Jobless Data Suggest More Pain Ahead
According to the U.S. Department of Labor, first-time unemployment insurance claims increased to 669,000 the week ending March 28. For the week ending March 21, continuing claims increased to 5.7 million. At the same time, new U.S. factory orders increased the first time in six months - to 1.8 percent in February. While the factory orders increase could mean the U.S. economy will bottom out soon, the increase in jobless claims indicates otherwise.
Source: WSJ.com | April 2, 2009