Initial claims rose by 12,000 last week to 500,000, the highest number since last November. It was the third straight week that first-time jobless claims rose. The rise in claims was particularly troubling because analysts have been expecting an improvement for some time.
The largest increase in claims occurred in California, which saw a rise of 4,393 due to layoffs in the service industry. The largest decrease in claims took place in Wisconsin, which fell by 1,873.
It was the third straight week that first-time jobless claims rose. The upward trend suggests the private sector may report a net loss of jobs in August for the first time this year.
Stocks tumbled on the fear of more layoffs and weak job growth. The Dow Jones industrial average fell 185 points in midday trading. Broader indexes also declined.
The ailing economy has handed President Barack Obama a grim challenge and risks the Democratic Party’s majorities in the U.S. House of Representatives and Senate in November’s mid-term elections.
Obama’s approval ratings have tumbled to their lowest level at 42% and Congress’ ratings are hovering at about 20 percent.
President Obama could vastly improve his and the Democrats’ approval ratings very quickly, just by publicly hammering the Congress to get the Tier 5 bill passed for the 5.2 million UI exhaustees in this country. Not only would a Tier 5 boost their favorable rating and add badly needed stimulus to our economy immediately, but just may also protect the Democratic majority in both the House and Senate.
Just what is stopping Obama from taking up this challenge is a complete mystery. Either his advisors are closet Republicans or the Washington elite are simply so removed from the needs of hurting Americans, they just cannot see the quick and easy answer is staring them directly in the face.
Since the 99er Nation is being played with by Congressional staffers these days, in a transparent attempt for the Democrats to look like they are doing something while doing nothing at all, it may be more productive to keep slamming the White House comments line several times per day, everyday. Tell our President that we are concerned about him and the Democratic Majorities in Congress. Let him know that the answer to his dilemma is to get the Tier 5 bill passed immediately and we need his help to do this now.
Contact the White House Comments Line 202-456-1111 Comment line is only open 9:00 AM – 5:00 PM Monday thru Friday EST.
You may want to ask the President why we only give billions to banks or those suffering in other countries and not the millions of suffering 99ers. Unbelievable and completely unAmerican. Ask him what are we supposed to do without any income until the jobs are created so we can support our families.