Shoppers have reasons to act like grinches
And if anyone needed more evidence of consumers' weary state and the nation's deteriorating job market, they got it Thursday with the latest batch of bleak economic data.
The number of newly laid-off people signing up for unemployment benefits last week dropped by 21,000 to 509,000, the Labor Department reported. Even with the drop which was better than the increase economists were forecasting the level of jobless applications was still quite high and pointed to a deeply troubled employment climate.
The number of people continuing to draw unemployment benefits last week climbed to 4.09 million, a 26-year high.
AT&T, the Dallas-based telecommunications giant, announced Thursday it will slash 12,000 jobs or about 4 percent of its work force in response to all the economic troubles. Job reductions will take place this month and into next year.
A grim picture was forming as retailers reported their November sales Thursday.
All told, the Goldman Sachs-International Council of Shopping Centers sales index of retailers is expected to show a 1 percent drop in November, slightly worse than the 0.9 percent decline in October. That would be the weakest November performance since at least 1969 when the index began.
"Basically shoppers and workers are being told there is no Santa Claus," said Richard Yamarone, an economist at Argus Research.
Another economic report is expected to show that orders placed with U.S. factories fell in October, reflecting pull backs from buyers in the United States as well as shoppers overseas, who are coping with their own economic troubles.
Federal Reserve Chairman Ben Bernanke, meanwhile, will speak about the housing crisis, which has driven up foreclosures and forced financial companies to log massive losses on soured mortgage investments. The housing debacle touched off the worst financial crisis since the 1930s that Bernanke and Treasury Secretary Henry Paulson have been desperately trying to bring under control.
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