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Jobless claims surge
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| Contributor | Servo |
| Last Edited | Servo Feb 05, 2004 11:14am |
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| Category | News |
| News Date | Thursday, February 5, 2004 06:00:00 AM UTC0:0 |
| Description | New jobless claims rose in the United States last week, the government said Thursday, exceeding Wall Street expectations.
The Labor Department said 356,000 people filed new claims for state unemployment benefits in the week ended Jan. 31, compared with a revised 339,000 the prior week. Economists, on average, expected 340,000 new claims, according to Briefing.com.
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But some economists worry that structural changes in the job market, including technological advances and a growing appetite for cheap offshore labor, will keep hiring muted in 2004.
The Labor Department should offer more insight into the debate on Friday, when it is scheduled to release its measures of unemployment and payroll growth in January. Economists, on average, expect unemployment to hold steady at 5.7 percent and for non-farm payrolls to grow by 165,000 jobs.
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