Economists were surprised by new figures showing U.S. initial jobless claims rose by 15,000 to 576,000. The rise is a result of companies continuing their cost cutting efforts despite some evidence that the economy is on a mend. Until job markets stabilize and employers begin to hire, rather than fire, any recovery in the economy will be on shaky footing. This is simply due to the fact that consumer spending accounts for about 2/3 of U.S. GDP and consumers are not going to open their wallets till they feel relatively confident they will have a job.