US jobless claims in surprise jump for second week

P. Parameswaran
AFP
Thursday, August 20, 2009

WASHINGTON — New claims for US unemployment benefits rose unexpectedly for the second consecutive week, the government said Thursday, raising concerns that soaring jobless numbers could stifle recovery from prolonged recession.

The Labor Department said that initial jobless claims increased by 15,000 to 576,000 in the week to August 15, which happens to be the survey week for the monthly non-farm payrolls report, seen as one of the best indicators of economic momentum.

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Most analysts had expected initial claims to fall to 550,000 in the past week — the previous week’s revised figure was 561,000 — amid increasing signs that the recession since December 2007 was easing.

The four-week moving average, which smooths out week-to-week volatility, was 570,000, an increase of 4,250 from the previous week’s revised average of 565,750, the department said.

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  1. Bobby on August 23rd, 2009

    This crap is so duplicitous. Only a STUPID, IGNORANT, UNIFORMED PERSON, WOULD THINK THAT A CONTINUING RISE IN UNEMPLOYMENT IS “SURPRISING”. Honest economists have said that this will be the trend in the U.S. for years.

    Question: Have any businesses that left the U.S. come back?
    Question: Has there been some new industry, technology, created that is going to cause a flood of jobs?

    Please.

  2. oregonrr on August 23rd, 2009

    Hmm.. if business are saying at best, they will return less than half of the previously existing jobs, in a perfect world when all is back to normal, and of those who said they will restore american-based jobs, most will not restore prior salaries, so exactly what good news is there today?

    I got confused.