Aug. 12 (Bloomberg) -- More Americans unexpectedly filed applications for unemployment insurance last week, signaling firings stepped up as the economy slowed.
Initial jobless claims rose by 2,000 to 484,000 in the week ended Aug. 7, the highest level since mid February, Labor Department figures showed today in Washington. The number of people receiving unemployment benefits dropped, while those getting supplemental benefits surged by 1.34 million reflecting the government’s extension of eligibility.
Companies may be losing confidence in the recovery and are hesitant to hire, raising the risk of further erosion in consumer spending, the biggest part of the economy. Federal Reserve policy makers this week said growth “is likely to be more modest” than they previously projected, prompting central bankers to take additional steps to spur a rebound.
“There’s still considerable uncertainty about the economic outlook,” said David Resler, chief economist at Nomura Securities International Inc. in New York. “Businesses are simply reluctant to put people on payrolls and are more willing to let them go. This week’s increase was more disappointing than what we’ve seen in recent weeks.”
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5 comments:
Another "unexpected" rise in unemployment? Imagine that! How could this be happening in the "summer of recovery"?
This isn't right!! Biden said this is the summer of recovery!! What a loser!
Nice work Amos and Andy also known as Obama and Biden its your economy now you own it, they both should be charged with TREASON!!
12:09 treason, really? Lets get back to reality.
None of the pols. wanted to admit that there is very little the gov. can do, whether we're talking increased spending or tax cuts, that is going to turn this economy around quick. But most economist agree that stimulus spending did keep the recession from being worse. If it took two years for the economy to end it's downward tailspin, why do so many of you expect things to turn around any quicker?
12:29
You are almost correct. The government does not control the economy (20 years ago).
Now, the government controls the economy and the jobs market. Actually they are the strong arm of the elitist criminal corporatists who control not only our economy but the economies of the world.
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