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Posts Tagged ‘recession’

A quarter of 20-somethings now live at home

Thursday, January 23rd, 2014

Thanks to the economic crisis more young people live at home

Yahoo Finance UK

By | Yahoo Finance UK – Tue, Jan 21, 2014 17:42 GMT

  • More yong people are living at home

    Yahoo Finance UK/Rex Features – More yong people are living at home

  • Yahoo Finance UK – Thu, Jan 16, 2014 11:35 GMT

The economic crisis has had a significant and lasting effect on the lives of young people, as more than one in four now live with their parents, according to official data.   The number of 20-34 year-olds in their family home has jumped by 669,000 since 1996, the Office for National Statistics has found.
This is despite the number of people in this section of the population remaining largely the same. There are now 3.3 million living with their parents, up from 2.7 million in 1996.
The highest increase has been among 20-24 year-olds – especially in the last five years. In 2008, 42% of 20 to 24-year-olds lived with their parents, but by last year the percentage had increased to 49%.
It’s thought that the economic crisis is a large underlying factor, as the number of unemployed people aged 18-24 has increased from 13% to 19% during the same five years. 

Young adults aged 20-34 living with parents in the UK, 1996-2013 (ONS)
Economic activity of those aged 20-34, UK, 2013 (ONS)

Young men are far more likely to live with their parents, with one in three staying put, compared with one in five women.
However, this is not because young women have greater economic success, but because they are more likely to be in a relationship and living with their older partner or because they are a lone parent.
In fact, 600,000 more women aged 20-34 were found to be living as part of a couple than men, and on average women are more likely to have a relationship with a man older than themselves, according to the ONS.
There were nearly as many women who were lone parents in their own household. And it was also found that women are more likely to be in higher education, in the process leaving their parent’s home.

Men and women aged 20-34 living with parents, UK, 2013 (ONS)
Young adults aged 20-34 living with parents by region, 2011-2013 (ONS)

In spite of the huge cost of either buying or renting in London, it has the lowest percentage of young adults living with their parents at 22%. Mainly because the capital has a large influx of young people moving from other areas for work or study, said the ONS.
On the other hand, the region with the highest number of young people living with their parents was found to be Northern Ireland.
This is because it’s easier to commute to work or university from the family home. And because cohabitation among couples is much lower – even though the average age for a first marriage in Northern Ireland is lower than in England and Wales.
This suggests a more traditional picture of family life, where the time between leaving home to marry or cohabit is shorter than elsewhere, said the ONS.

+ VIDEO to watch here at the end of the original article

Over 100,000 Irish workers expected to leave country before 2012

Sunday, October 3rd, 2010

Jobless rate of 13.6% means return to Ireland’s culture of emigration as fears of a double dip recession set in.

When the economy became the fastest growing in Europe the Irish diaspora headed home, to be followed by an influx of workers from countries such as Poland and Lithuania.

With the jobless rate now running at 13.6%, for many Irish workers the only option once again is to look abroad.

read more about it here

250,000 Irish workers go on strike

Sunday, December 6th, 2009

Up to a quarter of a million public sector workers have taken part in a national strike in the Republic of Ireland.

Civil servants, some medical staff and teachers are protesting at government plans to cut the public sector pay bill by 1.3bn euros next year.

They say they cannot take any more cuts in their wages after an emergency budget earlier this year.

Almost all public offices and schools were closed.

Hospital appointments for up to 16,000 patients were cancelled.

Thousands of people also faced delays in social security payments.

Irish police have said that no speeding fines will be issued because of the strike.

Trade unions said the government had refused to engage with them on ways of cutting the state pay and pensions bill by 1.3bn euros without cutting pay, pensions or services.

They said the government had forced the action by failing to negotiate a fair alternative to plans for a second huge pay cut this year.

However, a number of unions have deferred strike action in areas affected by recent floods.

The strike affected a wide range of the public sector:

  • A majority of civil service employees took part;
  • A limited customs service is running at ports and airports;
  • Prison officers have been striking for an hour at different times – prisoners are being locked in their cells during the action;
  • Emergency cover being provided by fire and water services;
  • Most local authorities staff are on strike but staff at flood-hit areas are still working;
  • Hospital staffing is at Christmas Day levels – only “genuine emergency” cases advised to show up at A&E departments, hospital appointments are being deferred and non-emergency procedures postponed, although strike exemptions were granted to key areas including palliative and intensive care;
  • Police are forbidden by law to strike but members of the Association of Garda Sergeants and Inspectors have been instructed not to make themselves available for overtime; and,
  • More than 50,000 teachers are on strike.

taken from : http://news.bbc.co.uk/2/hi/europe/8375745.stm

Dubai’s Improbable Tale

Sunday, December 6th, 2009

They journeyed to the desert emirate of Dubai by the tens of thousands. Laborers from small towns on the Indian subcontinent and white-collar executives from the capitals of Europe. They came seeking fortune, and they built a modern city unlike any the world had ever seen: a city with the world’s largest tower, an indoor ski slope and a honeymoon suite with a live whale shark in the window.

A city where anything was possible. Sand too hot? Then build a beach with underground refrigeration.

“I call the story an improbable fairy tale,” Ms. Greenfield said. “Anything that could be fantasized could be built. It really was the land of opportunity. It’s more Las Vegas than Las Vegas.”

At first glance, Dubai might seem an odd place to find Ms. Greenfield. She is best known for powerful photographs and films that explore the corrosive effect of modern consumer culture on American teenage girls, and also for her disquieting images of women with eating disorders.

But Dubai offered Ms. Greenfield, 43, the opportunity to further explore wealth and the effects of unbridled materialism. So after several months of research, she spent two weeks photographing there.

“Dubai is a cautionary tale in the same way as the foreclosure crisis — which I photographed — was,” Ms. Greenfield said last weekend, as the financial crisis in Dubai unfolded. “Dubai was this miracle of development with minimal planning and no infrastructure.”

Burj Dubai, the world’s tallest skyscraper, is still under construction, overlooking artificial islands shaped like palm trees. The tower is a useful symbol for considering Dubai. Is it the Tower of Babel? Is it Icarus, flying too close to the sun? It’s unclear whether this crisis will simply be a pause in Dubai’s ascent or whether Dubai’s story will itself become a cautionary tale of mythical dimensions.

taken from : http://lens.blogs.nytimes.com/2009/11/30/showcase-85/?hp

see pictures here

Hunger in U.S. at a 14-Year High

Saturday, November 28th, 2009

The number of Americans who lived in households that lacked consistent access to adequate food soared last year, to 49 million, the highest since the government began tracking what it calls “food insecurity” 14 years ago, the Department of Agriculture reported Monday.

The increase, of 13 million Americans, was much larger than even the most pessimistic observers of hunger trends had expected and cast an alarming light on the daily hardships caused by the recession’s punishing effect on jobs and wages.

About a third of these struggling households had what the researchers called “very low food security,” meaning lack of money forced members to skip meals, cut portions or otherwise forgo food at some point in the year.

The other two-thirds typically had enough to eat, but only by eating cheaper or less varied foods, relying on government aid like food stamps, or visiting food pantries and soup kitchens.

One figure that drew officials’ attention was the number of households, 506,000, in which children faced “very low food security”: up from 323,000 the previous year. President Obama, who has pledged to end childhood hunger by 2015, released a statement while traveling in Asia that called the finding “particularly troubling.”

Analysts said the main reason for the growth was the rise in the unemployment rate, to 7.2 percent at the end of 2008 from 4.9 percent a year earlier. And since it now stands at 10.2 percent, the survey might in fact understate the number of Americans struggling to get adequate food.

The food stamp rolls have expanded to record levels, with 36 million Americans now collecting aid, an increase of nearly 40 percent from two years ago. And the American Recovery and Reinvestment Act, passed last winter, raised the average monthly food stamp benefit per person by about 17 percent, to $133. Many states have made it easier for those eligible to apply, but rising applications and staffing cuts have also brought long delays.

Problems gaining access to food were highest in households with children headed by single mothers. About 37 percent of them reported some form of food insecurity compared with 14 percent of married households with children. About 29 percent of Hispanic households reported food insecurity, compared with 27 percent of black households and 12 percent of white households. Serious problems were most prevalent in the South, followed equally by the West and Midwest.

taken from : http://www.nytimes.com/2009/11/17/us/17hunger.html?_r=1&src=twt&twt=nytimes

Gap between low and high earnings widens

Saturday, November 28th, 2009

 

The gap in earnings between the highest and the lowest paid in Ireland is widening.

A report issued by independent think tank TASC examines the distribution of wealth and income in Ireland.

The report also found that 20% of people in the country are living in households where the combined income is less than €20,000.

http://www.rte.ie/news/2009/1118/tasc.html?utm_source=twitterfeed&utm_medium=twitter

Inside Broken Britain

Saturday, November 28th, 2009

Robert Yates returns to the streets of Liverpool, where he grew up, to report on a story of deprivation and hope

Robert Yates revisits Vienna StreetRobert Yates revisits Vienna Street, round the corner from Liverpool FC’s Anfield ground. Photograph: Gary Calton.

full article can be found here

U.S. Economy: Unemployment Rate Jumps to 26-Year High

Tuesday, November 10th, 2009

The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983, casting a pall over the prospects for a sustained recovery and risking further erosion of President Barack Obama’s popularity.

Payrolls fell by 190,000 last month, more than forecast by economists, a Labor Department report showed today in Washington. The jobless rate rose from 9.8 percent in September. Factory payrolls dropped by the most in four months, and the average workweek held at a record low.

Treasury two-year notes rose on bets the Federal Reserve is more likely to maintain its pledge to keep interest rates near zero. The figures prompted Obama, who signed a bill today extending jobless benefits, to promise fresh measures to help put some of the 15.7 million unemployed Americans back to work.

Payrolls were forecast to drop 175,000 after an initially reported 263,000 decline for September, according to the median estimate of 84 economists surveyed by Bloomberg News. The jobless rate was projected to rise to 9.9 percent.

Obama signed into law a measure extending a tax credit of up to $8,000 for homebuyers and benefits for unemployed workers, and he promised to pursue further measures to create jobs.

“My economic team is looking at ideas such as additional investments in our aging roads and bridges, incentives to encourage families and business to make buildings more energy efficient,” additional tax cuts, and more steps to ease the flow of credit to small business and promote exports, he said today at the White House.

read the whole article here

Times of Crisis

Thursday, September 17th, 2009

je vous invite à aller voir ce diaporama  interactif  réalisé par l’agence Reuters à l’occasion de cette première année passée dans la crise (à la suite, je vous le rappelle, de la faillite de la Banque Lehman Brothers)

Vous y trouverez la chronologie de la crise (Timeline).

Bonne visite !

Unemployed Koreans Quietly Turn to Manual Labor

Sunday, September 6th, 2009

More about it here