The unemployment rate in Washington jumped to 7.1 percent last month from November’s 6.4 percent, which is the largest single monthly rate increase in the state since 1976.
State officials said record numbers of people are applying for unemployment benefits.
According to the Employment Security Department, more than 251,000 people were looking for work last month, which is 90,000 more than were looking in December 2007.
In the Seattle/Bellevue/Everett area, the unemployment rate jumped to 6.2 percent last month from 5.4 percent a month earlier. In December 2007, the unemployment rate for the area was only 3.6 percent. The number of unemployed people in the area rose to 91,400 from 78,900 a month earlier and from 51,700 in December 2007.
“In barely a year, we’ve gone from historically low unemployment to record numbers of people applying for unemployment benefits,” said Employment Security Commissioner Karen Lee, in a statement.
Citigroup shares fall 20%
market is uncertain about citi's business model for the future.
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Retail Sales Tumbled in December
sales or not looking good at all. Considering that december is suppose to be the best time of the year turns out to be worst than November.
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"Retail Sales Tumbled in December"
U.S. retail sales fell 2.7% in December. The broad drop indicated consumers were adding to savings instead of spending.
Economy News
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China Imports, Exports Tumble
huge decline in imports by up to 20% in the past month. Is this an indication that the stimulus plan China implemented is not working the way it was expected to?
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"China Imports, Exports Tumble"
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Hyundai to Cut Domestic Production
signs show any company are downgrading their production capacity where ever possible to adjust for the huge decline in Demand. No one is immune to the downturn, will Audi's strong demand last or will it soon follow the rest of the auto industry.
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"Hyundai to Cut Domestic Production"
Hyundai will slash production between 25% and 30% at its domestic plants during the first quarter amid falling global demand for vehicles.
Asia: What's News
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CNBC.com Article: Chinese Business Confidence Plunges in Fourth Quarter
The sentiment in China is not good either. The stimulus plan needs to
implemented as soon as possible.
implemented as soon as possible.
Chinese Business Confidence Plunges in Fourth Quarter
Chinese business confidence plunged in the final three months of 2008
as the mounting effects of the financial crisis weighed on exports and
industrial output.
World Wrestling Entertainment knocks off 10% of its staff
even the typical entertainment business is feeling a decline in spectators. Nba also reduced its staffs by 9%.
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"World Wrestling Entertainment knocks off 10% of its staff"
NEW YORK (MarketWatch) -- World Wrestling Entertainment Inc. , home of wrestlers such as Mr. Kennedy and Triple H, said Friday it would lay off 10% of its staff as part of an effort to implement stronger cost controls. With a net income of about $52 million in 2007, the Stamford, Conn., media company said the cuts will result in annual savings of about $8 million. WWE added it will take on a one-time restructuring charge of $3 million for the move in the first quarter. "With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner," said Linda McMahon, the company's chief executive. Shares of WWE were down a fraction in early trading to $11.01 each.
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KB Home narrows loss but revenue cut in half; stock falls
no sign of rebound anytime soon for the housing market as sales of kb homes wss cut in half.
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"KB Home narrows loss but revenue cut in half; stock falls"
KB Home's fourth-quarter loss is narrower than that of a year ago, but revenue and orders for new homes are roughly cut in half as residential builders continue to feel the bite of the housing slump.
Top Stories
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Today's Crucial Economic Data
| Jan 9 | 13:30 | United States | Average Hourly Earnings (MoM) (Dec) |  | 0.3% | 0.2% | 0.4% |  |
| 13:30 | United States | Average Hourly Earnings (YoY) (Dec) | | 3.7% | 2.8% | | ||
| 13:30 | United States | Average Weekly Hours (Dec) | | 33.3 | 33.5 | 33.5 | | |
| 13:30 | United States | Nonfarm Payrolls (Dec) | | -524K | -480K | -584K | | |
| 13:30 | United States | Unemployment Rate (Dec) | | 7.2% | 7.0% | 6.7% | | |
| 15:00 | United States | Wholesale Inventories (Nov) |  | -0.6% | -0.8% | -1.2% |
Cisco (CSCO) entering consumer market
In the CES expo, Las Vegas. Cisco is in plans to expand into the consumer segment of the business rather than just corporate customers.
This may be a good long run play and provide the link into creating more accesibility between users and video conferencing without the need of computers.
**The bridge to eliminating home phone lines altogether?**
This may be a good long run play and provide the link into creating more accesibility between users and video conferencing without the need of computers.
**The bridge to eliminating home phone lines altogether?**
Merrill President Fleming Quits BofA
this does not sound good for bank of america as more and more valuable executives from Merill leave the company.
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"Merrill President Fleming Quits BofA"
Merrill Lynch's No. 2 executive, Gregory Fleming, is quitting the newly merged Bank of America to take a teaching job at Yale University.
US: What's News
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Coach cuts second-quarter guidance on poor holiday sales
premium items such as coach are not holding up well as they described indicating heavy downgrades by consumers. just like wal-mart for a decrease in consumer dicretionary items.
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"Coach cuts second-quarter guidance on poor holiday sales"
SAN FRANCISCO (MarketWatch) -- Coach Inc. said late Thursday that it will fall short of its forecast fiscal second-quarter guidance because of poor holiday sales. The handbag and accessories maker said it expects a second-quarter profit of about 67 cents a share, well under its previously forecast 77 cents a share, or last year's profit of 69 cents a share. Sales for the second quarter fell 2% to $960 million from $978 million last year. The company had forecast second-quarter sales of about $1.05 billion. Analysts surveyed by FactSet Research estimated 75 cents a share on revenue of $1.05 billion. Shares of Coach dropped 6.7% to $19.51 in after-hours activity.
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After Hours: Apollo shares climb nearly 8%, Lawson up after results
parent company of DeVry university saw sales jump. could it be that school enrolments are up due to a layoffs?
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"After Hours: Apollo shares climb nearly 8%, Lawson up after results"
Apollo Group Inc. and Lawson Software Inc. shares rise in late trade after quarterly results from the educational services provider and the business software maker come in ahead of Wall Street's estimates.
Top Stories
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Bed, Bath & Beyond's Net Falls
profits of bed bath and beyond dropped by as far as 37% due to a decline in sales and resultingly margin. most likely because the store's products are highly corelated to real estate.
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"Bed, Bath & Beyond's Net Falls"
Bed Bath & Beyond's profit fell 37% as sales and gross margins dropped amid the difficult retail environment.
US: What's News
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Macy's to Shutter 10 Stores
macy's bad earnings is forcing them to sell close down 10 of their stores. largely also due to canibalism when they purchased May's for 10.4 billion making some malls have two Macy's at the same place.
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US: Business News
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Audi Defies Industry Gloom
audi sales by 17% while the rest in the car industry were posting more than a 15% decline, the least
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Audi posted its 13th consecutive year of record sales, even as auto makers around the globe are slashing production as demand for new cars in most major markets remains woeful.
Europe: What's News
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Wal-Mart cuts forecast, posts disappointing sales
Even Wal-Mart is feeling the pinch in terms of sales, and i thought they were invinsible because of their management
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"Wal-Mart cuts forecast, posts disappointing sales"
Shares of Wal-Mart Stores Inc. fall more than 6% in premarket trading Thursday after the world's largest retailer posts lower-than-expected December sales and cuts its fourth-quarter profit forecast.
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Obama promises $1,000 tax cut for working families
Will this help stimulate the economy in the long run?
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GameStop's Sales Jump
are games really recession proof?
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US: Business News
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Apple
Apple down by 2.62% today. Current pirce $90.50
Going to buy Apple soon when price touches $82.00
Going to buy Apple soon when price touches $82.00
Dec Retail Sales
Deep discounting
Margin Pressure
Weak gift card purchases
Online Sales weak
Poor Weather
Margin Pressure
Weak gift card purchases
Online Sales weak
Poor Weather
Short term trading top
Earnings guidance below expectations
Insider buying low
Not as much money going into the market
Insider buying low
Not as much money going into the market
Paulson: Fannie Mae conservatorship is temporary
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"Paulson: Fannie Mae conservatorship is temporary"
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Real-time Headlines
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ADP employment report
Down far beyond expectations. -693,000 vs. consensus of -476,000. Leading to the huge decline in stock price again today by up to 3%
Barack Obama's Speech
Barack Obama announces deficit to increase by $1.3 trillion after his expenditure to boost economy. Some include making federal building more green.
His plans for stimulating the economy is making me kind of pesimistic.
His plans for stimulating the economy is making me kind of pesimistic.
Google Sold
Sold Google today at $322.00 because the huge decline in the ADP employment still means a huge decline in corporate expenditure both internally from within the company's budget and externally from the consumer side.
Waiting for price to dip below $280 to buy again
Waiting for price to dip below $280 to buy again
ADP emloyment report
ADP reported larger than expected loss
Sheil Bair will be kept as FDIC charmain for Obama administration.
Intel reporting worst guidance for the summer Dropped 4.22% to $14.00
Sheil Bair will be kept as FDIC charmain for Obama administration.
Intel reporting worst guidance for the summer Dropped 4.22% to $14.00
Stock prices down
Very pesimistic still about the market. Fcx is holding on quite well though around $28.