Skip to comments.'Just a bad trend' - 500,000 jobless claims
Posted on 08/19/2010 8:44:02 AM PDT by Signalman
NEW YORK (CNNMoney.com) -- A government report Thursday brought bad news for workers and the economy: The number of unemployed Americans seeking a financial lifeline has reached its highest level in nine months.
Last week, the number of first-time filers for unemployment insurance rose for the third time in a row, to 500,000, according to a Labor Department report released Thursday.
There were 488,000 claims filed the previous week.
"This 500,000 level is very difficult, on both a psychological and semi-technical level," said Tim Quinlan, an economist at Wells Fargo.
Initial claims had been hovering in the mid- to upper-400,000s since November.
"You can sometimes dismiss a big number and say , 'Oh, it's just one week,'" Quinlan added. "But with the four-week moving average continuing higher, you can see this is just a bad trend."
(Excerpt) Read more at money.cnn.com ...
Meanwhile....Obama began his 6th vacation this year today!
President Obama, First Family Kick Off Vacation on Martha’s Vineyard
White House Says President Will “Recharge His Batteries”
Obowma is a bad trend!.....
First Lady Michelle Obama, on a Spanish shopping spree, purchases ‘new batteries’. and a dartboard with Oprah’s face painted on it.
Plunge Protection Team has a long day ahead of them...
You can't blame him...really. He has golf, and hoops and talking to the wife during her trips around the world. I'm just not going to find fault with a guy or a family that needs to unwind.