The US jobless claims catapulted far above, and worse than, the predictions made by Wall Street.
362,000 people filed for initial unemployment benefits in the week ended Aug. 28, and the predictions were for 343,000.
Analysts blame the jump in claims on the hurricane which hit the US, but the real story is a weak economy and no growth. The Federal Reserve uses the number of claims as one of the criteria to determine if the interest rates should be raised or lowered.
The claims level was the highest since the week ended April 10, when it was also 362,000.
We are pleased to announce, though, that CEO salaries still continue to rise unabated like a rocket and outsourcing is still very much alive and well.