Jobless Claims Soar

2010 April 8
by bc3b

Finally, a source we can link to:

NEW YORK (CNNMoney.com) — The number of Americans filing for unemployment insurance for the first time jumped last week, according to government data released Thursday.

There were 460,000 initial jobless claims filed in the week ended April 3, up 18,000 from an upwardly revised 442,000 the previous week, according to the Labor Department’s weekly report.

Economists surveyed by Briefing.com expected new claims to fall to 435,000 in the week. The number of new claims were just below the level reached in the Feb. 27 week, when initial claims totaled 466,000.

The Labor Department also tracks the 4-week moving average of initial claims, which smoothes out volatility in the measure. That number was 450,250 for the week, up 2,250 from the previous week’s downwardly revised average of 448,000.

The data may have been clouded by factors that included the end of the first quarter and religious holidays, which made it difficult to get an accurate reading, according to a Labor Department official who asked not to be named.

The report also said that 4,550,000 people filed continuing claims in the week ended March 27, the most recent data available. That figure, the lowest level since Dec. 20, 2008, was down 131,000 from the preceding week’s 4,681,000 claims, and below the 4.63 million economists expected, according to Briefing.com.

Read more.

Hat tip: CNN Money

5 Responses leave one →
  1. 2010 April 8 7:03 am
    [1]
    JustMary permalink

    Well color me stunned! How unexpected!

  2. 2010 April 8 7:14 am
    [2]
    bc3b permalink

    Anyone want to bet that this figure will be revised upwards within a month?

  3. 2010 April 8 7:27 am
    [3]
    drdog09 permalink

    Oh but the unemployment rate is STILL 9.7%. What’s the problem?

  4. 2010 April 8 8:00 am
    [4]
    justrand permalink

    and now we find that 47% of Americans will pay NO Federal Tax for 2009. Their incentive is thus to have the other 53% pay more and more…giving them more ObamaCASH! And the incentive for other folks is to try and join the ranks of those not impacted by taxes, and swell the 47% to a full on MAJORITY!

    Slavery by another name.

  5. 2010 April 8 8:01 am
    [5]

    ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ

    Just kidding. Great thread BC

Leave a Reply

You must be logged in to post a comment.