Jobless claims show need for benefits extension: White House
AP News ( 2008-11-19 17:40:37 )
President George W. Bush would sign an new extension of unemployment benefits if it reached his desk, the White House said Thursday after data showing jobless claims surged last week to a 16-year high.
"The president believes it would be appropriate to further extend unemployment benefits, and he would sign the legislation now pending in Congress," spokeswoman Dana Perino said in a statement.
Her comments came after the release of seasonally adjusted US Labor Department data revealed that initial jobless claims soared to 542,000 in the week ended November 15.
The large increase, bigger than most analysts' expectations, highlighted the troubled labor market where the unemployment rate soared to a 14-year high of 6.5 percent in October.
"The recent financial and credit crisis has slowed the economy, and it's having an impact on job creation. The president is always concerned when anybody loses their job and wants to ensure that anybody who wants to work can find employment," said Perino.
The spokeswoman also vowed to "continue to aggressively implement" the 700-billion-dollar bailout package "so businesses and consumers are able to get loans so our economy can once again grow and create jobs."
Copyright 2008 AFP American Edition
