Jobless claims jump as housing market gets weaker

WASHINGTON -Two cornerstones of the economy _ jobs and housing _ sank to new depths Thursday, with unemployment claims bolting higher and home prices recording one of their steepest drops on record.
The bleak reports underscored the self-reinforcing cycle hampering the economy: As home prices sink, foreclosures rise, banks feel pressure to shy away from lending and employers cut jobs.
The Labor Department said the number of newly laid-off people filing for unemployment benefits rose to 406,000 last week, a jump of a seasonally adjusted 34,000. The last time jobless claims were higher was after the Gulf Coast hurricanes in 2005.


Link to original article....Jobless claims jump as housing market gets weaker - AOL Money & Finance

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