Log In | Register
20 Comments
PrintImages 
(showing 1 of 2 photos)
(showing 1 of 2 photos)advertisement
The number of newly laid-off individuals seeking unemployment benefits has jumped to a level not seen since just after the Sept. 11, 2001, terrorist attacks, as companies cut more jobs in the face of a slowing economy.
The Labor Department on Thursday reported that jobless claims last week increased by 32,000 to a seasonally adjusted 516,000. That nearly matched the 517,000 claims reported seven years ago, and is only the second time since 1992 that claims have topped 500,000.
The total also was much higher than analysts expected. Wall Street economists surveyed by Thomson Reuters expected claims to increase only slightly to 484,000. Initial claims from two weeks ago were revised upward Thursday by 3,000 to 484,000.
The increase puts jobless claims at levels similar to the recession of the early 1990s. The four-week average of claims, which smooths out fluctuations, increased to 491,000, the highest in more than 17 years.
Jobless claims above 400,000 are considered a sign of recession. A year ago, claims stood at 338,000.
The number of individuals continuing to seek unemployment benefits rose to 3.9 million, above analysts' estimates of 3.85 million. That's the highest total since January 1983, though the labor market has grown by about half since then. The continuing claims tally is for the week ending Nov. 1, one week behind the initial claims report.
Recipients stop receiving benefits when they find another job or their benefits run out. The increase in continuing claims indicates that laid-off workers are taking longer to find a new job.
Economists consider jobless claims a timely, if volatile, indication of how rapidly companies are laying off workers. Employees who quit or are fired for cause are not eligible for benefits.
Thursday's report likely "reflects a genuine acceleration in the pace of layoffs," Ian Shepherdson, chief U.S. economist for consulting firm High Frequency Economics, wrote in a note to clients.
The report could also affect the political debate in Congress over whether to enact another economic stimulus package and what it should include. Democrats want to add an extension of unemployment benefits, which last 26 weeks.
Initial claims have been driven higher in the past several months by a slowing economy hit by the financial crisis, and cutbacks in consumer and business spending. Claims also rose in late September due to the impact of Hurricanes Ike and Gustav, but the department said last week that the impact of the hurricanes has passed.
The rise in claims has been mirrored by an increase in the unemployment rate. Unemployment reached a 14-year high of 6.5 percent in October, the Labor Department said last week, as the ranks of the unemployed swelled to 10.1 million.
Several companies recently have announced mass layoffs, including Morgan Stanley, General Motors Corp., Ford Motor Co., and Fidelity Investments.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
8 Votes- Enjoy this article? Help vote it up the 'Vine.
Published to:
- Christopher S. Rugaber's Column, All of Newsvine
- Groups: none
- Regions: none
- Public Discussion (20)
- Public Discussion (0)
What's this?
Who's leading the conversation?
This visualization below allows you to see the impact that each user
has on the current conversation.
The top row contains the group of users who have had the most impact, the 2nd
row the group of users who have had the 2nd most impact (et cetera).
Users with similar impact are grouped together, and the average score of the group
is shown to the left of the group. The author of the article is also shown on the
left, in their corresponding group.
Each user's score is based on the number of comments the user has made plus the
number of votes their comments have received. The scores are calculated relative
one another, so while their absolute value is not particularly important, their
relative difference does indicate a larger difference in impact on the conversation.
3.8
2.3
0.3
{"commentId":4046280,"authorDomain":"malvern510"}
Instead of stating that jobless claims increased by 32,000. It should first state that 516,000 people were laid off or filed for unemployment. That is over 1/2 a million people in one week, out of work. When you precede the large number (516,000) with a smaller number (32,000) it is misleading and can lower one's perception. The Economy is in bad shape!
{"commentId":4046280,"threadId":"417835","contentId":"2107270","authorDomain":"malvern510"}
- 3 votes
#1 - Thu Nov 13, 2008 9:29 AM EST{"commentId":4046742,"authorDomain":"yogibp"}
Mike-725884
Right on! And it's going to get much worse!!
Hunker down folks! Excess begets pain!!
{"commentId":4046742,"threadId":"417835","contentId":"2107270","authorDomain":"yogibp"}
- 2 votes
{"commentId":4049517,"authorDomain":"raatkiraani"}
unexpectedly
Where has this reporter been for the last year or so? The writing has been on the wall for a good few months. Nothing unexpected about unemployment figures expected to be up for several months. Just a quick read of comments here confirms that.
Media Massages Messages for Masses!
{"commentId":4049517,"threadId":"417835","contentId":"2107270","authorDomain":"raatkiraani"}
- 3 votes
{"commentId":4046691,"authorDomain":"better-trades"}
{"commentId":4046767,"authorDomain":"rdtracker"}
Really? Have they taken account of those that are unemployed for over a year. How about 16% unemployment. Too high? A bit scary? Unfortunately, it's closer to the truth, so they won't tell you.
{"commentId":4046767,"threadId":"417835","contentId":"2107270","authorDomain":"rdtracker"}
- 2 votes
#3 - Thu Nov 13, 2008 10:09 AM EST{"commentId":4048268,"authorDomain":"joy-casluhim"}
I've been unemployed over a year from the banking industry and its been hard froma $60K annually to be offered a $24 to $30k and starting over again...it's frustrating...
{"commentId":4048268,"threadId":"417835","contentId":"2107270","authorDomain":"joy-casluhim"}
- 1 vote
{"commentId":4048405,"authorDomain":"joelearley"}
Got anything to back up your 16% claim? Last i knew it was hovering just below 7%.
{"commentId":4048405,"threadId":"417835","contentId":"2107270","authorDomain":"joelearley"}
{"commentId":4046798,"authorDomain":"lazzone"}
I don't understand how the experts did not see this freight train coming,it sure is scary.
{"commentId":4046798,"threadId":"417835","contentId":"2107270","authorDomain":"lazzone"}
#4 - Thu Nov 13, 2008 10:12 AM EST{"commentId":4048517,"authorDomain":"joelearley"}
Well, I believe they saw it coming, but drop information like that on an already scared population and you never know what they will do...Kind of like the market crash in '29 whispers started and next thing you know there was a run on the banks that devastated the economy.
{"commentId":4048517,"threadId":"417835","contentId":"2107270","authorDomain":"joelearley"}
{"commentId":4048490,"authorDomain":"gozounlimited"}
The republican senators lack of concern for another unemployment extension has proved to be a disaster. If the republicans continue to ignore the unemployed....there will be few left in the senate after mid-term elections. Unemployment is insurance that should be available to those who have been layed off....a bailout is a $700 billion dollar gift to corrupt corporations that ruined our economy.....So the question is..... are more republicans going to choose to join the ranks of the unemployed?......or do the right thing?
{"commentId":4048490,"threadId":"417835","contentId":"2107270","authorDomain":"gozounlimited"}
- 2 votes
#5 - Thu Nov 13, 2008 11:58 AM EST{"commentId":4048543,"authorDomain":"joelearley"}
Shhhhh, that would be socialist!!! they would brand you as a commie or worse, a terrorist....
{"commentId":4048543,"threadId":"417835","contentId":"2107270","authorDomain":"joelearley"}
- 1 vote
{"commentId":4049214,"authorDomain":"pakmanjonzun"}
Hmmm, well then how are we supposed to scrape up 700 billion for wallstreet ? Sounds like a pretty tight fit to me.
{"commentId":4049214,"threadId":"417835","contentId":"2107270","authorDomain":"pakmanjonzun"}
#6 - Thu Nov 13, 2008 12:43 PM EST{"commentId":4049590,"authorDomain":"agio"}
We borrowed it from our grandchildren and great-grandchildren.
{"commentId":4049590,"threadId":"417835","contentId":"2107270","authorDomain":"agio"}
- 2 votes
{"commentId":4049727,"authorDomain":"raatkiraani"}
You mean it's gotta be paid back? Don't know if the debtors got that memo.
{"commentId":4049727,"threadId":"417835","contentId":"2107270","authorDomain":"raatkiraani"}
- 2 votes
{"commentId":4050026,"authorDomain":"hwomara"}
Boy... they have sure put us in our place, so don't you back talk now.
{"commentId":4050026,"threadId":"417835","contentId":"2107270","authorDomain":"hwomara"}
#7 - Thu Nov 13, 2008 1:32 PM EST{"commentId":4050254,"authorDomain":"leighjohn"}
It would seem that the media at times is oblivious of the obvious. We need to step back from this situation and realize the obvious.
The jobless rate is not an action it is a reaction. From the day Barak Obama stated his intension one very wise person on wall street asked "suppose he won?" after that a few heads got together and asked how can we bring this train to shuddering halt? The train is now shuddering to a halt.
To stop the train from coming to a halt one needs to send the conductor to see who is monkeying with the controls and I do mean that literally. What is my litmus test? Does GW look nervous? especially as he was supposed to be at the controls of this train and as he is responsible for the present situation? he does not look like someone who has anything to lose but much to gain. So that means if this here train of this here US of A grinds to a halt in the middle of nowhere he has an exit.
The fact is America needs to take back its control of its governance and government and the first thing that should be done at this time is the IRS be given a special mandate to aggressively audit many of these run down, broken down companies if not all and their CEO's called out not before the senate but before the courts. This court should also call out or bring to book the public servants who have facilitated this treasonable sabotage of our nation.
I wouldn't mind them all being shot at dawn but I would prefer the repatriation or the highly taxed funds that have been siphoned out of this nation so as not to pay taxes. I am sure we would have a better understanding of the so called trickle down effect that J Mc was so vociferous about during the elections and which has been GW's mantra.
I would bet that when we find those responsible for what is happening and especially when they cannot find enough private jets to leave this country quick enough that we will realize that all of this was contrived and that our greatest terrorist are not coming from the middle east but are living high off the hog in our very midst.
AUDIT THESE BROKEN DOWN COMPANIES NOW BEFORE THEY DISAPPEAR BEFORE OUR VERY EYES WITH OUR HARD EARNED ASSETS
This is the blood sweat and tears of maligned, mis-characterized, down trodden hard working Americans. Their very life's blood sucked from their very bodies by these vermin and they need to be stopped and stopped cold.
{"commentId":4050254,"threadId":"417835","contentId":"2107270","authorDomain":"leighjohn"}
- 1 vote
#8 - Thu Nov 13, 2008 1:44 PM EST{"commentId":4051023,"authorDomain":"icyn22ro"}
John, tell me how to do it. I am unemployed, broke, but I got time on my hands. Just make me a list. I am ready.
{"commentId":4051023,"threadId":"417835","contentId":"2107270","authorDomain":"icyn22ro"}
#9 - Thu Nov 13, 2008 2:33 PM EST{"commentId":4051094,"authorDomain":"icyn22ro"}
where do I start.
{"commentId":4051094,"threadId":"417835","contentId":"2107270","authorDomain":"icyn22ro"}
#10 - Thu Nov 13, 2008 2:37 PM EST{"commentId":4053766,"authorDomain":"bulletlora"}
Nothing new I am out of work but can choose early retirement. As in 2003 I was not able to find wrok for months and seek not to travel any more due to the high cost of gas at 100 bucks a week who can afford to drive. Unemployment will continue till the next century.
Government is intersted in no bid wars for oil and bailouts not people.
{"commentId":4053766,"threadId":"417835","contentId":"2107270","authorDomain":"bulletlora"}
#11 - Thu Nov 13, 2008 5:36 PM EST{"commentId":4053803,"authorDomain":"icyn22ro"}
what do youdo with the time that you have now. just curious.
{"commentId":4053803,"threadId":"417835","contentId":"2107270","authorDomain":"icyn22ro"}
{"canLink":false,"threadId":"417835","isPrivate":false}
You're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
As a new user, you may notice a few temporary content restrictions. Click here for more info.
Start Tracking
Stop TrackingCOMPANY STUFF:
LEGAL STUFF:
- © 2005-2009 Newsvine, Inc. |
- Newsvine® is a registered trademark of Newsvine, Inc. |
- Newsvine is a property of
