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Local entrepreneur launches online retail outlet Dressed By

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									Business                                                                                                                                                                      Daily Times Chronicle
                                               B6                                                                                                                         THURSDAY, DECEMBER 10, 2009



New jobless claims rise
more than expected
     By CHRISTOPHER S.              al weeks to signal the econo-         next year. That should help
        RUGABER                     my is actually adding jobs,           push down the nation’s unem-
     AP Economics Writer            according to many econo-              ployment rate — now at 10
                                    mists.                                percent — “but at a pace
    WASHINGTON (AP) —                  The number of people con-          slower than we would like,”
The number of newly laid-off        tinuing to claim benefits fell        he acknowledged.
workers seeking jobless bene-       by 303,000 to 5.16 million, the          The Labor Department
fits rose more than expected        lowest level since February.          last week said employers
last week, after falling for        The total unemployment ben-           shed 11,000 jobs in November,
five straight weeks.                efit rolls have fallen in 11 of       much better than economists
    Despite the increase,           the past 12 weeks.                    expected and below the
claims have fallen steadily            But the so-called continu-         111,000 lost the previous
since this summer, a sign           ing claims do not include mil-        month.
that job cuts are slowing and       lions of people that have used           Some employers are con-
hiring could pick up as soon        up the regular 26 weeks of            tinuing to lay off workers.
as early next year amid a           benefits typically provided by        Consol Energy said Tuesday
broad economic recovery.            states, and are receiving             that it will lay off nearly 500
    Initial claims for unem-        extended benefits for up to 73        workers and idle a mountain-
ployment insurance rose by          additional weeks, paid for by         top removal mining operation
17,000 to a seasonally adjust-      the federal government.               near Bickmore, W.Va. The          LOCAL ENTREPRENEUR AND WOBURN RESIDENT CHRIS CUOZZO models
ed     474,000,    the     Labor       About 4.6 million people           Pittsburgh-based company
Department said Thursday.           were receiving extended ben-          blamed an environmental
                                                                                                            one of his customizable dress shirts along with Malorie Davino, Brooke Davino and
That was above analysts’            efits in the week ended Nov.          lawsuit.                          former Woburn resident Justin Power. Cuozzo’s shirts can be found at
expectations of 460,000 new         21, the latest data available.           The Los Angeles School         www.dressedbycc.com.
claims.                             That’s an increase of about           Board on Tuesday approved a
    Claims were partly inflat-      130,000 from the previous             budget plan that would cut        www.dressedbycc.com
ed by a surge following the         week, and is partly due to an         5,000 jobs, including about
Thanksgiving holiday week,
when many state unemploy-
ment offices are closed, a
department analyst said.
Seasonal layoffs in the con-
                                    extension of benefits that
                                    Congress enacted last month.
                                       The economy grew at a 2.8
                                    percent pace in the July-
                                    September quarter and ana-
                                                                          1,400 teachers.
                                                                             Among the states, the
                                                                          largest increases in initial
                                                                          claims was in Wisconsin, at
                                                                          8,067, which it attributed to
                                                                                                            Local entrepreneur
struction industry also played
a role.
    Economists closely moni-
tor initial claims, which are
considered a gauge of the
                                    lysts say it is likely growing
                                    at a similar pace in the cur-
                                    rent quarter. But that is much
                                    slower than the average 6
                                    percent rate in previous eco-
                                                                          layoffs in construction and
                                                                          manufacturing       industries.
                                                                          The state data lag initial
                                                                          claims by a week.
                                                                             The next largest increases
                                                                                                            launches online
pace of layoffs and an indica-
tion of companies’ willing-
ness to hire new workers.
    The four-week average of
claims, which smooths fluctu-
                                    nomic recoveries.
                                       As a result, most econo-
                                    mists expect the unemploy-
                                    ment rate to rise in coming
                                    months and remain above 9
                                                                          in claims were in Kansas,
                                                                          Missouri, Iowa and Indiana.
                                                                             California reported the
                                                                          largest drop in claims, down
                                                                          28,672, which it attributed to
                                                                                                            retail outlet
ations, fell to 473,750, its 14th
straight decline and the low-
est level since September
                                    percent through the end of
                                    next year.
                                       Federal             Reserve
                                                                          fewer layoffs in the service
                                                                          industry.      Texas,    North
                                                                          Carolina, Florida and Illinois
                                                                                                            Customizable dress shirts available
2008.
    Still, claims will have to
                                    Chairman Ben Bernanke said
                                    Monday that he expects
                                                                          had the next largest drops.       at Dressed by Chris Cuozzo
fall to about 425,000 for sever-    “modest” economic growth                                                    WOBURN - Local entre-
                                                                                                            preneur and Woburn High
                                                                                                            School graduate Chris Cuozzo
                                                                                                            introduces his new online
                                                                                                            Retail business - Dressed by
Debating Wall Street regulations                                                                            Chris Cuozzo.
                                                                                                                The online retail outlet,

not easy for Democrates                                                                                     which can be found at
                                                                                                            www.dressedbycc.com, spe-
                                                                                                            cializes in men, women’s and
                                                                                                                                               to use the internet the way so
                                                                                                                                               many other retailers have; by
                                                                                                                                                                                      Cuozzo is also offering
                                                                                                                                                                                   fashion advice, “I am offer-
                                                                                                            children’s clothing.
     By JIM KUHNHENN                hit by the recession didn’t get       financial instruments, would                                         taking away the physical bar-       ing male fashion consulting,
                                                                                                                According to Cuozzo, “Our
    Associated Press Writer         economic assistance. The bill         be traded in more regulated                                          rier and allowing shoppers          where I come to your home
                                                                                                            goal is to provide classic cus-
                                    now contains $3 billion they          exchanges and hedge funds                                            from across the country and         and evaluate your closet and
                                                                                                            tom dress shirts for men,
   WASHINGTON (AP) —                sought to help unemployed             would have to be registered.                                         globe to purchase customiz-         then we go shopping for what
                                                                                                            women and children that
House debate over a vast            homeowners avoid foreclo-                The House debate comes                                            able apparel from the com-          the closet lacks in order to
                                                                                                            allows them to create a dis-
rewrite of Wall Street regula-      sure and $1 billion for neigh-        more than a year after the                                           fort of their own home.             update one’s wardrobe.”
                                                                                                            tinctive design to add to their
tions kicks off in a charged        borhood assistance.                   downfall of Wall Street bank-                                           Asked why he headed in              Cuozzo, 27, is a graduate
                                                                                                            lifestyle.”‘
partisan atmosphere, with               The broader legislation           ing house Lehman Brothers                                            this direction with the online      of Woburn High School with
                                                                                                                Specifically, Cuozzo’s ‘cus-
plenty of pressure from big         hits big banks hardest, a             Holdings Inc. panicked the                                           retail business, Cuozzo said,       the class of 2000 where he
                                                                                                            tom dress shirts’ allow shop-
bank and business lobbies           response to public anger at           financial markets and forced                                         “I have always been passion-        served as Class President.
                                                                                                            pers to customize the cuffs
determined to change it.            the notion that some institu-         an unprecedented interven-                                           ate about fashion, ever since       This lifelong resident of
                                                                                                            and collars of a dress shirt
   At the same time, moder-         tions had grown too big to fail       tion by the federal govern-                                          elementary school. I am             Woburn later graduated from
                                                                                                            with their own style.
ate and liberal Democrats           and pushed the nation’s               ment. The Senate is expected                                         starting off with what I know       Merrimack College with the
                                                                                                                “We give the customer the
are displaying their muscle,        financial system to the brink         to consider a bill next year.                                        best - dress shirts. As we          class of 2004. He married
                                                                                                            ability to pick a fabric to be
winning concessions before a        of collapse.                             The House legislation                                             grow I am planning to               wife Lauren in the fall of 2008
                                                                                                            sewn onto the interior of the
single House vote and laying            It    would       create     a    encompasses several recom-                                           expand to t-shirts, hats, tote      and the couple still lives in
                                                                                                            collar and cuffs - allowing the
the groundwork for some             Financial Services Oversight          mendations by the Obama                                              bags, polos, jeans and              Woburn.
                                                                                                            customer to create their own
contentious votes as lawmak-        Council to monitor the finan-         administration, which this                                           footwear.”
ers work their way through 30       cial system and watch for             week signaled its support.        unique look.
or more amendments to the           future threats. Large, inter-            Backing for the bill splits        “We offer three different                                              Please Recycle
regulatory overhaul. A final        connected firms would have            along party lines, with the       styles of shirts and five dif-
                                                                                                                                                     Daily Times                       This Newspaper
vote is tentatively set for         to put more money into their          rhetoric clearly aimed at         ferent colors of shirts.
Friday.                             reserves. They would have to          next     year’s      elections.   Customers can choose from a               Chronicle
   Democratic         leaders       feed a $150 billion fund to           Republicans cast the legisla-     selection of over twenty dif-        One Arrow Dr., Woburn, MA 01801

scrambled Wednesday after           cover the costs of disman-            tion as a continuation of         ferent fabrics including dots,         Welcomes Letters
party centrists rebelled and        tling a failing competitor.           unpopular financial industry      paisley, stripes, solids, floral        to the Editor
threatened to delay the bill if     And even if healthy, they             bailouts, while Democrats         and     more,”     commented
                                                                                                                                                 • Must be signed
the House was not allowed to        could be forced to downsize if        portray the GOP as reflexive-     Cuozzo.
                                                                                                                                                 • Phone number
vote on their proposed              they are deemed a grave               ly opposed to any controls on         Using the slogan “Get              needed
amendments.                         threat to the economy.                Wall Street.                      Dressed,” Cuozzo is looking         News@Woburnonline.COM
   At issue were changes                If the bill’s villains are the
they sought to ease regulato-       largest banks, it casts con-
ry provisions on consumer           sumers as victims and pro-
protections and complex             vides for a new federal
derivatives    trades.    The       agency with regulatory and
impasse broke, but only after       enforcement powers to over-
top Democrats spent more            see the public’s dealings with
than an hour with high-level        lenders.
Treasury Department offi-               The bill would remove con-
cials in Speaker Nancy              sumer regulations from cur-
Pelosi’s offices crafting a         rent banking regulators and
compromise.                         place them in a new
   And last week, members           Consumer                 Finance
of the Congressional Black          Protection Agency with pow-
Caucus signaled they would          ers to oversee the public’s
withdraw support for the bill       dealings        with      lenders.
if minority communities hard        Derivatives,         complicated



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