Biggest jobless claims rise in four months

[maseman]

Source: MSNBC/AP

WASHINGTON - The number of newly laid off workers filing claims for unemployment benefits shot up last week by the biggest amount in four months.

The Labor Department reported a total of 317,000 applications for unemployment benefits last week, an increase of 16,000 from the previous week. It was the biggest gain since jobless claims rose by 18,000 during the week of May 9.

The rise was bigger than analysts had been expecting and could be a further sign that the labor market is slowing under the impact of the worst slump in housing in 16 years and a severe credit crunch that roiled global markets in August.



Read more: http://www.msnbc.msn.com/id/21128620/

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Hey that economy is doing great there Shrubby. Keep banging the Iran war drums and don't pay any attention to what is going on in the US.

[lovuian]

1. I think its official we are in a recession

but you won't hear that on the Boob Tube

[Thor_MN]

2. And I may be joining them tomorrow.

Tomorrow, I find out just how big an a$$ my manager is. I'm not too worried about there are other jobs out there and even taking another pay cut is better than working for a self serving idiot who lies to everyone.

[ProudDad]

3. This is just the tip of the iceberg

These stats are cooked like crazy...

They don't include anyone who's "quit looking". They don't include part time and underemployed workers.

The scenario is that they just include folks who just filed claims for unemployment...

ya' hasta have a job that's covered under unemployment insurance for that...

This really means that a larger number of mcjobs than normal have been terminated...

Most of us have been living in a recession for over 15 years now...

[Xenotime]

4. I know people who have been let go...

This with them possibly loosing their home do to fucked up * mortgages, i can't imagine their suffering.

[Judi Lynn]

5. Unemployment rate rises to highest point in year

Oct. 5, 2007, 11:53AM
Unemployment rate rises to highest point in year

By JEANNINE AVERSA
Associated Press

WASHINGTON— Job creation picked up in September but not enough to stop the unemployment rate from rising to 4.7 percent, the highest in just over a year.

The new job market snapshot released by the Labor Department on today showed that employers boosted payrolls by 110,000, the most in one month since last May. In an encouraging note, the economy actually added 89,000 jobs in August. That marked an improvement from the net loss of 4,000 that the government first estimated.

The bump up in the unemployment rate from 4.6 percent in August came as hundreds of thousands of people streamed back into the labor market. That new rate of 4.7 percent was the highest since the summer of 2006.

More:
http://chron.com/disp/story.mpl/front/5190652.html