Overall Jobless Rolls Top 5.5 Million

652,000 First-Time Filers Push Total Figure To 5.56 Million, Far Beyond Analyst Expectations

(CBS/AP)  The number of laid-off Americans filing initial jobless benefit claims rose slightly last week while the number of people continuing to claim benefits set a record for the ninth straight week, the Labor Department said Thursday.

The figures indicate that the labor market remains weak even as some other recent economic indicators have come in better than expected.

The Labor Department said first-time claims for unemployment insurance rose to a seasonally adjusted 652,000 from the previous week's revised figure of 644,000, slightly higher than analysts expected. A year ago, the number stood at 367,000.

The total number of people claiming benefits for more than a week jumped 122,000 to 5.56 million, significantly higher than analysts' projections of 5.48 million and the highest on records dating back to 1967. The continuing claims data lag initial claims by a week.

The number of continuing claims has increased by more than 100,000 four times in the past five weeks, an indication that workers are remaining on the rolls for longer as they struggle to land a new job after being laid off.

President Barack Obama, during an online town hall meeting Thursday, was cautious about making predictions on job creation. While he said America should focus on creating high-wage jobs based on innovative technology, the prospects for immediate job growth remained difficult in the current economy.

As a proportion of the work force, the number of people receiving benefits is at its highest level since May 1983, when the economy was recovering from a steep recession.

The total is nearly double the amount a year ago, when about 2.8 million people were continuing to receive unemployment checks.

And that number doesn't include an additional 1.47 million people receiving benefits under an extended unemployment compensation program approved by Congress last year. That tally was as of March 7, the latest data available.

Separately, the Commerce Department reported that the gross domestic product, the broadest measure of the nation's economy, fell at an annual rate of 6.3 percent in last year's fourth quarter, slightly worse than the previous estimate of 6.2 percent.

The recession drove the unemployment rate to 8.1 percent last month, the highest in more than 25 years. Many economists expect the rate could reach 10 percent by early next year.

The four-week average of initial claims, which smooths out fluctuations, dropped slightly to 649,000. Last week it reached its highest level since October 1982, though the work force has grown by about half since then.

But some analysts think the slowing rate of new job losses is a positive sign for the economy.

"One sign that we may be nearing the end of the worst part of the problems in the labor market is that the claims are not accelerating and they're not rising very rapidly," Joel Naroff, chief economist at TD Bank, told CBS News.

More job losses were announced this week. On Wednesday, Shaw Industries Group Inc., the world's largest carpet maker and a subsidiary of Warren Buffett's holding company Berkshire Hathaway Inc., said it would close two plants in Georgia and lay off about 600 workers.

On Tuesday, pharmaceutical company Hospira Inc. said it would cut 1,450 jobs, or about 10 percent of its work force, while beleaguered automaker General Motors Corp. said it laid off 160 engineers, the beginning of 3,400 planned cuts among its salaried employees. GM has said it will cut 47,000 jobs worldwide this year.

[sjc_1]

"...slid us down this slope of increased home prices."

When you have No Doc/No Down loans and easy money policies of 2003-2007 you do more to drive up home prices than anything else. Just plot a graph from 1970-2007 and you will notice an interesting pattern.

[mecanik-2009]

This problem started back in the Carter administration when we started loaning money to poor people to get them into housing. They called it the fair housing act but it was a boondoggle and slid us down this slope of increased home prices. Anytime there's a massive influx of money into a market for goods (ie: houses) your have a price increase. People all thought they were making money because there home values were climbing and no one wanted it to stop. Well, they call that a BUBBLE and you know what bubbles do. So blame every president since the Carter days and you have plenty of blame to go around. Both DEMOCRATS and Republicans. When home values stabilize we will begin to see a stable economy again. Stimulas money only prolongs the problem. Let the banks fail. Cover the FDIC accounts and thats it.

[antoniof123]

I hear taps plaing across the world the days of greed are what brought us here but hey when money is worthless then it really doesn't matter does it.

LOL...

It is going to get hot in the oven, hope you all know how to hunt for food. VGNs can eat grass I guess.

[sjc_1]

There was a story about bus loads of wealthy Asians coming to the west coast to buy houses. It is a fire sale and they are bottom feeding. When you have a country that has downsized and outsourced good paying steady jobs for decades, this is what you end up with.

[dsnj1-2009]

Down here in Florida, it's like Blue-Light Special time at K-Mart with RealEstate. Homes priced at $280K a year ago are going for $100K today. There's been $Trillions$ of private dollars sitting on the sidelines and it's starting to come out and play again. Wingnuts decry the end of the Free Lunch for the top 1%, but it's going to be freedom from slavery for the little guys getting in on the ground floor of Alternative Energy Technologies and other Green Opportunities.
The Failed Reich Wingnut Era of Greed is over. May it and they Rot in He11 for all time.


OK-lets continue this thought-I just spoke to a RE agent in Orlando, and they explained all the people from Europe are buying homes in US now because they have great credit and money down, The problem with many US citizens, is once you have a foreclosure, your credit is shot, so they cannot even think of buying a home for several years. Once you lose your job, you cannot buy a home,

[dsnj1-2009]

Boehner has a plan to revitalize the economy. He is going to start a franchise of tanning bed salons across the country. He is fed up with the high prices he has to pay to keep his tan in Congress.

So why is the market up with everyone getting laid off? Isn't this many people getting laid off a bad sign? How will they afford homes, cars and get student loans?

[sjc_1]

Boehner has a plan to revitalize the economy. He is going to start a franchise of tanning bed salons across the country. He is fed up with the high prices he has to pay to keep his tan in Congress.

[dsnj1-2009]

So why is the stock market up?-are they blind that without jobs, NOONE will buy a house, car, apply for student loans, etc.-The economy will not get better without the jobs-is the market getting "overinflated again"?

[hootathunkit]

The unemployment numbers are very skewed, and I'll explain why. There are a lot of people who have benefits that have LONG run out. They aren't counted into the whole "unemployed" ranking. They are no longer collecting benefits, but there are a lot of those people who are still jobless. And then...there is THIS scenario. Self-employed...run out of business due to the economy....NEVER qualified for unemployment benefits, so never collected....yet still unemployed nonetheless. Where are your numbers and statistics for US folk???? I'd like to know!! You lower those numbers so they look great on paper...but the truth is sad folks!! There are a lot more people unemployed than these numbers show......and the truth is, it's going to get worse!!

[tedryfiak]

The loss of jobs is the MAIN reason we are having economic problems. Like it or not - the stimulus money should have been loaned at low rates, with delayed payback, to any USA based manufacturing companies just to create jobs. Kinda like WWII only without the military goods. That would temporarily fix our economy so we could take the time to fix trade imbalances, get rid of greedy unions and weed out the crooked bankers. It would also help if the average citizen saved his money long enough so he could afford to actually buy USA made products so his neighbor could keep his job. Anyone that thinks the US economy can survive without a manufacturing base needs to go back to high school. Manufacturing is the only industry that can employ the sheer number of people needed to support our economy. Look how well China was doing before we stopped buying all their stuff.

[sjc_1]

"..I shudder to think how much worse this would have been had he been elected."

Sort of a scary thought...huh? McCain might have been the new Hoover after a reckless period. Just a deer caught in the headlights, wanting to believe that everything will just take care of itself.

Obama has said that they will do their best, but they will make mistakes and this will take a while to fix. This is an honest assessment that does not over promise, but is realistic. What a breath of fresh air compared to the previous people that kept everything secret and pretended that they NEVER make mistakes.

Let all the right wing ranters rant away. We will stick to the business of getting the country out of this mess and back on track. Nothing speaks louder than good results and that is what we intend to deliver. Those good result are their own rewards and no amount of spin nor rant can change that.

[bumpedoff1]

Where are those 4 million jobs we paid 8 billion for

[sjc_1]

The March numbers may be just as bad as last month. Remember all the announcements in January from big companies giving notice of coming mass layoffs? Well those are starting this month and we will see the results in April.

Economists call unemployment a "lagging indicator". This means that it starts and finishes later in the cycle. Not much comfort to those out of work. After 6 months when unemployment has run out, you are just another lagging indicator.

[hawksprings]

Ralph Peters of the New York Post:

"AMERICA'S enemies smell blood and it's type "O."
All new administrations stumble a bit as they seek their footing. But President Obama's foreign-policy botches have set new records for instant incompetence.

Contrary to left-wing myths, I wasn't a fan of the Bush administration. (I called for Donald Rumsfeld to get the boot in mid-2001.) But fair's fair. Despite his many faults, Bush sought to do good. Obama just wants to look good."

[clowry1611]

LET's SEE YOUR PLAN!!! Repiglicans
Posted by endeaver-2009
__________________________________
Wow such refreshing thoughts from the dem's, blame bush and all the republicans and the democratic houses that let everything pass by...oops, that would mean taking responsibility so scratch that last part lol! oh and big props on the repiglicans comment!

[hawksprings]

veteran71

You're right.
It's all the welfare mommas and poor people who create the jobs in this country, isn't it.
We need to pay them more and more for each baby they pop out so it can trickle up to the rest of us.

[scb1111_1]

Welcome to Obamanomics with "Obamaville" for everyone to live therein!

http://www.newsmax.com/insidecover/california_tent_cities/2009/03/26/196355.html

Thanks, LOSER of a President Obama!

[Socialistnation]

That's the REAL World.

Why don't you explain how it works in Liberal World?
Posted by hawksprings at 9:26 AM : Mar 26, 2009
+ report abuse + permalink

Thanks for explainingt how "Trickle-Up" works, Einstein. "Trickle-Down" is when Shrub gives No-Bid Contracts to Darth, along with Tax Cuts for the top 1% of "Haves ande Have-Mores", (His "Base"), where it trickles no further than their secret offshore vaults.
Thanks for playing though........BWAAAAAAAAAAAAaaaaaahahahahahah..........Durrrrrrr....
Posted by veteran71 at 9:39 AM : Mar 26, 2009

43 thousand people in New York City pay 1/2 of the taxes collected in the city. The city has 9 million people in it. Hmmhhh. What happens when these people decide enough is enough and leave. The other 8 million 950 thousand get a tax increase.

[Socialistnation]

Obama's gonna create a debt that will make what we spent on Iraq look like Chump Change.
Posted by hawksprings at 9:15 AM : Mar 26, 2009
+ report abuse + permalink

The difference is, this money is not being funneled into the pockets of Cheneyburton or the Poppylyle Group, where it remains in secret offshore vaults, funding further False-Flag Black Ops to fund the next "War for Profit".......if you check in at Wingnut Hdqtrs., they'll tell you they're reduced to milking the last $Billions out of the Iraq Debacle before they escape to their Undisclosed Non-Extradition venue of choice.........
Posted by veteran71 at 9:32 AM : Mar 26, 2009

The "money" you speak of is being borrowed from the Chinese and if they do not buy, will cause hyper inflation. If that happens, the knock on effect will be much less money for everyone regardless if they get it from the Government or else where.

As well you have to be a mental case if you think that any what you stated caused the trillions lost on the real estate market. What caused it was over borrowing and too much leverage. Now the Messiah plan is to "over borrow" and "over leverage" to fix it.

Yeh that makes sense. as well on the Milking, 9000 ear marks to which when running for office the Messiah said he would veto. He did not. He also has backed away from hi Middle Class Tax break past the spending plan he pushed through that nobody read.

[hawksprings]

veteran71

You are quite clueless, which explains why you avoid answering the question.
You're the perfect Democrat.
Just keep handing your taxes over to The MEssiah and keep voting Democrat.