Virgil
02-05-2009, 12:11 PM
http://www.usatoday.com/money/economy/2009-02-05-jobless-claims_N.htm
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WASHINGTON (Reuters) — The number of workers filing new claims for unemployment benefits jumped to a 26-year high last week, according to government data Thursday that pointed to a rapid deterioration in the economy.
In addition, the number of people staying on the benefit rolls hit a record high, showing that the weak labor market has yet to hit bottom. On Friday, the Labor Department will issue the employment report for January, and analysts are expecting a drop of 525,000 jobs.
METRO AREAS HIT HARD: Unemployment up in 98%; see state-by-state list
Other reports Thursday:
• Productivity increased at the end of last year at three times the expected pace as companies reduced working hours to cope with a worsening economic climate. And labor costs slowed significantly, underscoring that a deepening recession has taken away the threat of inflation.
FIND MORE STORIES IN: United States Labor Department | Reuters
• Orders to U.S. factories fell for a record fifth straight month in December, closing out the worst year for American manufacturers since 2002. Analysts say the deepening U.S. recession will mean further weakness in coming months.
In the jobless report, the Labor Department said initial claims for state unemployment insurance benefits rose 35,000 to a seasonally adjusted 626,000 in the week ended Jan. 31, the highest since the week ended Oct. 30, 1982. The prior week's number was revised up to 591,000 from 588,000.
Analysts polled by Reuters had forecast 585,000 new claims.
This was not the first time new weekly jobless claims has recently hit a 26-year high. In December claims one week were the most since November 1982.
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WASHINGTON (Reuters) — The number of workers filing new claims for unemployment benefits jumped to a 26-year high last week, according to government data Thursday that pointed to a rapid deterioration in the economy.
In addition, the number of people staying on the benefit rolls hit a record high, showing that the weak labor market has yet to hit bottom. On Friday, the Labor Department will issue the employment report for January, and analysts are expecting a drop of 525,000 jobs.
METRO AREAS HIT HARD: Unemployment up in 98%; see state-by-state list
Other reports Thursday:
• Productivity increased at the end of last year at three times the expected pace as companies reduced working hours to cope with a worsening economic climate. And labor costs slowed significantly, underscoring that a deepening recession has taken away the threat of inflation.
FIND MORE STORIES IN: United States Labor Department | Reuters
• Orders to U.S. factories fell for a record fifth straight month in December, closing out the worst year for American manufacturers since 2002. Analysts say the deepening U.S. recession will mean further weakness in coming months.
In the jobless report, the Labor Department said initial claims for state unemployment insurance benefits rose 35,000 to a seasonally adjusted 626,000 in the week ended Jan. 31, the highest since the week ended Oct. 30, 1982. The prior week's number was revised up to 591,000 from 588,000.
Analysts polled by Reuters had forecast 585,000 new claims.
This was not the first time new weekly jobless claims has recently hit a 26-year high. In December claims one week were the most since November 1982.
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