The latest overall job loss numbers showed a loss of 651,000 jobs in January and the unemployment rate climbed to 8.1%. This is the highest unemployment rate since 1983. The January and December numbers were revised to a loss of 655,000 and 681,000 respectively. 4.4 million jobs have now been lost since this recession began. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
Investors have been searching for that vital capitulation point where stocks form a true bottom. A higher-than-expected jobless rate could set the stage for that.
For many Americans, the current recession is their first brush with unemployment. The newly jobless face a host of questions over how to navigate a system of unemployment insurance benefits.
The Fed says the economy has gotten worse than it ever expected. But the Fed governors and bank presidents forecast that it will not get much worse.
Despite hopes that the latest jobs report would force Congress to pass a stimulus plan, the markets remain pessimistic that anything can be done to fix the economy.
The latest overall job loss numbers showed a loss of 598,000 jobs in January and the unemployment rate climbed to 7.6%. This is the highest unemployment rate since May 1992. The December payroll numbers were revised to a loss of 577,000. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
A 'bad bank' is necessary, but major banks still have to be taken over and gutted, Ken Rogoff told CNBC.com in Davos.
Challenger, Gray & Christmas reported today the pace of tech industry job cuts jumped 167 percent in the second half of 2008, with computer, electronics and telecom firms slashing 186,995 jobs in 2008. It's the highest total since the 228,325 job cuts in 2003. And January is shaping up to be equally brutal.
The happiest place on earth is the latest company to try to cut back on overhead costs. Disney's theme park division is offering buyouts to roughly 600 executives at its U.S. parks.
Turnover at the top, presents an unique opportunity and set of challenges for a new leader to deal with, and managing the transition is the first step to ensuring success in any executive role. Fortunately, there's one fairly high-profile transition going on right under our noses, with the new guy and his team set to finally take the reins on Tuesday.
The president of the Federal Reserve Bank of Philadelphia expects the economy to slowly start recovering in the second half of 2009 and inflation to remain below 2 percent over the next year.
During his lunchtime keynote speech here at the JPMorgan Healthcare Conference JPM Chairman and CEO Jamie Dimon was asked to give his worst-case scenario for the economy. He said that'd be a 1982-type recession lasting about two years and with unemployment "North of 10 percent." Dimon said it would be "Irrational to not be prepared for that."
If you happen to be a member of the class of 2009, I've got some important advice for you. Don't graduate... at least, not this year.
The jobs report was bad, but not the worst case scenario that some were expecting. Two stocks declined for every one advancing, but volume was again on the light side. The big worry right now is earnings revisions.
There's plenty to say about the December jobs report but not much of what can be said is likely to alter the dynamic much for the financial markets, says bond expert Tony Crescenzi.
The latest overall job loss numbers showed a loss of 524,000 jobs in December and the unemployment rate climbed to 7.2%. This is the highest unemployment rate since January 1993. The November payroll numbers were revised to a loss of 584,000. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
The big questions for the coming year are how long and deep will the recession be and how it will compare to those of the past.
Drugmaker Bristol-Myers Squibb became the latest big company to announce layoffs, saying it will eliminate another 10 percent of its work force through 2010.
This week brought a slew of layoffs, including Dow component Bank of America, which said its planned job cuts may grow to 35,000 over three years after it completes its purchase of Merrill Lynch.
Sony became one of the latest companies to announce layoffs in attempt to rein in costs and weather the weak economy.