Even if Congress heeds President Barack Obama's demands to "pass this bill right away" and enacts his jobs and tax plan in its entirety, the unemployment rate probably still would hover in nosebleed territory for at least three more years.

Why? Because the 1.9 million new jobs the White House says the bill would produce in 2012 falls short of what it's needed to put the economy back on track to return to pre-recession jobless levels of under 6 percent, from today's rate of 9.1 percent.

That's how deep the jobs hole is. The persistent weakness of the U.S. economy has left 14 million people unemployed and more than 25 million unable to find full-time work.

Economists of all stripes pretty much agree that it will be a long, hard road no matter what Congress does. Right now, the Republicans who run the House and the Democrats who lead the Senate aren't finding much common ground.

A jobless man accused of robbing a dozen banks across the Phoenix valley told investigators he did it to survive and that "desperation was a great motivator," authorities said on Tuesday.

Police arrested Cristian Alfredo Urquijo, 39, in July. He was charged with robbing 12 banks in the metro Phoenix area from September 2010 through July, the U.S. Attorney's Office for the District of Arizona said in a news release.

The criminal complaint released on Tuesday noted that Urquijo told arresting officers he had been laid off from work, was unable to find a job, and robbed the Phoenix area banks to survive.

"It's pretty simple. It's black and white. I don't have a job, I had to work, and I rob to survive," he said, adding "desperation is a great motivator."

The number of Americans claiming new jobless benefits dropped to a four-month low last week, a sliver of hope for an economy that has been battered by a credit rating downgrade and falling share prices.

Initial claims for state unemployment benefits fell 7,000 to a seasonally adjusted 395,000, the Labor Department said on Thursday, the lowest level since the week ended April 2. That was below economists' expectations for a reading of 400,000.

"This could suggest that labor markets aren't rapidly deteriorating, even if it still doesn't shed much light on what's happening on the hiring side of the equation," said Sean Incremona, an economist at 4CAST in New York.

But the optimism generated by the claims report was dampened somewhat by a surprise widening in the trade deficit in June. The June trade deficit jumped to $53.1 billion, the largest since October 2008, from $50.8 billion in May.

New claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, pointing to a labor market that is struggling to regain momentum after job growth faltered in the last two months.

Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said.

Economists polled by Reuters had forecast claims rising to 410,000. The prior week's figure was revised up to 408,000 from the previously reported 405,000.

The claims data covered the survey period for the closely watched nonfarm payrolls count for July. Initial claims dropped 11,000 between the June and July survey periods, suggesting a modest improvement in payrolls after June's paltry 18,000 gain.

Unemployment benefit applications have now topped 400,000 for 14 weeks, evidence that the job market has weakened since earlier this year. The four-week average, a less volatile measure, dropped to 423,250 last week. That's the lowest since late April.

The weak job market "has forced households to be a bit more careful with their cash," said Paul Dales, an economist at Capital Economics, in a note to clients. "For the moment, these data will do little to dispel fears that the economic recovery is going nowhere."

New U.S. claims for unemployment benefits fell less than expected last week, a government report showed on Thursday, suggesting the labor market was struggling to regain momentum.

Initial claims for state unemployment benefits edged down 1,000 to a seasonally adjusted 428,000, the Labor Department said.

Economists polled by Reuters had forecast claims dropping to 420,000. The prior week's figure was unrevised at 429,000.

It was the 12th straight week that claims have been above 400,000, a level that is usually associated with a stable labor market. Employment stumbled badly in May, with employers adding just 54,000 jobs -- the fewest in eight months.

New claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, suggesting little improvement in the labor market this month after employment stumbled in May.

Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said. The prior week's figure was revised up to 420,000.

Economists polled by Reuters had forecast claims to edge up to 415,000 from a previously reported count of 414,000.

The claims report covers the survey period for the government's closely watched data on nonfarm payrolls for June.

Claims increased 15,000 between the May and June survey periods, implying little or no gains in nonfarm payrolls this month after a modest 54,000 increase in May.

Nearly three-quarters of a million people in California who were unemployed in April had been out of work a year or more, according to the state Employment Development Department.  It is the only category of unemployment based on time out of work that increased year-over-year.

The EDD says another 431,000-plus people have exhausted their 99 weeks of unemployment benefits. It is not known how many of those have since found work.

New data released by the EDD show that as California continues to struggle to turn around, the workers who have been out of work the longest are having the most difficulty finding jobs.