New Jobless Claims Rise More Than Expected, as 52,000 Auto Workers Become Unemployed

Obama administration: Thanks for the “bailout.”

********************

From the Associated Press

New jobless claims rose more than expected last week due partly to an increase in layoffs by the automobile industry, while the number of people continuing to receive unemployment benefits set a record for the 15th straight week. 

The Labor Department said Thursday the number of new claims rose to a seasonally adjusted 637,000, from a revised 605,000 the previous week. That’s above analysts’ expectations of 610,000. 

The increase comes after initial claims dropped in four of the previous five weeks, which raised hopes that the wave of layoffs announced earlier this year has crested and that the recession was nearing a bottom. 

A department analyst said most of the increase was due to auto layoffs. Economists estimate Chrysler LLC has laid off 27,000 workers in the wake of its April 30 bankruptcy filing. General Motors Corp. has said it will temporarily shut 13 factories beginning later this month through July, potentially affecting 25,000 workers. 

New jobless claims rose more than expected last week due partly to an increase in layoffs by the automobile industry, while the number of people continuing to receive unemployment benefits set a record for the 15th straight week. 

The Labor Department said Thursday the number of new claims rose to a seasonally adjusted 637,000, from a revised 605,000 the previous week. That’s above analysts’ expectations of 610,000. 

The increase comes after initial claims dropped in four of the previous five weeks, which raised hopes that the wave of layoffs announced earlier this year has crested and that the recession was nearing a bottom. 

A department analyst said most of the increase was due to auto layoffs. Economists estimate Chrysler LLC has laid off 27,000 workers in the wake of its April 30 bankruptcy filing. General Motors Corp. has said it will temporarily shut 13 factories beginning later this month through July, potentially affecting 25,000 workers. 

Read the rest:
http://www.foxnews.com/politics/2009/05/
14/new-jobless-claims-rise-expected-aut
o-layoffs-increase/

.
See also Reuters:
http://news.yahoo.com/s/nm/20090514/bs_n
m/us_usa_economy;_ylt=AjX5pfSxzEPIczaoA
xx4xiCs0NUE;_ylu=X3oDMTJnMWZlN3FqBG
Fzc2V0A25tLzIwMDkwNTE0L3VzX3VzYV9
lY29ub215BGNwb3MDNARwb3MDMTEEc2
VjA3luX3RvcF9zdG9yeQRzbGsDYXV0b2x
heW9mZnNs

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: