Thursday, June 25, 2009

Jobless Claims Rise Again

From Courtney Schlisserman at Bloomberg:
The number of Americans filing claims for unemployment benefits unexpectedly rose last week and the total number receiving payments increased, indicating the labor market may take longer to stabilize.
Initial jobless claims rose by 15,000 to 627,000 in the week ended June 20, from a revised 612,000 the week before, the Labor Department said today in Washington. The number of people collecting unemployment insurance gained by 29,000 in the prior week, to 6.74 million. . . .

Today’s report is “just a reminder that the labor market is still in serious trouble and the unemployment rate will continue to increase into 2010,” said Ryan Sweet, an economist at Moody’s in West Chester, Pennsylvania. While the trend in recent weeks shows a slower pace of claims, “hopes for a quick rebound in the labor market are overly optimistic.”

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