Study: Job losses lead to health problems

Special
Report: Global Financial Crisis

LOS ANGELES, May 8 (Xinhua) -- In addition to causing financial hardships,
job losses can also lead to health problems such as high blood pressure,
diabetes, heart disease, heart attack and stroke, a new study has found.

In the study, researchers at the Robert Wood Johnson Foundation analyzed
U.S. data on a wide range of occupations: managerial and professional positions;
sales, clerical and craft jobs; machine operator jobs; and service positions.

Among white or blue collar workers who lost a job through workplace
closure, the likelihood of reporting fair or poor health increased by 54
percent, according to the study published in the May 8 issue of Demography.

The odds of developing a new health condition rose by 83 percent among
those who had no preexisting health problems, the study said.

Even when these workers found new jobs, they still had an increased risk of
new stress-related health problems, according to the study.

However, there were differences detected between blue collar and white
collar workers who had been fired, laid off or voluntarily left a job. Job loss
more than doubled the likelihood of reporting fair or poor health among blue
collar workers, but it had no effect on the health status of white collar
workers. The study did not explain reasons for this difference.

"In today's economy, job loss can happen to anybody," said lead researcher
Kate Strully. "We need to be aware of the health consequences of losing our jobs
and do what we can to alleviate the negative effects."

Obama says jobless number sobering but sees progress

Special
Report: Global Financial Crisis

U.S.President Barack Obama, followed by
Sharon Arnold, a representative from small business, steps in to deliver
remarks on job creation and job training at the Eisenhower Executive
Office Building in Washington, May 8, 2009. Obama announced the new steps
as "to give people across America who have lost their jobs the chance to
go back to school today to get retrained for the jobs and industries of
tomorrow". (Xinhua/Zhang Yan)
Photo
Gallery

WASHINGTON, May 8 (Xinhua) -- U.S. President Barack
Obama said Friday that latest job loss data was "sobering," but he noted that
there have been "somewhat encouraging" improvements in the economy.

"While it's somewhat encouraging that this number is
lower than it's been in each of the past six months, it is still a sobering
toll," said Obama after the government reported that the jobless rate climbed to
8.9 percent in April, the highest since late 1983.

"It underscores the point that we're still in the
midst of a recession that was years in the making and will be months or even
years in the unmaking, and we should expect further job losses in the months to
come," said Obama at the White House.

But he also noted that there have been some signs
that the economy is stabilizing.

"Although we have a long way to go before we can put
this recession behind us, the gears of our economic engine do appear to slowly
-- to be slowly turning once again," said the president.

"Consumer spending and home sales are stabilizing,
construction spending is up for the first time in six months," he said. "So,
step by step, we're beginning to make progress."

U.S.President Barack Obama listens as
Maureen Pike tells her job training story at the Eisenhower Executive
Office Building in Washington, May 8, 2009. Obama announces the new steps
as "to give people across America who have lost their jobs the chance to
go back to school today to get retrained for the jobs and industries of
tomorrow".(Xinhua/Zhang Yan)
Photo Gallery

Obama announced a plan to help jobless people pursue
education and training without losing their unemployment benefits.

The 787-billion-U.S.-dollar stimulus package Obama
signed into law in February gave states billions of dollars to provide 26 extra
weeks of benefits for the unemployed who want job training.

But the law kept in place a rule that forced people
to give up their unemployment check if they stopped looking for work and decided
to go back to school.

Under the new plan announced on Friday, the Labor
Department will encourage states to update rules during economic downturns so
the unemployed can enroll in community colleges and other education or training
programs without giving up their benefits.

"Our unemployment insurance system should no longer
be a safety net, but a steppingstone to a new future," said Obama.

"It should offer folks educational opportunities they
wouldn't otherwise have, giving them the measurable and differentiated skills
they need to just -- not just get through hard times, but to get ahead when the
economy comes back," he added.

U.S. pace of job losses slows to 539,000 in April

WASHINGTON, May 8 (Xinhua) -- The pace
of job losses in the United States slowed in April to 539,000, the fewest
in six months, but the jobless rate climbed to 8.9 percent, the highest
since late 1983, the Labor Department reported Friday.

The April reading for job losses was not as deep as the 620,000layoffs expected by analysts but the increase in the unemployment rate matched their forecasts. Full story

Wall Street rises on upbeat jobless
data, stress test results

NEW YORK, May 8 (Xinhua) -- Wall Street settled sharply higher on Friday, after the U.S. government reported fewer job losses in April than market forecast and bank shares were boosted by stress test results.

The U.S. Labor Department posted on Friday that employers
cut 539,000 jobs last month, the fewest in six months. It is a big improvement
from a revised 699,000 job losses in March and less than the loss of 610,000
jobs analysts had expected. But the unemployment rate climbed to 8.9 percent,
the highest since late 1983. Full story

Gold edges lower as unexpected job
data ease economic worries


CHICAGO, May 8 (Xinhua) -- Gold futures on the COMEX Division of the New York
Mercantile Exchange ended slightly lower on Friday after gaining for 4 straight
sessions this week, as the economy concerns were further mollified by
better-than-expected job data. Silver and platinum fell, too.

Gold price for June delivery dropped 60 cents, or 0.5
percent, to settle at 914.90 U.S. dollars an ounce. Full story

Crude prices top $58 on
better-than-expected unemployment
data

NEW YORK, May 8 (Xinhua) --
Crude prices topped 58 U.S. dollars a barrel on Friday as better-than-expected
unemployment data boosted optimistic expectations on energy demand.

The U.S. Labor Department said that employers cut 539,000
jobs in April. That was less than expected and the smallest reduction in six
months. However, the U.S. unemployment rate climbed to 8.9 percent, the highest
since late 1983. Full story

UBS expects big loss, to cut 8,700 jobs

Special Report:Global Financial Crisis

Swiss bank UBS outgoing chairman Peter Kurer is seen on a huge TV screen as he addresses the general shareholders meeting in Zurich April 15, 2009. UBS estimated on Wednesday that it would suffer a loss of almost 2 billion Swiss francs (about 1.75 billion U.S. dollars) in the first quarter of this year. The bank also announced that it would cut 8,700 jobs worldwide by the end of 2010, more than 10 percent of its total workforce.(Xinhua/AFP Photo)
Photo Gallery

GENEVA, April 15 (Xinhua) -- Switzerland's largest
bank, UBS, estimated on Wednesday that it would suffer a loss of almost 2
billion Swiss francs (about 1.75 billion U.S. dollars) in the first quarter of
this year.

The bank, which has been hit severely by the
financial crisis, also announced that it would cut 8,700 jobs worldwide by the
end of 2010, more than 10 percent of its total workforce.

According to a statement issued ahead of its annual
shareholders meeting, UBS said its first quarter loss seems mainly from a
negative contribution totaling roughly 3.9 billion Swiss francs (3.4 billion
dollars) due to losses on previously disclosed bad investments, credit loss
expenses and adjustment in values of toxic assets.

UBS also announced that it would close the first
quarter with an overall outflow of net new money.

The bank's wealth management division recorded a net
outflow of about 23 billion Swiss francs (20 billion dollars) in the first
quarter. This occurred mainly after UBS agreed to release data of clients to the
U.S. authorities, indicating that the Swiss banking secrecy have to be eased
under increasing international pressure to crack down on tax havens.

UBS also said it plans to "adapt its size to the
changed market conditions and lower levels of business." The bank is planning to
have cost savings by the end of 2010 of about 3.5 to 4 billion Swiss francs (3.1
to 3.5 billion dollars) compared to 2008 levels.

The bank also seeks to realize substantial cost
savings in all areas, which means major job cuts are unavoidable, the statement
said.

The bank currently employs 76,200 people worldwide.

"We know where we have to set to work. It will be a
long road back to success without any quick fixes. Rather, we will move forward
step by step in a rigorous and disciplined manner," UBS CEO, Oswald Grubel,
said.