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Apr 17, 2008 12:49 pm US/Eastern

CBS4 Your Money: Unemployment Rises

UNDATED (CBS4) ― CBS4 Your Money on Thursday reports the Labor Department said applications for unemployment benefits rose to 372,000, an increase of 17,000 from the previous week.

UNEMPLOYMENT INCREASES

The unemployment rate jumped to 5.1 percent in March as businesses cut 80,000 jobs, the biggest drop in payrolls in five years. Economists believe that the downturn should be short and mild, ending this summer with the help of the economic stimulus package that will send rebate checks to 130 million households. Still, they are looking for the unemployment rate to rise to 6 percent before stronger economic growth starts generating renewed hiring.

RECORD GAS PRICES IN S. FLORIDA

Grocery prices are climbing because of the steadily increasing price of gas. New record high prices were in Miami and Ft. Lauderdale gas stations, the result of rising wholesale oil prices. Crude oil set a new record as it approached $115 a barrel and the US Department of Energy predicts gas could possibly go higher than $3.65 a gallon over the summer.

Click here to find the cheapest gas in your neighborhood.

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