Jobless claims rose for a second week as the recovery has stalled, explained analysts at Wells Fargo. They warn that more than 30 million workers are receiving some form of jobless benefits, while the clock on emergency federal benefits runs out tomorrow.
Key Quotes:
“Unemployment Assistance program fell over the week, but remain alarmingly high at 2.04 million. Through the noise, the trend is little changed and confirms that the economy’s recovery has lost momentum in recent weeks.”
“The insured unemployment rate headed back up last week and stands at 11.6%. Congress continues to debate the extension of the $600/week in emergency benefits, which are set to expire tomorrow. Unemployment benefits have helped to shore up income as millions of jobs have disappeared over a couple of months. The stakes are high with more than 30 million workers collecting unemployment insurance.”
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