Unemployment rolls grow for the 10th week in a row; glimmers of economic hope fade a bit
Jeannine Aversa and Christopher S. Rugaber, AP Economics Writers
Thursday March 26, 2009, 5:49 pm EDT
WASHINGTON (AP) -- Hopes that the economy may be poised for a recovery got a splash of reality Thursday: The unemployment rolls are still getting bigger as the recession maintains its grip.
For the 10th week in a row, the number of people receiving jobless benefits grew. It now stands at nearly 5.6 million, the government said -- an indication that the labor market is still grim.
New claims for unemployment benefits rose again as well, to a seasonally adjusted 652,000, up from 644,000 the week before. The government also said the economy shrank at a 6.3 percent annual clip in the fourth quarter, slightly faster than its previous estimate.
"There is no sign of recovery here, and claims are usually one of the very first numbers to turn," Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a client note.
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