It’s kind of a dog-ate-my-homework excuse:
More Americans than forecast filed first-time claims for unemployment insurance payments last week, indicating it will take time for the labor market to mend.
Applications for jobless benefits increased by 51,000 to 454,000 in the week ended Jan. 22, Labor Department figures showed today. Economists forecast 405,000 claims, according to the median estimate in a Bloomberg News survey. The number of people on unemployment benefit rolls rose, while those collecting extended payments fell.
A Labor Department official said snow in four southern states in previous weeks created a backlog of claims that were processed last week. . .
Really? Are we supposed to believe that?