Department of Labor

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Report: 742K Jobs Cut in March

(Newser) - US employers cut an estimated 742,000 jobs in March, a larger drop than expected, Bloomberg reports. The figure, from a report based on private payroll data, comes days before the Labor Department is expected to make a similar announcement. If the numbers prove accurate, it would mean that employers...

New Jobless Claims Leap Past Estimates

Did you ever suspect they'd go down? Me either

(Newser) - The number of new claims for jobless benefits jumped more than expected last week, as companies continue to cut jobs at a furious pace. The Labor Department reported today that initial claims rose to a seasonally adjusted 589,000, from an upwardly revised figure of 527,000 the previous week....

Obama Picks Solis for Labor
 Obama Picks Solis for Labor 
Dec 18, 2008 2:17 PM CST

Obama Picks Solis for Labor

Calif. Congresswoman has pushed for creation of 'green jobs'

(Newser) - Barack Obama will nominate Hilda Solis, a daughter of Latin American immigrants who’s currently a California Congresswoman, for secretary of labor, the Washington Post reports. Elected in 2000, Solis currently sits on the House Energy and Commerce committee and the Natural Resources committee, among others. She, like Obama, has...

US Lost Half-Million Jobs in Nov.
 US Lost 
 Half-Million 
 Jobs in Nov. 
Economy
Dec 5, 2008 8:24 AM CST

US Lost Half-Million Jobs in Nov.

Biggest drop in 34 years

(Newser) - November saw 553,000 Americans lose their jobs, according to a Labor Department non-farm payrolls report, the steepest drop in 34 years. The number exceeded even the grimmest predictions in Bloomberg’s survey of 73 analysts. “The labor market capsized in November,” said one economist. “The financial...

Openly Gay Union Activist on Shortlist for Labor Secretary

Granholm, Sebelius also rumored picks

(Newser) - A gay union leader is on the shortlist for Barack Obama's secretary of labor, the Wall Street Journal reports. Democratic officials have confirmed that Mary Beth Maxwell—who would become the first openly gay Cabinet member in American history if chosen—is being vetted for the position, along with Govs....

Unemployment Funds Could Dry Up

Growing ranks of jobless stressing states' abilities to help

(Newser) - At least 10 states have less than six months worth of unemployment benefit reserves and could run out of cash early in 2009, reports CNN. The national unemployment level is currently at 6.1%—the highest since 2001—and is expected to keep climbing. Economists say states should have packed...

Unemployment Rate Hits 5-Year High of 6.1%

Factory workers hit hardest as unforeseen fall in jobs stuns economy

(Newser) - Jobless figures came in worse than expected today, sending the unemployment rate to a nearly five-year high of 6.1%, Bloomberg reports. The US lost 84,000 jobs in August, the eighth straight month of declines, raising the specter of a worsening economic slowdown. The jump in unemployment, which was...

Jobs, Earnings Spur Losses
 Jobs, Earnings Spur Losses
MARKETS
Aug 1, 2008 3:25 PM CDT

Jobs, Earnings Spur Losses

Downbeat session kicks off August

(Newser) - Stocks fell today as investors absorbed a slate of poor earnings reports and glum but not awful economic reports. Crude rose $1.02 a barrel, and shares in every sector other than energy fell, MarketWatch reports. The Dow dropped 51.70 to 11,326.32, the Nasdaq shed 14.59...

Workers Losing Hours as Economy Tightens

Jobless figures don't reflect part-time jump

(Newser) - US joblessness stands at a moderate 5.5%, but more than 3.7 million workers have seen their hours cut from full-time to part-time over the last year, shrinking their paychecks even as gas and food prices soar, reports the New York Times. That's the highest figure in the half-century...

Feds Push to Ease Workplace Toxin Regs

Labor Dept. seeks to loosen oversight; union decries 'midnight' move

(Newser) - The Department of Labor is rushing to push through policy that would make it more difficult to regulate workers’ exposure to toxins, the Washington Post reports. The proposal was never publicly disclosed, as required by law, but rather surfaced on the website of the White House Office of Management and...

Dismal Day Ends Dismal Week
 Dismal Day Ends Dismal Week 
MARKETS
May 23, 2008 3:34 PM CDT

Dismal Day Ends Dismal Week

Housing, oil continue to pummel equities

(Newser) - Stocks fell today, rounding out a gloomy week as the familiar themes of housing malaise and energy costs manifested in widespread big losses, MarketWatch reports. The Dow fell 145.99 to close at 12,479.63, the Nasdaq lost 19.91, settling at 2,444.67, and the S&P...

Lucky Alaska First to Hit $4 Gas
 Lucky Alaska First to Hit $4 Gas 
May 15, 2008 11:03 AM CDT

Lucky Alaska First to Hit $4 Gas

Others could join '$4 club' after Memorial Day

(Newser) - It's here. Alaska has the painful distinction of becoming the first state where gas is selling for an average of $4 a gallon, Reuters reports. The average for the rest of the US is hovering at $3.76, but Connecticut, California, New York, and Illinois could all join Alaska in...

Dems Push New Aid Package as Job Market Swoons

Economists say any doubt we're in recession is gone

(Newser) - Democrats are calling for another stimulus package to help American workers as unemployment soars, the New York Times reports. Almost 250,000 American jobs have been lost since the beginning of the year—including 80,000 in March—leading one policy expert to say it's time the government switched focus...

Resigned Markets End Mixed
 Resigned Markets End Mixed 
MARKETS
Apr 4, 2008 4:07 PM CDT

Resigned Markets End Mixed

Bad employment data another signal of recession; still, indices up for week

(Newser) - Stocks ended mixed today as a commodities rally contrasted with disappointing employment news, the Wall Street Journal reports—though the major indices were up for the week. The Dow fell 16.61 to close at 12,609.42, up 3.2% for the week. The Nasdaq gained 7.68 points...

US Drops 80,000 Jobs, Biggest Loss in 5 Years

Non-farm payrolls fall 80,000 in March, biggest drop in five years

(Newser) - Unemployment surged in March to 5.1%, the worst it’s been since September 2005, reports the Wall Street Journal. The country lost 80,000 non-farm jobs last month after dropping 76,000 jobs in both January and February. The third sharp drop fuels fears that the US has slipped...

Probe Blames Feds for Utah Mine Horror

Labor Dept. cites negligence by mine safety agency

(Newser) - A federal probe into a Utah mine disaster that killed nine people has accused the federal agency overseeing mine safety of negligence. The finding by the Labor Department's Office of Inspector General does not rule out the possibility that the owner of the site used undue influence on the Mine...

Part-Time Work Jumps 16% as Many Jobs Contract

Some 4.79 million worked part time in February; 1.8 million held two or more jobs

(Newser) - Tough economic times—and a drop in full-time jobs in some sectors—are pushing more people into part-time work, the Wall Street Journal reports. The Labor Department says 16% more workers—some 4.79 million people—are working part-time jobs this year than last, the highest total since 1993.

Dow Falls 146, Sinks Below 12K
Dow Falls 146, Sinks Below 12K
MARKETS
Mar 7, 2008 4:19 PM CST

Dow Falls 146, Sinks Below 12K

'A darned good imitation' of a recession

(Newser) - The markets seesawed and ultimately saw losses today as news of a bank boost by the Fed couldn't outweigh the Labor Department's grim February jobs report. The Dow lost 146.70, closing at 11,893.69, and the S&P 500 fell 10.97 to 1,293.37. The Nasdaq...

Market Rises on Strong Jobs Report
Market Rises
on Strong
Jobs Report
Oct 5, 2007 10:08 AM CDT

Market Rises on Strong Jobs Report

September stats strong, August losses revised to gains

(Newser) - Stocks surged this morning after a highly anticipated jobs report came back reassuringly strong, with 110,000 US workers gaining jobs in September. At the same time, the upsetting August jobs loss—which fueled rampant recession fears—was revised to a gain of 89,000. Growth exceeded expectations among economists...

Jobless Claims Rise, but Economists See Silver Lining

Figures lower than expected as labor market deals with volatility

(Newser) - First-time applications for jobless claims rose last week, but economists are encouraged that the figures were less than expected, Bloomberg reports today. Claims grew by 4,000 to 319,000—still well short of the 325,000 applications expected. The numbers suggest that the labor market isn’t collapsing, despite...

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