Stock futures lower on jump in jobless claims

[brooklynite]

Source: AP

EW YORK (AP) — Wall Street was poised to extend its losses Thursday after a larger-than-expected increase in U.S. jobless claims stoked investors' fears that the economy is headed for a recession despite government relief efforts and gradual improvements in world credit markets.

The Labor Department reported Thursday that new applications for unemployment benefits rose 15,000 last week to a seasonally adjusted 478,000. That was slightly above analysts' estimates of 470,000. Jobless claims above 400,000 are considered a sign of recession. A year ago, claims stood at 333,000, the department said.

Investors viewed the data as more evidence that the financial crisis is battering the economy and forcing companies to cut back. Market anxiety was already high as investors sift through through a batch of bleak corporate earnings that has stirred intense anxiety about the health of the global economy.

Read more: http://ap.google.com/article/ALeqM5gHs5OM3gFG_DytQQZFbWfgPT08MAD9407JI80

[happygoluckytoyou]

1. SORRY if my new lack of a job, a home, food, clothing,hope,dignity is now INCONVENIENCING the RICH

i will do my best to take my dirty hungry tired ass and hide it under the freeway overpass