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(RTTNews) - Stocks are seeing substantial weakness in mid-morning trading on Thursday, with the day's surprising increase in jobless claims driving selling pressure. The major averages are all in negative territory, more than offsetting the gains posted in the previous session.
The Labor Department reported that first-time jobless claims for unemployment benefits in the week ended February 20th rose to 496,000 from the previous week's revised figure of 474,000. Economists had been expecting jobless claims to slip to 460,000 from the 473,000 originally reported for the previous week.
With the increase, which marked the second consecutive unexpected jump in claims, jobless claims rose to their highest level since coming at 501,000 in the week ended November 14, 2009.
I got a good laugh too when they blamed it on east coast blizzards. Wait until the spring rains really make businesses lay people off....
Summer Heat Waves
Autumn Leaves Stuck In the Gutter
The Wind Shifted 2 Knots
The Goreacle's Global Warming
The Bush Administration
My Latte From Starbucks Wasn't Sassy Enough
I'm Upset And Out Of Prozac
and so on....
This administration is making more excuses than the airline companies.
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