Jobless Claims Up As Economy Continues To Flounder Under Obama
Claims for unemployment benefits in the United States continue to rise, perhaps indicating that the government has not done enough to lift the country out of the recession.
The Labor Department announced that there were 427,000 first-time unemployment benefit claims for the week ending June 4, which was an increase of about 1,000 over the previous week, reports CNN.
The news source reports that jobless claims have been higher than 400,000 for nine weeks in a row, something that some economists say is distressing.
“Jobless claims above 400,000 are consistent with a recession, and they are also consistent with an economy recovering from a severe recession,” Mark Vitner, an economist with Wells Fargo, told the news source. “And now that we’re stalling instead of recovering, that’s pretty disconcerting.”
This was only the latest blow for the American economy as statistics showed that a mere 54,000 jobs were gained in May. This figure is less than a quarter of the average gain of 220,000 jobs per month over the previous three months, reports Fox News.
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