Thursday, January 21, 2010

Jobless Jump on Bureaucratic Slowdown

Initial jobless claims rose by 36,000 to 482,000 in the week ended Jan. 16, the highest level in two months, from 446,000 the prior week, Labor Department figures show. The jump was due to an “administrative” accumulation from late December and early January holidays, and did not reflect “economic” reasons, according to the BLS.

Getting paid not to work continues to be an option that remains tough for many to refuse. Today’s report showed the number of people who’ve used up their traditional benefits and are now collecting extended payments increased by about 613,000 to 5.92 million in the week ended Jan. 2.

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