Thursday, October 22, 2009

Jobless Claims Rise Again

Jobless cliams rise to more than expected- 531K
The number of newly laid-off workers filing claims for jobless benefits rose more than expected last week, as employers remain reluctant to hire even with the economy showing signs of recovery. (ed. when companies are LAYING OFF, it is not a reluctance to hire new workers - they are still letting employees go. And if the economy is "recovering", then why are people still getting laid off?)

Claims had fallen in five out of the previous six weeks and most economists expect that trend to continue, but at a slow pace, as jobs remain scarce.

The Labor Department said Thursday that new jobless claims rose to a seasonally adjusted 531,000 last week, from an upwardly revised 520,000 the previous week. Wall Street economists had expected only a slight increase, according to Thomson Reuters.

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

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