By JENNIFER STEINHAUER LOS ANGELES — California’s unemployment rate in August hit its highest point in nearly 70 years, starkly underscoring how the nation’s incipient economic recovery continues to elude millions of Americans looking for work. While job losses continue to fall, the state’s new unemployment rate — 12.2 percent, according to the Bureau of Labor Statistics [...]
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BERNANKE’S PREDICTING 10% JOBLESS
By PAUL THARP The White House hoisted its bad-news banners higher yesterday, dousing cold water on any premature hopes of a quick recovery this year. President Barack Obama warned flatly that unemployment lines will remain longer for some time to come, while Federal Reserve chief Ben Bernanke downgraded the 2009 economic output, saying it could [...]
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JOBLESS CLAIMS BEAT OUTLOOK
New jobless claims rose more than expected last week, while the number of workers continuing to file unemployment-benefit claims topped 6.1 million. Labor said yesterday initial claims for unemployment compensation rose to a seasonally adjusted 640,000, up from a revised 613,000 the previous week, slightly above expectations.
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