Thursday, February 5, 2009

United States Jobless Claim is at a record high of 626,000

Republicans in Congress, are you going to continue to be obstructionists? If so, then you don't care about your district or state getting any stimulus dollars or jobs, simple as that. Time to think outside the "tax cutting" box.

Initial jobless claims surged more than expected to 626,000 in the latest week while continuing claims set a new record, the Labor Department said Friday.

Meanwhile, U.S. non-farm productivity rose in the fourth quarter, data showed on Thursday, as companies reduced working hours to cope with a worsening economic climate.

An avalanche of layoffs across the economy continued this week. Botox maker Allergan Inc. and Time Warner Cable Inc. announced large job cuts on Wednesday. One day earlier, PNC Financial Services Group, airplane maker Hawker Beechcraft Corp., Liz Claiborne Inc., King Pharmaceuticals Inc. and military contractor and aerospace company Rockwell Collins Inc. announced layoffs, and General Motors Corp. said it will offer buyouts to all of its hourly workers.


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