UNEMPLOYMENT

The U.S. government reported on Thursday record numbers of people receiving unemployment benefits as the total jobless count exceeded 6 million for the first time – again dimming hopes of seeing the end to the recession.

The U.S. government reported on Thursday record numbers of people receiving unemployment benefits as the total jobless count exceeded 6 million for the first time – again dimming hopes of seeing the end to the recession.

The number of Americans claiming jobless aid hit a record in early April and groundbreaking for new homes slumped last month, but a top Federal Reserve official voiced hope the recession was ending.

The number of Americans claiming jobless aid hit a record in early April and groundbreaking for new homes slumped last month, but a top Federal Reserve official voiced hope the recession was ending.

The number of U.S. workers filing new claims for jobless benefits unexpectedly fell last week, government data on Thursday showed, but so-called continued claims rose to a fresh record as the recession bit.

The number of Americans claiming jobless aid hit a record early in April and groundbreaking for new homes slumped sharply in March, according to data on Thursday that showed the economy still being held back by the recession.

Many economists expect the U.S. recession to end in the second half of this year, but companies catering to consumers showed on Wednesday that the prolonged downturn and rising unemployment are taking a toll on business in the near term.

Many economists expect the U.S. recession to end in the second half of this year, but companies catering to consumers showed on Wednesday that the prolonged downturn and rising unemployment are taking a toll on business in the near term.

Confidence among U.S. small businesses was stuck at 35-year lows in March, with employers stepping up layoffs even as the recession-hit economy shows some signs of improving, according to a survey.

The U.S. economy is set to emerge from recession in the second half of this year as consumer spending and the housing sector recover, but unemployment will rise well into 2010, according to a survey.

The U.S. initial jobless claims fell to a seasonally adjusted 654,000, down from a revised 674,000 for the week which ended on April 4, the Labor Department said Thursday in Washington.

The sense of freefall for the U.S. economy is likely to end in the middle of the year, though the road to recovery could take some time, Lawrence Summers, U.S. President Barack Obama's top White House economic policy aide, said on Thursday.

The number of U.S. workers filing new claims for unemployment benefits fell last week, government data showed on Thursday, but was still at levels indicating the labor market's contraction has yet to hit bottom.

Grocery sales

The recession chokehold that is gripping the world's richest nations won't loosen until late this year, and Reuters polls show the economic outlook has dimmed for 2009 despite a vigorous global stock market rally.

The U.S. unemployment rate soared to 8.5 percent last month, a 25-year high, as employers slashed jobs and cut workers' hours to the lowest level on record, the government said on Friday.

The U.S. unemployment rate soared to 8.5 percent last month, a fresh 25-year high, as employers slashed 663,000 jobs and cut workers' hours to the lowest level on record, the government said on Friday.

Oil dipped near $52 on Friday, having surged nearly 9 percent the previous day as a result of the G20 summit, as U.S. data showing the highest unemployment rate since 1983 dampened thoughts of a quick economic upturn.

Oil dipped near $52 on Friday, having surged nearly 9 percent the previous day as a result of the G20 summit, as U.S. data showing the highest unemployment rate since 1983 dampened thoughts of a quick economic upturn.

U.S. credit markets are not showing the same optimism on the economy as U.S. equities, suggesting that the recession will run far longer than most expect, Mohamed El-Erian, the chief executive of bond giant Pacific Investment Management Co., said on Friday.

The U.S. unemployment rate soared to 8.5 percent last month, a 25-year high, as employers slashed 663,000 jobs and cut workers' hours to the lowest level on record, the government said on Friday.