With IBM's 5,000 layoffs today (about 4% of its workforce) jobless claims are rising."For the 10th week in a row, the number of people receiving jobless benefits grew. It now stands at nearly 5.6 million, the government said — an indication that the labor market is still grim."
President Obama believes that it will take until the end of 2009 until intense hiring resumes.
"As a proportion of the work force, the number of people receiving benefits is at its highest level since May 1983, when the economy was recovering from a deep recession. The total of nearly 5.6 million is almost double what it was a year ago."
In this time of desperate need, just remember: "Unemployment is capitalism's way of getting you to plant a garden". - Orson Scott Card
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