U.S. weekly jobless claims up 36,000 to 482,000

January 21, 2010 by · Leave a Comment
Filed under: Economic News 

Interesting we are in full recovery but our weekly jobless claims are rising?  With these numbers and Obama making some tough statements against the large banks, the market are starting to wake up from their euphoric high and maybe question if we are really in a sustainable recovery or just a cash fueled bear market rally.   With the dollar rising and commodities rising, it doesn’t look good.  Looks like the safety trade is back in vogue and the means earnings reports need to hit expectations or we are going to see a major leg down in the markets….again.

The number of U.S. workers applying for new unemployment benefits unexpectedly rose last week and regional manufacturing activity slipped in January, hinting at some slowing in the pace of economic recovery.

The Labor Department said on Thursday initial claims for state unemployment benefits rose 36,000 to 482,000 last week as a backlog of applications from the holidays was processed. It was the third straight week that claims rose.

Analysts had expected new claims to slip to 440,000.

Separately, the Philadelphia Federal Reserve Bank said its business activity index, which measures factory activity in the Mid-Atlantic region, fell to a reading of 15.2 this month on a drop in orders. The index hit a 4-1/2-year high of 22.5 in December.

Markets had expected the index for January to come in at 18.0. A reading above zero indicates growth in the region’s manufacturing sector.

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