According to the Labor Department, Americans filing new unemployment benefits claims significantly increased last week. Numbers rose to the highest ones in the past nine months!
The seasonally adjusted number is 379,000 — that’s the highest number since this past March! The number is also significant, says reports, because it’s the second consecutive week for increased claims.
Perhaps what’s most surprising is that Reuters asked economics prior to today’s report to forecast their expectations and they anticipated numbers would have been 334,000.
Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania, told Reuters, “This is not really good. Some of us had thought last week’s jump was an aberration. We have to see what’s going on here. Obviously the Fed won’t be looking at these numbers kindly after what happened yesterday.”