In what came very much as a surprise to most analysts, more Americans filed for unemployment benefits last week, suggesting that the labor market would take many twists and turns, before unemployment would get down to single digits.
The US Labor Department reported today that the number of first-time unemployment claims for the week ended December 12th rose by 7,000 to 480,000 from the previous week’s revised figure of 473,000.
Only yesterday the Federal Reserve announced that it would continue to keep interest rates low, allowing sufficient time for the economy recovery to take hold and for the jobs market to improve.
