5.3M Americans Getting Jobless Benefits

Jobless Claims Set New Record; Some Economists Fear Unemployment Will Hit 10 Percent

(AP)  With layoffs spreading, the number of initial claims for jobless benefits rose last week, while the total number of people continuing to receive benefits set a record high, the government said Thursday.

The Labor Department reported that first-time requests for unemployment insurance rose to 654,000 from the previous week's upwardly revised figure of 645,000, above analysts' expectations.

The number of people receiving benefits for more than a week increased by 193,000 to 5.3 million, the most on records dating back to 1967. That's the sixth time in the past seven weeks that the jobless claims rolls have set a record high.

The labor market has been hammered as employers, squeezed by cutbacks in consumer and business spending, cut jobs at a rapid pace. Some economists say the unemployment rate could reach 10 percent by the end of this year, from its current level of 8.1 percent.

The four-week average of new claims, which smoothes out fluctuations, rose to 650,000, the highest in more than 26 years, though the work force has grown by about half since then.

Separately, the Commerce Department said retail sales fell by 0.1 percent in February, though that drop was much less than the 0.5 percent analysts had expected. The government also revised January's performance to show a 1.8 percent rise, the biggest increase in three years and stronger than the 1 percent gain that was originally reported.

Still, analysts don't expect any sustained rebound in consumer spending soon, given the severity of the recession. Consumers have sharply retrenched in the face of falling home and stock prices and soaring unemployment.

As a proportion of the work force, the tally of Americans receiving unemployment benefits is the highest since June 1983, the department said, when the economy was recovering from a steep recession.

The unemployment insurance rolls have risen sharply from a year ago, when only 2.8 million people were receiving benefits.

An additional 1.4 million people were receiving benefits under an extended unemployment compensation program approved by Congress last year, the department said. That tally was as of Feb. 21, the latest data available.

The rise in continuing claims is a sign that many newly laid-off workers are having difficulty finding jobs.

More job losses were announced this week. Computer maker Dell Inc. said Wednesday that it is laying off workers around the world but would not say where or how many. AMR Corp.'s American Airlines also said Wednesday it will lay off 323 flight attendants on April 1.

National Semiconductor Corp., meanwhile, said it will lay off 1,725 employees, more than one-quarter of its work force, after third-quarter profits fell 71 percent.

Industrial conglomerate United Technologies Corp., which makes Otis elevators and Sikorsky helicopters, said Tuesday it will lay off 11,600 workers, or 5 percent of its work force.

[Huizilopochtli]

Bush's shoeshine Boy rick Perry, refused Stimulus Money
because it had workers unemployment attached to it,
Rick Scary does not know what its like to loose a job-Yet.
Texas voters will not forget this,
Texas Unemployment is A joke if you get unemployed in Texas,
be prepared to start pawning stuff as soon as you hit the doow on your way out.

[paulagagnon]

The constant talk of unemployment is just about Lay-Off 's. only. How about people who have voluntarily left their jobs even in this bad economy. Believe it or not, alot of companies treat their employees extremely poorly whether it's harassment and the like; especially during these times and because of that, you go to work everyday miserable as hell and we all have to believe that we are put on this earth to put up with all this for MONEY and enjoy being mistreated at the same time? Unbelievable! Workplace unfairness and being bullied is unacceptable and if you work for a company whose HR is just there to support the other managers and not the employees and when you also don't have a union, you are up the creek for sure. Unless of course you try to gain some compensation through you state's labor board and their answer to you is "NO"! Then the only way to get anywhere and I stress maybe, is to get a lawyer to stand up for you but charging you an arm and a leg and where the employer can also appeal? Give me a break !! There has to be other people out there in the U.S. that feel the same way as I do.

[cheetah-man7]

5.3M Americans Getting Jobless Benefits
---
I wonder if 2.7 million of them regret voting for the moron who drove us over the cliff.....
Posted by formrusmcsgt at 8:53 PM : Mar 12, 2009

didnt take my advice on getting therapy about your uncle that looks like Bush molesting you as a kid i see...... denial is common.....hang in there

Posted by jwind1
_________________________________________

Yes, denial runs deep within the Republican party. Scary, isn't it?

[1American]

Just wait until Obama's taxes hit the small businesses. To stay in business, they will have to pass those costs on to the middle class that Obama promised to protect. What fools those who believed his promises are! Posted by budmag06

Correct! Then when OB's "tax cuts" kick in and most find their income taxes increase instead of decrease. Well, let's just say things are going to get real interesting. Lets see how many think the new guy's doing such a "superb job"!

[budmag06]

Just wait until Obama's taxes hit the small businesses. To stay in business, they will have to pass those costs on to the middle class that Obama promised to protect. What fools those who believed his promises are!

[cheetah-man7]

how stupid must you be to vote for the guy who sat for 20 years in a racist, hatefilled, wack job(govt. created aids to kill black people) pastors church then expect us to believe he had no idea he held those views, then changed it to "i cant no more disown him then i can the black community" then changed it to"he is not the guy i thought he was"?or the guy who kicked off his state senate campaign at the home of unapologitic bank robbing, terrorist bombing commie facist??? by the way is it true you"TYPICAL WHITE PEOPLE" cross the street when you see a black man walking towards you?

Posted by texmexfoo
_________________________________________________

Spoken like a true Southern Republican! Don't you have a sister to date or something?

I certainly can't speak for everyone else here, but I would certainly cross the street if I saw YOU coming along!

[sockpuppet4]

...whole place giant first aid kit... Posted by rnbwprsm03
**********
Thank Bush/Cheney and the rest of the greedhead republicans.

The damage they have done will be unfolding for decades.

[eroosevelt08]

NOW we have a President who is interested in doing a superb job. I am grateful for that.

[formrusmcsgt]

5.3M Americans Getting Jobless Benefits
---
I wonder if 2.7 million of them regret voting for the moron who drove us over the cliff.....

[butterfly462]

how stupid must you be to vote for the guy who sat for 20 years in a racist, hatefilled, wack job(govt. created aids to kill black people) pastors church then expect us to believe he had no idea he held those views, then changed it to "i cant no more disown him then i can the black community" then changed it to"he is not the guy i thought he was"?or the guy who kicked off his state senate campaign at the home of unapologitic bank robbing, terrorist bombing commie facist??? by the way is it true you"TYPICAL WHITE PEOPLE" cross the street when you see a black man walking towards you?
What does that have to do with this story. Nobody who voted for Obama feels stupud, but at least now we have a clearer view of which party governs from ignorance. GOP.