Posted tagged ‘Unemployment Rate’

Unemployment Benefits May Be Extended

September 22, 2009

More than one million people could receive an additional 13 weeks of unemployment benefits under a bill the House is looking at today.

From CNNMoney:

The bill would extend benefits for those living in states with jobless rates higher than 8.5%. Some 27 states, plus the District of Columbia and Puerto Rico, fall into this category. The national unemployment rate hit 9.7% in August, the highest in 26 years.

The extended benefits would apply to an estimated 314,000 people set to exhaust their benefits by month’s end and to more than a million who will stop getting checks by the end of the year, according to the House Ways and Means Committee. Workers in other states could qualify if their state is expected to hit an 8.5% unemployment rate soon or meets other criteria.

“Decent, hard-working Americans from North Carolina to California have been calling my office to tell me they still cannot find work after a year or more after becoming unemployed and they need some additional help to keep their heads above water,” said Rep. Jim McDermott, D-Wash., when he introduced the legislation earlier this month.

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Jobless Claims Reach 26-Year High

December 11, 2008

The number of Americans filing new unemployment insurance claims jumped last week to a 26-year high, surpassing the number of filings economists had predicted.

From CNN Money:

The Labor Department reported Thursday that initial filings for state jobless benefits surged to 573,000 for the week ended Dec. 6. That was an increase of 58,000 from a revised 515,000 claims in the previous week.

It was the highest number of jobless claims since Nov. 27, 1982 when initial filings hit 612,000. Economists were expecting jobless claims increase to 525,000, according to a consensus compiled by Briefing.com.

The four-week moving average of jobless claims, which works to eliminate fluctuations in data was 540,500 last week, an increase of 14,250 from the previous week’s revised average of 526,250.

One economist said the number of initial claims decreased in the previous report because the data from that report represented the week of Thanksgiving. Some of the surge in initial filings in this current report could be a bounce from that week.

However, “the underlying trend in the labor market is that it continues to weaken,” said Jay Bryson, global economist with Wachovia Economics, and that is evident in the 4-week moving averages of initial claims.

The number of people continuing to collect unemployment rose to 4,429,000 in the week ended Nov. 29, the most recent week available, which was also a 26-year high. The measure was an increase of 338,000 from the preceding week’s revised level of 4,091,000.

Nearly 1.2 Million Jobs Lost in the United States in 2008

November 7, 2008

Such a large number! The government reported more bad news about the economy early today, saying employers cut nearly 240,000 jobs in October. This brings the year’s total job losses to almost 1.2 million.

From CNN:

According to the Labor Department’s monthly jobs report, the unemployment rate rose to 6.5% from 6.1% in September and higher than economists’ forecast of 6.3%. It was the highest unemployment rate since March 1994.

“There is so much bad in this report that it is hard to find any silver lining,” said Morgan Keegan analyst Kevin Giddis.

Economists surveyed by Briefing.com had forecast a loss of 200,000 jobs in the month. October’s monthly job loss total was less than September’s revised loss of 284,000. Payroll cuts in August were revised up to 127,000, which means more than half of this year’s job losses have occurred in the last three months.

September had the largest monthly job loss total since November 2001, the last month of the previous recession and just two months after the Sept. 11 terrorist attacks.

With 1,179,000 cuts, the economy has lost more than a million jobs in a year for the first time since 2001 – the last time the economy was in a recession. With most economic indicators signaling even more difficult times ahead, job losses will likely deepen and continue through at least the first half of 2009.

“It’s pretty clear that we’re in a recession,” said Robert Brusca, economist at FAO Economics. “There is reason for us to believe we’ll see a drumbeat of heavy job losses for a while, and there’s room for them to get even worse.”