Jobless claims highest since June
Claims are still way over 400,000. These first time filers can expect to be unemployed for more than a year.
Jobless claims climbed by 11,000 to 428,000 in the week ended Sept. 10 that included the Labor Day holiday, figures from the Labor Department showed today in Washington. Economists surveyed by Bloomberg News projected a drop in claims to 411,000, according to the median forecast.
Bank of America Corp. (BAC) and Cisco Systems Inc. are among companies planning to keep trimming payrolls, raising the risk that consumer spending will stagnate. Signs the labor market is struggling to gain traction puts more pressure on President Barack Obama, lawmakers and the Federal Reserve for additional steps to spur the economy.
"Job growth is moving sideways, which is problematic," said Ryan Sweet, a senior economist at Moody's Analytics Inc. in West Chester, Pennsylvania. "We really need the labor market to improve to generate the wages to support consumer spending."
Consumers are actually paying down debt in anticipation of hard times ahead. And businesses can't justify adding people to the jobs rolls as long as consumers keep their money rather than spend it - especially on big ticket items like homes, cars, and appliances.
The "Summer of Recovery Part II" is now history. The Winter of our Discontent is nigh.
Ad Free / Commenting Login
FOLLOW US ON
Recent Articles
- No, Trump Does Not Have to Abide by a Mythical 'Judicial Supremacy'
- Rush Was Right About Illegal Immigration
- The President's Trap
- Theories of Knowledge and the Media
- Tucker Carlson Needs Help
- Gaza Gaza Gaza
- Is Stargate a Gateway to the Digital Gulag?
- After USAID, America Will Never Be the Same
- The Debt Ceiling: Trump's Next Target?
- Trump FTC Must Stop Biden’s Prescription Drug Madness
Blog Posts
- Finding value that others ignore is Donald Trump’s superpower
- Ronald Reagan Washington National Airport: Where Convenience Trumps Safety
- City council of Worcester, MA votes to become an LGBTQ++ ‘sanctuary city’
- ‘Green’ politician vying for Germany’s chancellorship makes a ridiculous spectacle trying to christen a new ship with ‘safe’ contraption
- How much power does Elon Musk have?
- When it takes 12 days to get your mail...
- Are the Gazans tired of winning yet?
- Melting down over DOGE
- Massive fraud is exposed by Musk and Trump and the left is furiously melting down! Does this not reveal their consciousness of guilt?
- Our Conservative Climate Caucus
- Will POTUS be happy with SCOTUS?
- Why do we treat murdering a pregnant woman differently from abortion?
- Learning about Abe
- Liz Cheney’s never-ending farewell tour: now featuring JD Vance
- Does President Trump have to come over there to Los Angeles, again?