WASHINGTON (AP) -- More people signed up for unemployment benefits last week, suggesting that the job market is softening as the economy loses speed.
The Labor Department reported Thursday that new applications filed for jobless benefits rose by a seasonally adjusted 12,000 to 346,000. It was a larger increase than economists were expecting. They were forecasting claims to rise to 335,000 last week.
Weekly jobless claims in excess of 350,000 is about the point where things get dicey for the economy. The unemployment rate will likely start to rise soon if this is not reversed.