NPR 2009-02-07

President Barack Obama said today with an estimated 3.6 million people losing their jobs since the start of the current recession, there is no time to waste in getting the economic stimulus 1 plan through Congress. President's remarks coming as Senate lawmakers continued to debate on his more than 900-billion-dollar economic stimulus bill. Mr. Obama also said now it's not a time to get caught up in political posturing 2. "It is inexcusable and irresponsible for any of us to get bogged 3 down in distraction 4, delay or politics as usual while millions of Americans are being put out of work." Obama admitted the stimulus bill is not perfect but said it's absolutely necessary. Senate Democrats 5 have expressed optimism about the prospects 6 for the package with both sides working to trim the measure with an eye towards passing it later today.

Labor 7 Department said today unemployment jumped to 7.6% in January. That's worse than many economists 8 had anticipated. NPR's Yuki Noguchi has more.

January logged the biggest one month job loss in 34 years. With unemployment rising for over a year now, there are an estimated 11. 6 million people out of work. But the figure is worse if you take a broader look at the numbers. If part-time workers looking for more work are included, the unemployment rate is closer to 14%. Meanwhile, state unemployment benefits funds are starting to run low as the list of those needing assistance grows. Last week a record 4.8 million people collected unemployment insurance. Most economists expect unemployment to reach 9% some time this year. But it's already hit double digits 9 in some parts of the country. Yuki Noguchi, NPR News, Washington.

A top Iranian official has welcomed the offer of the new US administration for direct talks but sharply criticized Washington for its past policies in the Middle East. NPR's Rob Gifford reports.

The Speaker of the Iran's Parliament Ali Larijani called the US offer of direct talks and of sending an envoy 10 to the Middle East to sound out countries in the region a positive sign and a golden opportunity for Washington. But he said it's not enough to ease the pain inflicted 11 on Teheran through what he called "decades of hostile and misguided American policies against his country". He said Washington must totally rethink its approach to Teheran for any chance of reconciliation 12. Larijani who was formerly 13 Iran's top nuclear negotiator was speaking at the Munich Security Conference, an annual gathering 14 of senior global leaders to discuss international security. US Vice 15 President Joseph Biden will address the conference on Saturday, an event being closely watched in Europe and elsewhere for clues as to how the new administration intends to engage with the world. Rob Gifford, NPR News, Munich.

On Wall Street, the Dow Jones Industrial Average gained 217 points today to end the week at 8, 280. For the week, the Dow was up 3. 5%. The NASDAQ rose 45 points. The S&P 500 gained 22 points today.

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Japanese automaker Toyota is expected to report its first annual loss since 1950 as a weak US economy has sharply reduced demand for new cars and trucks. Toyota says it lost $1. 8 billion for the three months ending in December, while the company reports its quarterly sales plunge 16 by 28%. Toyota joins a string of companies that are now expecting the slide into the red for the year. The news comes even as Toyota has continued to boost its market share. The company last year overtook General Motors as the world's best selling automaker.

More than 200, 000 California government employees were told not to come to work today, as the state imposed its first ever furloughs to try and save money. More from NPR's Carrie Kahn.

Governor Arnold Schwarzenegger ordered most state workers to take two days off a month without pay to save the state $1.3 billion. The closure of state offices made residents like Mario Dal Poz upset. He couldn't get into the shuttered downtown L.A Department of Motor Vehicles. "We are tax paying customers and we are keen to come here to pay our taxes that how they provide us not to do it. They know we need that… " Lonna Clark-Braxton, a worker at the office said she is used to dealing 17 with upset customers but this is tough. "We're just trying to inform the public that it’s not our fault. Because there is no budget, you know, we are required to pay for the budget stuck stalemate." Lawmakers have been unable to close a 42-billion-dollar deficit 18. Without a budget the state will begin issuing IOUs for tax refunds 19 next week. Carrie Kahn, NPR News.

Crude oil futures 20 prices moved lower at week’s end. The near-month contract for benchmark grade crude oil fell $1 a barrel today, ending the session at $40.17 a barrel on the New York Mercantile Exchange.