Jobless Claims Are On The Rise Again
The increase was the first rise in over three weeks and it suggests that employers are remaining reluctant in creating new jobs.
Jobless claims have been stuck near 450, 000 all year.
According to CBC News, the sudden increase may be a result from layoffs made by cash-strapped state and local governments – which shed over 83,000 jobs in September.
The department said that the number of people continuing to receive benefits fell to just under 4.4 million.
Amid the rise, crude oil has also fallen a third time this week as petroleum demand declined to the lowest level in more than 10 months. The Energy Department said in a report that the total decline is a 0.7 percent, in other words a total of 18.3 million barrels a day.
Tim Evans, an energy analyst at Citi Futures Perspective in New York said, “ The demand numbers were very weak. We don’t really have a bull market unless we have stronger consumer demand.”
The department has also reported that the demand for gasoline has fallen a total of 2 percent to a 8.81 million barrel distribution a day.
The U.S. unemployment rate is at a steady 9.6 percent.