No Respite for the Work Force

The labor market took yet another hit as first-time applications for state unemployment benefits climbed 9,000 to a seasonally-adjusted 654,000 in the week ending March 7, the Labor Department said Thursday.

“The numbers continue to worsen,” said Michael Gregory, a senior economist at BMO Capital Markets. “While retail sales were better than expected last month, according to the Commerce Department report, “it’s hard to believe spending will hold up” with jobless claims so high, he told Bloomberg News.