http://biz.yahoo.com/ap/081002/economy.html
When we all get new jobs
Yeah that's what we're all gonna do
Go out and buy a new car
That we can now finance thanks to you
Tight credit is taking a toll on manufacturing and jobs.
More people than expected lined up at the unemployment lines last week and orders to U.S. factories plunged by the largest amount in two years, according to government data released Thursday
New applications for unemployment benefits rose slightly last week to a seven-year high due to a weakening economy and the impact of Hurricanes Ike and Gustav, the Labor Department said Thursday.
The department reported that initial claims for jobless benefits increased by 1,000 to a seasonally adjusted 497,000, the highest since just after the Sept. 11 terrorist attacks seven years ago.
Meanwhile, the Commerce Department said Thursday that factory orders in August plunged by 4 percent compared to July, a much steeper decline than the 2.5 percent drop analysts expected and the biggest setback since a 4.8 percent plunge in October 2006.
The weakness was led by big declines in orders for aircraft, down 38.1 percent, and autos, which fell by 10.6 percent, the worst performance in nearly six years.
