Labor Department

Fed Chairman expects US economy not to be at risk of inflation

December 16, 2009 - 3:05am | Analytics | News

The US economy is operating so far beneath its potential that inflation is unlikely to become a problem, Ben Bernanke stated in a response to a lawmaker's questions made public on Tuesday.

The letter to Senator Jim Bunning, a Republican from Kentucky, comes as Bernanke faces Senate confirmation for a second term as Fed chairman.

In a written response received by Bunning's office on Monday, Fed Chairman said high unemployment and idle factory capacity made it unlikely that inflation would post a rapid increase any time soon.

1 point

US employers cut off 467,000 jobs in June

July 2, 2009 - 10:26am | Figures | News

As the government announced Thursday in the report, US employers reduced 467,000 jobs in June, that appeared to become 100,000 greater than expected 363,000. At the same time, the unemployment rate rose to 9.5%.

As the Labor Department results showed 8,000 fewer jobs were lost in April and May than it was previously reported. Thus, the May job losses were revised downward to 322,000, while the April losses were revised upward to 519,000.

employer | job losses | Labor Department | unemployment rate | USA

-1 points

US college graduates avoid Wall Street, preferring Washington

June 11, 2009 - 8:44am | Analytics | News

US college graduates instead of looking for jobs in New York's financial center lately began looking to government for jobs. During the years of prosperity Wall Street promised to the brightest young graduates high salaries and bonuses. But with the beginning of financial crisis the image of big banks with fewer financial jobs available has been broken.

Labor Department | NACE | unemployment | Wall Street

0 points

Markets can take a longer breath, job cuts in U.S. were fewer this time

June 5, 2009 - 9:51am | Analytics | News

US government report released Friday showed that American employers cut 345,000 jobs last month, the fewest since September and far less than forecast which is considered as additional evidence the economy's severe weakness was diminishing.

Still, the unemployment rate reached 9.4% the highest since a matching rate in July 1983, from 8.9% in April, according to the Labor Department report.

1 point

Rebounding retail sales don’t change jobless claims

February 13, 2009 - 2:52pm | Figures | News

Data presented by the Commerce Department shows that sales at U.S. retailers has increased 1 percent in January. However, companies are still continuing to cut jobs. Specialists say the increase in the in sales is more likely to be due to post-holiday discounts.

Federal Reserve | job cuts | Labor Department | retail sales | sales increase

1 point

New jobless claims exceeded 600,000

February 12, 2009 - 4:57pm | Career\Job | News

The Labor Department announced on Thursday that the number of initial jobless benefit claims dropped to a seasonally-adjusted 623,000, from an upwardly revised figure of 631,000 the previous week. The latest figure still was above analysts' expectations of 610,000 claims.

General Motors | jobless claims | Labor Department | laid-off workers | Putnam Investments

0 points

Lack of hiring poses more threat than layoffs

February 6, 2009 - 9:01am | News | Other themes

Economists expect the government's key employment report, due Friday morning, will show a net loss of 540,000 jobs in January which follows the 524,000 loss in December. They forecast the unemployment rate to increase 7.5% from 7.2%, which would be a 16-year high. Indeed, January 2009 was one of the most terrible months for layoffs than ever.

Employment | job cuts | Labor Department | layoffs | unemployment

0 points

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