New claims for unemployment insurance rose last week for the first time four weeks, climbing by 17,000 to 551,000, the Department of Labor reports. That's more than the 535,000 analysts expected.
If you're looking for work or know someone who is, take heart: the four-week moving average fell by 6,250, to 548,000. If you're waiting on your next benefits check, you're still in good company: As of Sept. 19, 6,090,000 people were waiting, too, about 70,000 fewer folks than the week before. The rolls of people on extended Emergency Unemployment Compensation rose to 3,275,213 as of Sept. 12, up from 3,175,381.
The key now is chronic unemployment, especially for people out of work longer than six months. Until they start finding work, unemployment is likely to keep right on climbing. We'll get the September figures Friday morning.
Meanwhile, consumers overall are spending more money — or at least they spent more money in August. The Bureau of Economic Analysis says personal spending rose by $127.3 billion, compared to growth of $22.9 billion in July. Americans saved at a rate of 3 percent, compared to 4 percent in July. You can track that right to the government's Cash for Clunkers program, with spending on durable goods up by 5.9 percent.
The BEA says personal income rose by 0.2 percent, a touch over the expected 0.1 percent.
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