More Job Cuts Announced, Automakers Plead Case for Bailout

News that AT&T will cut 12,000 jobs--or 4% of its workforce--due to "economic pressures, a changing business mix and a more streamlined organizational structure," and DuPont will cut 2,500 employees is sending stock futures down, along with lower earnings forecasts from Merck, Nokia, and Credit Suisse. GM, Ford and Chrysler are headed back to D.C. to ask for a $34 billion bailout. And the Labor Department revealed that jobless claims fell "unexpectedly" by 21,000 (as in the actual jobless claims were 21,000 less than expected) last week, but that still means there were 509,000 jobless claims: "The four-week moving average of new jobless claims, a better gauge of underlying labor trends because it irons out week-to-week volatility, rose to 524,500 from 518,250 the week before, the highest since the week of Dec. 18, 1982, when a reading of 554,500 was recorded."