US unemployed claims jump by 22,000 in a week
The number of newly laid off workers filing for unemployment benefits rose last week to the highest level in nearly two months.
By Agencies |
WASHINGTON: The number of newly laid off workers filing for unemployment benefits rose last week to the highest level in nearly two months, providing more evidence that the weak economy is having an adverse impact on the labour market.
The Labour Department said Thursday that applications for jobless benefits totalled 378,000 last week. That was an increase of 22,000 from the previous week and was a far bigger jump than had been expected.
The four-week average for new claims rose to 365,250, which was the highest level since a flood of claims caused by the 2005 Gulf Coast hurricanes.
The current economic slowdown, which many economists believe has already turned into a full-blown recession, is starting to show up in the labour market in terms of higher layoffs and weaker hiring numbers.
The total number of payroll jobs fell by 63,000 in February, an even bigger decline that the drop of 22,000 jobs in January, which had been the first monthly decline since mid-2003. ���We have no doubt that the trend in claims is upwards and is approaching the levels seen in the earlier stage of the recession in 2001,��� said Ian Shepherdson, chief US economist at High Frequency Economics.
Part of the increase in benefit applications in recent weeks occurred because of a three-week strike at a major parts supplier to General Motors Corp, which has forced GM to close all or part of 28 plants, affecting more than 37,000 hourly workers.
The Labour Department said Thursday that applications for jobless benefits totalled 378,000 last week. That was an increase of 22,000 from the previous week and was a far bigger jump than had been expected.
The four-week average for new claims rose to 365,250, which was the highest level since a flood of claims caused by the 2005 Gulf Coast hurricanes.
The current economic slowdown, which many economists believe has already turned into a full-blown recession, is starting to show up in the labour market in terms of higher layoffs and weaker hiring numbers.
The total number of payroll jobs fell by 63,000 in February, an even bigger decline that the drop of 22,000 jobs in January, which had been the first monthly decline since mid-2003. ���We have no doubt that the trend in claims is upwards and is approaching the levels seen in the earlier stage of the recession in 2001,��� said Ian Shepherdson, chief US economist at High Frequency Economics.
Part of the increase in benefit applications in recent weeks occurred because of a three-week strike at a major parts supplier to General Motors Corp, which has forced GM to close all or part of 28 plants, affecting more than 37,000 hourly workers.
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