Applications for unemployment benefits unexpectedly rose to 414,000 last week, up 2,000 from the week before, the Labor Department reported today. Stocks slipped on the news of continued weakness in the labor market, with the Dow dropping 27.81 points and the S&P falling 5.46 points.
The report follows on the heels of jobless data from last Friday showing that no jobs were created in the month of August. The President is expected to address the dire economic news when he reveals a new jobs plan in his address to a joint session of Congress this evening.
