Jobless claims rise; still over 400,000 a week

I don't care how expected or unexpected the rise in jobless claims last week was. The fact is, years after the recession supposedly ended, we still have more than 400,000 Americans a week filing claims for benefits. Bloomberg: Applications for jobless benefits increased 10,000 in the week ended July 16 to 418,000, Labor Department figures showed today. Economists forecast 410,000 claims, according to the median estimate in a Bloomberg News survey. The data included about 1,750 additional job cuts due to the Minnesota government shutdown, the agency said. Employers have been reluctant to hire more workers over the past two months on concern the recovery was slowing and growing unease over stalled negotiations to extend the federal debt ceiling and reduce the budget deficit. Federal Reserve Chairman Ben S. Bernanke last week said recent data showed "continuing weakness" in the labor market. "The labor market is still quite fragile," said Tom Porcelli, chief U.S. economist at RBC...(Read Full Post)