Even with massive hires by the Census Bureau, new jobless claims rise sharply. At a time when summer jobs normally help out with the numbers, government growth has served to crush private sector job growth.
Recovery? Looks like we have not hit bottom yet. With the influx of job losses in the Gulf area this month, and fewer jobs in the seafood industry and tourism business, claims over the summer are on track to continue their climb.
As Barack Obama continues to look for ass to kick, the economy continues to decline. And the vacuum in leadership will continue.
WASHINGTON (AP) — The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.
Initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. It was the highest level in a month and overshadowed a report that showed consumer prices remain essentially flat.
A rise in first-time jobless claims, combined with this week’s report that said new home construction plunged in May after government incentives expired, highlighted fears about the strength of the economic rebound.
If layoffs persist, there’s a concern that the June employment numbers may show a decline in private-sector jobs after five straight months of gains, said Jennifer Lee, an economist with BMO Capital Markets.
“We’ve definitely seen the economic recovery hit a wall,” Lee said.
About Tom White
Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog. Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.
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