Bloomberg.com: Economy

Bloomberg.com: Economy: "U.S. Jobless Claims Rise for a Fifth Straight Week (Update3) By Bob Willis Enlarge Image/Details Aug. 30 (Bloomberg) -- First-time applications for jobless benefits unexpectedly increased for a fifth week, the longest streak since May last year, suggesting the housing recession and related turmoil in credit markets are costing jobs. Initial unemployment claims climbed by 9,000 to 334,000 in the week that ended Aug. 25, the highest level since April, the Labor Department said today in Washington. The four-week moving average, a less volatile measure, rose to 324,500 from 318,250. The deepest housing slump in 16 years is prompting builders and mortgage-lending companies such as American Home Mortgage Investment Corp. to fire workers. That may weigh on consumer spending, which accounts for more than two-thirds of the economy."