New claims for unemployment benefits jump unexpectedly |
| Los Angeles Times - Aug 19, 2010 |
The U.S. job market, barely treading water this year, is showing worrisome signs of weakening.
The Labor Department said Thursday that new applications for unemployment benefits unexpectedly rose to 500,000 last week, the highest level in nine months. It marked the third straight week of rising new jobless claims and added to other recent reports suggesting that layoffs are ticking higher even as new hiring remains sluggish.
The data, along with a separate report showing a falloff in manufacturing activity in August, reinforced concerns over the staying power of the economic recovery, unsettling investors. Stocks closed sharply lower, with the Dow Jones industrial average sliding 1.4% to close at 10,271.
Read Full Article from Los Angeles Times
- Posted: 2010-08-19 21:51:43
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