Jobless claims surge as companies retrench

[Pale Blue Dot]

Source: MSNBC

WASHINGTON - The number of newly laid off people filing claims for unemployment benefits bolted past 400,000 last week as companies trimmed their work forces to cope with a slowing economy.

The Labor Department reported Thursday that the number of new applications filed for these benefits rose by a seasonally adjusted 34,000 to 406,000 for the week ending July 19.

That matched the level seen in late March. The last time claims were higher was after the devastation of the Gulf Coast hurricanes in mid-September 2005. Then, they spiked to 425,000.

The new snapshot of layoffs was worse than economists were forecasting. They were expecting claims to rise to 375,000 according to the consensus estimate of Wall Street economists surveyed by Thomson/IFR.

A year ago, new claims were much lower — at 308,000. The rise in claims underscores the deterioration in employment conditions.

Read more: http://www.msnbc.msn.com/id/25829448/

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What mechanism exists in today's economy to get these jobs back? There is none.

[Crazy Dave]

1. On the plus side

I've been paying my own un-employment insurance for four years, now I get to collect.

[MetaTrope]

2. Great to see half a million Americans losing their jobs every week

[Crazy Dave]

3. I'm sure the actual numbers...

If you were to include people whose un-employment benefits have run out the actual numbers would probably be four times higher.

[MetaTrope]

6. The number cited above was for new unemployment claims

At this point, nobody knows how many Americans are unemployed, and the Bush administration wants to keep it that way.

[comtec]

7. oh-fucking-yes!!! nt

[darkrenegade]

5. Anyone who believes the unemployment numbers are 5.*% are idiots.

I know I saw the one chart here that said 9.2%, and I think that *MIGHT* be *HALF* the true number.

I mean, we're hemmorhaging jobs at this point. They aren't coming back -- ever.

[Crazy Dave]

8. Some old jobs can come back

But only a small percentage of the ones lost. Newer jobs could be created in newer technologies and industry but that's all overseas now. Maybe Americans will soon start crossing the border into Mexico and Canada for jobs and health care.

Welcome to DU darkrenegade :hi:

[Crazy Dave]

9. And goodbye darkrenegade

:P

[Manifestor_of_Light]

12. You are figuring it out!

Hugo Chavez said a few weeks ago that he might have to start taking in Americans as economic refugees.

[Name removed]

4. Deleted message

Message removed by moderator. Click here to review the message board rules.

[happygoluckytoyou]

10. UNEMPLOY THE REPUBLICANS IN NOVEMBER !!!!! (if you have no job you have more time to help)

sandwich provided.... get to the DNC.... let's get 'merica back in the hands of the REAL people

CLASS WARFARE IS UPON US>..... time to shock the rich class

[AlbertCat]

11. B-b-b-but...

....wha' happened to all those hamburger manufacturing jobs?

[FatDave]

13. "as companies trimmed their work forces to cope with a slowing economy"

Gee, that'll work.

[Crazy Dave]

14. Oh course it will

Even if you got permanently laid off from Ford or GM you are still supposed to go buy a new vehicle from them with your stimulus check