Tuesday, June 22, 2010

Jobless benefit claims rise (again)
12,000 new claims put May’s adjusted total up to 472,000

WASHINGTON, DC—Revised unemployment numbers have been released showing a net spike in initial projections of jobless claims for the month of May from 460,000 up to 472,000—undermining recovery projections of the US economy as consumer confidence slides downward.

Economists expect the trend to continue until first-time jobless claims fall below 425,000 per week. 4.57 million Americans continue to claim unemployment benefits but that figure does not include the 5.2 million Americans who are claiming extended unemployment benefits. The most recent data from May 29th shows that 9.7 million Americans claimed unemployment benefits.

Only 41,000 private sector jobs were created in May (down from 218,000 in the month of April), while the federal government added 411,000 in the form of temporary census worker jobs. Economist Jennifer Lee with BMO Capital Markets said, “We've definitely seen the economic recovery hit a wall.”

-- Killswitch Politick

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