New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, yet another setback to the frail economic recovery.
Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.
So much for the "Summer of Recovery" the Obama Administration has been touting. Naturally, Obama is still trying to blame everything on George W. Bush despite the fact that he's been in office for 18 months.
How's that "hope and change" working out for you?
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