ECONOMY

In the wake of news that the European Central Bank cut interest rates to spur the economy, U.S. stocks opened lower on Thursday morning. While the ECB’s cut was an attempt to temper its growing debt crisis, investors feared that European leaders may not be able to hold off a likely recession.

European Central Bank Drops Interest Rate to Record Low

A new report from the Labor Department revealed that the U.S. unemployment rate has experienced a significant one-month drop, reaching the lowest level since March 2009. According to the report, an increase in hiring in the month of November resulted in the unemployment rate falling to 8.6 percent.

Job Creation Adds 120,000 Jobs as Unemployment Rate Lowers

By Nicholas Pell

Black Friday is an unofficial American holiday and a boon for American business. Black Friday spending helps businesses get through their fourth quarter, while Americans get the best Black Friday deals and save money–often hundreds–on their winter holiday shopping.

While America gets its holiday shopping list together, we took the time to research precisely what Black Friday means for American business.

By Nicholas Pell

Basketball fans are having a hard year. The NBA lockout is now in its fourth month, forcing basketball aficionados to make due with hockey. The Association cancelled the season at least through December 15. Still, there are more effects of NBA cancelled games than just depriving sports fans. The lockout has tangible effects for the national economy and the local ones of cities with teams.

A study to be released today is revealing what many already know: America’s middle class is shrinking, turning the nation into a two-tiered society of rich and poor. The middle income population has declined significantly since 1970, according to a study conducted by Stanford University. This income gap is not likely to change in the near future.

Middle Income Families Dropped by 21 Percent

On Monday, the Census Bureau released a report that revealed the 2010 U.S. poverty rate would have been nearly one percentage point higher than originally reported in September had Americans not received government aid. Utilizing statistics not normally considered when calculating the official poverty rate, the bureau determined that government aid is critical in keeping more families above the poverty line.

Poverty Rate in Alternate Report Jumps to 16 Percent

The 2011 holiday season brings a bit of good news for those faced with unemployment, as retailers plan to hire a sizable number of workers this year. According to a National Retail Federation forecast, retailers will likely add about 490,000 mostly part-time jobs this year to accommodate for an anticipated increase in sales.

Hiring Could Perk Up Unemployment

The Labor Department brings good economic news this Friday with reports that the unemployment rate has finally dropped a bit to 9 percent. However, its monthly report shares disappointing news that the American employment sector only added 80,000 jobs in October.

Lacking Jobs Present Continued Unemployment

While increasing job opportunity in any month is better than losing them, word that a mere 80,000 new positions were added in October was somewhat dismal news for struggling Americans. In addition to the lower number of job developed compared to September’s 158,000 jobs count, experts say it takes at least 150,000 jobs added each month just to keep up with population growth.

By Casey Bond

If there’s one piece of advice most parents give their kids, it’s that getting a good education is the key to successful adulthood. You have to go to college because that’s how you get a fulfilling, high paying job.

Unfortunately, that’s really not true anymore–and in the case of Generation Y, young adults are pretty much doomed whether they never even graduated high school or just earned their MBA.

With news that European Union leaders have agreed to a debt deal, world investment markets have rallied. The Greece debt crisis, which has presented an ongoing struggle for Europe for many months, may soon come to an end and investors in the World Market, including the U.S., are showing their excitement.

Europe Establishes Debt Deal, Takes Losses on Greek Bonds