Jobless Claims Cast a Pall Over Job Market
Jobless Claims Cast a Pall Over Job Market - ABC NewsThe number of workers filing new applications for unemployment insurance unexpectedly rose last week for the first time since early April, suggesting the labor market recovery has hit a stumbling block.
Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said on Thursday.
The surprise jump took a toll on U.S. financial markets, already reeling on concerns Europe's debt crisis could put a damper on the U.S. economic recovery.
It looks like the unemployment rate wants to remain high for a while longer. The surge in jobless claims is an unexpected turn that's bad news for the economy. While we're in a period of recovery, it's going to be very rocky ride back. Bad news for those wanting things to turn around before November.