Thursday, July 22, 2010

Massive Upswing in Jobless Claims

The number of Americans who are claiming jobless benefits has surged over the last week as former temporary census workers are thrown out of work and the economy appears to be dipping back down. Jobless claims jumped almost 10% over last week, which was assuredly a poor sign.

The Labor Department says new claims for unemployment insurance jumped by 37,000 to a seasonally adjusted 464,000. Analysts expected a smaller rise, according to a survey by Thomson Reuters. 

Expect a larger increase as summer jobs begin to peter out.

So it looks like the "recovery summer" is not going as well as advertised.

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2 comments:

Mr. K said...

Well..........if this "Recovery" keeps going the way it has, it's safe to say we'll never get out of it.

Fenway_Nation said...

Just in time for 'recovery summer'- extended jobless benefits!

http://notanothernewenglandsportsblog.blogspot.com/2010/07/just-in-time-for-recovery-summer.html

Because this recovery is so robust and sustained that we need an unfunded, nationwide extension of unemployment benfits that will run out (or at least be debated) right before the election!
//