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Jobless Claims in U.S. Fell to 469,000 Last Week

BusinessWeek - Mar 4, 2010

Claims for U.S. jobless benefits dropped last week from a three-month high, pointing to an improvement in the labor market that is slow to develop.

Some companies are still trimming payrolls to contain costs amid weak sales as the U.S. emerges from the worst recession since the 1930s. An unemployment rate that’s forecast to average 9.8 percent this year may restrain consumer spending, which accounts for about 70 percent of the economy.

“We are in this limbo state where it is not clear if job growth has started yet,” Ethan Harris, head of economics for North America at Bank of America Merrill Lynch Global Research in New York, said in a Bloomberg Television interview. “Many companies say they over-reacted and fired a lot of people, more than they needed to, with the news of the recession. So, we’re expecting broad-based re-hiring.”

Read Full Article from BusinessWeek

- Posted: 2010-03-04 10:21:43


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