Official: Much of increase due to administrative backlog over holidays
WASHINGTON - The number of newly-laid off workers seeking jobless benefits unexpectedly rose last week, as the economy recovers at a slow and uneven pace.
Layoffs have slowed and the economy began to grow in last year's third quarter, but companies are reluctant to hire new workers. The unemployment rate is 10 percent and many economists expect it to increase in the coming months.
The Labor Department said Thursday that initial claims for unemployment insurance rose by 36,000 to a seasonally adjusted 482,000. Wall Street economists expected a small drop, according to Thomson Reuters.
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Why is it that the NY economist "experts" are always surprised when they are wrong...?
ReplyDeleteBeing wrong seems part of their M.O.
These numbers are a joke and have been for some time.
ReplyDeleteDecember - unemployment is down---- of course it is, retail needs the additional help!
January - unemployment is up --- of course it is, retail doesn't need all the additional help now!
It's called seasonal jobs!
It will go down some when summer gets here too --- because of the "summer hiring season of seasonal employees", you watch!
Unexpectedly? How could anyone with half a brain expect any different?
ReplyDelete