Jobless Claims Soar
The number of Americans filing new claims for unemployment benefits rebounded last week, pushing them back to levels consistent with modest job growth after a seasonal quirk caused a sharp drop the prior period.And, once again, the previous week's estimate was revise upward.
Initial claims for state unemployment benefits increased 34,000 to a seasonally adjusted 386,000, the Labor Department said on Thursday. The prior week's figure was revised up to 352,000 from the previously reported 350,000.
Economists polled by Reuters had forecast claims rising to 365,000 last week. The four-week moving average for new claims, a better measure of labor market trends, fell 1,500 to 375,500.
It should be pointed out here that, according to the his press secretary, President Barack Hussein Obama-Kardashian is too busy to be bothered with jobs.