This year more New Yorkers are getting what they really want for the holidays...jobs. Despite a high national unemployment rate, the New York City rate continues to drop from its high of 10.5 percent last year to 9.1 percent. Guess that Bloomberg-Spiderman collaboration paid off. more ›

According to CNBC, "U.S. employment fell for a third straight month in August, but the drop was far less than expected and private hiring surprised on the upside, easing pressure on the Federal Reserve to prop up economic growth. Nonfarm payrolls fell by 54,000, the Labor Department said Friday as temporary jobs to conduct the decennial census dropped by 114,000." The NY Times adds, "state and local governments, many of them grappling with severe budget deficits, cut 10,000 jobs last month." more ›

The U.S. Department of Labor just released the latest revised unemployment figures, and for the week ending February 21, jobless claims were 667,000. This is the highest reading since since October 1982 (back then, claims were 695,000). Reuters adds, "The number of people remaining on the benefits roll after drawing an initial week of assistance increased by 114,000 to a 5.112 million in the week ended Feb. 14, the most recent week for which data is available. The so-called continued claims topped every estimate in a Reuters poll of 15 economists, which had a consensus forecast of 5.00 million." more ›

Guess NY State will be borrowing unemployment funds for a while: New York City's unemployment rate rose to 7.4% in December, up from 6.3% in November. According to Crain's, this is the highest in almost five years and it's over the national unemployment rate, which is 7.2%. The NY State unemployment rate grew from 6% to 7% in December, with the state losing 49,300 jobs last month in December. The NY State Labor Department said, "In just the last three months, the state has lost more than 100,000 private sector jobs, including 49,300 in December 2008. This is the steepest one-month drop since October 2001 in the aftermath of the World Trade Center attacks." Another NYC stat from the NYS Labor Dept.: "Since December 2007, the number of nonfarm jobs has decreased by 53,600, or 1.4 percent, and the number of private sector jobs has decreased by 49,100, or 1.5 percent." more ›

From the Commerce Department: New jobless claims jumped to a 26-year high. Claims were at 586,000 last week, the "highest since the week ended Nov. 27, 1982, when intial claims rose 612,000," according to Reuters. And the four-week average of new jobless claims (considered a better indicator of labor trends) is at 558,000—he "highest reading since December 1982." And while consumer spending rose a little, one economist tells Bloomberg News, "The increase in real spending is unlikely to be sustained with the job losses we are seeing," pointing out the gain in spending was "more a technicality based on the drop in gasoline prices." The stock market, which closes at 1 p.m., look like it'll make a modest gain today. more ›

The Labor Department offered up grim news today: "U.S. employers axed payrolls by a shocking 533,000 in November for the weakest performance in 34 years," according to CNBC. Additionally, the unemployment rate is now 6.7%, the highest since 1993 (and higher than the 6.5% measured in October). These numbers were far higher than what analysts were expecting. more ›

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." more ›

This morning, the Commerce Department released data showing orders for durable goods "plunged by the largest amount in two years as manufacturing was battered by overall economic weakness." The 6.2% drop was more than twice what was expected. Additionally, the jobless claims were 14,000 less than previously thought, projected to be 529,000 for this week, but the four-week moving average of new jobless claims--which is a better gauge-- is at 518,000, its highest since January 1983. Futures have fallen, after the Dow and S&P 500 managed made small gains while the Nasdaq fell 0.5% yesterday. The AP explains, "The stock market is coming off of three sessions of gains, so some giveback, especially with disappointing data, is to be expected."
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Right before leaving for his trip to Peru for the Asia-Pacific Economic Cooperation forum, President Bush signed an extension of jobless benefits that will allow "millions of laid-off workers will keep getting their unemployment checks as the year-end holidays approach," according to the AP. Bush warmed up to the idea of extending benefits as the economy continued to sour and jobless claims kept growing. The House had passed the bill in October and the Senate passed it yesterday; then it had to be rushed to the White House for Bush to approve. House Speaker Nancy Pelosi said, "With more Americans filing jobless claims than at any time since the 1992, the Senate's passage of the House's unemployment insurance extension legislation will help speed relief to more than 2 million workers who continue to search for new jobs in these difficult economic times." more ›

The Labor Department revealed that the "number of U.S. workers filing new claims for jobless benefits rose by a larger than expected 27,000 last week to their high level in 16 years," according to CNBC. Also: "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 506,500 from 490,750 the week before, the highest since the start of 1983." Stocks are slumping after the Dow fell under 8,000 yesterday and diminished hopes for an auto industry bailout. An Oslo-based fund manager told Bloomberg News, "We're seeing a total collapse of trust in everything fundamental. There are no buyers in sight. This year will go down in history." more ›

From Bloomberg News: "First-time claims for U.S. unemployment insurance rose last week to the highest level since September 2001, when the economy was last in a recession, as weakening demand led companies to fire more workers." Last week, jobless claims were higher than expected at 516,000 (it was 484,000 the week before). Linda Barrington, Conference Board labor economist, said, "The labor market is only reinforcing a very pessimistic picture. When you start to see the downward pressure on wages as well as the credit crunch, that's only going to make consumers much more nervous." Currently, unemployment is at 6.5% and many believe it could go up to 8% next year. Stock futures were "wobbly," but right after the open, the Dow, Nasdaq and S&P 500 are all up about 1%. more ›

to add jobs.The total number of unemployed persons is 10.1 million now, with unemployment rates for adult men, adult women, whites and Hispanics rising. IHS Global Insight's chief domestic economist Nigel Gault told the NY Times, “Clearly, these are very bad numbers. Businesses had been paring back for most of the year, but I suspect that it had been more caution on hiring rather than firing. In September, they decided, ‘O.K., look, this isn’t just a mini-recession, this is a full blown recession. We better take some action.’ And they did.” more ›

"Worse-than-expected weekly jobless numbers" plus overall worries about a recession are driving stock future down today. CNBC reports that jobless benefits claims rose by a "larger than expected 15,000 last week." Additionally, there's also the news that Goldman Sachs will lay off 10% of its 32,500 employees, joining a number of other firms that will be firing employees after companies consolidate (Bank of America's purchase of Merrill Lynch, Barclays' takeover of Lehman Brothers). Also interesting from CNBC: "Most economists say the current downturn will be far harsher than the blip of the 1990-1991 or even 2000-2001 recessions." more ›