Jobless Numbers Offer A Mixed Bag

New Layoffs Drop Sharply But Those Continuing To Draw Aid Hit 26-Year High

(CBS/AP)  The number of newly laid off workers signing up for unemployment benefits fell sharply last week but those continuing to draw aid climbed to the highest level since 1982.

The Labor Department reported Wednesday that first-time applications filed for jobless benefits dropped by a seasonally adjusted 94,000 to 492,000 for the week ending Dec. 27.

That decline, however, didn't signal any improvement in labor conditions. The drop - while bigger than economists expected - was partly related to seasonal adjustment difficulties and reflected some out-of-work people not making it to unemployment offices to file claims over the Christmas holiday, analysts said.

Even with the drop, new filings remained elevated. A year ago, claims stood at 339,000.

Laid-off workers continuing to draw unemployment benefits increased by 140,000 to 4.5 million for the week ending Dec. 20, the most recent period for which that information is available. That was the most since early December 1982, when the country was emerging from a deep recession.

Economists expected a smaller increase in so-called "continued" claims to around 4.38 million, and that first-time applications for unemployment benefits would drop to around 550,000.

Employers have slashed payrolls as they scramble to cut costs. The deepening recession, disappearing jobs, shriveling nest eggs and tanking home values have forced consumers to cut back, which is hurting businesses.

Companies have also taken to forcing workers to take unpaid vacations as a way to reduce costs, reports CBS New Radio correspondent Larry Miller. These temporary layoffs have hit a 17-year high and are hitting both the private and public sector.

Atlanta-based Interface Inc. on Tuesday said it will lay off about 530 employees to cope with weakening demand for its carpet products.

Other companies that announced mass layoffs recently include: technology services provider Unisys Corp., pharmaceutical company Bristol-Myers Squibb Co., International Paper Co. and Bank of America Corp.

The unemployment rate in November jumped to 6.7 percent, a 15-year high, as employers eliminated a staggering 533,000 jobs in that month alone. Since the recession began in December of 2007, the economy has lost nearly 2 million jobs.

Spurring job creation is a key priority for President-elect Barack Obama, who takes over on Jan. 20. He is contemplating a massive package of government spending and tax cuts to stimulate the economy.

[enriquecaliente]

Can someone explain to me, how the very companies that we''''ve given money to from the TARP, are allowed to offshore jobs. Offshore/outsource, it''''s still the same. I work for a financial company that has moved high paying American jobs to India. It is also known that the government gives these very same institutions tax breaks for creating jobs, here in America, which they do not do. Here is what I say would be fair. For every American job lost due to off shoring, collect the lost tax money from that company. As far as I''''m concerned, in the current economic environment any job moved out of this country is tantamount to treason. Also get the credit card companies in line. The card companies should be made to reduce their interest rates to the current low rate. The banks and the millionaires get all the breaks and we the people are getting screwed.

[jsutaguy]

The total amount of money that has been given to the banks, is 7.7 TRILLION DOLLARS.
http://tinyurl.com/96a7s4
That''''s right. In less than one month, the Federal Government has allocated 1.5 times the entire US Federal Deficit to be given to Wall Street banks.

So far, the banks have NOT:
1. lowered interest rates to match the cuts made by the fed.
2. lowered credit card interest rates from their predatory levels of 29%
3. reduced foreclosures by accepting some loss on the loans...they''''ve simply deferred foreclosures until the beginning of 2009.

What the banks HAVE done is:
1. Pay their executives over 3 Billion dollars in bonuses. BONUSES! NOT SALARY! BONUSES! For destroying the US and World financial system, they''''ve been paying BONUSES!

2. Buying up local, healthy banks in order to suck the reserves of more people into their balance sheets%u2026and in order to transfer layoffs out of New York and onto the main streets of America.

3. They%u2019ve been throwing Multimillion dollar parties. http://tinyurl.com/562moo

The Fed bailed out the banks because everyone felt that our economy needed the banks to exist so that they could do what banks do: Lend Money.

Are the banks doing that? ABSOLUTELY NOT! They are hoarding it, and using it to prop up salaries that allow these parasites to own 4 and 5 multimillion dollar homes which they only visit 2 or 3 times a year.http://tinyurl.com/5qf7cu

Make the world a better place. Get rid of these sociopathic parasites...

[serf_1]

Civil unrest, coming soon to a town near you!

[win4usa]

The worst has yet to come. The first quarter of 2009 is expected to have extremely high layoffs.

[debinok1]

Just another sign of how bad things are: A local College runs a job fair the first weeek in February every year. The 2009 job fair has been cancelled. They could not find enough companies willing to participate, most withdrew before the middle of December, the reason stated was "we are currently not hiring and are facing possible cut backs in the next quarter."

[walt1944-2009]

The "official" unemployment rate is at 6.7%.

This, of course, is a "political number" meant to show people that things aren''t really that bad! Only neocon Fascist Nazi Republicans believe the "official" unemployment numbers. Everyone else believes what they SEE and what they SEE are lines stretching out the front door at Unemployment offices, no jobs in the "Help Wanted" columns in newspapers, and employers today shoving people out the door with no regard what happens to them.

If you were to factor OUT the military from the unemployment number (Ronnie "Bonzo" Reagan argued that people serving their country in the military were really "government employees" because they got an excuse of a paycheck!) and factor IN all those dropped off the unemplyment rolls who are still out of work, those working part-time because there are no full time jobs, and those recent grads trying to find a job but can''t, the real unemployment number would be in the range of 12% or higher!!!

This, naturally, doesn''t bother the once-Great Emperor Bush II who will be leaving office in 22 days (we can hardly wait!) and will be leaving the ranch in Crawford, Texas, because he is too "important" to associate with "common people" but will be moving to an exclusive neighborhood in Dallas so that he can associate with wealthy neocons who think more like him!!!

SIG HEIL, I''M TOO "IMPORTANT" TO LIVE WITH THE AVERAGE PEOPLE!!!, BUSH!!!

[renonv5]

most have already gone back to work!

Rowdy, you need a reality check. Believe none of what you "hear"(read) and half of what you "see". This has very little to do with dems or repubs, its just a sign of things to come and neither party can do a thing to stop it.

[debinok1]

Whoa! Hold on a second there. Are you implying that Elaine Chao, labor secretary and wife of Mitch McConnell would have an interest in skewing the data?

Posted by jon_mccain

Hey, the numbers for unemployment have been skewed for years. When they decided to no longer include people who remained unemployed or were underemployed after benefits expired.

[jon_mccain]

The Bureau of Labor Statistics which compiles this data is part of the Bush labor department fool! So why are you ranting about Dems as usual?

We don''''t assume that you''''re stupid, your posts give it away!

Posted by Mcliar at


Whoa! Hold on a second there. Are you implying that Elaine Chao, labor secretary and wife of Mitch McConnell would have an interest in skewing the data?

[omega40]

The headline claims mixed bag and the story goes on to report the worst of this and the worst of that in years. The corporate owned media is blowing smoke up people''s butts_