But workers receiving government assistance is at a 26 year high: The Labor Department reported that initial claims for unemployment insurance dropped to a seasonally adjusted 509,000, from an upwardly revised figure of 530,000 for the previous week. That was significantly below analysts' estimates of 537,000, according to a survey by Thomson Reuters. Despite the improved figure, large companies continue to lay off workers. AT&T Inc. said Thursday it is cutting 12,000 jobs, or about 4 percent of its work force, because of the economic downturn. The Dallas-based telecommunications company said the job cuts will take place this month and throughout 2009. Wilmington, Del.-based DuPont said it will cut 2,500 jobs, mostly serving the U.S. and European automotive and construction markets, due to lower demand from the steep global decline in homebuilding, auto sales and consumer spending. The economy is struggling as the housing slump and financial crisis has caused consumers...(Read Full Post)