Thursday, October 2, 2008

Jobless claims at 7-year high

How could anyone vote for 4 more years of it? Republican policies get thousands of our soldiers killed, push jobs overseas, devalue US international influence, prevent millions of us from getting medical treatment, devastate our economy - and half our voters limp to the polls to beg for more.
clipped from

Jobless claims remain at a seven-year high

Hurricanes Ike, Gustav, slowing economy weigh on labor market

The department reported that initial claims for jobless benefits increased by 1,000 to a seasonally adjusted 497,000. That’s significantly above analysts’ estimate of 475,000. The total is the highest since just after the Sept. 11 terrorist attacks seven years ago.

U.S. stock futures declined on the report. Dow Jones industrial average futures dropped 102 to the 10,785 level, pointing to a lower opening for shares.

The number of people continuing to receive benefits increased to 3.59 million, up 48,000 and higher than analysts’ estimates. That’s the highest total in five years.

Jobless claims are at elevated levels even excluding the hurricanes. Weekly claims have now topped 400,000 for 11 straight weeks, a level economists consider a sign of recession. A year ago, claims stood at 324,000.

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