New jobless claims dip less than expected to 570K

[BlueJessamine]

Source: Associated Press

WASHINGTON — New jobless claims fell slightly last week while the number of people receiving unemployment benefits rose, a sign the job market's recovery will be long and bumpy.

While most economists believe the recession has ended, they predict the jobless rate will keep rising until at least next summer as the country struggles to mount a sustained recovery.

The Labor Department said Thursday that the number of laid-off workers applying for benefits dipped to 570,000 last week from an upwardly revised 574,000. That was a weaker performance than the drop to 560,000 claims that economists expected.

The number of people receiving jobless benefits totaled 6.23 million, up 92,000 from the previous week, which had been the lowest level since early April. Economists surveyed by Thomson Reuters had expected that number, which lags new claims by a week, to fall to 6.13 million.

Economists closely watch initial claims, which are considered a gauge of layoffs and an indication of companies' willingness to hire new workers.


Read more: http://www.google.com/hostednews/ap/article/ALeqM5gNiyJ905Ho0Ur96V2TQhsBX19lGwD9AFRPNG0

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Obama economic adviser Christina Romer said last week that unemployment could reach 10 percent this year and some private economists are forecasting it will hit 10.3 percent next summer before starting to improve.

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Among the states, California had the largest increase in claims of 8,632, which it attributed to greater layoffs in the construction, trade and service industries. The next largest increases were in Ohio and New Hampshire. The state data lag initial claims by a week.

[Donnachaidh]

1. that's STILL over a half a MILLION *NEW* Job losses

Jesus Christ - talk about putting lipstick on a pig.... :eyes: :grr:

[denem]

3. 300,000 is the 3% growth US average.

Gee, ehat's .3 million a week. People change jobs. Job Losses to do count new hires.

[joeycola]

2. not good news at all.

[Craftsman]

4. No good jobs = no recovery

[bemildred]

5. "That was a weaker performance than the drop to 560,000 claims that economists expected."

Boy, I just can't keep it straight who is expecting what here.