Jobless claims up, still well above 400,000 CNN…
Jobless claims up, still well above 400,000
CNN/Money reports that new US jobless claims rose last week, showing labor market still struggling to recover.
New claims for unemployment benefits rose to 428,000 from revised 421,000 the prior week. Many economists believe 400,000 new claims is a benchmark for labor-market weakness.
Unemployment is at 6.0 percent, non-farm employers have cut 525,000 jobs in past three months, and payrolls still are 2.1 million jobs below March 2001, when recession began.
Some signs of hope:
Four-week moving average of weekly jobless claims fell to 433,000 from revised 440,750 prior week
Continued claims (people out of work for a week or more) fell to 3.7 million from revised 3.73 million prior week.
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