SHOOT: This blog has been saying that any talk of 'recovery' ought to be dismissed out of hand. Records are being broken each day in terms of bad economic data.
WASHINGTON – The number of people receiving jobless benefits exceeded 6 million for the first time, the government reported Thursday, and housing construction unexpectedly plunged to its second-lowest level on record — fresh evidence that the recession is far from over.
Analysts expect the labor market to remain weak for the most of this year with companies reluctant to hire new workers until an economic recovery is well under way. And the latest housing data show the slump in that market, a major factor in triggering the recession, has yet to hit bottom. Finding a new job is difficult for those who have been laid off. The total number of people remaining on the jobless benefit rolls rose 172,000, topping 6 million for the first time. That's the highest on records dating from 1967. The figures for continuing claims lag initial claims by one week.
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