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The Labor Department reported that initial claims for unemployment rose to 551,000 from 534,000 in the previous week, much more than the 5,000 economists had expected. The number remaining on the rolls fell by 70,000 to 6.09 million, but this statistic likely is unreliable because of all the people who have exhausted their benefits.
Congress has added 53 weeks of benefits on top of the the usual 26 weeks. Now with thousands of people having exhausted their benefits, Congress is considering extending benefits for another 13 weeks.
The September unemployment report is due out on Friday. Economists expect the report Friday to show that employers have cut 180,000 jobs in September, down from 216,000 in August. The unemployment rate is expected to jump to 9.8% from 9.7%. However, economists expect the rate to rise to 10% by early next year.
With such huge numbers unemployed it will be difficult for the economy to make any real progress in the next year. Consumer spending did jump in August, but again, that may not be enough to maintain a sustained, dynamic recovery.Does Congress need to develop special programs to put Americans back to work?
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