•On Sept. 24, the Commerce Department reported that sales of new homes had dropped by a seasonally adjusted 11.5% in August from July's already low levels. Sales of 460,000 for the month were down from the 520,000 new homes sold in July and the 500,000 sold in June. Sales for August 2008 were down 34.5% from sales in August 2007 and reached their lowest monthly total since 1991. The inventory of unsold new homes fell for a 16th straight month but still amounted to a 10.9-month supply at recent rates of sale.
•On the same day, the Labor Department reported that new unemployment claims had risen to a seasonally adjusted 493,000 in the week ending Sept. 20. That was up from 461,000 the week before. The total number of new and continuing claims climbed to 3.5 million, about 1 million more than at the same time in 2007. Recessions typically see new weekly claims rise to 500,000. The economy isn't quite there yet, but it's getting very close.
Showing posts with label unemployment. Show all posts
Showing posts with label unemployment. Show all posts
Tuesday, September 30, 2008
Tuesday, August 5, 2008
unemployment at 4 yr high
WASHINGTON - The nation’s unemployment rate climbed to a four-year high of 5.7 percent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work.
Payroll cuts weren’t as deep as the 72,000 predicted by economists, however. And, job losses for both May and June were smaller than previously reported.
July’s reductions marked the seventh straight month where employers eliminated jobs. The economy has lost a total of 463,00 jobs so far this year.
Payroll cuts weren’t as deep as the 72,000 predicted by economists, however. And, job losses for both May and June were smaller than previously reported.
July’s reductions marked the seventh straight month where employers eliminated jobs. The economy has lost a total of 463,00 jobs so far this year.
Thursday, July 24, 2008
unconscious Council
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 and fallout from a collapsed housing market.
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.
NOW is the time to take on MILLIONS in new debt?
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.
NOW is the time to take on MILLIONS in new debt?
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