Bad To Worse: Jobless Claims Spike
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WASHINGTON (AP) — The number of people applying for unemployment benefits jumped last week to the highest level in three months. It’s a sign that the job market remains depressed.
The Labor Department said Thursday that weekly applications rose by 11,000 to a seasonally adjusted 428,000. The week included the Labor Day holiday.
A Labor spokesman said the total wasn’t affected by Hurricane Irene.
Applications need to fall below 375,000 to indicate that hiring is increasing enough to lower the unemployment rate. They haven’t been below that level since February.
The economy added zero net jobs in August, the worst showing since September 2010.
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