Archive for July 18th, 2011

July 18, 2011

Fewer college students signing up for affinity credit cards

by Grace

WASHINGTON —The number of credit cards issued through colleges and alumni associations declined 17% last year, according to a survey released last week by the Federal Reserve.

Consumer advocates say a reason is that college affinity cards have moved away from marketing to undergraduates.

The 2009 Credit Card Act bars students under 21 from obtaining a credit card unless they prove they can make payments or they get a cosigner. The law also prohibits gifts for opening accounts.

This recent regulation change could be part of the reason that student loan debt outpaced credit card debt for the first time last year.

My 19-year old college student son just applied for a credit card, and I’m curious to learn if he’ll be approved for it.  I don’t plan on cosigning.

July 18, 2011

Where the jobs are, and are not

by Grace

Growth in the food and drinking category is not surprising, considering that there are 80,000 bartenders in the United States with bachelor’s degrees.

WSJ –  Where Have America’s Jobs Gone?

More than 9.3 million Americans work in restaurants, about one in every 10 employed, and the industry has been one of the few bright spots in an otherwise bleak hiring environment….

Of course, restaurants continue to hire even as the overall economy remains dismal because the work tends to be low-paying, either minimum wage and part-time, or both. Consider McDonald’s Corp. The burger giant hired more than 62,000 people on a national hiring day in April….

Companies that cut and shape metal for cars, airplanes and other products generally have had a rebound in jobs and orders over the past year…. Some metal-fabrication companies also are scrambling to replace baby boomers who retired during the recession…..

Growing investments by oil, gas and other energy-producing companies have fueled orders….

Corporate investment in new technology have produced decent job growth in key areas of the tech sector over the past year. Jobs in computer systems design, which includes professionals who design, install and program computer systems, rose by about 70,000 between June 2010 and June 2011….

Accenture PLC, which puts together computer systems for global corporations, said it is on track to hire some 5,000 people in the U.S. this year out of 66,000 global hires.

“We are anticipating and planning for similar results next year,” said John Campagnino, head of global recruiting for Accenture….

The U.S. has bled telecom jobs as cell phones have transformed the way people communicate. Americans are relying less and less on the hard-to-maintain copper lines that link homes to the national telephone network, and more on mobile phones and fiber-optic connections, which are easier to keep running….

Printing jobs have continued to dwindle, off 4.5% from a year ago, in part because digital competition has reduced demand for newspapers, magazines and books, said Ron Davis, chief economist for Printing Industries of America, a trade group based in Pittsburgh….

In building construction, slight job gains in commercial and industrial construction are being swamped by losses in residential, where foreclosures, tight credit and depressed prices have taken a toll. In June, residential and commercial building companies employed 1.2 million workers, down 15,900, or 1.3% from a year earlier, according to the Labor Department.

This article excluded commentary on the decline in insurance carrier jobs and my quick Google search provided no insight on this.

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