Layoffs push jobless claims to 7-year high
WASHINGTON – The number of newly laid-off individuals seeking unemployment benefits has jumped to a level not seen since just after the Sept. 11, 2001, terrorist attacks.
The Labor Department on Thursday reported that jobless claims last week increased by 32,000 to a seasonally adjusted 516,000. That nearly matched the 517,000 claims reported seven years ago, and is the second-highest total since 1992.
The total also was much higher than analysts expected. Wall Street economists surveyed by Thomson Reuters expected claims to increase only slightly to 484,000.
Dems want to bail out carmakers with $25B
WASHINGTON – Congressional Democrats are pushing legislation to send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies.
House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., hope for quick passage of the auto bailout during a postelection session that begins Monday.
Legislation being drafted by Rep. Barney Frank, chairman of the House Financial Services Committee, would dip into the $700 billion Wall Street rescue money, approved by Congress last month, for the auto aid.
Intel cuts sales figure for fourth quarter
SANTA CLARA, Calif. – Intel Corp. sharply cut its fourth-quarter sales projection Wednesday, indicating how severely technology spending is being slammed to a halt in the economic turmoil. It expects revenue to come in at about $9 billion, down from a previous estimate of $10.1 billion to $10.9 billion.