New Jobless Claims Leap Past Estimates

Biggest drop in 34 years

(NEWSER) - November saw 553,000 Americans lose their jobs, according to a Labor Department non-farm payrolls report, the steepest drop in 34 years. The number exceeded even the grimmest predictions in Bloomberg’s survey of 73 analysts. “The labor market capsized in November,” said one economist. “The financial panic has hammered the economy, and we are seeing a very broad-based decline in payrolls.” More»

Employers shed 36,000 jobs, fewer than expected

(AP) - The unemployment rate held at 9.7% in February as employers shed fewer jobs than expected. The Labor Department said employers cut 36,000 jobs, below analysts' estimates of 50,000. They had predicted the jobless rate would rise to 9.8%. The severe snowstorms that hammered the East Coast last month may have skewed the numbers, but the department wouldn't quantify the impact. More»

Employers cut 85,000 jobs in December, more than expected

(AP) - The economy lost more jobs in December and the unemployment rate was unchanged, signs that a sluggish economic recovery has yet to revive hiring. The Labor Department says employers cut 85,000 jobs last month, worse than the 8,000 drop analysts expected. A sharp drop in the labor force, a sign more of the jobless are giving up on their search for work, kept the unemployment rate at 10%, the same as in November. More»

(NEWSER) - If you’re the glass-half-full type, recent economic indicators look good: Unemployment fell last month, the savings rate is up, and productivity hit a 6-year high. But that same data proves that ordinary people aren’t likely to feel the good vibrations anytime soon, the Washington Post reports. “It's going to be a recovery only a statistician can love,” said a Wells Fargo economist. More»

(AP) - The unemployment rate jumped to 9.4% in May, the highest in more than 25 years. But the furious pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. If laid off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4%, the highest on record dating to 1994. More»