The Obama Administration might want to hold off on celebrating that their is a recovery occurring in the United States. Not that we would not welcome good news on the jobs front, the fact of the matter is that with all the spending and supposed job creation from this White House, there is none. New jobless claims rose unexpectedly last week to 480,000 as layoffs continue.
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.
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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.
Why are the media elites so surprised and shocked when they hear that jobs numbers are still bad. Why should anyone be shocked that people are still losing their jobs? Who is hiring?