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BusinessJobless Claims Hit Highest Point Since 2002Jobless Claims Hit Highest Point Since 2002The Associated PressThe nation's jobs market sent a fresh cry of distress as the number of newly laid-off people unexpectedly hit the highest level in more than six years, a Labor Department report showed Thursday. (Aug. 7)The nation's jobs market sent a fresh cry of distress as the number of newly laid-off people unexpectedly jumped by 7,000 last week to the highest level in more than six years. The faltering economy and tight credit have forced companies to cut back, and as the job market shrinks, consumer spending may dwindle, too. To that end, Wal-Mart, the world's largest retailer, said July sales - while still solid - came in a below Wall Street forecasts. And the company projected sales would slow in August as rebate checks dry up. Wal-Mart's concerns echo those of many economists who fear that a pullback by cautious consumers will throw the economy into a tailspin in the final three months of this year.And with the nation's unemployment rate now at a five-year high of 5.7 percent, boosting the economy through more consumer spending looks less likely as the nation continues to struggle with the economic slowdown. ___ ___, The Associated Press.(****END****)

Category: News
Uploaded: August 7th, 2008 @ 6:37 pm
Author: AssociatedPress

Length: 00:57
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