Today's Coming Crisis Movie

Thursday, August 25, 2011

US Weekly Jobless Claims Above Key Mark Thanks to Verizon Strike

New U.S. claims for jobless benefits rose last week, lifted by striking workers at Verizon Communications, according to government data that showed little sign of layoffs in response to plunging share prices.

Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 417,000, the Labor Department said on Thursday. The level suggests the job market is still having trouble gaining momentum, but it falls well short of a recession signal.

Striking Verizon [VZ 35.91 -0.56 (-1.54%) ] workers filed 8,500 claims for jobless benefits last week, after submitting 12,500 applications the previous week, which covered the period for the August nonfarm payrolls survey. more