Layoffs spike, housing tumbles; outlook worsens
The number of newly laid-off Americans filing jobless claims and the
pace of
home construction both posted worse-than-expected results in
government data released Thursday, lending urgency to the economic
recovery plan President Barack Obama and Congress are scrambling to
advance.
The latest batch of economic news cemented fears that
the recession, already in its second year, will drag on through much of
2009.
And the furious pace of layoffs continued Thursday, with
Microsoft Corp. saying it will slash up to 5,000 jobs over the next 18
months. Chemical maker Huntsman Corp. will ax 1,175 jobs this year and
will get rid of an additional 490 contractors. Those -- as well as
other employers -- have seen customer demand wane and are cutting costs
to survive the fallout. [AP]