The number of new applications for unemployment benefits declined by only 1,000 to a seasonally-adjusted 428,000 last week. The fact that new claimants remained basically unchanged for the week provides further evidence that the U.S. economy is failing to make inroads on improving employment.
In May, only 54,000 new jobs were added compared to an average of 220,000 new jobs per month for the previous three months. The decline has caused the unemployment rate to climb to 9.1 percent.
Source: Associated Press
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