New Jobless Claims Jump 25,000 to 471K
The number of people filing new claims for unemployment benefits in the U.S. unexpectedly rose last week by the largest amount in three months. The big surge was a setback to hopes that layoffs were declining.
Applications for unemployment benefits rose to 471,000 last week, up 25,000 from the previous week, the Labor Department said Thursday. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.
The forecast had been for claims to fall by around 4,000 from the previous week. The large rise in new claims is evidence of how volatile the job market remains, even as the economy grows.
The total for new claims was the highest since claims stood at 480,000 on April 10. It also pushed the average for the last four weeks to 453,500.
Employers are hiring again, but not at levels needed to make a dent in the unemployment rate. The jobless rate actually increased in April to 9.9 percent. An improving economy has lured those who had given up looking for work back into the labor market. The jump in the unemployment rate came even though payrolls rose last month by 290,000 jobs, the biggest gain in four years.
Analysts could trim their forecasts for job growth in May based on the sudden rise in new claims. The increase occurred in the week that the government conducts its survey for the monthly unemployment report.
The number of people receiving jobless benefits fell by 40,000 to 4.63 million for the week ending May 8.
However, that figure does not include unemployed workers who have exhausted their regular 26 weeks of benefits. An additional 5.3 million workers are receiving extended benefits paid for by the federal government for the week ending May 1.
The extended benefits have added as many as 73 weeks of unemployment on top of the 26 weeks customarily provided by the states. But jobs have been scarce for so long that many of those out of work will soon start running out of the extended benefits.
AP Applications for unemployment benefits rose to 471,000 last week, up 25,000 from the previous week, the Labor Department said Thursday. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.
The forecast had been for claims to fall by around 4,000 from the previous week. The large rise in new claims is evidence of how volatile the job market remains, even as the economy grows.
The total for new claims was the highest since claims stood at 480,000 on April 10. It also pushed the average for the last four weeks to 453,500.
Employers are hiring again, but not at levels needed to make a dent in the unemployment rate. The jobless rate actually increased in April to 9.9 percent. An improving economy has lured those who had given up looking for work back into the labor market. The jump in the unemployment rate came even though payrolls rose last month by 290,000 jobs, the biggest gain in four years.
Analysts could trim their forecasts for job growth in May based on the sudden rise in new claims. The increase occurred in the week that the government conducts its survey for the monthly unemployment report.
(AP/Department of Labor)
However, that figure does not include unemployed workers who have exhausted their regular 26 weeks of benefits. An additional 5.3 million workers are receiving extended benefits paid for by the federal government for the week ending May 1.
The extended benefits have added as many as 73 weeks of unemployment on top of the 26 weeks customarily provided by the states. But jobs have been scarce for so long that many of those out of work will soon start running out of the extended benefits.
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Gives all you smug people a slap in the face of reality!
So all of you can whine, moan/groan,
Woe is me as is the habit when someone doesn't get what they want.
What I've doing is watching you all do the aforementioned.
Enjoying the show....
So you like seeing people unemployed and hurting, you are one sick individual.
Print the "REAL" numbers, not what the white house wants published.
There are also record numbers of people on welfare and food stamps but I guess you don't want to let people know that. The amazing thing is that you, CBS, are not alone. There was an article in the LA Times business section today by Don Lee which said the US is headed towards deflation and it was presented as a good thing because prices go down. The LA Times is owned by Sam Zell - from Chicago so it wasn't a surprise that the definition of deflation as "prices going down" didn't include the full description of what "deflation" really is. Deflation is when the price of goods goes down, and people cannot afford to purchase them. It is absolutely disgusting the way news is manipulated, massaged, or sugar-coated, and bad news is always "unexpected" and then quickly buried. Try reporting the truth without the spin and tricks.