WASHINGTON – The number of newly-laid off workers seeking jobless benefits unexpectedly rose last week, as the economy recovers at a slow and uneven pace.
Layoffs have slowed and the economy began to grow in last year's third quarter, but companies are reluctant to hire new workers. The unemployment rate is 10 percent and many economists expect it to increase in the coming months.
The Labor Department said Thursday that initial claims for unemployment insurance rose by 36,000 to a seasonally adjusted 482,000. Wall Street economists expected a small drop, according to Thomson Reuters.
The four-week average, which smooths fluctuations, rose for the first time since August, to 448,250.
Thursday, January 21, 2010
How long before "unexpected" becomes the expected?
Posted by traderrob at 6:16 AM