Jobless claims spike to 26-year high

Author Marnie Howard  

In the spirit of the recent joblessnessness, a new book encourages people to help each other out.

Here’s a CNN fornt cover on the US joblessness claiming a 26 year high.

Number of Americans applying for first-time unemployment benefits rises to 667,000. Continuing claims top 5 million for the first time.

By Lara Moscrip, CNNMoney.com contributing writerLast Updated: February 26, 2009: 9:12 AM ET

NEW YORK (CNNMoney.com) — The number of Americans filing initial claims for unemployment insurance spiked, and those living on unemployment benefits hit a record high, according to a government report released Thursday. 

For the week ended Feb. 21, 667,000 Americans filed initial jobless claims, up 36,000 from a revised 631,000 the previous week. That’s the highest figure since October 1982.

Economists polled by Briefing.com were expecting claims to drop to 625,000.

In a sign that more jobless Americans are having trouble finding work, 5,112,000 continued on unemployment for the week ended Feb. 14, the most recent data available. That’s the highest number since the Labor Department began keeping records since 1967.

Initial claims are expected to sharply increase, and it’s likely they will reach 750,000 per week in the upcoming months, according to Ian Shepherdson, economist at High Frequency Economics in New York.

He noted that weekly filings, adjusted for population growth, would have to exceed the 1 million mark in order to break the jobless claims reported from the mid-1970s and early 1980s.

“We fervently hope that does not happen but we are not confident. Companies are throwing in the towel as they recognize that no sector is safe,” Shepherdson wrote in a note.

The 4-week moving average of initial claims was 639,000, an increase of 19,000 from the preceding week. The average is used to smooth fluctuations in data.

The 4-week moving average for people continuing on unemployment was 4,932,250, an increase of 89,250 from 4,843,000 in the previous week.

The insured unemployment rate is 3.8%, nearly double the 2.1% rate from a year ago.

Stimulus: The stimulus bill that President Obama signed into law has several provisions that help those living on unemployment benefits.

The weekly unemployment benefit will temporarily increase by $25 on top of the roughly $300 jobless workers currently receive.

In addition, the first $2,400 of benefits in 2009 would be exempt from federal income taxes.

The stimulus also provides jobless workers with an additional 20 weeks in unemployment benefits, and 13 weeks on top of that if they live in what’s deemed a high unemployment state. 

First Published: February 26, 2009: 8:42 AM ET

In the spirit of the recent joblessnessness, a new book encourages people to help each other out.

“Giving is Living” Powerful new book by Marnie & Tisha Howard

Generosity Makes a Comeback

New Book Shows That by Helping Others We Help Ourselves

Because each of us deals with so much stress on a personal level—especially in light of

the current recession—it can seem like an overwhelming task to reach out to others in

need. The truth is, though, that giving back can be easier than we may think.

Giving is Living presents a clear, practical guide to making generosity a part of our

everyday lives. It shows us how small efforts to reach out to help those in need can make

a real difference.

 

Authors Marnie and Tisha Howard explain that to function in a world of limited

resources and burgeoning demands, we need provide aid to each other. Giving is Living

explains that generosity does not have to be about giving money. It can start with a smile,

cost nothing, and it can do so much good.

 

The economic crunch is no match for this book—Giving is Living provides 101 easy

ways to improve our lives. It’s simple: by doing good for others, we can feel great and

begin to live our best lives.

 

ABOUT THE AUTHORS: Marnie and Tisha Howard are sisters in life and spirit.

Recognized as leaders in the philanthropic community, they have served with numerous

charitable organizations including Big Brothers Big Sisters, Make-A-Wish Foundations,

Sirens Society, and Project Sunshine. Marnie is a resident of New York City and Los

Angeles. Tisha lives in Naples, Florida.

Giving is Living: 101 Ways to Practice Effortless Generosity. 

A Book to Benefit Those in Need.

A Hatherleigh Book, Distributed by Random House

ISBN: 978-1-57826-290-8, Cloth, $11.00

On sale Feb 24, 2009