(This Week In Business) - Peter Howe is on the Business Beat talking about U.S. jobless figures, State Street's planned layoffs, the battle over jobless benefits, Wikileaks possible targeting of Bank of America and taking the Chevy Volt for a test ride.
The unemployment rate still tops 9%, and major New England-based State Street has announced they're cutting 1,400 jobs, and 400 of those are in Massachusetts. The layoffs come just while 2 million Americans are about to lose their jobless benefits. These benefits are extended to people who have been getting unemployment checks for 99 weeks. Howe says that many employer groups and economists ask if the continuation of benefits for that long can even act as a disincentive to find a new job.
Also, WikiLeaks says theyre targeting a major American banking institution, and many believe its going to be Bank of America.
And, the Chevy Volt starts driving in Connecticut. Peter Howe took a test drive this week, and although its fun and drives well, its expensive and not a true electric car, its a hybrid.