There are two more signs the economy is weakening. Consumers increased their spending at the weakest pace in six months while applications for unemployment benefits soared last week.
The Commerce Department reported Thursday that consumer spending edged up just 0.2 percent in December, the year's peak shopping season, down sharply from a 1 percent gain in November. It was the weakest performance in this area since a similar 0.2 percent rise in June of last year.
In the mean time, the Labor Department reported that the number of laid off workers filing applications for unemployment benefits soared by 69,000 to 375,000. That was the highest level for jobless claims since the week of Oct. 8, 2005, when the economy was dealing with the disruptions caused by Hurricane Katrina and the other Gulf Coast hurricanes.
The increase in jobless claims was more than triple what economists had been expecting.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
1 comment:
I JUST LEFT LOWES. TRIED TO GET SERVICE IN THE BATHROOM/TILE AREA.ANOTHER THATS WAS THERE EARLIER LEFT AFTER 5 MINUTES.WE WAITED ANOTHER 5 MINUTES ANDSOME ONE TOLD ME THAT LOWES SALES WERE OFF BAD AND THEY HAD NO HELP.SORRY STATE OF AFFAIRS.WE ALSO LEFT THEN. ON OUR WAY BACK TO SALIS. WE STOPPED TO PICK UP THE FREE LITE BULBS BEING GIVEN AWAY AT THE LIBRARY.DPL HAD A REP.THERE AND THAT WAS THE BIGGEST CROCK OF POOP I HAVE HEARD IN A LONG TIME.I WAGER NEXT YEAR THAT 6 CENT SURCHARGE WITH GO TO 8 CENTS PER KILOWATT USEAGE. HARDHEAD
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