Today the stock market rallied again, 204 points to close at 10,227. I shake my head. Unemployment is 10.2%, a rate that they said we would reach next year, its already here. As the unemployment rate rises, so does the market. Layoffs make a company's bottom line look good, the type of numbers that makes Wall Street happy but steadily erodes optimism on the part of the jobseeker. I know for a fact that Verizon and AT&T are laying off thousands even though it is not big news. Also today, Sprint Nextel announced 2500 layoffs and Electronic Arts announced 1500.
The layoffs are happening at an alarming pace though they are for the moment under the radar. They aren't showing up in the news much but they are showing up in the unemployment data. In response, Congress extended unemployment benefits for a 4th time. But, in New York, the benefits will go to those who've been out since 2008. Most of us who started drawing benefits this spring have been left out of these extensions so far. I've got til the end of this year so I remain vigilant in my search. I have an interview tomorrow and the commute will be a hardship but beggars can't be choosers, can they?
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