percent, the Bureau of Labor Statistics reported on Friday. The growing army of the unemployed, at 11.1 million, is nearly 50 percent bigger than at the start of the recession a year ago.

A job expo in Concord, California. In December.

Unemployment Rate at 14-Year High After Big October Losses

The American economy lost another 240,000 jobs in October, the government reported Friday morning, the 10th consecutive monthly decline and a clear signal that an accelerating slowdown is assailing households and businesses.

The unemployment rate climbed to 6.5 percent , the highest level since 1994 and up from 6.1 percent the month before.

Adding to the gloom was a steep downward revision in payroll numbers for September. The Labor Department said that employers slashed 284,000 jobs that month, far higher than the 159,000 that was initially reported.

New York Times lays off staff, seeks pay cuts

NEW YORK (Reuters) - The New York Times Co laid off 100 employees on Thursday and cut salaries for the rest of the year by 5 percent, and said it might cut newsroom jobs at its namesake newspaper if it cannot get union employees to agree to a similar cut.

The news, which the Times released in two memos from company executives, comes on the same day rival newspaper The Washington Post said it wants to buy out an unspecified number of employees.

Thursday 2 July 2009

Articles from the Daily Mail:- Wall Street Crash

Wall Street clampdown on the traders accused of fuelling the credit crunch


Wall Street watchdogs are clamping down on the traders accused of destabilising the global banking system.
In response to desperate calls for action from big American banks, the Securities and Exchange Commission is to enforce tough new rules against short-sellers - the investors who bet that shares are going to fall.
Short-selling is a legal tactic which is seen as perfectly legitimate in normal times, but it is increasingly becoming a cause of concern.



Frantic: Dealers crowd the post that handles Morgan Stanley on Wall Street near the close of business yesterday


London markets braced for tough trading after panic on Wall Street overnight


Traders in the City were braced for another session of heavy selling on the London Stock Exchange today after a major slump in US share prices last night.
Wall Street investors panicked over a further wave of depressing economic news, wiping 344.65 points off the Dow Jones Industrial Average in New York.
It fell to 11188.23 after some of America's biggest retailers posted disappointing August sales figures and a surprise spike in unemployment.
The double whammy fuelled fears that the world's biggest economy was in worse shape than previously thought, leaving worried investors frantically selling their holdings.
Turmoil: Traders on the New York Stock Exchange had a rough session

Articles from the Daily Mail:- Unemployment



Official figures: £4.1billion was sent out of the UK by migrants working here in 2007

Economy losing £4.9m a day - because immigrants send it home to relatives

The economy is losing £4.9million every day because of the huge sums immigrants send home to their relatives, official figures show.
Analysis by the Office for National Statistics found that £4.1billion was sent out of the UK by migrants working here in 2007.
The figure is almost double the £2.3billion sent home in 1998, reflecting the huge increase in the number of migrant workers under Labour.
The total amount sent out of the UK over the past decade is £31.5billion.

Unemployment hits 12-year high of 2.2m

Unemployment has soared to a 12-year high of more than 2.2 million after a record number of people lost their jobs in recent months, gloomy new figures showed today.
The jobless total increased by 232,000 in the three months to April to reach 2.26 million, the worst figure since the end of 1996.
The number of people claiming jobseeker's allowance increased by 39,300 in May to 1.54 million, the highest total since the summer of 1997.


Rock bottom: But the rise in claimant count was also lower than expected

BEN LAURANCE: UK unemployment is now higher than Slovenia and Romania - but is Ministry of Hole Digging really the answer?

Today's unemployment figures were quite bad enough: with 1.92m people looking for a job, that makes it the highest number for more than a decade. And the UK now has a higher unemployment rate than the likes of Slovenia, Romania, the Czech Republic and Bulgaria.
But make no mistake, things are going to get much, much worse before they get better. The two millon barrier will, without doubt be breached when the next set of monthly figures come out.


Unemployment: the manufacturing industry is continuing to shrink and there are fears the jobless total will soon pass the two million mark

Long-term unemployment almost doubles to 300,000
Britain's long-term unemployment is set to soar to more than 300,000 people, Whitehall officials have admitted for the first time.
In a huge blow to Labour's boast to have slashed long-term joblessness, new figures will show that the rise is so dramatic that private contractors for welfare

Britain's long-term unemployment is set to soar to more than 300,000 people




Thursday 18 June 2009

After the collapse of Lehman Brothers, this picture was posted on the BBC website. This doesn't show the effect off what this crisis has on the economy and society. But it does show the vast size of the bank. Considering how important this bank is the picture doesn't give the full picture of what has occurred.

This was the background information given: "Wall Street bank Lehman Brothers has filed for chapter 11 bankruptcy protection, rival Merrill Lynch has sought refuge by selling itself to Bank of America, and insurance giant AIG needs emergency funding. The collapse of Lehman has triggered turmoil in global financial markets, but the repercussions go much wider.

From this it changes the way we view the picture. Without the anchorage the picture doesn't have that much of an impact. However with the anchorage we gain sudden realisation of what has happened.

Coursework title

Investigation:-Analysis of news photographs, based on the economic decline, including their structure and narratve appeal.
Production:- A series of anchored news photographs for a specific newspaper.