Initial Unemployment Claims in U.S. Increase More Than Forecast to 457,000

[Purveyor]

Source: Bloomberg

Nov. 4 (Bloomberg) -- More Americans than forecast filed applications for unemployment benefits last week, showing the labor market will take time to improve.

Jobless claims rose by 20,000 to 457,000 in the week ended Oct. 30 from a revised 437,000 the prior week, Labor Department figures showed today in Washington. The total number of people receiving unemployment insurance fell, while those on extended payments increased.

The pace of firings has held within a narrow range in 2010, showing employers continue to focus on cutting costs more than a year into the economic recovery. Calling progress toward lower joblessness and faster growth “disappointingly slow,” Federal Reserve policy makers yesterday announced plans to bolster the recovery through another round of large-scale asset purchases.

Claims have “been relatively steady, consistent with lackluster to moderate labor market conditions,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida.

Read more: http://noir.bloomberg.com/apps/news?pid=20601087&sid=a5bK2ClXdoNo&pos=2

[xchrom]

1. oy -- the hammering we are all taking. nt

[Better Today]

2. "another round of large-scale asset purchases". Doing the same thing and expecting

different results... isn't that the definition for stupidity?

[Donnachaidh]

3. I thought that was the definition of insanity.

:shrug:

[Better Today]

4. I'll agree to agree... how about stupid insanity?

[madrchsod]

5. thank god the republicans took the house!

everyone who wants to work will find a job now!

happy days are here again! a chicken in every pot!

free tanning for everyone!

[truthisfreedom]

6. Well it looks like those republicons managed to get everything straightened out!

Whew!

[speppin]

7. More sad news for the average citizen!