Jobless Total Rockets to Two Million
TIMESONLINE: The number of people signing on for jobless benefits jumped at the fastest rate since 1971 last month as the number of people out of work rose to more than two million, the highest level since Labour came to power in 1997, official figures show.

The number of people claiming jobless benefits rose by a record 138,400 last month, taking the total number in dole queues to 1.39 million, figures from the Office for National Statistics show.

The wider survey-based measure of unemployment showed that the number of people out of work jumped by 165,000 in the three months to January, to 2.03 million, the highest level since Tony Blair became Prime Minister.

Some City economists forecast that unemployment is set to spiral much higher, to about 3.3 million, levels not seen even during the 1980s recession.

Sterling fell to fresh seven-week low against the euro of 93.96 pence, while the pound hit a session low against the dollar at $1.3848 as investors digested the bleak figures. >>> Grainne Gilmore | Wednesday, March 18, 2009

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RBS, Morgan Stanley and UBS to Axe 6,500 Jobs
Royal Bank of Scotland, Morgan Stanley and UBS are cutting more than 6,500 jobs in the latest blow to the ailing financial services industry.

RBS said it was in consultation with staff over plans to make 2,300 UK employees redundant. The cuts will affect about 2pc of UK staff.

Morgan Stanley kicked off its latest redundancy programme as part of a global restructuring that will see as many as 2,000 staff lose their jobs, hundreds of whom are likely to be UK based.

The majority of the RBS and Morgan Stanley redundancies are expected to come from back-office operations.

UBS said it would axe a further 2,200 jobs in its troubled investment bank. The Swiss institution expects staff numbers in the division to have shrunk to 15,000 by the end of this year, down from 26,000 in October 2007.

RBS, which claimed compulsory redundancies would be kept to a minimum, said the cuts would not affect customer-facing branch staff.

"It is essential that we consistently review our business to ensure that we are able to operate as efficiently as possible, especially in the current economic circumstances," said Alan Dickinson, chief executive of RBS UK. >>> By Jonathan Sibun | Tuesday, February 10, 2009

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Unemployment hits 12-year high of 1.97m >>> Grainne Gilmore | Wednesday, February 11, 2009

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More Joining American Military as Jobs Dwindle
THE NEW YORK TIMES: As the number of jobs across the nation dwindles, more Americans are joining the military, lured by a steady paycheck, benefits and training.

The last fiscal year was a banner one for the military, with all active-duty and reserve forces meeting or exceeding their recruitment goals for the first time since 2004, the year that violence in Iraq intensified drastically, Pentagon officials said.

And the trend seems to be accelerating. The Army exceeded its targets each month for October, November and December — the first quarter of the new fiscal year — bringing in 21,443 new soldiers on active duty and in the reserves. December figures were released last week.

Recruiters also report that more people are inquiring about joining the military, a trend that could further bolster the ranks. Of the four armed services, the Army has faced the toughest recruiting challenge in recent years because of high casualty rates in Iraq and long deployments overseas. Recruitment is also strong for the Army National Guard, according to Pentagon figures. The Guard tends to draw older people.

“When the economy slackens and unemployment rises and jobs become more scarce in civilian society, recruiting is less challenging,” said Curtis Gilroy, the director of accession policy for the Department of Defense. >>> By Lizette Alvarez | Sunday, January 18, 2009

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