The number of newly laid off workers filing claims for unemployment benefits unexpectedly rose last week as the recovery of the nation's battered labor market proceeds in fits and starts.
The Labor Department said Thursday that the number of new jobless claims rose to 480,000 last week, up 7,000 from the previous week. That was a worse performance than the decline to 465,000 that economists had expected.
The four-week average for claims, which smooths out fluctuations, did fall, dipping to 467,500, the 15th straight decline, viewed as an encouraging sign that the labor market is gradually improving. The four-week average is now at its lowest point since late September 2008, the period when the financial crisis was hitting with full force.
Got that. An additional loss of 400,000+ jobs is actually an encouraging sign. But remember when we were told about how horrible the economy was during the Bush years when unemployment was 5%.
Also, is "hope" really the economic plan of the Obama administration ?? Must be, because it seems that any bad news is always "unexpected" by this crew.
Guess it doesn't matter because it is all George Bush's fault anyway.
Hey, would you rather have 500,000 additional unemployed? Obviously, it's time for yet another stimulus plan. Bend over.
ReplyDeleteI, Obama