500,000 Jobless Claims – The Highest in the Last Nine Months

A government report released Thursday brought more bad news for the already struggling job-seekers in this equally struggling economy (I thought they said the recession is over?) – the number of unemployed Americans seeking financial lifeline and aid from the government has reached its highest level in nine months.

According to the report released by the Labor Department, the number of first-time filers for unemployment insurance rose for the third time in a row, reaching the 500,000 level.

In the previous week there were 488,000 claims filed.

Initial claims for unemployment benefits had been hovering in the mid- to upper-400,000s since November.

A Wells Fargo analyst summed it all up for those who are unable to gauge the full impact of these numbers by saying, “Everyone’s in this mode of wait and see for a sustainable recovery, but that concern will be a self-fulfilling prophecy if we don’t create jobs.”

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