Read time: 1 minute

U.S. Initial Jobless Claims Actually Rose To 524,000 Last Week

Who's been predicting a second-half recovery? Clearly, we're looking at least another year of economic pain: Jan. 15 (Bloomberg) -- First-time claims

Who's been predicting a second-half recovery? Clearly, we're looking at least another year of economic pain:

Jan. 15 (Bloomberg) -- First-time claims for U.S. unemployment benefits last week rose more than forecast, signaling companies stepped up the pace of firings at the start of the year.

Initial jobless claims jumped by 54,000 to 524,000 in the week that ended Jan. 10, from a revised 470,000 the prior week, the Labor Department said today in Washington. The total number of people collecting benefits decreased from a 26-year high.

The worst holiday sales season in at least four decades and the lack of credit will probably prompt even more payroll reductions in coming weeks and months. President-elect Barack Obama, who takes office next week, has proposed a stimulus plan aimed at saving or creating up to 4 million jobs.

“We’ve had consistent numbers that are worse than expectations,” Dan North, chief U.S. economist at Euler Hermes ACI in Owings Mills, Maryland, said in an interview with Bloomberg Television. “That kind of tells you that the recession seems to be accelerating just a little bit and puts the forecast of a second-half recovery at risk.”

Another Labor report showed wholesale prices fell 1.9 percent in December and were down 0.9 percent for all of 2008. Last year’s drop was the largest since 2001.

Can you help us out?

For 16 years we have been exposing Washington lies and untangling media deceit. We work 7 days a week, 16 hours a day for our labor of love, but with rising hosting and associated costs, we need your help! Could you donate $21 for 2021? Please consider a one-time or recurring donation of whatever amount you can spare, or consider subscribing for an ad-free experience. It will be greatly appreciated and help us continue our mission of exposing the real FAKE NEWS!

More C&L Coverage

Discussion

New Commenting System

Our comments are now powered by Insticator. In order to comment you will need to create an Insticator account. The process is quick and simple. Please note that the ability to comment with a C&L site account is no longer available.

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.

Please Do Not Use the Login Link at the Top of the Site.

In order to comment you must use an Insticator account. To register an account, enter your comment and click the post button. A dialog will then appear allowing you create your account.

We will be retiring our Crooks and Liars user account system in January, 2021.

Thank you.
C&L Team