457,000 Jobless Claims Kicks Economic Recovery Where It Hurts
Economists and officials for the Department of Labor reported that a recent spike in first time unemployment claims indicates that the job market is still far from certain. These findings put a bit of a crimp on the hotly anticipated monthly jobs report from the government that is due out shortly. Spoiler alert indeed.
The recent increase is up 20,000 claims from the week prior and is higher than the forecasted 445,000 claims for unemployment insurance made by analysts. These findings, by Briefing.com, reinforce lingering doubts on the nation’s ongoing economic recovery.
“Everyone would like to see the labor market improve faster, but with the overall economy growing slowly, recent claim statistics suggest there has been little improvement in the labor market,” said Zach Pandl, economist with Nomura Securities.
According to economic brain trusts, claims need to fall below 400,000 before the nation’s job market has improved.
Although unemployment claims have seesawed back and forth throughout the past couple months, analysts are concerned about an upcoming expiration date for 2 million Americans on their unemployment insurance. Congress is set to draw swords over the issue as those who rely on the safety net cross their fingers for deliverance and an extension of benefits.
Unemployment insurances claims were reported more frequently in California due to massive layoffs in the fishing and forestry sectors. Smokey the Bear is set to collect his first unemployment check.