Thursday, June 23, 2011

Jobless Claims Rise "Unexpectantly"

During our supposed period of recovery we continue to see news that just doesn’t support the contention that our economy is in fact recovering. The most recent news is jobless claims which rose unexpectedly (of course) last week by 9,000.

Initial claims for state unemployment benefits climbed by 9,000 to 439,000, the Labor Department said on Thursday.  Economist had expected claims to come in at 415,000.

The claims report, which covers the survey period for the government’s closely watched data on non-farm payrolls for June, came a day after the Federal Reserve gave a downbeat assessment of the economy.

The government’s employment report for June will be release on July 8.  Claims for unemployment benefits increased by 15,000 between the May and June survey periods, implying another soft month for jobs after employment rose by only 54,000 in May.

“The labor market remains in a funk, it doesn’t seem like it has improved much this month and the rise in claims will keep expectation for June non-farm payrolls in check,” Said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. (Source: Yahoo News)

The mood in the country continues to be a little downbeat. Companies continue to lay off workers or not hire at all as consumer spending is not increasing, which is the fuel for our economy.

No comments:

Post a Comment