New claims for US unemployment benefits rose by 13,000 last week, more than experts expected, government data showed Thursday.
Initial claims for the week ending October 9 rose to 462,000. That was well above the 450,000 claims expected by economists and the level needed to indicate falling unemployment.
"The gain put an end to two straight declines and reinforced that the labor market recovery is not going to come about quickly," said Andrew Gledhill of Moody's Analytics.
"As major companies finish their labor restructuring, many of the newly unemployed are coming from smaller businesses.
"This tends to cause more hardship on Main Street as many of these workers are unprepared for their job loss."
Detailed data from the previous week showed a bleak jobs picture across much of the United States with only hard-hit California and Florida reporting a decrease in claims of more than 1,000.
Claims for the week ending October 2 were revised upward to 449,000, from 445,000.
Initial claims for the week ending October 9 rose to 462,000. That was well above the 450,000 claims expected by economists and the level needed to indicate falling unemployment.
"The gain put an end to two straight declines and reinforced that the labor market recovery is not going to come about quickly," said Andrew Gledhill of Moody's Analytics.
"As major companies finish their labor restructuring, many of the newly unemployed are coming from smaller businesses.
"This tends to cause more hardship on Main Street as many of these workers are unprepared for their job loss."
Detailed data from the previous week showed a bleak jobs picture across much of the United States with only hard-hit California and Florida reporting a decrease in claims of more than 1,000.
Claims for the week ending October 2 were revised upward to 449,000, from 445,000.
No comments:
Post a Comment