Jobless claims rise 19,000 in one week!

Jobless claims rise 19,000 in one week!

www.reuters.com

WASHINGTON (Reuters) - The number of U.S. workers applying for unemployment benefits rose a much bigger than expected 19,000 last week, the government said on Thursday in a report that showed a weakening labor market as the economy slows.

First-time jobless claims increased to a seasonally adjusted 373,000 in the week ended February 23 from a revised 354,000. That was much higher than the 350,000 claims economists polled ahead of the report were expecting after an initially reported 349,000 the prior week.

A Labor Department official said there were no special factors behind the increase.

In more signs of a weakened labor market, the number of workers remaining on jobless benefits rose to 2.81 million in the week ended February 16, the most recent week these data were available. That was the highest level since October 2005 in the aftermath of Hurricane Katrina.

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Yikes...Nearly 20,000 people in a single week. And here we just had Bush a few days ago on the radio babbling how there wasn't going to be a recession and painting his usual rosey picture. Maybe he should tell the latest casualty of 20,000 people how awesome things are going.

www.reuters.com
(visit the link for the full news article)