Applications for Unemployment Benefits Reach 3 Month High:
The rising trend in unemployment is confirmed.
The bad news about the economy keeps coming in. Applications for unemployment benefits rose last week – even with a shortened Labor Day holiday. The number of Americans seeking unemployment benefits reached the highest level in three months with a lost workday for the government. The newest data shows unemployment benefits claims may have been higher if people had an extra day to apply and an inflection point may have occurred for overall employment levels in August.
Applications for unemployment benefits are trending up this month. The Labor Department said today, unemployment applications rose 11,000 to 428,000 which is a clear sign firms are not adding more workers. Data released this week from the NFIB showed small businesses are less confident about the future – therefore it’s no surprise that hiring numbers are low considering – small firms account for a significant portion of new hires. The four- week moving average for unemployment claims rose to 419,500.