Jobless Claims Shoot Up

[nhboy]

"WASHINGTON — The number of new people signing up for unemployment benefits last week shot up to the highest level in more than two years, fresh evidence of the damage to a national economy clobbered by housing, credit and financial crises.

The Labor Department reported Thursday that new applications filed for unemployment insurance jumped by a seasonally adjusted 38,000 to 407,000 for the week ending March 29. The increase left claims at their highest point since Sept. 17, 2005, following the blows of the devastating Gulf Coast hurricanes.

"This report supports the view that the jobs market is deteriorating toward recessionary conditions," said T.J. Marta, a fixed-income strategist at RBC Capital Markets.

The latest snapshot of labor activity was worse than economists had anticipated. They had predicted claims would be much lower, around 365,000.

In other economic news, the Institute for Supply Management said the nation's service sector _ including retailers, hotels, insurance companies and other firms _ contracted in March but not as much as the month before. The institute's index registered 49.6 last month, compared to 49.3 in February. A reading below 50 indicates contraction, while a reading above 50 indicates growth.

On Wall Street, investors took the latest batch of economic news in stride. The Dow Jones industrials gained 20.20 points to close at 12,626.03."

Jobless Claims Shoot Up

 

[Go G-Men]

"WASHINGTON — The number of new people signing up for unemployment benefits last week shot up to the highest level in more than two years, fresh evidence of the damage to a national economy clobbered by housing, credit and financial crises.

The Labor Department reported Thursday that new applications filed for unemployment insurance jumped by a seasonally adjusted 38,000 to 407,000 for the week ending March 29. The increase left claims at their highest point since Sept. 17, 2005, following the blows of the devastating Gulf Coast hurricanes.

"This report supports the view that the jobs market is deteriorating toward recessionary conditions," said T.J. Marta, a fixed-income strategist at RBC Capital Markets.

The latest snapshot of labor activity was worse than economists had anticipated. They had predicted claims would be much lower, around 365,000.

In other economic news, the Institute for Supply Management said the nation's service sector _ including retailers, hotels, insurance companies and other firms _ contracted in March but not as much as the month before. The institute's index registered 49.6 last month, compared to 49.3 in February. A reading below 50 indicates contraction, while a reading above 50 indicates growth.

On Wall Street, investors took the latest batch of economic news in stride. The Dow Jones industrials gained 20.20 points to close at 12,626.03."

Jobless Claims Shoot Up

Key word there is "CLAIM"... If these people wanted jobs they could get one. Every wawa i go to is looking for help...

 

[PsyOps]

Has anyone noticed that we fell into this economic down-turn when the democrats took control of Congress?

 

[Sonsie]

Do you remember 1996, when Bill Clinton swept to an easy re-election victory over Bob Dole, on the basis of what pretty much everyone in the press considered a near-perfect economy? No "pink slip nation" in 1996!

Actually, though, the unemployment rate in November 1996, when Clinton rode a soaring economy to victory, was 5.4%. That's right--three tenths of a percent higher than the "grim picture" of a "pink slip nation" painted by this month's unemployment report. LINK

 

[RadioPatrol]

Do you remember 1996, when Bill Clinton swept to an easy re-election victory over Bob Dole, on the basis of what pretty much everyone in the press considered a near-perfect economy? No "pink slip nation" in 1996!

Actually, though, the unemployment rate in November 1996, when Clinton rode a soaring economy to victory, was 5.4%. That's right--three tenths of a percent higher than the "grim picture" of a "pink slip nation" painted by this month's unemployment report. LINK

Yep GHB Economic Policies were finally pulling the Economy out of recession ....

and BC took all the credit 6 months later after running on " Its the Economy Stupid".

and it was noted in the Washington Times, that BC's Economic Advisers did nothing to change the previously set policies .... so the growth would continue ..... making BC look like a Savior