Claims for state unemployment insurance hit a nine-year high last week according to reports from the Labor Department today. To deal with the changing economic climate, companies have cut production and laid off workers but the economic slowdown has been particularly hard on manufacturers and automobile makers who are struggling with decreased consumer demand. Economists hope that fed cuts and tax refunds will help spur economic growth later this year.
See "Jobless claims hit nine-year high", Jeannine Aversa, Chicago Tribune, July 11, 2001