The Labor Department's report on jobless claims is not good, but is not surprising. The number of newly laid off workers rose by 35,000 to 380,000 last week. Economists had expected that the number would be less than 18,000. C0ntinued unemployment insurance claims from those already receiving benefits rose in the week ending April 19 to 3,019,000, up 74,000.
Layoffs increased 68% from March to April.The unemployment report for April will be released tomorrow and is expected to show the unemployment rate is 5.2%, up from 5.1% in March.
Jobless Claims Surge
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