Events Calendar
In This Section
AutoZone to replace Blockbuster in West Akron
Panel says banks underpaying government to exit bailout
May trade deficit unexpectedly drops to $26 billion
GM reportedly emerges from bankruptcy
New General Motors to fire up its engine
Smucker CEO pay up 23% in 2009
Wal-Mart settles $17.5 million discrimination suit
Modest gains follow Alcoa success
Most Read Stories
Akron police investigate teen mob attack on family
Man found hanging at playground in Stow
Family is proud of late son's gift
Man shot in back near Akron park
Varejao's $50 million deal isn't really $50 million
Woman, 75, charged with beating fawn to death
Akron woman found dead at Brimfield Township store
Robbery suspect's body left at Akron hospital
Blogs:
Pets:
Sly children fool exercise study by using dogs
The Heldenfiles:
Friday Notebook
Patrick McManamon:
Dwayne Wade says no to Cleveland
Akron Zips:
Opponent outlook: Kent State
Browns Bulletin:
Quick thought on Browns rookies
Tribe Matters:
Now is no time to quit
Cleveland Browns:
Stallworth test showed marijuana
Kent State Sports:
Men's Basketball Scheduling update
Cleveland Cavaliers:
Andy’s Signed According to ESPN
All Da King's Men:
Baby Got Barack !
Blog of Mass Destruction:
As California Goes?
Akron Law Café:
Why do public officials violate Ohio Ethics Laws?
Varsity Letters:
Report: Ontko selects Wisconsin
See Jane Style:
Oh Baby!
Car Chase:
Where do We Go from Here?
Let's Talk Real Estate:
Closings….Not the Good Kind!
Ohio Travels with Betty:
Margy inquires-when is a Taste of Hudson?
Sound Check:
LeVert II live performance Saturday night — "Dedication" album due July 13,
HRLite House:
DDI One of Best Places to Work
Akron Gamer:
Video game sales drop in May
By Christopher S. Rugaber
Associated Press
POSTED: 09:04 a.m. EST, Dec 24, 2008
WASHINGTON: New claims for unemployment benefits rose more than expected last week, the government said today, as layoffs spread throughout the economy, more evidence the labor market is weakening as the recession deepens.
The Labor Department reported that initial requests for jobless benefits rose to a seasonally adjusted 586,000 in the week ending Dec. 20, from an upwardly revised figure of 556,000 the previous week. That's much more than the 560,000 economists had expected.
That's also the highest level of claims since November 1982, though the work force has grown by about half since then.
A Labor Department analyst said auto-related layoffs were a factor in the increase.
The four-week average of initial claims, which smooths out fluctuations, increased to 558,000. That's the highest since December 1982, when the economy was emerging from a steep recession.
There was some improvement in the number of Americans continuing to seek unemployment benefits, which dropped slightly to 4.37 million from 4.39 million the previous week. Wall Street economists had expected the number to increase to 4.4 million.
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 353,000.
The elevated level of new jobless applications is just one of several signs that the labor market has deteriorated rapidly in recent months.
The Labor Department said earlier this month that employers cut a net total of 533,000 jobs in November, sending the unemployment rate to 6.7 percent, the highest in 15 years.
Mass layoffs are taking place in a wide range of industries. Industrial conglomerate Textron Inc. on Tuesday said it has cut 2,200 jobs, while technology services provider Unisys Corp. said Monday it will eliminate 1,300 jobs. Sovereign Bancorp Inc.'s bank unit said last week it is laying off 1,000 employees.
WASHINGTON: New claims for unemployment benefits rose more than expected last week, the government said today, as layoffs spread throughout the economy, more evidence the labor market is weakening as the recession deepens.
The Labor Department reported that initial requests for jobless benefits rose to a seasonally adjusted 586,000 in the week ending Dec. 20, from an upwardly revised figure of 556,000 the previous week. That's much more than the 560,000 economists had expected.
That's also the highest level of claims since November 1982, though the work force has grown by about half since then.
A Labor Department analyst said auto-related layoffs were a factor in the increase.
The four-week average of initial claims, which smooths out fluctuations, increased to 558,000. That's the highest since December 1982, when the economy was emerging from a steep recession.
There was some improvement in the number of Americans continuing to seek unemployment benefits, which dropped slightly to 4.37 million from 4.39 million the previous week. Wall Street economists had expected the number to increase to 4.4 million.
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 353,000.
The elevated level of new jobless applications is just one of several signs that the labor market has deteriorated rapidly in recent months.
The Labor Department said earlier this month that employers cut a net total of 533,000 jobs in November, sending the unemployment rate to 6.7 percent, the highest in 15 years.
Mass layoffs are taking place in a wide range of industries. Industrial conglomerate Textron Inc. on Tuesday said it has cut 2,200 jobs, while technology services provider Unisys Corp. said Monday it will eliminate 1,300 jobs. Sovereign Bancorp Inc.'s bank unit said last week it is laying off 1,000 employees.

