Weekly Jobless Claims Up Again
Weekly Jobless Claims Up Again Save Email Print
Posted: 8:17 AM Nov 20, 2008
 Last Updated: 8:19 AM Nov 20, 2008
 Reporter: Associated Press
Email Address: sixonline@wowt.com
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New claims for unemployment benefits jumped last week to a 16-year high, the Labor Department said Thursday, providing more evidence of the weakening job market.

The government said new applications for jobless benefits rose to a seasonally adjusted 542,000 from a figure of 515,000 in the previous week. That's much higher than Wall Street economists' expectations of 505,000, according to a survey by Thomson Reuters.

That is also the highest level of claims since July 1992 when the U.S. economy was coming out of a recession. In addition, the number of people continuing to claim unemployment insurance rose sharply for the third straight week to more than 4 million, the highest since December 1982, when the economy was in a painful recession.
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Posted by: Business Owner on Nov 21, 2008 at 07:28 AM
A perfect example from yesterday confirms my fears - the dems replacing Dingell with Waxman as the head of the House energy committee. As chair, Waxman controls the commitee agenda - expect a huge assault on oil, coal and the auto industry, all in the name of preventing "global warming" - expect a hugely expensive cap and trade program for CO2 emissions. At least we will not have to worry about energy blackouts caused by the suspension of development of all energy generation plants - our businesses will all move offshore to avoid the costs and the hassles, so they will not need the energy.
Posted by: Tom on Nov 20, 2008 at 09:20 PM
Say it isn't so! I just heard on the radio and the TV how GREAT the economy is here! Oh I forgot, if we do it the Deomocratic way and just say it IS good enough times it WILL be! Right?
Posted by: Business Owner on Nov 20, 2008 at 06:12 PM
To Mike - the current administration and Congress were bad, the next will be much worse. I predict a 2 year severe recession. Why invest money in plants, equipment or people. I will offshore and hire temps if I have a need for workers.
Posted by: Henry on Nov 20, 2008 at 05:16 PM
No, Bill CLinton got us into this mess, and it finally cought up with us.
Posted by: Obamanation Pre on Nov 20, 2008 at 04:18 PM
These layoffs are Obamanation pre-emptive, for tax purposes, to get them in before 12/31.
Posted by: Mike on Nov 20, 2008 at 12:50 PM
To business owner: What did the current administration do for you? They got us in this mess!!
Posted by: CMD on Nov 20, 2008 at 12:00 PM
Times are really getting hard. I would like to recognize one company that is not laying off its workers. Lozier Corp here in Omaha is doing everything it can to keep its people working. They have let their people volunteer their time to some parts of the community at full pay no less! They don't seek media coverage for it, the owner just thinks it is the right thing to do. I guess some companies are willing to put their workers above large margins and that is a good thing!
Posted by: Business Owner on Nov 20, 2008 at 11:14 AM
And they will keep going up, with the new administration and Congress coming in - The AFL-CIO is confident that the "card-check" legislation, which will make it easier to force unions on businesses, will pass in the new Congress and be signed by Obama. The AFL-CIO's governmental relations director said yesterday that the AFL-CIO's agenda includes not just "card-check," but also a substantial economic-stimulus bill, health care reform (i.e., employer mandates to provide coverage), expanded family and medical leave and paid sick leave. That is why I am being extra conservative right now and cutting staffing in my business, and if things pick up, I will hire temp workers, and not permanent workers. Most business owners I talk with are doing the same.
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