WASHINGTON – New claims for unemployment benefits shot up last week to their highest point in nearly a year as businesses made work forces leaner amid a muddled wartime economic climate.
The Labor Department reported Thursday that new applications jumped by a seasonally adjusted 38,000 to 445,000 for the week ending March 29. That represented the highest level of new claims since the week ending April 13, 2002.
Yesterday’s news was Factory Orders Dip, Worst in Five Months, and the stock market was up 215. This news is even worse, so the stock market will probably go through the roof today!
Update – In addition the services sector has pulled back big time! Services Pull Back Sharply – Report:
The pull-back in services, coupled with data this week showing contraction in manufacturing, a hefty drop in factory orders and a big jump in jobless claims, have revealed a grim picture of the economy’s health as U.S.-led forces approach Baghdad.
Meanwhile, did anyone see the report on ABC News last night about all the older workers who are losing their pensions because the companies did not properly fund the pension programs, or are going out of business, or converting the pensions to a “cash” plan?
Who IS our economy for, anyway?