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Today's Economics in a Nutshell - 05/20/2014

Mortgage and Lending with First Midwest Bank - a division of Old National Bank - Conventional / VA / Jumbo / FHA/ USDA 143306

The Bureau of Labor Statistics recently reported that there are 3.5 million people who have been unemployed for six months or longer. That is one million fewer than a year ago, but still an alarmingly high number compared to historical data. Since records began in 1948, there's never been this many long-term unemployment. Statistically, 35% of all unemployed have been out of work for at least six months. The all-time high is 48% in 2010.

A massive $48.5 billion deal was announced Monday as AT&T has offered that sum to purchase DirecTV and its 20 million customers. The deal would provide AT&T an outlet to growing customer needs to consume more video on their mobile devices. DirecTV will now be able to offer broadband Internet for the first time to its U.S. customers.

Minimum wage earners in Switzerland received some bad news in the past few days as a proposed minimum wage hike to $25 an hour has been voted down. Nine out of ten workers in Switzerland currently earn above the prosed minimum and the country doesn't have a minimum wage written into law. The minimum wage in the U.K. is $10.90 an hour, while the U.S. is seeking $10.11 from $7.25.


Posted by

Neil Coleman

Licensed Mortgage Professional

NMLS # 143306

Office: 708.349.7467

Serving Illinois, Indiana, Wisconsin, Iowa, Michigan, Florida, California, Colorado, Arizona, Utah

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