Thursday, August 20, 2009

Jobless Claims Continue Rise: Where's the Press?

The number of U.S. workers filing new claims for jobless benefits rose last week, a government report showed on Thursday, fanning worries of an anemic recovery from the worst recession in 70 years.

The press is reporting the story as "unexpectedly."

However, the rise should have been expected, given the state of the economy and warnings, even from the Obama administration, to expect rising unemployment to continue for some time to come.

Initial claims for state unemployment insurance benefits rose 15,000 to a seasonally adjusted 576,000 in the week ended August 15 from 561,000 the prior week, the Labor Department said. Analysts polled by Reuters had forecast new claims slipping to 550,000 last week from a previously reported 558,000.

Some undocumented economists say that the recession will be over when the claims drop below a half million.

Go figure...


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