And no, the rumored QE3 will not solve this. The problem is not Wall Street's ability to stuff cash in their pockets but rather, jobs for working families. Obama has to quit lending a helping hand to Wall Street and focus a lot more on jobs. Romney certainly has a reputation for being an ax man with jobs but there will be enough people buying his pitch about creating jobs. The battle to create jobs is not going to get any easier between now and November 2012.
Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said. The prior week's figure was revised up to 420,000.
Economists polled by Reuters had forecast claims to edge up to 415,000 from a previously reported count of 414,000.
The claims report covers the survey period for the government's closely watched data on nonfarm payrolls for June.
Claims increased 15,000 between the May and June survey periods, implying little or no gains in nonfarm payrolls this month after a modest 54,000 increase in May.
