In this June 13, 2012 photo, Jose Canales, left, talks to a recruiter as he is accompanied by his wife, Magdel, and daughter Alexamarie at a job fair expo in Anaheim, Calif. More Americans sought unemployment aid last week, suggesting hiring remains sluggish. The Labor Department said Thursday June 14, 2012 that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase from an upwardly revised 380,000 the previous week. (AP Photo/Jae C. Hong)
Associated Press
WASHINGTON — Weekly applications for U.S. unemployment benefits jumped 46,000 last week to a seasonally adjusted 388,000, the highest in four months. The increase represents a rebound from the previous week's sharp drop. Both swings were largely due to technical factors.
The four-week average of applications, a less volatile measure, fell slightly to 365,500, the Labor Department said Thursday. That is a level consistent with modest hiring.
Last week, California reported a large drop in applications, pushing down the overall figure to the lowest since February 2008. This week, it reported a significant increase as it processed applications delayed from the previous week.
A department spokesman said the seasonally adjusted numbers "are being distorted ... by an issue of timing."
Applications are a proxy for layoffs. When they decline, it suggests hiring is improving.
Some recent reports suggest the economy is picking up. Retail sales grew in September at a healthy clip. And builders started construction on new homes and apartments last month at the fastest pace in more than four years.
Still, the economy is not growing fast enough to generate much hiring. Growth slowed to a tepid annual rate of 1.3 percent in the April-June quarter, down from 2 percent in the previous quarter. Most economists see growth staying at or below 2 percent in the second half of the year
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Re: xscribe Colorado Springs, CO
"Or maybe these are all those folks you righties say stopped looking for work, and are now looking again."
Maybe, and maybe the moon is made of green cheese. Let's see what the voters More..
They told us last week that the California numbers were incomplete, but that didn't stop the press and the democrats from blowing their horn as if it were some sort of breakthrough.
And Obama continues to crow about his 5 million jobs More..
Gas prices were down because the economy was down, but now the economy is improving, so gas prices are rising. No more videos, and the mid-east barrel of oil will decline.
Yep! We need another four years