US weekly jobless claims rise to 497,000, highest level since Sept. 2001

[Liberal_in_LA]

http://www.forbes.com/afxnewslimited/feeds/afx/2008/10/02/afx5500384.html

Thomson Financial News
US weekly jobless claims rise 1,000 to 497,000, highest level since Sept. 2001
10.02.08, 9:52 AM ET

WASHINGTON (Thomson Financial) - The number of individuals filing new claims for unemployment insurance in the latest week rose to a level not seen since just after the Sept. 11 2001 terrorist attacks, but the US Labor Department said that much of the unexpected increase is due to an influx of claims related to the recent hurricanes in Louisiana and Texas.

The number of first-time claims filed in the week ending Sept. 27 rose by 1,000 to 497,000, the highest level seen since the period shortly after the Sept. 11 terrorist attacks. Economists polled by Thomson Reuters IFR Markets were expecting claims to fall in the latest week to 475,000.

[nadinbrzezinski]

1. Hey... why bring facts round these parts?

all is honky dory!

:sarcasm:

And there is no crisis

[Kurt_and_Hunter]

3. nadin, what's your guess on the jobs report?

[nadinbrzezinski]

4. not good, and we will see 100K a week loose jobs

for the foreseeable future, worst case scenario... wait, I haven't worst cased any of this enough

But this is the chief reason for the drop today at the Dow.. .that and hedge fund managers fleeing for safer harbors

[whistle]

2. This is clearly bad news about the economy and terrible news for

...republicans

[EmeraldCityGrl]

5. Caution regarding unemployment benefits.

A young man I know lost his job two years ago. His position provided a good income and he
qualified for about five-hundred dollars a week unemployment. Over all he collected somewhere
in the neighborhood of six-thousand in benefits before finding a new position paying far less.

He is now being petitioned to return the the cost of benefits plus interest. All communications were
via an automated phone system. His wages will now be garnished until this bill is paid.

If I ha not seen the paperwork I'd never have believed it.

[Liberal_in_LA]

6. Really? That's not unemployment works... It doesn't have to be repaid unless they find

you've been working secretly.

[EmeraldCityGrl]

7. I know for a fact he didn't have another job. In fact, he took his time trying

to find a new job because the benefits covered his expenses.