Surprise! Jobless Claims Up 78,000 Week After Election; PA, OH Worst Hit
The Department of Labor has announced that new jobless claims rose by a staggering 78,000 in the week after the election, reaching a seasonally-adjusted total of 439,000. Over the past year, and in the weeks leading up to the election, jobless claims were said to be declining, dipping as low as 339,000, with the media proclaiming they had reached the "lowest level in more than four years." Now, suddenly, the news is far less rosy.