9,000 more bumps in the road.
WASHINGTON — The number of people who applied for unemployment benefits last week rose by the most in a month, signaling growing weakness in the job market.
Applications rose by 9,000 to a seasonally adjusted 429,000 last week, the Labor Department said Thursday. It was the second increase in three weeks and the 11th straight week that applications have been above 400,000.
It’s a good thing we passed that trillion dollar stimulus, huh?
More dismal economic news. But don’t you worry…according to Barry, it’s just a bump in the road.
Stocks fell sharply Friday, posting a sixth straight weekly loss — longest losing streak since the fall of 2002.
The 1.4% drop came a day after the market broke its longest losing streak in more than a year.
The market’s last seven-week stretch of losses began in May 2001, as the dot-com bubble deflated.
Stocks have suffered this month after a raft of weak economic news dampened hopes for a speedy recovery. Traders fear that weaker hiring, industrial output, and a moribund housing market are reversing a bull market that lifted the Dow Jones industrial average 20% the past year.