Employment News Nov. 22-24

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News
WEDNESDAY
Initial unemployment claims: Lowest since July 2008
The government's weekly jobs report brought a bit of good news Wednesday, as the number of Americans filing for their first week of unemployment benefits sunk to its lowest level in more than two years.
Consumers spend and earn more, layoffs slow
Americans earned more and spent more last month, and the number of people applying for unemployment benefits dropped last week to the lowest level in more than two years. At the same time, demand for long-lasting manufactured goods fell off.

TUESDAY
State unemployment rates hold steady
The state unemployment picture was little changed in October, with rates holding relatively steady across the country, the government said Tuesday.

MONDAY
Another hit to states: Interest payments to Uncle Sam
The Great Recession has forced states to borrow $41 billion from a federal fund to cover unemployment checks for their jobless residents. Now their bill is coming due.

Economists Comments
WEDNESDAY
FOMC members sour on growth, unemployment
The Federal Reserve’s governors and regional presidents have grown more sour on growth and unemployment, with some saying it could take more than six years for the jobless rate to return to normal levels, according to a summary of projections released Tuesday.
Bernanke Goal of Optimal Employment Elusive With Profits Bringing No Jobs
Not far from where Federal Reserve Chairman Ben S. Bernanke grew up, a revolution inside a Campbell Soup Co. plant explains why U.S. corporations are piling up profits -- with little need to hire more people.
Obama’s War on Gulf Drilling Sends American Jobs Overseas
You’d think that an unemployment rate hovering near 10% would focus the White House’s mind on job creation, not destruction, but the Obama administration stayed true to form yesterday when Interior Secretary Ken Salazar visited the Gulf and told offshore drillers that the permits they need to put Americans back to work are not coming anytime soon.

Blogs
WEDNESDAY
State Unemployment Rates in October: "Little changed" from September
Eight states now have double digit unemployment rates. A number of other states are close.

TUESDAY
Unemployment Benefits Lead to Higher Taxes, Loans
A National Employment Law Project analysis found 41 states increased unemployment-insurance payroll taxes this year by an average of nearly 33.9%. The largest was a 168.5% boost from 2009 in Hawaii. As a weekend Journal article noted, states also are borrowing more from the federal government to help pay the high costs of unemployment insurance.

Reports
None.