Jobless Claims Hit 7-Year High

Struggling Economy And 2 Hurricanes Trigger Spike In New Claims For Unemployment Benefits

(AP)  New claims for unemployment benefits jumped last week to their highest level in seven years due to the impact of a slowing economy and Hurricanes Ike and Gustav, the Labor Department reported Thursday.

The department said new requests for jobless benefits for the week ending Sept. 20 increased by 32,000 to a seasonally-adjusted 493,000, much higher than analysts' expectations of 445,000.

Wall Street was more focused on Washington, though, where lawmakers and the administration appeared to be moving closer to a $700 billion bailout package for the financial system. Stocks were headed for a moderately higher open.

The two hurricanes added about 50,000 new claims in Louisiana and Texas, the department said. The four-week moving average, which smooths out fluctuations, rose to 462,500.

Even excluding the effects of the hurricanes, jobless claims remain at elevated levels. Weekly claims have now topped 400,000 for ten straight weeks, a level economists consider a sign of recession. A year ago, claims stood at 309,000.

The number of people continuing to draw jobless benefits last week was 3.54 million, up 63,000 from the previous week and nearly a five-year high. The four-week average of continuing claims was 3.49 million.

Hurricane Gustav first had an impact on jobless claims for the week ending Sept. 13. The department said Thursday that Louisiana reported an increase in claims of 18,409 during that week, mostly due to Gustav.

The financial crisis, falling home prices and slowing consumer spending continue to apply the brakes to the U.S. economy. The unemployment rate jumped unexpectedly to 6.1 percent in August, the highest level in five years.

Last week, drug maker Schering-Plough Corp. said it plans to cut 1,000 sales jobs to reduce costs, part of a 10 percent reduction in staff announced in April. Also, the nation's largest chicken producer, Pilgrim's Pride Corp., announced it would reduce 100 jobs besides the 600 job losses it previously announced.

Meanwhile, orders for big-ticket manufactured goods plunged in August by the largest amount in seven months as demand for both airplanes and autos fell sharply.

The Commerce Department reported Thursday that orders for durable goods fell 4.5 percent last month, far worse than the 1.6 percent decline that economists expected. It was the biggest setback since a 4.7 percent fall in January and came after modest increases in the past three months.

[nicholasma]

NO! No bailout, I never got the chance to own a 500,000.00 house and bull *** my way to that kind of loan!

Please tell me... 700 b in bad loans this years means what ??? in 4 years their still bad loans !! let then eat there loans. Dot tell me to eat cake!

[birdlikebld]

'' .. it takes but two things to make a war zone awkward and quiet: raped baked hungry war babys and well armed waring rich folk .. ''

'' .. cracked through front door of a house, little old lady near shot me in my leg, explained to her no one sits alone in caves any more, sleeping with guns arfraid to leave & afraid to stay, most are there a short while & only to be mugged for sexual gratification .. she explained some still own homes & rest in fear, for memorial gratification .. ''

'' .. 20 minutes bisexual sexx 5-1/2 time a night (occasionally naked), may be common: but may induce cardiac arrest or shock, common deadly side affects often related to heart disease .. known to occur even in some non-suffering immortals .. rarely: may occur against will of victims .. ''

'' .. if they weren''t little kids, they could have *** & newsdesks & stages, if they weren''t little kids they could have markets & moneys, alas they are little kids, raped baked starved slaved tortured mangled little vulnerable liabilitys with no place in real society, that''d be like putting women in the army to watch them converted to husband beatets & child rapists .. it makes more sense to put men in the kitchens, baking the lunches & driving the kids buses all over .. ''

[birdlikebld]

'' .. paid most little kids nothing: they bloomed eternitys of bouquets silly, paid a few little farmet kids next to nothing: they grew enough to feed worlds, gave all to little soldiet kids: they forced retailets & wholesalets to recycle half of food for no one has money; and, baked more trillions dollars war babys than all combined .. said ''we didn''t do it, but we got most that did'' .. ''

'' .. is pretty duh, lil girls & boys that solely hide in woods & beat each other yield a combined / averaged / most folk most time academic score less than those what frolic in meadows dancing dances & singing songs about academic & other self industrys .. so kids can download curriculums & proceed to frolic while beat by under-cover instructots when & where they beat each other .. ''

'' .. don''t dance get well feed world get sick tax world hike naked dance dressed hike dressed dance naked porn songs partyd rallyd round sick beds what swim drift spore bloom weed dragon trail fickl firs aid lunch farm cottage studio trail crossing yseedsberry trail group subsistence farms .. ''

'' .. u pay me $1 of your gift certificates, i''ll maybe loiter 20 mins around your sick beds, i''ll maybe participate or otherwise song dance skit kit and / or bloom, and when i need a bed: it''ll be one yours and when i need some lunch: it''ll be some of yours .. ''

[interactiveb]

My husband lost his job in March due to downsizing. Instead of becoming the victim he started his own business and we have put 10k into savings since. How many people like my husband are part of the unemployment stat. He has no intention of going back to work for someone else. This has been a great opportunity and part of the many opportunities we have as Americans. It is unfortunate that so many people become a victim of their circumstances instead of rising to their potential. A huge part of why we can save so much is because we really work to spend less...a lot less than we make. If you are looking for great money saving tips go to www.savemoneytoday.net

[Keypinitreel1]

Ill keep my canned goods..cook a meal..and invite women over for dinner...that way I get to eat and have fun as well

[lewiston14]

"Really? Who''''s going to give up their canned goods for a piece of _ss?"

Just about every guy on the planet?
Ill keep my canned goods, rub the date off the things that expired. cool trick.

[lewiston14]

if they were to give $700 billion to the 116 million taxpayers in this country, that would work out to $6000 each. now THAT would stimulate the economy. but no, the money will go to banks.

Posted by bushisadik

bushis? Am I doing my mathe right. Billions vs millions? Ill trust your math :-)

[benice6]

HA HA HA

I HAVE BEEN PREACHING FOR YEARS;

IT''''''''S IMPORTANT TO KNOW, LIKE ME, HOW TO:
GROW YOUR OWN FOOD;
PRESERVE & CAN YOUR OWN FOOD;
HUNT;
AND SAVE GOLD AND SILVER COINS.

******BECAUSE******** ,

IF YOU THOUGHT THAT THE EVENTS OF NEW ORLEAN''''''''S HURRICAN KATRINA WAS FUN WITH ALL THE PEOPLE KILLING EACH OTHER OVER THE LAST CAN OF BEANS DOWN AT THEIR LOCAL GROCERY STORE, WAIT TILL UNEMPLOYMENT INCREASES, WALL STREET COLAPSES AND THE DRY UP OF FOREIGN INVESTMENTS OCCURS OVER THE NEXT FEW WEEKS.

HA,...THE AVERAGE FAMILY WILL HAVE TO PIMP OUT THEIR FEMALES FOR CANNED-GOODS JUST SO THE FAMILY CAN EAT.

NEVER BEFORE IN HISTORY, HAVE SO MANY AMERICANS BEEN SO-FAR REMOVED FROM KNOWING HOW TO PROVIDE FOOD, MEAT & FOR THEMSELVES.

HANG ON!!!!

[jerkytree]

Unemployement has never been reported honestly. The Government tweeks the numbers to make BUSH look good. If an honest count were taken today, the unemployement rate would be more like 10%+, but of course this is one case were lying is allowed. Washington does not want to alarm the working poor.

[lewiston14]

%u201CJobless Claims Hit 7-Year High%u201D (CBS news)

How can this be? I heard again yesterday that the economy is strong and growing. Whats another 700 billion? These people are so full of it.
Would you buy 700 billion worth of used cars when most of them wont even start. Try something more like give the people that make less then $250,000 something more then $300 I would light up the economy more the a brand new spark plug. People pay their debts so banks are happy, people buy cars and all kinds of needed things with cash so everybody is happy except for the goverment. Its that or just strech out the pain alot longer. Oh you have to be a us Citizen for at least 5 years also to get in and only one household per family.