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More Americans seek jobless benefits
Source: Agencies |
September 9, 2011, Friday
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THE number of people seeking unemployment benefits in the United States ticked up slightly last week, evidence that the job market isn't improving.
Weekly applications for unemployment benefits rose 2,000 to a seasonally adjusted 414,000, the Labor Department said in a report yesterday.
The report suggests companies aren't significantly increasing layoffs, despite weak economic growth. But it also signals that little hiring is taking place. Applications need to fall below 375,000 to indicate sustainable job growth. They haven't been below that level since February.
The government said last week that employers added no net jobs in August, the worst month for hiring since September 2010. The unemployment rate was 9.1 percent for the second straight month.
US President Barack Obama was expected to respond to the worsening jobs outlook with a speech later yesterday. He may introduce a US$300 billion package before a joint session of Congress. The plan will likely include extensions of the payroll tax cut and long-term unemployment benefits, tax incentives for businesses that hire and money for public works projects.
Economists say companies are reluctant to hire but are not cutting workers. Unemployment benefit applications are considered a measure of the pace of layoffs.
Still, the four-week average, a less volatile measure, increased for the third straight week to 414,750.
Hurricane Irene didn't affect applications. But the government estimated figures for several states because the Labor Day holiday delayed some reporting of data.
Employers pulled back on hiring after a rough summer for the economy. The government reported that the economy barely grew in the first half of the year. Lawmakers in Washington fought over raising the government's borrowing limit. Standard & Poor's downgraded long-term US debt. Stocks tumbled from late July until early August.
The private sector added only 17,000 jobs in August, a sharp drop from 156,000 in July. The government cut 17,000 jobs, yielding no net change in total payrolls.
Weekly applications for unemployment benefits rose 2,000 to a seasonally adjusted 414,000, the Labor Department said in a report yesterday.
The report suggests companies aren't significantly increasing layoffs, despite weak economic growth. But it also signals that little hiring is taking place. Applications need to fall below 375,000 to indicate sustainable job growth. They haven't been below that level since February.
The government said last week that employers added no net jobs in August, the worst month for hiring since September 2010. The unemployment rate was 9.1 percent for the second straight month.
US President Barack Obama was expected to respond to the worsening jobs outlook with a speech later yesterday. He may introduce a US$300 billion package before a joint session of Congress. The plan will likely include extensions of the payroll tax cut and long-term unemployment benefits, tax incentives for businesses that hire and money for public works projects.
Economists say companies are reluctant to hire but are not cutting workers. Unemployment benefit applications are considered a measure of the pace of layoffs.
Still, the four-week average, a less volatile measure, increased for the third straight week to 414,750.
Hurricane Irene didn't affect applications. But the government estimated figures for several states because the Labor Day holiday delayed some reporting of data.
Employers pulled back on hiring after a rough summer for the economy. The government reported that the economy barely grew in the first half of the year. Lawmakers in Washington fought over raising the government's borrowing limit. Standard & Poor's downgraded long-term US debt. Stocks tumbled from late July until early August.
The private sector added only 17,000 jobs in August, a sharp drop from 156,000 in July. The government cut 17,000 jobs, yielding no net change in total payrolls.
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