Jobs picture dims as unemployment claims rise

[The Northerner]

Jobs picture darkens as new unemployment claims rise to 484K, highest level since February

WASHINGTON (AP) -- The economy is looking bleaker as new applications for jobless benefits rose last week to the highest level in almost six months.

It's a sign that hiring remains weak and employers may be going back to cutting their staffs. Analysts say the increase suggests companies won't be adding enough workers in August to lower the 9.5 percent unemployment rate.

First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. That's the highest total since February. Analysts had expected claims to fall.

Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.

The report "represents a very adverse turn in the labor market, threatening income growth and consumer spending," Pierre Ellis, an economist at Decision Economics, wrote in a note to clients.

Read more: http://finance.yahoo.com/news/Jobs-picture-dims-as-apf-3180551258.html?x=0

[Horse with no Name]

1. My daughter has a college degree

At the age of 25, she spent 6 years at the same employer after starting out at the bottom and ending up in mid-management.
She is now looking for another job. Last week she applied at a locally owned retail store as a clerk. 50 people applied for 1 position.
She didn't get it. Times are tough out there.