Report showed initial claims increased by 8,000; rise was 4th in 5 weeks
The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week, evidence that layoffs are continuing and jobs remain scarce.
The rise is the fourth in the past five weeks. Most economists hoped that claims would resume a downward trend that was evident in the fall and early winter.
The Labor Department said Thursday that new claims for unemployment insurance rose by 8,000 to a seasonally adjusted 480,000. Wall Street economists had expected a drop to 460,000, according to Thomson Reuters.
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What also needs to be reported is how many people are working reduced hours and how many 401K's and other retirement plans had to be cashed out to make it through these economic times.
ReplyDelete"UNEXPECTEDLY" they always claim this!!!
ReplyDelete"UNEXPECTEDLY" they always claim this!!!
ReplyDeleteif i wasn't working last week or the week before why's the number going up?
ReplyDeleteTed, how many people you think have been paying their house payments & rent among other bills with credit cards? This thing is like a giant snowball rolling down a mountain side and picking up new tragedies with every turn.
ReplyDeleteYeah. I love that whole "unexpected" claim. Worse though is that the markets looked at it as "unexpected." Are they blind?
ReplyDeleteWait till tomorrow and get a look at the small biz birth/death numbers. I'm thinking those will trump today's.
Amen 11:25 Amen. Those stats aren't even on the board.
ReplyDeleteUnexpected it the word to tell people to ignore the terrible news.
ReplyDeleteThese idiots that did NOT expect the increase must be the same idiots Obama referred to when he said "Every economist right and left says my stimulus bill saved or created two million jobs." I mean what a liar even his own spokesmen have claimed several thousand or 1.5 - 2 Million or three million and that was just one Sunday. Recovery.com claimed only 650,000 including 50 for one lawn mower. I'll tell you this man is reminding me more and more of Carter. But my dad is reminded of FDR in a very bad way.