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NEWS ABOUT: jobless claims

US Loses 524K Jobs; Unemployment Hits 7.2%

Makes 2008 worst year for employment since 1945

(Newser) - Employers cut 524,000 jobs in December, which, on the heels of November’s decline of 584,000, made 2008 the darkest year of job losses since the end of World War II, Bloomberg reports. Those numbers were in line with forecasts, but the jobless rate topped its forecast by... More »

Last '08 Session Starts Flat

Nowhere to go but up?

(Newser) - Stocks started their final 2008 session with tepid optimism, sending the Dow up 28 points, and the Nasdaq and S&P up 0.3% and 0.2% respectively. Fueling the optimism was a stronger-than-expected employment report, which showed new jobless claims dropping by 94,000 last week. Keep an eye... More »

Sleepy Christmas for Stocks

Investors shrug off negative data

(Newser) - There was plenty of bad news for the market today, but investors largely shrugged it off and turned their minds toward Christmas dinner. The Dow rose a mere 3.64 points at the open, while the S&P gained 2.32 points. Consumer spending fell 0.6% last month, and... More »

Stocks Up on Mixed Job Data

But FedEx is cutting payroll...

(Newser) - There was good news and bad news on the job front today. Good news: Initial claims for unemployment dropped more than expected last week. Bad news: They’re still near a 26-year high, and FedEx announced that it’s cutting salaries by 5%. But the good outweighed the bad for... More »

States Running Out of Cash for Jobless Benefits

Many cut taxes, weren't prepare for down turn

(Newser) - The ranks of the unemployed reached their highest levels since 1982 last week, and about 30 states are running out of money to fund them, the New York Times reports. Some states, including Indiana and Michigan, are already borrowing heavily from the federal government to keep up with jobless benefits,... More »

Stocks Skid on Jobs Numbers

(Newser) - Stocks dipped at the open today, thanks to a sharp jump in jobless claims and more negative corporate news. The Dow fell 119 points, while the S&P and Nasdaq dropped 1.2% and 1.5% respectively, after the Labor Department announced that new unemployment claims hit a 26-year high... More »

US Lost Half-Million Jobs in Nov.

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... More »

Soaring Jobless Claims Leave Stocks Flat

Jobless claims reach 7-year high

(Newser) - Jobless claims rose to a 7-year high last week, but that didn’t appear to move the needle for stocks, which barely budged at today's open. The Dow crept up 66 points, while the S&P and Nasdaq rose 0.9% and 0.4% respectively. A staggering 32,000 filed... More »

Unemployment Hits 14-Year High; Stocks Flat

To be fair, they've already had the worst two-day stretch since 1987

(Newser) - The economy lost 240,000 jobs in October, bringing unemployment to 6.5%, its highest rate since 1994. It was the 10th-straight negative month, bringing the year’s losses to 1.2 million. But the staggering report did little to move the needle on Wall Street, as the Dow actually... More »

Volatile Day Ends With Gains

Utilities, energy spur late rally that leaves Dow up 172

(Newser) - Stocks saw wild triple-digit swings today before closing with gains, MarketWatch reports. Many earnings reports were poor, and weekly jobless claims spiked, but investors also found bright spots amid the gloom. The Dow rose 172.04 to 8,691.25. The Nasdaq fell 11.84 to 1,603.91, but... More »

Stocks Rise at Open as Jobless Claims Fall

But volatility ensures we'll need to update this in no time

(Newser) - Stocks saw a strong open this morning, with the Dow rising 135 points after a positive quarterly report from IBM and a rally in European stocks, the Wall Street Journal reports. But investors were also mulling a worse-than-expected jobs report. Though new jobless claims fell by 20,000 last week,... More »

Unemployment Funds Could Dry Up

Growing ranks of jobless stressing states' abilities to help

(Newser) - At least 10 states have less than six months worth of unemployment benefit reserves and could run out of cash early in 2009, reports CNN. The national unemployment level is currently at 6.1%—the highest since 2001—and is expected to keep climbing. Economists say states should have packed... More »

Employers Cut Payrolls at Fastest Rate in 5 Years

Some 159,000 positions disappear

(AP) - Employers slashed payrolls by 159,000 in September, the most in more than 5 years and a worrisome sign that the economy is hurtling toward a deep recession. Today's snapshot also showed the nation's unemployment rate held steady at 6.1% as hundreds of thousands of people streamed out of... More »

Stocks Fall Despite Senate Vote

Jobless claims up

(Newser) - Senate approval of the bailout bill wasn’t enough to calm investors this morning, as the Dow posted a modest 51-point decline. Driving the pessimism was a report that new jobless claims have hit a new 7-year low, the Wall Street Journal reports. The S&P and Nasdaq each fell... More »

Jobless Claims Hit 6-Year High

Mounting layoffs lead to surprise jump in claims, report says

(AP) - The number of newly laid off Americans signing up for jobless benefits last week unexpectedly climbed to its highest point in more than 6 years as the faltering US economy forced companies to cut back. The Labor Department reported today that new applications filed for unemployment rose by 7,000... More »

US Jobless Rate Rises to 5.7%, 4-Year High

Employers cut 51,000 jobs in July, 463,000 this year

(AP) - The unemployment rate in the US climbed to a 4-year high of 5.7% in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work. Payroll cuts weren't as deep as the 72,000 predicted by economists, however, and job... More »

Stocks Fall on Economic Reports

Two-day rally quashed, ending July on a sour note

(Newser) - Stocks fell today as worrying economic reports put an end to a 2-day rally, MarketWatch reports. Financials slipped, and energy stocks took a hit as Exxon’s record profit failed to meet analysts' expectations and crude prices continued to fall. The Dow dropped 204.69 to 11,379.00. The... More »

House Votes to Extend Jobless Benefits

But measure faces rough road in Senate, White House

(AP) - The House today approved an extra three months of jobless benefits for all unemployed Americans, knowing the plan's chances are slight in the Senate. After failing to get a veto-proof two-thirds margin by three votes yesterday, Democrats got an exact two-thirds margin with a 274-137 vote—the amount needed to... More »

Jobless Rate Posts Biggest Jump in 22 Years

Signs are very bad for consumers

(Newser) - Unemployment saw its biggest leap in two decades in May, spiking from 5.0% to 5.5%, as companies scale back their workforces in the face of recession, Bloomberg reports. Analysts had expected a more modest climb, to 5.1%; unemployment hasn’t been this high since October 2004. Payrolls... More »

Street Rallies on Retail, Jobs

Wal-Mart among big winners as indices rebound from 3 days of losses

(Newser) - The markets rebounded from a 3-day losing streak today as retailers posted strong sales and weekly claims for jobless benefits fell, the Wall Street Journal reports. The Dow climbed 213.97, closing at 12,604.45, and the Nasdaq gained 46.80 to settle at 2,549.94. The S&... More »

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