Last week, claims for unemployment benefits rose to the highest point in over 5 months. Although a drop was anticipated, instead claims rose by 2,000.
Read more from the Forbes.com story below.
New applications for unemployment insurance rose last week to their highest level in almost six months, a sign that employers are still cutting their staffs.
The Labor Department says first-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000. Analysts had expected a drop. That's the highest total since the week of Feb. 20.
Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.