Unemployed ranks hit record high of 4.99M

The number of people collecting unemployment benefits rose to an all-time high of 4.99 million this month, according to the Department of Labor.
FEB 19, 2009
The number of people collecting unemployment benefits rose to an all-time high of 4.99 million this month, according to a Department of Labor report released this morning. The report, for the one-week period ended Feb. 14, showed that 627,000 people had filed first-time applications for unemployment, which was unchanged from the previous week. This was higher than industry projections. The unemployment rate among people eligible for benefits rose to 3.7% for the one-week period ended Feb. 7, up from 3.6% a week earlier. These numbers come as scores of employers continue to announce thousands of layoffs. Extended unemployment benefits were available in Alaska, Michigan, North Carolina, Oregon, Puerto Rico and Rhode Island for the one-week period ended Jan. 31, according to the report.

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.