Financial investors are uneasy. The $700 billion rescue package now needs a House vote. The Labor Department says that initial claims for unemployment benefits rose by 1,000 last week. The United States Senate approved the $700 billion financial rescue on Wednesday. This comes as unemployment benefits rose by 1,000 claims last week. The financial rescue now needs a House vote which could happen on Friday.

Financial Rescue Passes in Midst of Rising Jobless Claims

By John Lester
Oct 2, 2008 14:32 PM GMT
Financial investors are uneasy. The $700 billion rescue package now needs a House vote. The Labor Department says that initial claims for unemployment benefits rose by 1,000 last week.

The United States Senate approved the $700 billion financial rescue on Wednesday. This comes as unemployment benefits rose by 1,000 claims last week. The financial rescue now needs a House vote which could happen on Friday.

The Labor Department reported that workers filing new claims for unemployment benefits rose to their highest level in seven years. The agency said that most of the impact was due to hurricanes Ike and Gustav.

"It is estimated that the effects of Hurricane Gustav in Louisiana and the effects of Hurricane Ike in Texas added approximately 45,000 claims to the total," the Labor Department said in its report.

The number of jobless claims was 497,000. This report is based on the week ending September 27. The estimate was above Wall Street forecasts of 475,000.

The number of claims will mark the highest rate in seven years. Jobless claims on October 27, 2001 were 480,750, according to the government agency.

Business financial analysts say that the 23rd straight of claims is another sign of a slowing economy. The economy itself is making it harder for American workers to find jobs.

Filed Under:   Economy News   Current Business News


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Financial investors are uneasy. The $700 billion rescue package now needs a House vote. The Labor Department says that initial claims for unemployment benefits rose by 1,000 last week.