Unemployment and Career News August 9th, 2010
Last week’s numbers on job data has come a shock to many. Experts had predicted that jobless number would drop by 2000 and settle somewhere in the 450,000 range. But instead the new data showed that the joblessness has actually risen sharply by over 19,000. This number is actually close to the record number in April when claims rose to 480,000.
Wall street reacted to these numbers with stocks falling sharply. Stock futures also saw a sharp drop. The weak signs of economy recovery are faltering again. There is general sense that all is not really well with the economy.
Despite making smart profits companies are not hiring and in fact many are retrenching workers. The sluggishness of the labor market and the scarcity of jobs is putting a strain on an economy that’s trying hard to recover from the longest downturn since the Great Depression.
Numbers posted by US retailers for July show that sales are much below expectations. Everything points to people’s fears about unemployment and general economic climate is forcing consumers to cut back on spending.
Here are links to 5 articles
Weekly Jobless Claims Show Unexpected Increase
There was an unexpected increase in jobless claims for the week ending July 31st. Experts expected a drop in the claims. But, instead unemployment has jumped up by 19,000 renewing worries about the sluggish labor market. This is the largest unemployment jump we have seen since April when the claims stood at 480,000.
This week’s latest data points to jump in the unemployment claims by over 19,000. 99ers are now excluded from these numbers and can claim no benefits. In the current job market in the US it is impossible to find a job.
Increase in Jobless Claims Weighs on Stock Futures
Stocks futures moved down on news that jobless claims have jumped up in the week ending July 31st. These numbers clearly rattled the stock markets as the expected at expected a drop in claims by around 2000 and number going down to 455,000 claims instead of jumping up to 479,000. This number is now the close to April 10 numbers of 480,000.
US jobless statistics: employment insurance claims up
Last week’s unemployment numbers indicate that more Americans are claiming unemployment benefits which means joblessness is rising and economic recovery moderating
New claims for jobless benefits rise to 479K
Last week saw a jump in jobless claims indicating that companies are still retrenching and hiring still remains week. Despite higher corporate profits and a recovering economy companies are not hiring .
US jobless claims rise, cast a pall on economy
Unexpected rise in US unemployment benefits indicates that economic recovery is still weak. The new numbers have cast a pall of gloom on the economy.
The scarcity of jobs is putting a strain on the economy’s fragile recovery from its longest and deepest downturn since the Great Depression.”