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Jobless Claims Sink to 3-Year Low

It was a surprise drop, notes Bloomberg

(Newser) - Unexpected visit from the in-laws: bad news. Unexpected drop in jobless claims: very good news. Though Bloomberg reports that economists anticipated that the number of Americans filing first-time jobless claims would hold steady around 390,000, it instead dropped by 19,000 last week, to 366,000. The last time... More »

Economy Shows Signs of Life: GDP Jumps 2.5%

Meanwhile, new unemployment claims fell

(Newser) - The US’ total economic output shot up 2.5% from July through September, after two dismal quarters of rising just 0.4% and 1.3%, according to a new GDP report released today. Consumers amped up their spending on both durable goods and services, and business investments soared 16.3%—... More »

Dow Rises 61 After Seesaw Day

S&P 500 and Nasdaq decline

(Newser) - This would fall under the category of "volatile" trading day: The Dow rose 61 points to close at 11,445 after a series of wild fluctuations. This morning's better-than-expected jobs report led to an early surge—the Dow rose 170 points shortly after the opening bell, but the... More »

Dow Plummets 513

All major indexes are in negative territory for the year

(Newser) - The only good thing to say about today's stock market is that it's finally over. The Dow fell a staggering 513 points, or 4.3%, to close at 11,384. It's the worst point drop since December 2008 and the worst percentage drop since February 2009, reports... More »

Rare Good News: Jobless Claims Fall

...below the all-important 400K line, to 398K

(Newser) - Here’s something you don’t see every day: good news from the labor market. New jobless claims fell by 24,000 in the week ending on July 23, to 398,000, the Labor Department announced today. That’s the lowest level of job loss since April, and significantly better... More »

Unemployment Claims Dip, June Likely to Stay at 9.1%

Two semi-positive reports out ahead of tomorrow's Labor report

(AP) - US stock futures are rising after two encouraging employment reports. The government said today that the number of Americans who made first-time claims for unemployment benefits dropped to 418,000 last week, slightly below estimates and the lowest figure in seven weeks. In a separate look at the labor market,... More »

Let's Give Jobless a 'Signing Bonus'

But cut off benefits after 39 weeks: Todd Buchholz

(Newser) - Todd Buchholz, an economic adviser to the elder President Bush, thinks the idea of 99 weeks of unemployment benefits is foolish. It gives people little incentive to find work, he writes in the Washington Post . His solution: Cut off benefits at 39 weeks but add a "signing bonus" for... More »

Only McDonald's Saved Us From Losing Jobs

Depressing: That one-day hiring binge kept us in the black

(Newser) - Just how lousy were today's unemployment numbers ? Employers created a meager 54,000 jobs, way under expectations. Alex Goldmark at Good points out that if not for McDonald's one-day hiring binge of 62,000 jobs, the nation would have had a net loss. "That's what... More »

Florida Gets Stingy With Jobless Benefits

State will limit benefits, tie eligibility to unemployment rate

(Newser) - Florida is poised to become what the Huffington Post calls the "stingiest state" in America on unemployment benefits. A bill waiting for the governor's signature would cut the maximum number of weeks people could get benefits from the state from 26 to 23. It would also put into... More »

Feds Hit States With Interest on Unemployment Loans

Tax-free provision ended with first stimulus

(Newser) - With most states already swinging in the recessionary winds, more bad news—many will have to start paying interest on the money they borrow to pay unemployment benefits. When jobless levels hit the unthinkable, with some states seeing 14%-15%, many had to go cap in hand to the feds to... More »

Jobless Benefits Extension Fails in House

They could expire at the end of November

(Newser) - A vote to extend federally funded unemployment benefits for three months failed to get enough support in the House today, meaning that current benefits could expire on November 30. The bill required a two-thirds vote to reauthorize funding and faced an uncertain future in the Senate had it passed, reports... More »

Jobless Claims Hit 9-Month High

Reach 500K mark as employers again cut back

(AP) - New applications for unemployment insurance reached the half-million mark last week for the first time since November, a sign that employers are likely cutting jobs again as the economy slows. The Labor Department said today that initial claims for jobless benefits rose by 12,000 last week to 500,000,... More »

US Sheds Jobs for First Time This Year

It's the first monthly decline in 2010

(Newser) - Today's unemployment numbers from June delivered generally bleak news and suggest that the economic recovery is slowing, reports the Wall Street Journal . The unemployment rate actually dipped from 9.7% to 9.5%, but the US economy lost jobs (125,000, mostly because census workers' temporary positions were cut) for... More »

Senate GOP Blocks Extension of Jobless Benefits

Democrats falls 3 votes short

(AP) - Senate Republicans defeated Democrats' election-year jobs bill, including an extension of weekly unemployment benefits for more than a million people out of work more than 6 months. The 57-41 vote fell three votes short of the 60 required to crack a GOP filibuster, delivering a major blow to President Obama... More »

Private Hiring Weaker Than Expected

Temporary census jobs account for nearly all the growth

(AP) - The nation's payroll grew by 431,000 last month—almost all because of a burst of temporary census hiring by the government. Private payrolls grew at the slowest pace since the start of the year—economists had expected more than 500,000 total new jobs. The unemployment rate dipped to... More »

Unemployment Holds at 9.7%

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... More »

Jobless Will Stay That Way—for Years

Recovery robust enough to pull 15M off unemployment rolls unlikely

(Newser) - "Jobless recovery" is no mere catchphrase to the millions of Americans that the middle class has shed from its ranks. Many have been out of work for so long that they've exhausted unemployment benefits as the systems strains under what one expert says is "the reality of long-term... More »

Unemployment Falls to 9.7%

It's the first time it's been under 10% in 4 months

(AP) - The nation's unemployment rate fell unexpectedly to 9.7% in January, the Labor Department said today. The drop from 10% comes even as US employers cut another 20,000 jobs. The rate dropped because a survey of households found the number of employed Americans rose by 541,000. Overall, however,... More »

Unemployment Stays at 10%

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,... More »

Indexes Hit 2009 Highs; Dow Closes Up 54

Jobless numbers, metals sector spark wide rally

(Newser) - The major stock exchanges hit highs for the year today as traders reacted positively to news that new jobless claims grew less than projected. Health care was the only sector showing broad losses, a reaction to the Senate's passage of the health care bill, the Wall Street Journal reports.
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