BETHLEHEM STEEL PLANT AT SPARROWS POINT – NARA – 546882 (Photo credit: Wikipedia)
The owner of the financially ailing Sparrows Point steel plant is idling operations there, warning 1,975 workers Thursday that they would be laid off starting next month.
The news, which casts doubt on the future of the Baltimore County facility that was once owned by Bethlehem Steel, came as RG Steel is shopping the steel mill and its other assets to potential buyers.
RG Steel informed the Maryland Department of Labor, Licensing and Regulations that layoffs would begin June 4 and continue through June 18. The state said the company would be laying off 1,714 hourly and 261 salaried workers, losses that would be a significant blow to the economy.
For years, the plant has faced uncertainty before last-minute deals salvaged the mill. RG Steel is the latest owner to try to sustain steel production at the once-flourishing facility.
Pennsylvania’s unemployment rate was 7.5 percent in March, down from a 12-month high of 8.3 percent in September.
Right now, jobless Pennsylvanians receive 26 weeks of state-funded benefits and, once that runs out, 47 weeks of federally funded Emergency Unemployment Compensation. The extended benefits provided 13 weeks of additional aid beyond that 47-week window.
WASHINGTON (Reuters) – Gasoline prices jumped in January, leading overall consumer prices higher and offering a reminder of the risks energy costs pose to the economic recovery.
Despite the warning signal, overall consumer prices rose just 0.2 percent, the Labor Department said on Friday, which is unlikely to ring alarm bells at the Federal Reserve.
Strong jobs and factory data have eased worries U.S. economic growth could slow sharply, but tensions between Western nations and Iran still threaten to hand the economy a repeat of 2011 when a spike in energy prices hit the recovery hard.
For the first time since 1945 our country reported a net job growth of ZERO, for August! 2011 Unemployment remained at 9.1 percent. Companies are not laying off or hiring. We are in a holding pattern. Hourly wages fell in August.
Consumer and business confidence has been shaken by the federal debt limit feud, the downgrading of our long-term debt and the financial crisis in Europe. The result is a stock market drop.
Unless job growth is improved immediately, another recession is likely.
To read the entire article about our economic mess, click here,
The economy fared better in July than it did in June. 117,000 jobs were added in July as opposed to only 18,000 in June. Also, the unemployment rate inched down one tenth of one percent from 9.2 percent in June to 9.1 percent in July.
In order to substantially reduce unemployment 250,000 jobs a month would be need to be added to bring the unemployment rate down quickly. As you can see, we are nowhere near that level.
In August we will have to wait and see if the reduction of the U.S.credit rating and Thursday’s stock market plunge will have an adverse effect on job creation and unemployment.
The Pennsylvania jobless rate for November dropped to 8.6% while the nationally the unemployment rate rose to 9.8%. November marked the fourth straight month unemployment in Pennsylvania has decreased.
This is great news! The jobless rate in Pennsylvania has fallen for the second consecutive month and is now 9%. 7,000 new jobs were added in September. The national jobless rate stands at 9.6% so Pennsylvania is below the national average.