U.S. Economy: Jobless Rolls Climb to 26-Year High

[Omaha Steve]

Source: Bloomberg

By Bob Willis and Timothy R. Homan

(Bloomberg) -- More Americans are collecting jobless benefits than at any time in the last 26 years as companies rush to cut costs in a sinking economy.

The number of people on unemployment benefit rolls rose to 4.09 million in the week ended Nov. 22, the most since December 1982, the Labor Department said today in Washington. A separate report showed orders at U.S. factories tumbled in October by the most in eight years as demand collapsed at home and abroad.

AT&T Inc., DuPont Co. and Viacom Inc. today announced plans to eliminate more than 15,000 jobs as consumer spending falters and the recession deepens. The Labor Department tomorrow will report that the U.S. unemployment rate jumped to a 15-year high of 6.8 percent in November, according to the median forecast in a Bloomberg survey of economists.

“Businesses are battening down the hatches,” Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh, said in a Bloomberg Television interview. “Job losses are going to continue to accelerate.”

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=a2_5R166KcbM&refer=home

[DJ13]

1. So lets add another 500,000 to 3 million by forcing GM to go bankrupt

That ought to teach those worthless workers to think they deserve decent pay and the benefits promised by their employers........

[louis-t]

2. Obama's fault.

And a great, big :sarcasm:

[leftchick]

3. as usual he is right

http://www.bloomberg.com/apps/news?pid=20601087&sid=a2_5R166KcbM&refer=home

U.S. Economy: Jobless Rolls Climb to 26-Year High (Update1)
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By Bob Willis and Timothy R. Homan

Dec. 4 (Bloomberg) -- More Americans are collecting jobless benefits than at any time in the last 26 years as companies rush to cut costs in a sinking economy.

The number of people on unemployment benefit rolls rose to 4.09 million in the week ended Nov. 22, the most since December 1982, the Labor Department said today in Washington. A separate report showed orders at U.S. factories tumbled in October by the most in eight years as demand collapsed at home and abroad.

AT&T Inc., DuPont Co. and Viacom Inc. today announced plans to eliminate more than 15,000 jobs as consumer spending falters and the recession deepens. The Labor Department tomorrow will report that the U.S. unemployment rate jumped to a 15-year high of 6.8 percent in November, according to the median forecast in a Bloomberg survey of economists.

“Businesses are battening down the hatches,” Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh, said in a Bloomberg Television interview. “Job losses are going to continue to accelerate.”

Figures from the Commerce Department showed factory orders dropped 5.1 percent, more than forecast and the biggest decline since July 2000. Excluding transportation gear, bookings decreased for a third consecutive month.

Bonds rose while stocks fell. The benchmark 10-year note yielded 2.62 percent at 12:49 p.m. in New York, down from 2.66 percent yesterday. The Standard & Poor’s 500 Index was down 0.8 percent at 864.16.

[ksimons]

4. I think I'll go buy a company today... hmmm

Question is, GM, Ford or Chrysler (tapping finger thoughtfully)

Awww, hell. I'll start my own, save tens of billions and employ all those folks who used to work there. Now, where did I put my checkbook.

[OhioChick]

5. Times are getting scary.

K&R

[tclambert]

6. This is the scary stuff.

Every lost job decreases tax revenues, increases the need for government aid, decreases spending, but does not decrease the need for health care, food, shelter, etc. The difference between prosperity and economic depression is really all about jobs. You add a couple million jobs and the outlook is much brighter. You let GM, Ford, and Chrysler disappear and double national unemployment, then Santa will not come this year or next.