Why new jobless claims rise in sign of weak job market?
That would be an improvement from May, when businesses added only 41,000 workers.So far, about 3 million people have lost unemployment insurance as a result, according to the Labor Department.The total number of people continuing to claim benefits rose by 43,000 to 6 million, the department said. That is expected to show a modest rebound in private-sector hiring.The Labor Department said Thursday that new claims for jobless benefits jumped by 13,000 to a seasonally adjusted 472,0 Analysts expected a small drop, according to a survey by Thomson Reuters.Initial claims for unemployment benefits rose for the second time in three weeks last week, signaling that layoffs are rising.But the economy needs to generate at least 100,000 net new jobs per month to keep up with population growth, and probably twice that number to bring down the jobless rate. The unemployment rate is expected to edge up to 8 percent from 7 percent in May. The rise in layoffs comes as Congress remains at an impasse ove
