More than expected: Jobless claims still on the rise

Workers are still continuing to file claims for unemployment. Many economists have said the claims should start decreasing but the claims rose more than expected last week topping 6.1 million.  With claims continuing to pile in its clear the weak job market is not going to recover anytime soon. Some economists are said to believe that a decline in the number of jobless claims will suggest the recession will be ending. But we have yet to see a decline. “The Labor Department said Thursday that initial claims for unemployment compensation rose to a seasonally adjusted 640,000 up from a revised 613,000 the previous week. That was slightly above analysts’ expectations of 635,000” (Washington, 2009 News). The International Monetary Fund estimated that the global economy would have its first economy drop in more than six decades with a 1.3% drop, and they predict the US economy will have a drop of 2.8%. “The Obama administration is counting on its $787 billion stimulus package, enacted in February, to “save or create” 3.5 million jobs” (Washington, 2009 News).

Source: Foxnews.com/politics/2009/04/23/new-jobless-claims-rise-unespected-millions/, 2009 23 April, Washington News.