Jobless Claims Rise Unexpectedly

According to the Wall Street Journal, the number of U.S. workers filing unemployment rose again last week by 22,000 to a total of 496,000 initial claims for the week ending February 20th.  This unexpected surge in claims is thought to have been contributed by the major snow storms which left many people without work.

The Journal also reported that unemployment claims must fall to around 400,000 for a stable market, and a maximum of around 350,000 claims is needed for a market that has job growth.

The Obama administration and Congress have pushed a $15 billion bill that is aimed at job creation.  Under this bill, employers who hire new workers will get a tax credit.

Continuing claims, which are unemployment benefits drawn by workers for longer than a week, has also increase by 6,000 to 4,617,000.  While there are many signs of a recovering economy, the high unemployment rate is preventing full growth.

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Did Jobless Claims Rise Unexpectedly Deliver on the Promise?
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