Thursday, April 23, 2009

Weekly Jobless Claims on the rise

According to the number of initial jobless claims for the week ending April 18th, 2009 was 640,000 individuals---This is an increase from a revised 613,000 initial jobless claims for the week of April 11, 2009.

Continuing claims reached a record 6.14 million Americans collecting unemployment benefits and looking for jobs.

Many pundits seem to think this report is a good thing because the rate of job loss has steadied, I view it differently, losing more than a half million jobs per week isn't good for those families and it's not good for the economy. And when you couple that information with the stories circulating that GM will shut down all their assembly plants for 9 weeks means that thousands more families of auto-workers and suppliers will biting their nails wondering how safe their jobs are.

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