December 8, 2001 |
The recession deepened and widened in November as employers shed 331,000 jobs across a broad swath of industries and unemployment surged to 5.7%, a six-year high, the government reported Friday The damage was greater than expected by economists and doused recent hopes that a recovery might be imminent. "People had started to say the worst was over," Merrill Lynch senior economist Gerald D. Cohen said. "The payroll employment numbers clearly dispelled that notion."
December 7, 2001 |
The number of U.S. workers filing new claims for state unemployment benefits fell for the fifth week in the last six, and business equipment orders rose in October for the first time since January, signs the economy is digging its way out of recession. Initial jobless claims fell to 475,000 in the week ended Saturday from 493,000 the prior week, the Labor Department said. Claims have fallen since surging to a nine-year high in the last week of September, when terrorist attacks led to job cuts.
November 26, 2001 |
Jerome King is up by 5 a.m. at his mother's apartment in Watts. He was raised there and recently moved back in after he lost his job. He listens to some jazz and meditates to shake the stress. Then he slips out of his football jersey into black dress slacks and a pressed checkered shirt and packs his leather briefcase with resumes. The former Army infantryman is out the door by 9 a.m., stopping to talk a little hope into his neighbor, an ex-felon who can't seem to land a solid job.
November 3, 2001 |
U.S. unemployment surged in October as American employers laid off more workers than in any month in the last 21 years, the government said Friday. The report portrayed an economy damaged by the September terrorist attacks and slipping into recession. The nation's nonfarm payrolls shriveled by 415,000, the largest loss of jobs since May 1980, when the country was entering the deepest downturn of the post-World War II era. That pushed the jobless rate up half a percentage point to 5.
October 23, 2001 |
With layoffs mounting and spreading to every industry, the nation's economy has quickly gone from full employment to one where laid-off tech workers and stockbrokers are competing with out-of-work bellhops for low-wage jobs. The shift, accelerated by the terrorist attacks, has been so swift in some places that employers who only months ago were raiding rivals for workers and offering them bonuses now are being inundated with applications. Turnover has fallen sharply.
October 12, 2001 |
New claims for unemployment benefits declined sharply last week but still remained at a high level, reflecting fallout from the ailing economy and last month's terrorist attacks. The closely watched four-week moving average of jobless claims hit a level unseen in a decade, the Labor Department report showed.