Viddler.com - Unemployment Claims Rise - Uploaded by managercrossing

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managercrossing

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Reaching the highest mark in 4 months, new Unemployment Claims increased by 34,000 for the week. The Labor Department reports the 406,000 new claims for the week further illustrate a poor labor market. With the national Unemployment Rate at 5.5%, U.S. joblessness has become a major concern. In 2001, weekly unemployment claims averaged 415,000. Any figure above 350,000 indicates a weak job market and shows poor growth in the economy. The Labor Department projects the Unemployment Rate will reach 5.8% by the end of the year. Employers are looking to cut their labor costs, as they are threatened by the Big Three: fuel costs, a slump in the housing market, and a national credit crisis. Consumers have been cutting back on spending, which continues the trend, as retail represents two-thirds of the economy. 37 states reported increases in new unemployment filings. The report also found the number of continuing unemployment claims, actually dropped by 9,000, to 3.1 million. http://www.EmploymentCrossing.com