unemployment

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Dow Loses 215 on Job Cuts
 Dow Loses 215 on Job Cuts 
MARKETS
Dec 4, 2008 3:16 PM CST

Dow Loses 215 on Job Cuts

Retailers miss estimates as consumer rein in spending

(Newser) - The markets lost value today amid data that unemployment is growing, and poor sales reports from retailers, MarketWatch reports. Traders are bracing for the worst ahead of the November jobs report, due tomorrow. The Dow fell 215.45, closing at 8,376.24. The Nasdaq dropped 46.82 to settle...

Auto Bailout Has Detractors Back in Michigan, Too

Some don't feel sorry for 'high-on-the-hog' Detroit giants

(Newser) - The auto industry has driven Michigan’s economy since Henry Ford set up shop, but not all residents are sympathetic to Detroit’s plight, the New York Times reports. Unemployment runs high, and some wonder where the rescue was when their livelihoods were on the line. “The car companies...

Youths Flee Struggling Iceland
 Youths Flee Struggling Iceland 
Dec 2, 2008 3:49 PM CST

Youths Flee Struggling Iceland

Ailing economy forcing mass exodus

(Newser) - Iceland faces its largest exodus in a century as job seekers flee the ailing nation, which is steeped in its worst financial crisis since independence. One survey estimates about half of Icelanders between 18 and 24 plan are thinking about leaving the country for Norway and other relatively strong economies....

Job-Hunting Execs Find It Tight at the Top

Financial crisis leads to surplus of six-figure jobseekers

(Newser) - Laid-off execs scrambling to find new six-figure salaries are facing fierce competition, Time reports. Thousands of high-end white-collar jobs have vanished recently, and many more are expected to go. Some top-level vacancies are still appearing, as execs retire or change jobs, but companies looking to fill their most powerful positions...

Swamped Job Centers 'the ERs of Today's Economy'

Jobless rate at 16-year high; 20M likely to use such programs

(Newser) - With unemployment at 6.5%—a 16-year high—one-stop job centers, the “emergency rooms of today’s economy,” are facing a flood of applicants, the New York Times reports. Some 20 million are likely to use federal employment programs this year, compared to 14 million 3 years ago....

Iraq Vets Hit by Financial Woes
 Iraq Vets Hit by Financial Woes 
Nov 18, 2008 9:29 AM CST

Iraq Vets Hit by Financial Woes

Disabled veterans struggle to find jobs, keep homes

(Newser) - Many soldiers returning from Iraq are finding themselves up against a new enemy: their finances. Unemployment, lack of credit, and foreclosures all seem to be hitting veterans harder than the average citizen, the New York Times reports. "You fill out a job application and you can’t write ‘...

Citibank to Cut 50,000 Jobs

 Citibank to Cut 
 50,000 Jobs 
Nov 17, 2008 8:19 AM CST

Citibank to Cut 50,000 Jobs

(Newser) - Citigroup plans to slash more than 50,000 jobs, roughly 14% of its workforce, the company announced today, in an effort to shed expenses during the economic downturn. The cuts are in addition to the 23,000 heads that have already rolled this year, Bloomberg reports. Citi stock fell 19%...

Sun Micro to Cut 5,000 Jobs
 Sun Micro to Cut 5,000 Jobs
Nov 14, 2008 8:19 AM CST

Sun Micro to Cut 5,000 Jobs

Software giant slashes 15-18% of workforce

(Newser) - Sun Microsystems intends to lay off 5,000 to 6,000 employees, amounting to 15-18% of the computer maker’s workforce. The cuts should shave about $800 million off Sun’s costs, as the company struggles to compensate for swiftly declining sales. Sun lost $1.68 billion last quarter, as...

Soaring Jobless Claims Leave Stocks Flat

 Soaring Jobless Claims 
 Leave Stocks Flat 
MARKET Open
Nov 13, 2008 8:55 AM CST

Soaring Jobless Claims Leave Stocks Flat

Jobless claims reach 7-year high

(Newser) - Jobless claims rose to a 7-year high last week, but that didn’t appear to move the needle for stocks, which barely budged at today's open. The Dow crept up 66 points, while the S&P and Nasdaq rose 0.9% and 0.4% respectively. A staggering 32,000 filed...

To Avoid Recession, Cheer Up: Aussie Pol

Finance minister pushes power of the positive

(Newser) - Australia's finance minister apparently didn't see what happened to Phil Gramm  last summer when he declared that the US economic slowdown was "mental" and called Americans a "nation of whiners."  The recession would disappear, said Ken Henry, if Australians would  just buck up, Australia’s News...

Stocks Close Up 248 Despite Tough Jobs News

But Friday rally can't heal brutal weekly losses

(Newser) - Stocks gained today despite a big bump in unemployment last month and poor earnings reports, MarketWatch reports. The indexes looked positioned for another late-Friday bloodbath but instead rose sharply in what could be a vote of confidence for President-elect Obama’s economic team. The Dow rose 248.02 to 8,...

Unemployment Hits 14-Year High; Stocks Flat
 Unemployment Hits 14-Year 
 High; Stocks Flat 
MARKET Open
Nov 7, 2008 8:54 AM CST

Unemployment Hits 14-Year High; Stocks Flat

To be fair, they've already had the worst two-day stretch since 1987

(Newser) - The economy lost 240,000 jobs in October, bringing unemployment to 6.5%, its highest rate since 1994. It was the 10th-straight negative month, bringing the year’s losses to 1.2 million. But the staggering report did little to move the needle on Wall Street, as the Dow actually...

Dow Off 400+ Again, Below 9K
 Dow Off 400+ Again, Below 9K 
MARKETS
Nov 6, 2008 3:30 PM CST

Dow Off 400+ Again, Below 9K

Worrisome news on retail, jobs sink stocks

(Newser) - Stocks added to yesterday’s deep declines with the major indices registering falls of 4%-5% today, MarketWatch reports. A string of poor retail reports soured confidence ahead of tomorrow’s October unemployment report, expected to be grim. The Dow fell 443.48, dropping below the 9,000 mark to 8,...

Dow Tumbles Almost 500
 Dow Tumbles Almost 500 
MARKETS
Nov 5, 2008 3:34 PM CST

Dow Tumbles Almost 500

Markets move past election euphoria to sober economic reality

(Newser) - Today's Obama buzz apparently didn't make it to Wall Street, where the markets plunged as dismal economic reports reminded investors of the challenges facing US business, the Wall Street Journal reports. Stocks gave up all of their Election Day gains and continued to fall as the Dow lost 486.01...

'Consumers Have Thrown In the Towel': Report

Weary from a long fight, consumers are retrenching, cutting purchases across the board

(Newser) - The punches are coming from all directions and consumers, beaten down and out of breath, are clearly ceding the fight through decreased spending, Bloomberg reports. The scorecard released today says it all: consumer purchases were down 0.3% in September, the biggest drop in 4 years, capping the weakest quarter...

Crisis May Cost World 20M Jobs
 Crisis May Cost World 20M Jobs 
ANALYSIS
Oct 21, 2008 3:22 PM CDT

Crisis May Cost World 20M Jobs

Analysts see 'equal-opportunity recession'

(Newser) - The financial sector is slashing workers, and Silicon Valley employees are dropping like prices on last year's iPod. What industry is next? All of them, Moira Herbst writes in BusinessWeek. Every company relies on credit and consumer purchasing power, making this an “equal-opportunity recession,” a staffing agent says....

Enough about the Deficit: It's Time to Spend
Enough about the Deficit: It's Time to Spend
OPINION
Oct 17, 2008 10:32 AM CDT

Enough about the Deficit: It's Time to Spend

The Fed can't help much, but the government can

(Newser) - Volatile markets rule the headlines, but the imperiled nonfinancial economy is more worrisome, Paul Krugman writes in the New York Times. The way to get that rolling again, contrary to what John McCain said in Wednesday’s presidential debate, is to ignore the deficit and increase government spending. As retail...

Calif. Portends Recession to Come

The housing bubble burst there first ... is California a sign of things to come in US?

(Newser) - Trend-setting California may be the “canary in the mine shaft,” its own recession showing the rest of the country what a national downturn could look like, reports the Wall Street Journal. The state’s $1.8 trillion economy has been bludgeoned by an unemployment rate among the worst...

Unemployment Funds Could Dry Up

Growing ranks of jobless stressing states' abilities to help

(Newser) - At least 10 states have less than six months worth of unemployment benefit reserves and could run out of cash early in 2009, reports CNN. The national unemployment level is currently at 6.1%—the highest since 2001—and is expected to keep climbing. Economists say states should have packed...

Jobless Exec Slaughters Family

Cops link murder-suicide to stock market crash

(Newser) - An unemployed financial manager shot dead his entire family and himself in their San Fernando Valley home, the Los Angeles Times reports. Officers found the bodies of the man, his wife, his mother-in-law, and their three sons, ages 19, 12, and 7, after concerned family friends contacted police. The man,...

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