Jobless Claims Hit 26-Year High

626,000 claims filed last week, far more than expected

(AP) - New jobless claims jumped far more than expected last week in an already dismal labor market, and there's no relief in sight for workers as mass layoffs persist. The Labor Department reports that the number of laid-off workers seeking jobless benefits rose last week to 626,000 from the previous week's 591,000. The latest total exceeds expectations by 43,000. More»

(NEWSER) - The new class of temporary workers created by European labor reform is suffering most in the current wave of job cuts, the Wall Street Journal reports, testing the new policies amid the threat of backlash. Short-term employees—easier and cheaper to fire than permanent ones—also get fewer unemployment benefits, widening the gap between the haves and the mostly young and immigrant have-nots. More»

Economy shedding jobs at fastest rate in 50 years

(NEWSER) - The February job numbers released today bring the country close to the employment nadir it reached in 1982, David Leonhardt writes for the New York Times. The 651,000 lost jobs, along with 161,000 added in revisions to previous months, still bring a depressing milestone: Since the start of 2008, the US has shed jobs at a faster rate than at any other time in the past 50 years. More»

Losing a job can open window for 'career makeover'

(NEWSER) - How to survive a layoff? With more Americans facing that question, Newsweek rounds up some advice from success stories and career counselors. The advice is of the usual sort—take a deep breath to reassess, get some training or more education, and network. But it also notes that community colleges and business associations often offer low-cost training ideal for the newly unemployed. More»

Extensions up to 99 weeks too much, they say

(NEWSER) - The unemployment benefit program designed to help workers in the short term is turning into an expensive form of welfare as extensions continue, complain critics in Congress and elsewhere. Workers in the hardest-hit states can now claim benefits for 99 weeks, the longest period since the program began in the '30s, and lawmakers like Jim Bunning complain that the benefits are a disincentive for the jobless to find work. More»