Layoffs Slow as Unemployment Hits 8.9%, Worst Since '83

363K job cuts predicted

(AP) - Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5% and suggesting that the economy's road to recovery will be bumpy. The Labor Department report released today, which shows 100,000 more jobs shed than expected, indicates that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground. More»

Figure shows troubling disconnect between employers, workers

(NEWSER) - Even with the unemployment rate shattering records, 3 million jobs nationwide remain unfilled. But the growing mismatch between employers and workers tarnishes that silver lining, Peter Coy argues in BusinessWeek. Untrained job-seekers often don’t have necessary skills to work in growing sectors like health care and accounting, and employers complain of the mounting backlog the labor shortage causes. More»

(NEWSER) - The unemployment rate now stands at a 25-year high of 8.5%, but the nation's CEOs say it's only going to get worse. Nearly three-quarters of the leaders of the nation's biggest companies expect to lay off more workers in the next 6 months, USA Today reports. That percentage—71%—is up 11 points from November and is the highest since the survey of the Business Roundtable began in 2002. More»

(NEWSER) - Nonfarm payrolls plunged 598,000 in January, the Labor Department announced today, bringing the total job losses to 3.6 million since the recession began in December 2007. The drop was significantly worse than analysts anticipated, and the worst since December 1974, the Wall Street Journal reports. The jobless rate jumped to 7.6% for the month, a 16-year high. Included in the report were revisions showing that the US lost about 3 million jobs last year, up from the 2.6 million previously estimated. More»

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»