Jobless claims jump, wholesale food costs surge

U.S. jobless claims jumped to their highest level since October while food and energy costs boosted producer prices, pointing lingering headwinds for an economic recovery that had been showing renewed vigor.

A surge in exports to their highest level in two years helped narrow the trade deficit, however, an encouraging sign.

Despite the more positive outlook for growth in recent weeks, the job market still appeared to be struggling.

The number of Americans filing for first-time unemployment benefits rose unexpectedly to 445,000 from 410,000 in the prior week, the Labor Department said on Thursday. It was the biggest one-week jump in about six months, confounding analyst forecasts for a small drop to 405,000.

Read Full Article from Reuters

- Posted: 2011-01-13 10:15:56

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