US New Jobless claims rise to over 400,000, highest level in 2 years, click picture to read more.

The Labor Department reported Thursday that new applications filed for unemployment insurance jumped by a seasonally adjusted 38,000 to 407,000 for the week ending March 29. The increase left claims at their highest point since Sept. 17, 2005, following the blows of the devastating Gulf Coast hurricanes.

“This report supports the view that the jobs market is deteriorating toward recessionary conditions,” said T.J. Marta, a fixed-income strategist at RBC Capital Markets.

The latest snapshot of labor activity was worse than economists had anticipated. They had predicted claims would be much lower, around 365,000….Meanwhile, the number of people continuing to collect unemployment benefits rose by a sharp 97,000 to 2.94 million for the week ending March 22, the most recent period for which that information is available. That was the highest since July 17, 2004.

US Workers lose their jobs in highest numbers in years

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