Weekly Jobless Claims Rise, Hiring Doesn’t Pick Up
September 9, 2011 by Special To Personal Liberty
The Associated Press reported that the number of individuals that are seeking unemployment benefits rose slightly over the past week, indicating that the job market is stagnant and not improving.
Officials from the Labor Department noted that the weekly applications for unemployment benefits rose more than 2,000, bringing the seasonally adjusted claims to 414,000, according to the news outlet.
The number of unemployment applications needs to drop below 375,000 in order for there to be sustainable job growth. This level has not been reached since February, reported the AP.
Numbers from the four-week average, a less volatile measurement, increased for the third straight week to 414,750. These numbers do not include the number of Americans who are receiving benefits under Federal programs, the news outlet reported.
Economists that were surveyed by Bloomberg News had initially projected a drop in the number of claims to 405,000, and the lack of special circumstances that could have contributed to the rise has signaled a weak economic outlook, according to the news source.