More Bad News for President Obama as New Jobless Benefits Claims Hit 500,000

Bad news for President Barack Obama, new applications for unemployment insurance hit 500,000 mark last week for first time.

URGENT: New applications for unemployment insurance reached the 500,000 mark last week for the first time since November. This is a sign that employers are likely cutting jobs again as the economy slows. Not good news for anyone, much less the Obama administration that maintains the economy is improving. The question should be for whom? This massive job loss continues to have an adverse effect on the black community, with no end in sight.

The Labor Department said Thursday that initial claims for jobless benefits rose by 12,000 last week to 500,000, the fourth increase in the past five weeks. Wall Street economists forecast that claims would drop. The four-week average, a less volatile measure, rose by 8,000 to 482,500, the highest since December. There were no special factors that distorted the numbers, a Labor Department analyst said.

The increase suggests the economy is creating even fewer jobs than in the first half of this year, when private employers added an average of about 100,000 jobs per month. That's barely enough to keep the unemployment rate from rising. The jobless rate has been stuck at 9.5 percent for two months. Source: Fox News

The struggle continues for many families to stay afloat. Even those who are employed have the additional worry that their job might be next to go. So, as President Obama goes on his sixth vacation, many families are struggling to make ends meet and watching the American Dream slowly slip away.