From the Associated Press:
Employers appear to be laying off workers again as applications for unemployment insurance reached the half-million mark last week for the first time since November.
Initial claims for jobless benefits rose by 12,000 last week to 500,000, the Labor Department said Thursday. It was the fourth increase in the past five weeks and evidence that the economic recovery has weakened.
Homebuilders and other construction firms are laying off more workers as the housing sector slumps after the expiration of a popular homebuyers’ tax credit. State and local governments are also cutting jobs to close large budget gaps.
“This is obviously a disappointing number that shows ongoing weakness in the job market,” said Robert Dye, senior economist at the PNC Financial Services Group.
The four-week average, a less volatile measure, rose by 8,000 to 482,500, the highest since December.
The increase suggests the economy is creating even fewer jobs than in the first half of this year, when private employers added an average of about 100,000 jobs per month. That’s barely enough to keep the unemployment rate from rising. The jobless rate has been stuck at 9.5 percent for two months.
Stock futures fell on the prospects of more layoffs. Dow Jones industrial average futures had risen by 50 points before the report was released. They dropped immediately afterward and were down six points shortly before the market opened.
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