« Debt Ceiling Negotiations: the GOP's Advantage | Egyptian Muslim Brotherhood Democrats to Form 'Perfect Slavery to Allah Party' »
June 9, 2011
Reuters headline: 'New Jobless Claims Unexpectedly Rise'
When will bad economic news be "expected?" The number of Americans filing new claims for unemployment aid unexpectedly edged higher last week, stoking fears of a stalled economic recovery even as a separate report showed record U.S. exports in April. Initial claims for state jobless benefits increased 1,000 to 427,000, the Labor Department said. However, economists polled by Reuters had forecast claims dropping to 415,000 from a previously reported count of 422,000. The rise kept first-time claims perched above the 400,000 mark for the ninth week in a row. Analysts normally associate a level below that with steady job growth. "It's the same dismal trend continuing. It's not getting worse, but it's not getting better either," said Keith Hembre, chief economist at Nuveen Asset Management in Minneapolis. Fueling concerns about job creation, the U.S. government said on Friday the U.S. unemployment rate ticked up to 9.1 percent in May while nonfarm employers added a paltry 54,000 workers...(Read Full Post)