New jobless claims rise more than expected

According to The Associated Press, New jobless claims rose more than expected last week. The Labor Department said that unemployment compensation rose to 640,000, up from a revised 613,000 the previous week. Jobless claims have dramatically increased six to 10 weeks before recessions end. Many unemployee are having difficulty finding new jobs now. Emloyers have lost 5.1 million jobs since the recession began in December 2007. Besides, many job losses were announced this week such as; Yahoo Inc. it will layoff 700 employees, and Halliburton Co. it has cut 2,000 positions in the first three months of the year.