Rise in jobless claims signals bump in recovery
By Chief Pistol Packin' Mama on January 23, 2010 in Indicators of need for prepsWASHINGTON (AP) — A surprising jump in first-time claims for unemployment aid sent a painful reminder Thursday that jobs remain scarce six months into the economic recovery.
The surge in last week’s claims deflated hopes among some analysts that the economy would produce a net gain in jobs in January and help fuel the recovery.
A Labor Department analyst said much of the increase was due to holiday-season-related administrative backlogs at the state agencies that process the claims. Still, economists noted that that would mean claims in previous weeks had been artificially low. Those earlier declines had sparked optimism that layoffs were tapering and that employers would add a modest number of jobs in January.
