April 23. 2009

President Barack Obama

This is a follow up to yesterday's article Where Are The Jobs. Today, new job numbers were released and it illustrates the problem with unemployment is getting worse.

Home prices have also plunged with foreclosures rising. Not a good combo. Once again, as stated in the column yesterday, job creation is needed right away to aid the economy, as the crisis has not bottomed out yet, contrary to what many analysts and economists believe and stated.

New Data On Unemployment, Housing Stoke Fears Of Continued Economic Woes

April 23, 2009 4:16 p.m. EST - Washington, DC (AHN) - Worse-than-anticipated news on unemployment and home sales rates tempered optimism that the economy may be recovering from its current woes. The Department of Labor's report said claims for unemployment compensation at 640,000, up from 613,000 the previous week, and slightly more than analysts' expectations of 635,000.

Economists cite the importance of unemployment compensation data because a sustained decline in the number of initial claims could signal an end of the recession. According to the report, jobless claims have previously peaked six to 10 weeks before recessions end, but the latest report's high job loss rate suggests the end is not quite here.

http://www.allheadlinenews.com

Jobless claims bounce higher

Number of initial unemployment filings reverts to higher levels after one-week dropoff. Mass layoffs hit record high.

Last Updated: April 23, 2009: 1:17 PM ET - NEW YORK (CNNMoney.com) -- The number of initial claims for unemployment insurance rose last week, with the number of people collecting benefits overall climbing to a record 6.14 million, according to a U.S. government report released Thursday.

In the week ended April 18, there were 640,000 initial jobless claims filed, up from a revised 613,000 the previous week, the Labor Department said. There had been a sharp decline of 47,000 in the previous week.

Economists expected 639,000 new claims, according to a consensus survey by Briefing.com. The 4-week average of initial claims fell 4,250 to 646,750.

http://money.cnn.com