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Old 10-31-2009, 05:27 PM
 
Location: Wherever women are
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Charlotte's Economy 101, Sophie
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Old 10-31-2009, 06:02 PM
 
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There have been layoffs at BofA and Wachovia/Wells, but not on a huge scale. The vast majority are still employed...if that remains the case long term, who knows, but it's not like tens of thousands were laid off in one fell swoop. And yes, there have been layoffs in associated industries like law (either firms closing CLT offices or laying off attorneys and staff), but again, not widespread.

There is also hiring going on at both major banks, in certain depts. Other companies that had layoffs and/or hiring freezes are now hiring again as well...in addition to re-instating benefit programs that were frozen. While things may not be good, people were prepared for the worst, and thngs didn't get to worst-case scenario for most.
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Old 10-31-2009, 08:45 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,666,769 times
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Quote:
Originally Posted by stlterp View Post
There have been layoffs at BofA and Wachovia/Wells, but not on a huge scale. .
I don't think we'll ever know the true numbers of layoffs (or those in the future) because of the big banks deliberate attempt to avoid the WARN act....people have been let go in mostly drips and drabs as even been reported by posters on c/d...
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Old 11-01-2009, 08:22 AM
 
Location: Lake Wylie, SC
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Quote:
Originally Posted by vindaloo View Post
If a person is getting unemployment from another state and lives in Charlotte, this person is counted in the Charlotte unemployment figures.
I do not see how this can be accomplished. Can you explain or give reference to how the numbers of out of state recipients are seperated state by state?

To my understanding when filing out of state (CharlotteCharlotte may help on this) the number is counted in the liable state, not the residency state.
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Old 11-01-2009, 10:29 AM
 
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Quote:
Originally Posted by Belmarin View Post
I do not see how this can be accomplished. Can you explain or give reference to how the numbers of out of state recipients are seperated state by state?

To my understanding when filing out of state (CharlotteCharlotte may help on this) the number is counted in the liable state, not the residency state.
I agree with you. I know that in the past, a person getting unemployment had to register at the office that was actually paying and prove that unemployment was being sought. You can get probably get a reference and the information that you want if you contact the Chamber of Commerce. That is where I got mine. They will explain. It seems as if the requirements to register weekly have changed and the unemployment figure is based on where the unemployed person lives regardless of where the check comes from.
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Old 11-01-2009, 10:48 AM
 
Location: Charlotte, NC
2,193 posts, read 4,542,205 times
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The unemployment rate is not based on UI benefits.

How the Government Measures Unemployment

"Some people think that to get these figures on unemployment, the Government uses the number of persons filing claims for unemployment insurance (UI) benefits under State or Federal Government programs. But some people are still jobless when their benefits run out, and many more are not eligible at all or delay or never apply for benefits. So, quite clearly, UI information cannot be used as a source for complete information on the number of unemployed....the Government conducts a monthly sample survey called the Current Population Survey (CPS) to measure the extent of unemployment in the country. "
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Old 11-01-2009, 10:55 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,666,769 times
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Quote:
Originally Posted by sheenie2000 View Post
The unemployment rate is not based on UI benefits.

How the Government Measures Unemployment

"Some people think that to get these figures on unemployment, the Government uses the number of persons filing claims for unemployment insurance (UI) benefits under State or Federal Government programs. But some people are still jobless when their benefits run out, and many more are not eligible at all or delay or never apply for benefits. So, quite clearly, UI information cannot be used as a source for complete information on the number of unemployed....the Government conducts a monthly sample survey called the Current Population Survey (CPS) to measure the extent of unemployment in the country. "
That's why the U-3 numbers that are spit out by Govco are useless IMO...one should look at the U-6 to get a better picture....
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Old 11-01-2009, 11:02 AM
 
Location: Chattanooga, TN
616 posts, read 1,567,699 times
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Thank you sheenie2000! I was going to look this up but you beat me to it.

If we're going to argue about something we should be consistent, and understand where the data comes from.

Quote:
Originally Posted by sheenie2000 View Post
The unemployment rate is not based on UI benefits.

How the Government Measures Unemployment

"Some people think that to get these figures on unemployment, the Government uses the number of persons filing claims for unemployment insurance (UI) benefits under State or Federal Government programs. But some people are still jobless when their benefits run out, and many more are not eligible at all or delay or never apply for benefits. So, quite clearly, UI information cannot be used as a source for complete information on the number of unemployed....the Government conducts a monthly sample survey called the Current Population Survey (CPS) to measure the extent of unemployment in the country. "
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Old 11-01-2009, 11:09 AM
 
4,222 posts, read 6,723,533 times
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[quote=sheenie2000;11436304]The unemployment rate is not based on UI benefits.

How the Government Measures Unemployment

"But some people are still jobless when their benefits run out, and many more are not eligible at all or delay or never apply for benefits. So, quite clearly, UI information cannot be used as a source for complete information on the number of unemployed....

Exactly, good clarification. There are tons of New Yorkers (and others)around that are unemployed but didn't lose their jobs in Charlotte. Many moved here in an unsuccessful attempt to gain employment. Nevertheless, they live here and are counted as unemployed in Charlotte, not New York.
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Old 11-01-2009, 11:13 AM
 
4,222 posts, read 6,723,533 times
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My intent in posting this thread was to say that there are factors that seem to reflect a gloomier picture of our local economy than reality. Times are hard. The migration of thousands made things look worse that they would have been without the influx. Charlotte still has a healthy economy, just not enough jobs to accomodate the influx. And, yeas the recession has caused lots of lay offs like everywhere else. This is it. I didn't mean to upset anyone. My apology for trying to be a bit positive.
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