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No "Recovery" In Job Market
-- April 4, 2002
This latest jobless report underscores the fact that the so-called "recovery" hasn't happened in the labor market. A whopping 460,000 unemployed filed new claims for benefits last week -- 64,000 more than the previous week. Included in that number are laid off workers who filed for an extension of benefits -- in other words, people who have been unable to find work even after 26 weeks of looking.
We've noted before how unemployment numbers are artificially deflated because they do not include workers who have fallen under the radar -- those who have run out of benefits or those who have given up looking. Over the next few weeks, as more unemployed run out of benefits and file for an extension, it will give a clearer picture of how inaccurate those unemployment numbers have been.
Jobless Claims Log Surprise Rise