U.S. Jobless Claims Unexpectedly Climbed

(Bloomberg) More Americans unexpectedly filed applications for unemployment benefits last week, a sign the labor market is struggling to gain momentum.

Jobless claims increased by 10,000 to 424,000 in the week ended May 21, Labor Department figures showed today in Washington. The median estimate of economists in a Bloomberg News survey called for a drop to 404,000.

Consistent gains in hiring are needed to sustain consumer spending, which accounts for about 70 percent of the world’s largest economy. Federal Reserve officials said the jobless rate “remains elevated” at 9 percent, one reason central bankers pledged last month to complete their asset-purchase plan by the end of June and keep borrowing costs near zero.

“Conditions in the labor market will continue to be tenuous as firms look for a sustained pickup in sales activity before increasing employment opportunities,” Maxwell Clarke, chief U.S. economist at IDEAglobal in New York, said before the report. ........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-05-26/u-s-jobless-claims-unexpectedly-climbed-last-week-to-424-000.html

who work in government jobs, and creating a climate of layoffs, that number isn't going to change until the private sector has employed more than those governors can lay off.

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