Drop in Firings Far Outpaces Decrease in Unemployment ; Numbers Show Firms Are Leery of Hiring

Summary

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Joblessness has declined far less than firings since the recession ended in 2009, creating a record divergence that shows companies lack the confidence to hire.

At 8.6 percent in November, unemployment has fallen 1.5 points from a 26-year high of 10.1 percent in October 2009. By contrast, claims for jobless benefits, which track staff cuts, have decreased 40 percent since peaking at an average 652,500 in the four weeks ended March 27, 2009, to 393,300 in the period ended Dec. 3.

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Drop in Firings Far Outpaces Decrease in Unemployment ; Numbers Show Firms Are Leery of Hiring

Scarce jobs represent a threat to household incomes that risks pushing the world's largest economy into a self-reinforcing cycle of meager gains in spending and employment. That is one reason President Obama is pushing to extend a payroll ...

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