Economic devastation among the laid-off
Just 7 percent of people laid off after the financial crisis have returned to or exceeded their former quality of life, according to a new study by Rutgers. Thirty-six percent of those polled reported themselves to be economically devastated.
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Young and jobless in Europe
Unemployment is hitting young Europeans particularly hard. In Spain, 49 percent of people under the age of 25 are jobless. In Greece, the youth unemployment rate is 45 percent; in Portugal, 30 percent; in Italy, 29 percent; and in France, 24 percent.
The Economist
In the U.S., refined-fuel exports exceed imports
The U.S. is on track to become a net refined-fuel exporter for the first time in more than six decades. The U.S. exported 753.4 million barrels of everything from gasoline to jet fuel during the first nine months of the year, and imported 689.4 million barrels. The shift is due to higher output of corn ethanol, American drivers using less gas, and U.S. refineries’ efficiency edge.
The Wall Street Journal
Minnesota expects a surplus
After a political battle over a projected $5 billion deficit shut down Minnesota’s government for 20 days this summer, the state now predicts an $876 million surplus over the next two years, thanks to an unexpectedly resilient economy and lower health-care costs.
The Washington Post
Bright spots in the job market
The 2011 jobs market has some bright spots. The retail sector added nearly 150,000 jobs through September, followed by hospitality (51,500 new jobs) and the tech sector (19,000). McDonald’s, Ford, and Lowe’s lead the list of companies hiring the most.
Money