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US job losses continue, but at a slower pace. The Labor Department reports the number of newly laid off workers seeking unemployment benefits fell for the third consecutive week. Global Insight Chief Economist Nariman Behravesh: " The labor market is improving but these numbers are still high. The jobs market always lags the recovery by at least six months, and there is a very simple reason for that. Businesses are reluctant to rehire until they are sure that the recovery is sustainable," Behravesh said. (5) America’s unemployment rate stands at 9. 7 percent and is widely expected to top 10 percent by the end of the year, even if economic contraction ends before then.