Unemployment UP!

 Weekly Jobless Claims Post Surprise Jump, Hit 500,000 

By: Reuters 

New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, yet another setback to the frail economic recovery.

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.

Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday's report.

 

Obamas to begin sixth holiday of the year

The Obama family will begin their sixth holiday of the year today, an 11-day sojourn in Martha’s Vineyard, the island destination of the wealthy and well-connected American elite. 

President Barack Obama will be accompanied by his wife Michelle and daughters Malia, 12, and Sasha, nine, and are expected to stay at the historic Blue Heron Farm in Chilmark.

Bill Burton, the deputy White House press secretary, said that the US president was “going to spend a little time recharging his batteries” at the Massachusetts island ahead of the November midterm elections.