NewsMine — economy — united-states — 2004 — 2004-dec — Viewing Item

Unemployment claims rise 8000 in latest week Original Source Link: (May no longer be active)    http://www.usatoday.com/money/economy/employment/2004-12-09-jobless_x.htm?POE=NEWISVA http://www.usatoday.com/money/economy/employment/2004-12-09-jobless_x.htm?POE=NEWISVA Unemployment claims rise 8,000 in latest week WASHINGTON (AP) — New claims for unemployment benefits moved higher last week, a possible sign that employers are still cautious and are looking to cut costs. The Labor Department said Thursday that the number of new applications for unemployment insurance rose a seasonally adjusted 8,000 to 357,000 the week ended Dec. 4. That marked the highest level since late September. Last week's increase followed a sharp rise in claims — 25,000 — the prior week. The newest snapshot of labor market activity was disappointing to economists. They were forecasting claims to drop to around 335,000. Higher energy bills and expensive health-care costs may be taking their toll on some companies — squeezing profits and forcing them to trim workers. New claims have gone up two straight weeks. A Labor Department analyst said some of the rise may reflect seasonal adjustment difficulties surrounding the Thanksgiving Day holiday. The economy added a net 112,000 jobs in November, considerably fewer than analysts had expected and a deceleration from the 303,000 added in October, the government reported last week. Strengthening job creation has been an important task for President Bush. The still-recovering job market has been seized upon by Democrats who contend the president's economic policies have failed to induce steady hiring by businesses. The number of unemployed people continuing to collect jobless benefits rose 91,000 to nearly 2.8 million the week ended Nov. 27, most recent period for which that information is available. That was the highest level since the end of October. Still, analysts are hopeful that slowing productivity growth will eventually result in businesses hiring workers to meet customer demand. The notion is that existing workers — who have powered efficiency gains — may finally be stretched too thin. The Federal Reserve, wanting to keep inflation from becoming a danger, is expected to boost short-term interest rates for a fifth time this year on Dec. 14. Economists believe rates will be bumped up another one-quarter percentage point, which would leave the Fed's target for the key federal funds rate at 2.25%. The federal funds rate is what banks charge each other for overnight loans. -------------------------------------------------------------------------------- Copyright 2004 The Associated Press.

Dollar no longer reserve currency Economy adds fewer jobs than expected End of 2004 year market surges { December 26 2004 } Foreigners slow purchases of US assets Free land to encourage settlement in the heartland { December 23 2004 } Homeless vets showing up at shelters Hungry homeless figures increase { December 14 2004 } Mid december fed boosts interest one quarter New home sales plunge in west { December 24 2004 } Strong pound to breach 2 dollars { December 8 2004 } Trade deficit swells to record 55 billion Unemployment claims rise 8000 in latest week US economic crisis pending Workers income fell { December 4 2004 } Files Listed: 14

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