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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (459441)	2/26/2009 9:00:01 AM
From: Road Walker	Read Replies (3) \| Respond to of 1576663

New jobless claims jump unexpectedly to 667,000 By CHRISTOPHER S. RUGABER, AP Economics Writer Christopher S. Rugaber, Ap Economics Writer 1 min ago WASHINGTON – New jobless claims rose more than expected last week and the number of laid-off Americans continuing to receive unemployment benefits topped 5.1 million, fresh evidence the recession is increasingly forcing employers to shed jobs. The Labor Department said Thursday that first-time requests for unemployment benefits jumped to 667,000 from the previous week's figure of 631,000. Analysts had expected a slight drop in claims. The 667,000 new claims are the most since October 1982, though the labor force has grown by about half since then. The number of people receiving unemployment insurance for more than one week also increased more than expected to 5.1 million. That's the fifth straight week the figure has set a new record-high on data going back to 1967, and compared with only about 2.8 million people a year ago. As a proportion of the work force, the number of people continuing to receive benefits has reached its highest point since July 1983. An additional 1.4 million people were receiving benefits under an extended unemployment compensation program approved by Congress last year, as of Feb. 7, the latest data available. That brings the total number of jobless benefit recipients to roughly 6.5 million. The increase in continuing claims is an indication that many newly laid off workers are having difficulty finding jobs. Economists consider jobless claims a timely, if volatile, indicator of the health of the labor markets and broader economy. A year ago, initial claims stood at about 359,000. The labor market has deteriorated rapidly in recent months. Employers cut a net total of nearly 600,000 jobs in January, the highest monthly tally since 1974, sending the unemployment rate to 7.6 percent. More job losses were announced this week. The NFL said Wednesday that commissioner Roger Goodell has taken a 20 percent pay cut and the league dropped 169 jobs through buyouts, layoffs and other reductions. Spartanburg, S.C.-based textile maker Milliken & Co. said it would cut 650 jobs at facilities worldwide, while jeweler Zale Corp. said it will close 115 stores and eliminate 245 positions. On Monday, troubled flash memory maker Spansion Inc. said it will lay off about 3,000 employees and computer chip maker Micron Technology Inc. announced it will slash as many as 2,000 workers by the end of August.

To: Tenchusatsu who wrote (459441)	2/26/2009 9:04:10 AM
From: Road Walker	Respond to of 1576663

Orders for big-ticket goods weaker than expected By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer 11 mins ago WASHINGTON – Manufacturers saw orders for big-ticket goods plunge by a bigger-than-expected 5.2 percent in January as global economic troubles cut into demand from customers both in the United States and abroad. The latest report on U.S. factory activity, released by the Commerce Department on Thursday, showed that orders had fallen for a record six straight months. The previous record — a four-month-stretch of declines — came in 1992. The weakness in January was broadly based with orders for autos, metal products, machinery, computers and electrical equipment and household appliances all posting declines. Not only was January's drop steeper than the 2.5 percent decline analysts were expecting, but activity in December turned out to be much weaker. Updated figures now show a 4.6 percent drop in orders, versus a 3 percent decline previously estimated. Manufacturers have trimmed production and payrolls as they race to cut costs to survive the economic fallout. The collapse of the U.S. housing market has especially crimped demand for all kinds of building materials and equipment, as well as a range of consumer goods, including furniture, carpet and household appliances. Consumers at home and abroad are cutting back, which is hurting U.S. manufacturers. The department's report showed that orders for autos dropped 6.4 percent in January, from the previous month. Orders for primary metals — a category that includes steel — fell 4.6 percent. Demand for fabricated metal products declined 1.1 percent. Machinery orders went down 2 percent. Orders for computers and related products plunged 16 percent. Orders for electrical equipment, household appliances and other components fell 6.1 percent. Stripping out volatile transportation orders, which can bounce around a lot from month to month, all other orders sank 2.5 percent in January, also the sixth straight monthly decline. The rough economic environment has especially hurt U.S. automakers. Pushed to the financial edge, Detroit's General Motors Corp. and Chrysler LLC are restructuring operations in hopes of securing billions more in federal aid. The current January-to-March quarter is shaping up to be another very feeble period for the economy. When the government releases its updated figure for the economy's performance at the end of last year, it is expected to be much worse. Analysts are now predicting the economy contracted at a staggering pace of 5.4 percent in the final three months of last year. That would be weaker than the 3.8 percent annualized drop estimated a month ago.